A listing application relating to warrants to be issued should be lodged by the issuer or the intermediary institution in the first place so that the warrants are listed on the Exchange, and before a circular is announced for the sale of the warrants, an application for being traded on the Exchange should be submitted. 

The listing application is submitted concurrently with the application lodged with the CMB for the registration of the warrants by the CMB.  It is essential that the listing application is made in 3 months as from the date of the decision of the authorized body.  In view of the fact that registration applications can be filed with the CMB separately for each issue or collectively to cover all warrant issues for a one-year term, the listing application filed with the Exchange should be consistent with the type of application lodged with the CMB.  

In case of the sale of warrants in series within a one-year term, the application for being traded shall be submitted to the Presidency of the Stock Exchange along with the required documents no later than 5 business days prior to the sale of each series.      Among the warrants which have been previously listed with a decision of the Executive Council of the Exchange, those warrants that shall be put to sale can start to be traded with the decision of the Presidency of the Stock Exchange.

Similarly, where CMB registration application is made separately for each issue, the listing application and the application for being traded in the relevant market are made concurrently with the application lodged with the CMB. Application documents should be completed no later than 5 business days prior to the sale of warrants. 

Listing Criteria

The following requirements should be met in respect of initial listing of warrants:
a) The application should be submitted for all warrants registered by the CMB,  
b) A market maker that meets the criteria set forth in the Communiqué of the CMB Series: III, No: 37 “On Principles Regarding Board Registration and Trading of Intermediary Institution Warrants” should exist. c) A permission acquired from the relevant Ministry as per ISE Listing Regulations, Article 19 should be presented to the CMB where warrants are issued in Turkey by foreign institutions domiciled and operating overseas.

Being Traded on the Exchange

Warrants are started to be traded on the Warrant Market on the business day that succeeds the day when the decision of the Presidency of the Stock Exchange regarding the trading thereof, the information, prospectus and circular relating to the warrants that are decided to be traded are announced on the Public Disclosure Platform and/or the Exchange Daily Bulletin.    In case of the sale of warrants that are to be issued in series in a one-year term, the prospectus shall be published with the first issue.