On 14 July 2015, the Capital Markets Board approved the Listing
Directive, prepared under the Regulation of Principles Regarding
the Stock Activities in Borsa İstanbul A.Ş.
("Directive"). The Directive established
the legal framework for capital markets instruments to be listed,
maintain listing and be delisted, as well as be traded without
becoming listed. The Directive entered into effect as part of
BISTECH transition on 30 November 2015.
Borsa İstanbul A.Ş. and NASDAQ signed a Strategic
Alliance Agreement on 20 January 2014, in which the parties aimed
to have all markets within the Borsa İstanbul on through one
common trading platform. The first step involves transferring the
Stock Market onto a new trading platform. Accordingly, a new Share
Trading System is launched with the Directive coming into effective
on 30 November 2015.
Significant changes introduced by the Directive include:
Market forms and names in the Stock Market have been changed.
The National Market and Second National Market contained in the
Stock Market have been revoked and two new markets established:
BIST Star and BIST Main. The Free Trade Platform, which is
contained outside of the Stock Market, is renamed the Pre-Market
The terms "Listed/Delisted Market" are revoked. Under
the Directive, all capital markets instruments traded in Equity
and/or Debt Securities Markets will be listed.
A new regulation exists for companies with shares currently
being traded in the National Market and/or the Second National
Market. Companies which have traded shares valued at more than 100
Million Turkish Liras, or companies listed in the BIST 100, will be
traded in the BIST Star. Companies which have traded shares valued
at less than 100 Million Turkish Liras will be traded in the BIST
Main, subject to the same listing terms as the BIST Star.
Shares currently being traded in the Free Trade Platform will
continue to be traded in the Pre-Market Trading Platform without
Provisions of the Directive will be conducted by the General
Director of Borsa İstanbul A.Ş.
Please see this link for full text of the Directive (only
available in Turkish).
Information first published in the
MA | Gazette, a fortnightly legal update newsletter produced by
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