The Istanbul Stock Exchange (ISE) is the only forum for
publicly-traded securities in Turkey and was established in 1986.
Exchange members include development banks, commercial banks and
brokerage houses and facilitate the trade of bonds and bills,
private-sector bonds, revenue-sharing certificates, equities, foreign
and international securities and real-estate certificates. The ISE was
accepted into the World Federation of Exchanges in 1992 and embraces
technology in 1993 when it began computerized stock trading with 50
stocks. The ISE is largely self-regulated and has its own budget.
The executive council governs the ISE’s affairs and consists of a
chairman and CEO along with four other council members representing
each category of exchange members. The CEO and chairman are selected by
the General Assembly, comprising all exchange members, for a term of
five years. The General Assembly is the decision-making body for the
ISE and renders decisions on matters of ISE administration.
The ISE is currently undertaking the Ex-API project, in which members
can submit orders directly to the ISE forum from their home computers
and receive immediate responses. This system, which is still in later
degrees of the testing phase, is meant to cut down on time losses
between the time that customers submit orders via the Internet and the
time that they are transferred manually into the system.
As well as being a premier securities exchange, the ISE also endeavors
to contribute to Turkey’s rich cultural climate. The ISE’s Art Gallery
hosts exhibitions of local arts throughout the year. The ISE also
maintains the ISE Conference Hall, which is not only used for local and
international conferences but also for musical and theatrical
productions, all of which are open to public. The ISE is also the main
sponsor of the Istanbul International Film Festival.
The ISE is recognized the Securities Exchange Commission (SEC) of the
United States, the Japan Securities Dealers Association (JSDA) and the
Austrian Ministry of Finance. In addition, the ISE is a member of the
following organizations: 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); International Organization of Securities
Commissions (IOSCO).
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