FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 41
ISTANBUL STOCK EXCHANGE
Trading
Clearing & Settlement
Days
Hours: Stock Market (SM)
Bonds & Bills Market (BBM)
International Market (IM)
Derivatives Market (DM)
Market segmentation:
SM segmentation
Central Depository:
SM, BBM, IM, DM
Period: SM, BBM, IM, DM
Monday-Friday
09:30-12:00 / 14:00-16:30
09:30-12:00 / 13:00-17:00
10:00-17:00
10:00-12:00 /13:00-14:00
Registered: SM, BBM, IM
National, regional, new companies,
watch list companies
BBM segmentation
Outright purch. and sales,
repo/rev repo, real estate cert.
IM segmentation
Depository receipts, Eurobonds
Derivatives market
Currency futures contracts
System: SM, BBM
Automated, depository link, data dissemination,
reporting facilities, WAN (excluding IM for WAN)
Mechanism: SM, BBM, IM, DM
Multiple price continuous auction (IM: hybrid; market
maker & continuous auction)
Market-maker/specialists: SM, BBM, IM SM&DM: no; BBM&IM: market-maker, yes
Instruments:
SM
Stocks, rights coupon
BBM
Govt. & corp. bonds, T-bills, rev. shar. cert.
IM
Depository receipts, Eurobonds
DM
Currency futures contracts
Currency: SM, BBM, IM, DM
SM- local; BBM- local & foreign; IM- US$, EUR, GBP,
JPY; DM-local & US$
Real time information: SM, BBM, DM
Market depth and basic data
Settlement:
SM, BBM, IM, DM
Book entry
Clearing: SM, BBM, IM, DM SM, BBM, DM: Yes;
IM: multi-netting
DVP: SM, BBM, IM
Yes
Clearing Institution:
Yes, same as settlement
and depository institution
Risk sharing:
SM, BBM, IM, DM
Yes
Margin/lending:
SM, BBM, IM
Yes
Custodians:
Institutional investors,
brokerage houses,
banks, exchange members,
clearing members,
market makers
Structure & Regulations
Foreign Participation
Legal
Regulation
Securities market regulations
Trading rules
Surveillance
Corporate actions
Trading halts regulations
Investor protection
Special status within the law
Self
Exchange, regulatory authority (CMB)
Exchange
Yes
Equity (centralized), fixed income (centralized)
Yes
Yes
Foreign investors
Investment limitations
Repatriation
Allowed, no restrictions
No limitation
No restrictions
2002 Volume by Sector
Taxes
Non-Resident Legal Entities
Cash Dividends: Corporate tax
Withholding tax
Interest income from Turkish
government bonds:
Corporate tax
Withholding tax
Yes
SM- T+2; BBM- T up to
T+90 days; IM: T+3;
DM- T+0
SM, BBM: bearer,
IM: bearer & registered
52%
Not subject to declaration
Applied within the dividend distributing company
7%
Taxed at source
Govt. bonds and treasury bills 0% if issued after
1 October 1998
5%
1%
Capital gains derived from sale of
shares:
Corporate tax
Capital gains after the application of either
deduction ratio or cost adjustment; must be declared
within 15 days through a special tax return
Withholding tax 16.5% withholding tax is declared and paid by the seller
until the 20th of the month following the month in which
the special tax return is submitted.
2%
1%
32%
Manufacturing industry
Financial institutions
Transportation, communication and storage
Wholesale and retail trade, hotels and restaurants
Technology
Other
Electricity, gas and water
Minimum Listing Requirements
Requirements
Years of business activity
Capitalization of issue
Free float
Minimum # of shareholders
Minimum years of positive financial results
# times dividends distributed in last 3 years
Listing agreement with central depository
Prospectus required
Special requirements
National
Market
Normally 3 years but if the free float rate is
more than 25% then 2 years
n/a
15% if its capital is under TL 2.760 billion
10% if its capital is within range of
TL 2.760 billion and TL 5.520 billion
5% if its capital is more than TL 5.520 billion
250
Normally 2 years but if the free
float rate is higher than 25% then 1 year
n/a
n/a
Yes
Yes
Regional
Markets
Normally 2 years but if the free float rate is
higher than 25% then 1 year
n/a
n/a New Companies
Market
n/a
n/a
n/a n/a
n/a
n/a
n/a
n/a
n/a
Yes
Yes n/a
n/a
n/a
Yes
Yes
n/a
n/a
n/a