Borsa İstanbul

www.borsaistanbul.com
Tel : 90.212 298 2100
Fax : 90.212 298 2500

 

Representatives

Chairman & Chief Executive Officer : Dr. Ibrahim M. Turhan, Ph.D.
Executive Vice President : Mr. Mustafa Baltaci

 

 

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, Derivatives, Foreign Securities, Futures and Options

  Borsa İstanbul Equity Market    

  Trading System (TICEM based)

 

  Automated Securities Trading

  System (ASTS)

 

 

     See the attached table

 

 

 

Supervisory Body

Capital Markets Board of Turkey

Name of Clearing & Settlement Organization

Takasbank

Settlement Cycle

Equity Market: T+2

Emerging Companies Market: T+2

Debt Securities Market- Outright Purchases and Sales Market: T…… T+90

Debt Securities Market- Repo/Reverse Repo, Offering Market for Qualified Investors: T…… T+7

Foreign Securities Market: T+1, ……., T+15

Futures and Options Market- Single Stock Futures and Single Stock Options: T+3

Futures and Options Market- Index Options T+1

 

Name of Central Securities Depository

Central Registry Agency Inc.
Central Bank of Turkey viaTakasbank for Government Securities, Central Registry Agency for Private Sector Borrowing Instruments

For Foreign Securities Market : Each market member will have an account on Euroclearbank and authorize Istanbul Settlement and Custody Bank Inc. for this account. On value date,  Istanbul Settlement and Custody Bank Inc. will consolidate the transactions on both IBM and EPIP on bilateral netting and DvP basis then send the related instructions to Euroclearbank.
 

Commissions on Transactions levied by Exchange

See link below:

Schedule of exchange, settlement and other fees (valid as of December 3, 2012)

 

Taxes on Dividends, Interests

 

Taxation of Interest Income and Capital Gains in 2012

 

Resident Corporations

Resident  Real Persons

Non-Resident Corporations (1)

Non-Resident Real Persons

 

Dividend Income Derived From Shares (Excluding Marketable Securities Investment Trusts And Real Estate Investment Trusts)

 

Not subject to withholding.

 

Those derived from resident corporations are exempt from corporate tax. (Corporate Tax Code 5/1-a).

 

15% withholding is applied by the corporation distributing the dividend.

Half of the dividend income derived from resident corporations (before withholding) is declared with an annual tax return in case its total amount together with other  capital gains from marketable securities and rent income from immovable property which are subject  to tax through withholding, exceeds  the declaration limit (TL 25.000 for 2012). (excluding the income mentioned in the Temporary Article 62 of  the Income Tax Code). In this case, the whole withholding amount  applied by the corporation which distributed the dividends is offset from the income tax calculated on the tax return

15% withholding is applied by the corporation distributing the dividend.

 

Withholding is the final tax. Not declared.

 

15% withholding is applied by the corporation distributing the dividend.

 

Withholding is the final tax. Not declared.

 

 

Dividend Income Derived From Shares Of Marketable Securities Investment Trusts And Real Estate Investment Trusts

 

 

Not subject to withholding.

 

Subject to corporate tax.

 

 

Withholding is applied by the corporation distributing the dividend (%0).

 

Half of the dividend income derived from resident corporations (before withholding) is declared with an annual tax return in case its total amount  together with other  capital gains from marketable securities and rent income from immovable property which are subject to tax through withholding, exceeds the declaration limit (TL 25.000 for 2012)

 

 

Withholding is applied by the corporation distributing the dividend (%0).

 

Withholding is the final tax. Not declared.

 

 

Withholding is applied by the corporation distributing the dividend (%0).

 

Withholding is the final tax. Not declared.

 

 

Interest Income Derived From Government Bonds And Treasury Bills

Those  Issued

After 01.01.2006

 

 

1) Interest income derived by joint stock companies, companies limited by shares and limited companies and investment funds;

is subject  to 0% withholding. is subject  to corporate tax.

2) Interest income derived by companies.

3) other  than those  mentioned above;

is subject  to 10% withholding.

Companies  which have to submit tax return can offset the withholding paid from the corporate tax calculated on the tax return

 

 

Subject to 10% withholding. Withholding is the final tax. Not declared.

 

 

1) Interest income derived by foreign corporations in the nature of joint stock companies, companies limited by shares and limited companies and foreign corporations which are determined by Ministry of Finance (4) to be in similar nature with investment funds and investment trusts established according to the Capital Markets Code;

is subject  to 0% withholding. Withholding is the final tax. Not declared.

2) Interest income derived by companies other  than those  mentioned above; is subject  to 10% withholding. Withholding is the final tax. Not declared.

 

 

Subject to 10% withholding. Withholding is the final tax. Not declared.

 

 

Share ownership thresholds (%)

 

There is no share ownership thresholds for the traded companies at the Borsa İstanbul. But according to the “Communique on Principles Regarding Public Disclosure of Material Events” if a natural or jurisdic person or other natural or juristic persons acting together with this natural or jurisdic person own directly or indirectly 5%, 10%, 15%, 20%, 25%, 1/3, 50%, 2/3 or 75% or more of the total voting rights or capital of the corporation or if the total voting rights or share of capital falls below these thresholds the person should make a disclosure to the Borsa İstanbul

On the other hand, individuals, who own directly or indirectly, alone or together with the cooperative parties, through optionally made partial tender offer, block or individual purchases or any other method, the shares of a corporation granting the control of the management, are obliged to make a tender offer to the other shareholders.

The control of management of a corporation is acquired through;

• ownership of 50% or more of the capital or the voting rights of a corporation directly or indirectly, alone or together with the cooperative parties or

• without being subject to the above percentage, ownership of the privileged shares granting the right to elect the sole majority of the number of Board members or to place nominations for these memberships at the General Assembly

 

Short selling (Yes / No)

Yes

Short selling conditions (if any)
  

Borsa İstanbul member intermediary institutions, authorized to engage in short selling transactions with the permission of Capital Markets Board (CMB), should apply to Borsa İstanbul in order to be granted authorization for executing short selling transactions through the stock trading system. Short selling is not allowed at the opening sessions. The securities which will be subject to margin trading and short selling transactions are included in the "List of Securities Subject to Margin Trading and Short Selling" in accordance with the predetermined criteria and are announced by the Borsa İstanbul (currently all shares except the ones traded on the Watch List Companies Market and Class B and Class C shares)

 

 

Borsa İstanbul member intermediary institutions, authorized to engage in short selling transactions with the permission of Capital Markets Board (CMB), should apply toBorsa İstanbul  in order to be granted authorization for executing short selling transactions through the stock trading system. Short selling is not allowed at the opening sessions. The securities which will be subject to margin trading and short selling transactions are included in the "List of Securities Subject to Margin Trading and Short Selling" in accordance with the predetermined criteria and are announced by the Borsa İstanbul (currently all shares except the ones traded on the Watch List Companies Market and Class B and Class C shares)

 

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This page was last updated on: 07/14/2014 - 17:02