Borsa İstanbul

www.borsaistanbul.com

Tel : 90.212 298 2100

Fax : 90.212 298 2500

 

Representatives

Chairman: Mr. Talat Ulussever, Ph.D.

CEO: Mr. Tuncay Dinç

Executive Vice President: Mr. Osman Küçükçinar

 

Types of Securities Traded

Name of Trading Systems
(Cash and Derivatives)

Trading Hours

Equities, Exchange Traded Funds (ETFs), Warrants, Certificates, Lease Certificates, Government Bonds, Treasury Bills, Private Sector Bonds, Government Debt Securities (GDS), Central Bank of the Republic of Turkey (CBRT) Liquidity Bills, Bank Bills, Asset-backed Securities, Commercial Papers, Revenue Sharing Certificates, Revenue Indexed Bonds, Foreign Securities, Futures and Options, Precious Metals and Diamonds

Borsa İstanbul Equity Market    

Trading System (TICEM based)

Automated Securities Trading System (ASTS)

 

 

Each market has its own trading hours. Please refer to the website:     

http://borsaistanbul.com/en/products-and-markets/trading-hours

 

 

  

Supervisory Body

Capital Markets Board of Turkey

 

Name of Clearing & Settlement Organization

İstanbul Settlement and Custody Bank (Takasbank)

 

Settlement Cycle

Equity Market & Emerging Companies Market: T+2

 

Debt Securities Market: 

Outright Purchases and Sales Market

 

Min.

Max.

Government Domestic Debt Securities and Revenue Sharing Certificates (Payable in TRY)

T

T+90

Government Domestic Debt Securities (payable in Foreign Currency)

T+1

T+90

Other securities

 T

T+30

  

Repo/Reverse Repo Market & Repo Market for Specified Securities

Orders may be transmitted with a future starting value date up to 7 days. There is no limitation for the repo ending value date.

Equity Repo Market

Orders may be transmitted to the Market with a future starting value date up to 2 working days. There is no limit for the repo ending value date.

International Bonds Market

On the market, future value dated transactions can be conducted up to no less than 1 business day and no more than 15 calendar days.

 

Derivatives Market

For maturity months of the futures and options contracts traded at Borsa Istanbul please refer to the contract specifications in circular on Derivatives Market Operation Principles.  

 (T+0) - (T+90) for TL and USD and Euro

 

Name of Central Securities Depository

-Central Depository Agency (Merkezi Kayıt Kuruluşu)

-Central Bank of Turkey via Takasbank for Government Securities & Central Depository Agency for Private Sector debt instruments

 

Commissions on Transactions levied by Exchange

For Equity market, see:  http://borsaistanbul.com/en/products-and-markets/markets/equity-market/e...

For Debt Securities Market, see:  http://borsaistanbul.com/en/products-and-markets/markets/debt-securities...

For Derivatives Market, see: http://borsaistanbul.com/en/products-and-markets/markets/derivatives-mar...

For Precious Metals and Diamond Market, see: http://borsaistanbul.com/en/products-and-markets/markets/precious-metals...

For Private Market, see: https://www.bistozelpazar.com/OzelPazar/app/info/prices?execution=e3s1

 

Taxation on Selected Investment Instruments in Turkey

 

Individuals

Corporations

Investment

Residents

Non-residents

Residents

Non-residents

Bank Deposits1

10-18% withholding tax.

10-18% withholding tax.

10-18% withholding tax.2

10-18% withholding tax.

Repo Interest

15% withholding tax.

15% withholding tax.

15% withholding tax.2

15% withholding tax.

Bonds (Capital Gains and Interest)

10% withholding tax.

10% withholding tax.

0% withholding tax.2

0% withholding tax.

Futures

Withholding tax rate is 0% for contracts on equities or equity indices and 10% for others.

Withholding tax rate is 0% for contracts on equities or equity indices and 10% for others.

0% withholding tax.2

0% withholding tax.

Listed equities

Capital gains derived from shares are subject to 0% withholding tax.3

Capital gains derived from shares are subject to 0% withholding tax.2

0% withholding tax.2

0% withholding tax.

Investment funds

Subject to 10% withholding tax.3

Subject to 10% withholding tax.

0% withholding tax.2

Subject to 0% withholding tax.

Covered warrants

Withholding tax rate is 0% for covered warrants on equities or equity indices and 10% for others.

Withholding tax rate is 0% for covered warrants on equities or equity indices and 10% for others.

0% withholding tax.2

0% withholding tax.

Dividends on equities

15% withholding tax is applied by the corporation distributing dividends.4

15% withholding tax is applied by the corporation distributing dividends.

Not subject to dividend withholding tax. Dividends received from resident corporations are exempt from corporate tax.

15% withholding tax is applied by the corporation distributing dividends.

         

 1: Withholding tax for TRY (FX) denominated bank deposits varies from 15% (18%) for maturities under 6 months, to 12% (15%) for deposits with a maturity between 6 months and one year, and to 10% (13%) for maturities exceeding one year.

2: Earnings are subject to 20% corporate tax, but withholding tax is deducted.

3: Withholding tax is not applied to the gains from the mutual funds, if held for more than one year and if the equity portion of the fund's portfolio is at least 51% at all times. But, the shares of investment trusts are subject to 10% tax rate, if held for less than a year. For mutual funds and exchange traded funds classified as “equity intensive” (equity investments of at least 75% of the portfolio), the withholding tax rate is 0%.

4: Half of the dividends are exempt from income tax. If the remaining amount exceeds TL 29,000 in 2015, all income must be declared and will be subject to income tax. In that case, full amount of withholding tax may be deducted from the income tax.

 

Share ownership thresholds

There is no share ownership threshold for traded companies at Borsa İstanbul. Yet, at the sectors which are strategic, some restrictions may apply to foreign investors.  

 

Short selling (Yes / No)

Yes

 

Short selling conditions (if any)

In order to conduct short selling, the order should be entered as a short selling order at the beginning. Short selling transactions are announced on Exchange Daily Bulletin on equity basis, stating the amount and contract quantity at each price level.

List of Securities Subject to Margin Trading and Short Selling covers all equities and ETFs traded on Equity Market with the exception of Watchlist Companies Market. Therefore, equities and ETFs traded on National, Second National and Collective Products Markets may be subject to margin trading and short selling transactions. However, with regard to the principles of application of CMB's decision dated October 30, 2014 governing classification of the equities traded on Equity Market under groups, A, B, C and D. C and D group equities may not be involved in margin trading and short selling.

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30th August
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This page was last updated on: 05/22/2015 - 14:59