The Stock Market Directive
("Directive") outlines the basis and
procedures for the Stock Market, incorporated within Borsa
İstanbul Anonim Şirketi. The Directive updates the Stock
Market's legal framework. It was approved by the Board of
Directors of Borsa İstanbul Anonim Şirketi and the
Capital Markets Board, entering into effect on 30 November 2015 as
part of BISTECH transition. The Directive was prepared based on the
Regulation of Principles Regarding the Stock Activities in
İstanbul Stock Exchange Inc..
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.
The Circular Regarding Operational Principles of Derivative
Exchange dated 19 July 2013 and numbered 433, which complements
with the Directive, also enters into force on 30 November 2015.
Accordingly, it amends maximum order size, stock share option
agreements, stock share futures agreements, BIST 30 Index option
agreements, Mini BIST 30 Index option agreements, as well as BIST
30 Index futures agreements.
The Directive regulates in particular:
Orders sent to the Stock Market and transactions made in this
Market, as well as reports written by the Stock Exchange regarding
these order and transactions.
Price and transaction quantity recorded by the Stock Exchange,
as well as announcement of related information.
Trade methods applied in the Stock Market
Market making and liquidity providing exercises.
Suspension of capital markets instruments transactions in the
Special transactions, such as mass trading, official auction
and primary market rights.
Methods to perform clearing obligations after a
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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