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The Istanbul Stock Exchange (ISE) was established in early 1986. The ISE
is the only securities exchange in Turkey established to provide trading in equities,
bonds and bills, revenue-sharing certificates, private sector bonds, foreign securities
and real estate certificates as well as international securities. The ISE is governed by
an Executive Council composed of five members elected by the General Assembly.
Mr. Huseyin ERKAN was appointed as the Chairman and Chief Executive
Officer of the ISE by the government on November 2, 2007. Four other members of the
Council represent the three categories of Exchange members: development banks, commercial
banks and brokerage houses. As an autonomous, professional organization, the ISE enjoys a high degree of self-regulation. Its revenues are generated from fees charged on transactions, listing procedures and miscellaneous services. The profits of the ISE are retained to meet expenses and to undertake investments and are not distributed to any third parties. The ISE has its own budget. Chairman and Chief Executive Officer The Chairman and Chief Executive Officer of the Istanbul Stock Exchange Mr. Huseyin ERKAN is appointed by the Turkish government for a term of five years and acts as an intermediary between the members and higher authorities including the Capital Markets Board, the regulatory and supervisory authority for the Turkish capital markets, and related government departments. The General Assembly, composed of ISE members, is the supreme decision-making body of the ISE. Its decisions are subject to ratification and review by the Capital Markets Board. The General Assembly also decides on important matters related to the management and administration of the ISE. Each member has one vote at the meetings which can also be convened on an extraordinary basis. The Executive Council meets regularly to decide on matters concerning the daily operations of the ISE as well as to review listing admissions. The Council consists of five officers including the Chairman and Chief Executive Officer. All officers except the Chairman are elected by the General Assembly for a term of four years and represent all three categories of ISE members. All accounts and financial statements of the ISE are audited by two internal auditors appointed by the General Assembly. ISE's accounts are also independently audited. The Senior Vice Chairman and three Vice Chairmen of the ISE act as links between the Chairman and Chief Executive Officer, the Executive Council, other departments of the ISE and intermediary institutions. The Head of Inspection Board also acts as the link between the Chairman and Chief Executive Officer, the Executive Council, other departments of the ISE and intermediary institutions. The Inspection Board closely monitors the transactions conducted on the ISE as a measure to prevent manipulation in the Stock Market and reports directly to the Head of Inspection Board. The Board also inspects and observes the compliance of members and ISE personnel with the established rules and regulations. The advisors are assigned to assist the Chairman and Chief Executive Officer on a wide variety of subjects including legal matters, arts, relations with the public and media, as well as other matters concerning securities markets in general. The daily operations of the ISE are carried out by various departments. Various committees were established to include the voice of the ISE Members in certain areas such as the development of trading technology, introduction of new financial instruments including derivatives, and the promotion of the ISE. Supervision of the Istanbul Stock Exchange The Istanbul Stock Exchange is supervised by the Capital Markets Board (the regulatory and supervisory authority for the Turkish capital markets) which ensures the proper operation of both the Istanbul Stock Exchange and its members and protects the interests of both the public and the investing community. Legal Basis Decree-Law No:91 concerning securities exchanges is published in the Official Gazette No:18183 dated October 6, 1983. The Decree foresees the establishment of a stock exchange in Turkey for the purpose of creating a medium for securities operations with the objective of making Turkey's capital markets more efficient. The regulations outlining the functions and operations of a stock exchange in Turkey were published in the Official Gazette No:18537 dated October 6, 1984. The Regulations outline the nature and functions of members and their responsibilities as well as other aspects of trading on the ISE. |
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Copyright and Disclaimer 1996 Istanbul Stock Exchange
