Borsa İstanbul calculates different types of indices to follow the movements of markets, to be used as an underlying asset for financial products, and as a benchmark for collective investment instruments.
Within this framework, Borsa İstanbul calculates;
- BIST Stock Indices to measure the performance of group of stocks traded,
- BIST-KYD Indices to measure daily returns of variety of financial instruments such as debt securities, lease certificates, gold, bank deposit, profit share and mutual funds,
- BIST Sustainability Themed Debt Securities Indices to measure daily returns of debt securities qualify as "Sustainable Debt Security" or "Green Debt Security",
- BIST Commodity and Commodity Denominated Securities Indices to measure daily returns of gold, silver, platinum and palladium prices and daily returns of gold bonds and gold denominated lease certificates issued by Turkish Ministry of Treasury and Finance and Turkish Ministry of Treasury and Finance Asset Leasing Company,
- BIST Risk Control Indices for investors who want to limit the volatility of their investment on a stock index and/or a market,
- BIST Leveraged and Short Indices to reflect the performance of corresponding reference index (underlying index) with a certain leverage ratio in the same direction or in the opposite direction.
Detailed information regarding the calculated indices is accessible on the “Borsa İstanbul > Indices” page on the Borsa İstanbul website.
Borsa İstanbul calculates;
- “TLREF Turkish Lira Overnight Reference Rate” in order to meet the need of Turkish Lira short-term reference rate that can be used as an underlying or a benchmark in financial products, debt instruments and different types of financial contracts.
- “TLREFK Turkish Lira Overnight Participation Reference Rate” in order to meet the need of Turkish Lira short-term reference rate that can be used as an underlying or a benchmark in participation banks’ financial products, debt instruments and different types of financial contracts.
Borsa İstanbul also calculates “BIST TLREF Index” and “BIST TLREFK Index” in order to track the returns of declared TLREF and TLREFK Rate.
Detailed information regarding the calculated indices is accessible on the “Borsa İstanbul > Indices” page on the Borsa İstanbul website.
Detailed calculation methodologies regarding how the Indices and Rates computed by Borsa İstanbul are calculated is explained in the Methodology documents created for each Index group and Rate.
Detailed calculation methodologies are accessible on the “Borsa İstanbul > Indices > Methodologies and Changes” page on the Borsa İstanbul website.
Borsa İstanbul website visitors can be informed about Index and Rate Announcements that are calculated by Borsa İstanbul by registering Index Membership Portal. After logging in to Borsa İstanbul Index Membership Portal, members can choose Index and Rate preferences to get e-mail about related methodology changes and Index constituent changes. Click here to reach Index Membership Portal.
All announcements regarding indices are available on the “Borsa İstanbul > Indices > Index Announcements” page.
The periodical calendars of the Indices calculated by Borsa İstanbul can be found on the “Borsa İstanbul > Indices > Index Periodical Calendars” page.
The stocks to be included in BIST Stock Indices are determined according to BIST Market Cap Weighted Stock Indices Methodology and BIST Non-Market Cap Weighted Stock Indices Methodology. Borsa İstanbul website visitors can access the related Methodologies from the “Borsa İstanbul > Indices > Methodologies and Changes” page on the Borsa İstanbul website.
The stocks included in the BIST Stock Indices can be accessed from the link on the “Borsa İstanbul > Indices > BIST Stock Indices” page on the Borsa İstanbul website.
The difference between the Price Index and the Return Index arises in cash dividend payments. For cash dividend payments, while the divisor of the Return Index is adjusted assuming that the dividend paid is invested in the stocks included in the index in proportion to their weight, the divisor of the Price Index is not adjusted assuming that the dividend paid is excluded from the portfolio.
In Market Cap Weighted Stock Indices, weight of a stock may change depending on price fluctuations, corporate actions or free float ratio changes within index period.
In Non-Market Cap Weighted Stock Indices, weight of a stock may change only as a result of price fluctuations during index period. If free float market value of a stock changes during Index Period for a reason except for price fluctuations, by re-calculating weighting factor, given stock’s weighting will be equalized to last session closing weight before this change. As a result, weight of stocks in index is not affected from other factors (for example capital decrease/increase, merger/spin-off etc.) except for price and weighting theme.
Detailed information on the BIST Sustainability Indices and the stocks included in the Indices are published on the “Borsa İstanbul > Indices > BIST Stock Indices > Sustainability Indices” page on the Borsa İstanbul website. Borsa İstanbul website visitors can access the up-to-date list from the link at the top of the page – “
Detailed information about the BIST Participation Indices and the stocks included in the indices are published on the “Borsa İstanbul > Indices > BIST Stock Indices > Participation Indices” page on the Borsa İstanbul website. You can download the current list from the “Where can I find the current list of stocks in the BIST Participation Indices?” section at the top of the page.
The companies to be included in the BIST Participation Indices are determined by the Advisory Board within the body of the Participation Banks Association of Türkiye (TKBB) in accordance with the “Standard for Issuance and Trading of Equity Securities” (https://tkbb.org.tr/danisma-kurulu/standartlar) and the “Guidelines for Determining Companies Operating in Compliance with Participation Finance Principles” (https://tkbb.org.tr/danisma-kurulu/rehberler).
Participation Finance Principles Information Form (KAFIF Form) is created based on Standard and guide to assess companies whether they are eligible or not. The answers given in the Information Form by the companies that have just started trading are published in the IPO prospectus. For the companies that are currently trading in Borsa İstanbul, periodical evaluation is made by using the KAFİF which is published by companies on the Public Disclosure Platform.
For inquiries not directly related to the Participation Indices, please contact the Participation Banks Association of Türkiye (TKBB).
“Borsa İstanbul's Statement of Compliance with the IOSCO Principles for Financial Benchmarks” and “List of Financial Benchmarks compliant with the IOSCO Principles for Financial Benchmarks” are renewed at least once a year within the framework of IOSCO's opinion that compliance statements should be renewed annually.
Borsa İstanbul's Statement of Compliance with the IOSCO Principles for Financial Benchmarks” and “List of Financial Benchmarks compliant with the IOSCO Principles for Financial Benchmarks” can be accessed from “Borsa İstanbul > Indices > Compliance with IOSCO Principles” page.
