Istanbul Stock Exchange

Participations

List of Protocols & MoUs

*Country*	*Valid from*	*Valid till*	*Type*
*Turkish Republic of Northern Cyprus* Ministry of Finance	October 2, 1996	indefinite	Protocol
*Kazakhstan* Kazakhstan Stock Exchange	June 15, 1999	June 14, 2004	MoU
*Uzbekistan* Toshkent Republican Stock Exchange Toshkent Republican Stock Exchange	July 18, 1997 June 16, 1999	indefinite June 15, 2004 (5 years)	Protocol MoU
*Azerbaijan* BICEX	March 6, 1998	indefinite	Protocol
*United Kingdom* London Stock Exchange	June 2, 1999	June 1, 2004 (5 Years)	MoU
*Kyrgyz Republic* Kyrgyz Stock Exchange	June 12, 1999	June 11, 2004	MoU

Within the framework of its efforts to support the development of Central Asian capital markets and stock exchanges, the Istanbul Stock Exchange (ISE) participated in the capital of the Kyrgyz Stock Exchange http://www.kse.kg by 27.4 percent upon its demutualization. The Kyrgyz Stock Exchange had been operating on membership basis since 1995. According to the Foundation Agreement undersigned by the 17 new shareholders (16 current members and the ISE) of the Kyrgyz Stock Exchange in the Founders’ Meeting held in Bishkek on May 25, 2000 the Kyrgyz Stock Exchange will continue its operations as a closed joint stock company. Following the capital increase in 2001 in which the rights issue of the existing shareholders was restricted, Kazakstan Stock Exchange became a shareholder and the current participation of the ISE has become 24.5 %.
As part of its efforts to support the development of Central Asian capital markets and stock exchanges, the Istanbul Stock Exchange (ISE) participated in the capital of the Baku Stock Exchange "http://www.bse.az" as the 19^th shareholder with the equal share of 5.26 percent. Within the same year, as a result of the changes in the capital and number of shareholders of Baku Stock Exchange, the participation of ISE went up to 5.55%. Baku Stock Exchange has been established in 1998 as a closed joint stock company.
Takasbank is an investment bank owned by the ISE and 104 of its members. According to articles of association of the Bank, no single shareholder can hold a stake more than 5% except the Stock Exchange.

Takasbank has a paid-in capital of TRL 16.3 trillion where ISE has 22.6 %, 27 banks have 47.07% and 77 brokerage houses have 30.33% stake as of August 2000.

Credit Services: Takasbank provides credit services including securities purchasing loans, securities lending & borrowing facility.

Securities Purchasing Loans are cash credits granted to ISE members for covering their settlement liabilities and for providing ISE members with trading funds. The maximum term of these credits is one-month.

Lending operations are run within a pool of securities made available to ISE members. The borrowing requests are matched with the available lending orders in this pool. Securities Lending/Borrowing transactions are facilitated under the guarantee of Takasbank. Eligible stocks listed by Istanbul Stock Exchange (ISE-100) are used in lending. The maximum term of Securities Lending & Borrowing transactions is one-month.