Istanbul Stock Exchange
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| Istanbul Stock Exchange | |
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| Type | Public |
|---|---|
| Founded | 1986 |
| Headquarters |  Istanbul, Turkey |
| Key people | Osman Birsen,CEO-Chairman |
| Industry | Financial |
| Products | Stocks |
| Website | ise.org |
The Istanbul Stock Exchange (ISE)[1] ( Turkish: İstanbul Menkul Kıymetler Borsası, İMKB) is the only corporation in Turkey for securities exchange 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 was founded as an autonomous, professional organization in early 1986. It is situated in a modern building complex in Emirgan, on the European side of Istanbul since May 15, 1995. The Chairman and Chief Executive Officer of the ISE is Osman Birsen who was appointed by the government on October 25, 1997.
ISE is home to 320 national companies. Trading hours are 09:30-12:00 for the first session and 14:00-16:30 for the second session, on workdays. All ISE members are incorporated banks and brokerage houses.
ISE price indices are computed and published throughout the trading session while the return indices are calculated and published at the close of the session only. The indices are: ISE National-All Shares Index, ISE National-30, ISE National-50, ISE National-100, Sector and sub-sector indices, ISE Second National Market Index, ISE New Economy Market Index and ISE Investment Trusts Index. The ISE National-100 Index is used as a main indicator of the national market.
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[edit] Early days of the securities market in Turkey
The origin of an organized securities market in Turkey has its roots in the second half of the 19th century. The first securities market in the Ottoman Empire was established in 1866 under the name of "Dersaadet Securities Exchange" following the Crimean War. Dersaadet Exchange also created a medium for European investors who were seeking higher returns in the vast Ottoman markets. Following the proclamation of the Turkish Republic, a new law was enacted in 1929 to reorganize the fledgling capital markets under the new name of "Istanbul Securities and Foreign Exchange Bourse".
Soon, the Bourse became very active and contributed substantially to the funding requirements of new enterprises across the country. However, its success was clouded by a string of events, including the Great Depression of 1929 and the impending World War II abroad which had taken their toll in the just developing business world in Turkey. During the industrial drive of the subsequent decades, there was a continuous increase in the number and size of joint stock companies, which began to open up their equity to the public. Those mature shares faced a strong and growing demand from mostly individual investors and some institutional investors.
The early phase of the 1980s saw a marked improvement in the Turkish capital markets, both in regard to the legislative framework and the institutions required to set the stage for sound capital movements. In 1981, the "Capital Market Law" was enacted. The next year, the main regulatory body responsible for the supervision and regulation of the Turkish securities market, the Capital Markets Board based in Ankara, was established. A new decree was issued in October 1983 foreseeing the setting up of securities exchanges in the country. In October 1984, the "Regulations for the Establishment and Functions of Securities Exchanges" was published in the Official Gazette. The regulations concerning operational procedures were approved in the parliament and the Istanbul Stock Exchange was formally inaugurated at the end of 1985.
[edit] The emblem
The simplicity of the Istanbul Stock Exchange emblem merits a moment of contemplation. The spherical shape has obvious worldly significance, whilst the lower horizontal line depicts Turkey’s position between the 36th and 42nd parallel. The upper curved line is representative of the bridging of the continents, Europe and Asia, with the bold white line connecting the north and south poles indicating the "I" of Istanbul. The overall background color of turquoise has always been recognized as the traditional color of the Turkish people.
[edit] Memberships of ISE
The ISE is a full member of
- World Federation of Exchanges (WFE),
- Federation of Euro-Asian Stock Exchanges (FEAS),
- International Securities Services Association (ISSA),
- International Capital Market Association (ICMA),
- European Capital Markets Institute (ECMI),
- World Economic Forum (WEF) and
an affiliate member of
- International Organization of Securities Commissions (IOSCO).
[edit] ISE and arts
There is a magnificent, four-meter high marble statue of the "Bull and Bear", in front of the ISE building’s protocol entrance. Created by one of Turkey’s foremost sculptors, Mehmet Aksoy, the statue symbolizes the behavior of the world’s stock markets, an aggressive bull poised to attack the surrendering bear. Another group of statues, sculptured by Şermin Güner, made in the honor of all existing and deceased brokers, represents brokers engaged in executing orders and is placed at the main entrance.
The Istanbul Stock Exchange makes contributions to the arts by organizing exhibitions and concerts as well as sponsoring important artistic events in Istanbul.
[edit] Contact information
Istanbul Stock Exchange Reşitpaşa Mah. Tuncay Artun Cad.
34467 Emirgan – Istanbul
Turkey
Phone: (90 212) 298 2100
Fax: (90 212) 298 2500
[edit] See also
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