Market infrastructure - Turkey
Institutions and organisation
Stock Exchange - Borsa Istanbul
The Borsa Istanbul (BIST) facilitates trading in equities, debt securities, exchange-traded funds (ETFs), warrants, rights, certificates (including structured financial product certificates, real-estate certificates, participation certificates of venture capital investment funds and real estate investment funds, sukuk (lease certificates)), options, futures, precious metals and diamonds.
Central Clearing House - Takasbank
Takasbank is responsible for the clearing of all instruments traded on the BIST. Takasbank is also the national numbering agency and a member of the Association of National Numbering Agencies (ANNA).
Central Bank - The Central Bank of the Republic of Turkey (CBRT)
The Central Bank of the Republic of Turkey operates the Electronic Fund Transfer (EFT) System that provides real-time gross settlement of Turkish Lira interbank payments. The CBRT also acts as the issuer CSD for Turkish government debt securities and operates the Electronic Securities Transfer System (ESTS), providing real-time gross settlement of transactions in government debt securities.
Central Depositories – CBRT and MKK
While the CBRT is the issuer CSD for Turkish government debt securities, the MKK (Merkezi Kayıt Kuruluşu A.Ş., also known under its trade name Merkezi Kayıt Istanbul, or as the Central Registry Agency (CRA)) is the issuer CSD for all other Turkish securities.
The MKK also acts as the investor CSD for Turkish government debt securities.
Regulatory structure
The following bodies are the regulators of the Turkish market:
- The Banking Regulation and Supervision Agency (BRSA), the Undersecretariat of the Treasury and the CBRT are the primary regulators of the banking sector.
- The Capital Markets Board of Turkey (CMB) is the regulatory and supervisory authority in charge of the securities markets in Turkey.
- The BIST performs a number of self-regulatory tasks, including the surveillance of unusual price movements as well as the regular monitoring of listed issuers and of the institutions authorised to trade on the BIST.