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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