Equity Market

Equity Market

In Borsa İstanbul Equity Market equities of companies from various sectors, preemptive rights, exchange traded funds, warrants & certificates, ownership backed lease certificates, real estate certificates, participation certificates of venture capital investment funds and real estate investment funds are traded. The Market offers a liquid, transparent and secure trading environment for both domestic and foreign investors.

Trading on the Equity Market is carried out based on price and time priority, with “continuous trading”, “continuous trading with market maker” and “single price” trading methods with a fully automated electronic trading system.

The markets where the equities of the companies offered to the public for the first time are determined at the time of the listing of the company to the Exchange. In accordance with the provisions of the Listing Directive, the equities that have been listed in the relevant Equity Market segments and started to be traded are subject to evaluation as of periods approved by the General Manager and at least twice a year in accordance with the criteria determined within the scope of this Equity Market Directive Market segment and sub segment changes are made according to the results of this evaluation. The criteria for determining market segments and sub segments are included in the Equity Market Directive and Equity Market Procedure.

Primary Market

Primary Market is the market that brings together issuers (those who demand funds) and savers (those who supply funds). Primary Market transactions for the equities to be offered to the public through Borsa İstanbul is carried out between 10:30 - 13:00.

there are two methods of book-building, which are fixed price and variable price book building, in the public offerings of corporations whose shares will be traded for the first time on Borsa İstanbul Equity Market. 

Please click for the new rules will be introduced regarding the orders to be involved in the distribution process and the distribution time of these orders.

Wholesale Buy Sales Transactions

Wholesale Market provides an organized, secure and transparent platform for the trading of equities in quantities of over a certain size, to predetermined and/or unidentified buyers.

Preemptive Rights Transactions

A new ticker for trading of the preemptive rights attached to a share of a traded company when it increases capital is opened for trade with an extension of “.R” for a specified time period when the rights can be used.


Please click for the Markets


Equities are negotiable instruments issued by a corporation and representing a capital share of the corporation.

Holding the equity of a corporation means being a partner of that company.

Safe and accurate flow of information is essential in the trading of equities.

Confidence, transparency and investor protection are the fundamental principles of Borsa İstanbul markets. Shareholders can reach any information about the companies traded on Borsa İstanbul via the Companies and Data pages as well as the Public Disclosure Platform.

Related Pages

Equity Market
Emerging Companies Market
Equity Data

Exchange Traded Funds

Exchange traded funds (ETFs) are mutual funds traded on equity-exchanges, which are based on an index and aim to reflect the performance of its base index to the investors.

ETFs are issued based on an index, and invest in the securities on its base index in proportion to their weight in the index. Therefore, for example, an investor willing to invest in BIST-30 index invests in an ETF rather than purchasing the equities of the index separately, and has the opportunity to invest in that index, and benefits from the proceeds of the index.

Exchange traded funds are portfolios created by authorized intermediary institutions through the purchase of securities on the base index using the cash collected from investors. ETFs reflect the returns on the equities or other instruments (gold, bond, foreign exchange, etc.) on the base index.

The basic characteristic of ETFs is that their participation certificates can be traded on Borsa İstanbul just like equities. Exchange traded fund shares can be traded on the Borsa İstanbul Fund Market through intermediary institutions like equities.

Investing in ETFs

Exchange Traded Funds (ETFs) have become more popular recently, thanks to their high liquidity and ease of trading, as well as facilities such as risk diversification, and allowing investors to make use of the revenues in the market.

The indicator portfolio composition announced at the end of every day provides investors the opportunity to monitor the content of their investments in a transparent manner on a daily basis. Therefore, the investor is able to monitor the composition of the exchange traded fund. ETFs are traded during the session easily, in the same way as equities.

Fund Market Basics

Trading on ETF participation certificates, deemed suitable for being traded on the Exchange, is carried out with a feature code (F) on the Fund Market of the Equity Market during the trading hours of the market where the securities forming the underlying index of ETF are traded. 

The base price is determined by rounding the weighted average of the transactions of the previous session to the nearest price tick as in the case of equities. In the first trading session and the session following the session in which price has not been formed in the Equity Market, base price is announced over the fund unit share price announced before the respective session by the founder and/or authorized participant. 

Lot size is 1 participating share. The maximum amount of orders that can be submitted to the system at any time is determined by the Equity Market.

Unit share price of ETFs to be traded on the Equity Market is minimum TL 1.

On the ETF Market, the price margin applicable in the National Market is applied.

Special order transactions are performed as per the present rules in the Equity Market.

Price ticks  applied on the ETF Market are different from those of equities.

Settlement of the fund transactions is realized on the second business day following the transaction day (T+2). Fund Share Formation and Repurchase Transactions are performed via Takasbank. Principles of these transactions are set by Takasbank and notified to the members.

All other transaction and default rules are the same as the Equity Market trading rules.

Exchange Traded Funds keep all their assets in Takasbank as in the other investment funds.

Related Pages

Equitiy Market Fund Market
Equity Data


Warrants are capital markets instruments that give the holder the right, but not the obligation, to buy ('call' warrant) or to sell ('put' warrant) an underlying asset at a specified price (the 'strike' price or 'exercise' price) on or before a predetermined date where such right is exercised by registered delivery or cash settlement. The holder of a warrant buys not the underlying security itself, but the right to buy or sell such underlying security, against the payment he makes.


-are securitized options;

  • listed on a stock exchange and traded in the relevant market segment.
  • traded in the secondary market.
  • settled in the same way as other securities.

-are financial instruments of type called “structured products” are not issued for financial needs of the issuers

-are solely under the responsibility of the issuer.

-entitle the holder to buy (from) or to sell (to) the issuer an underlying security, a basket of securities, or an index, on or before a particular date, at a predetermined price, against the premium he pays.

-represent a right, and not an obligation, for the holder.

The basic principles regarding the issue, issuers, registration, and trading of warrants are regulated by the Capital Markets Board of Turkey (CMB) by its Communiqué Series III No: 37 Regarding the Registration with the Capital Markets Board of Turkey and Trading of Intermediary Institutions’ Warrants at the Stock Exchange. According to the said Communiqué, warrants are traded on Borsa İstabul.

The procedures and principles regarding the listing and trading of warrants on Borsa İstabul are stipulated by İMKB's Circular no.318, dated Jan 5, 2010.

Warrants may be traded on Borsa İstabul provided that they are supported through market making activity by their issuers or the brokerage companies contracted by the issuers. In order to provide a liquid and well-regulated market, the market maker is required to give quotations continuously.

Investing in Warrants

Warrants are included in the class of structured products, which carry the qualities of a securitized option. Warrants are written on a financial product or indicator. Such financial products, are called “underlying instruments”.

If the underlying instrument of a warrant is a single equity or a basket of equities, we use the term “underlying asset”, whereas in the case of warrants written on an index, the term “underlying indicator” is used.

The “underlying asset”, may be a single equity or a basket of equities. Such equities must be traded on İMKB, and included in İMKB 30 Index.

Example: A call warrant issued by Z bank, entitling the holder to buy the shares of ABC Incorp. at TL 6.00 on 20.12.2014.

Example: A put warrant issued by Z bank, entitling the holder to sell the shares of ABC Incorp. at TL 5.00 on 20.12.2014.

Warrants written on an index, on the other hand, provide cash flow to the holder, on the basis of the underlying index value on a particular date. Such indices are equity indices calculated by İMKB.

Example: A call warrant issued by Z bank, which entitles the holder to buy İMKB-100 Index at 80,500 points on 20.12.2014.

Example: A put warrant issued by Z bank, which entitles the holder to sell İMKB-30 Index at 70,500 points on 20.12.2014.

In contrast to equities, warrants do not offer the following rights:


-Pre-emptive right

-Share in liquidation

-Taking part in the company management

-Voting and right to information.

The buyer of a warrant does not buy the equity itself, but the right to buy or sell such security.

Risks of Investing In Warrants:

- Warrants have an expiry day and therefore a limited life.

- Due to leverage, buying warrants may be to one’s advantage or disadvantage, and therefore it should be taken into consideration that leverage may lead to high return as well as loss.

- As a result of the price fluctuations in the market, the invested money may be entirely lost. However, with warrants, the risk is limited to the amount paid for the warrant, the commission and other fees.

- It should be considered that the technical and fundamental analyses for warrant trade are subjective and the anticipations of such analyses may not be realized.

The issuer’s risk management policy against the risks associated with issuing warrants must be included in the prospectus. In accordance with the Communiqué, the prospectus is announced in the web sites of the issuer and the market maker. Investors should carefully examine the issuer’s risk management policy before making investment decisions.

Pricing and Valuation

Price of the Underlying Asset

There is a positive correlation between the price of the underlying instrument and a call warrant, while this correlation is negative in the case of put warrants. As the price of the underlying asset increases, the price of call warrants increases and the price of put warrants decreases.

Exercise Price

There is a negative correlation between the exercise price of a warrant and call warrants, while this correlation is positive in the case of put warrants. As the exercise price increases, the price of call warrants decreases and that of put warrants increases.

Days to Maturity

There is a positive correlation between the days to maturity and both call and put warrants. As the days to maturity increase, the price of both call and put warrants increases.


There is a positive correlation between the volatility of the underlying asset and both call and put warrants. As the volatility of the underlying asset increases, the price of both call and put warrants increases.

Market Interest Rate

There is a positive correlation between the interest rate and call warrants, while this correlation is negative in the case of put warrants. As the interest rate increases, the price of call warrants increases and that of put warrants decreases.


There is a negative correlation between the dividend distributed by the company on whose equities the warrant is written and the price of call warrants, while this correlation is positive in the case of put warrants. As dividends increase, the price of call warrants decreases and that of put warrants increases.

Factors Influencing the Warrant Price

Warrant Price (CALL) Warrant Price(PUT)
Price of underlying asset + -
Exercise price - +
Days to maturity + +
Volatility + +
Market interest rate + -
Dividend - +
Comparison: Warrants vs Options


Just like options, warrants offer their holders the opportunity to gain exposure to the price fluctuations of the underlying asset, without owning such asset.

Warrants are financial instruments, which, like options, entitle their holder to buy or sell a certain amount of underlying asset or indicator, at a pre-determined price, on or before the expiry date.

Neither warrants nor options provide any control over the underlying asset until exercised. Both represent a right.


- Options are contracts, whereas warrants are securities.

- Options are traded according to the principles of a futures market, whereas warrants are traded according to the principles of a spot (cash) market.

- Options are standardized contracts, the features of which are determined by the equity exchanges where they are traded. Unlike options, the terms of warrants are set by the issuer and are more flexible than options (for example, warrants have no fixed expiry).

- With options, the selling party writes the option. For each warrant, on the other hand, there is a single issuer. The issuer is solely responsible for the right presented by warrants.

- Unlike options, there are no margin calls or margining associated with warrants since the issuer is entirely responsible for the product. Therefore, no margin calls or margining is necessary in trading warrants.

Trading Principles

Trading of warrants on Borsa İstanbul is regulated by a Circular issued by İMKB in accordance with the CMB arrangements.

Trading Method

Warrants are traded on the Warrant Market established within Borsa İstanbul Collective Products Market by “market making in multiple price - continuous auction system”. This system is operated by entry of buy/sell quotations by the market maker member in charge of the warrant and entry of buy/sell orders by members (including the market maker member) for such warrant. Each warrant has to be assigned a market maker, otherwise they can not be traded.

Market Maker

Borsa İstanbul member intermediary institution, determined by the issuer upon the approval of the CMB, and responsible for giving quotations for the warrants under its responsibility, in order to ensure the fair, orderly, and efficient functioning of the market, and to contribute to the formation of a liquid and continuous market for such warrants.


A two-sided order that the market maker enters Borsa İstanbul Equity Market Automated Trading System (System), which includes information about the price at which and the quantity of the warrant that he is ready to buy and sell.

Main Trading Rules

- Orders are entered into the System according to price and time priority and are matched with the buy/sell orders and/or the quotations within the appropriate quotation interval (including quotation prices).

- The market maker member enters quotations for the relevant warrant. No order entry is accepted for warrants before the market maker member enters a quotation.

- Base price method is not applicable in warrant trading. Therefore, there is no upper or lower limit in price formation (margin is free).

- All trades in the market are realized within the interval of buy/sell quotations given by the market maker (including quotation prices) (the quotations given by the market maker are temporary price limits, in a way).Orders that fall out of the interval are also accepted to the System, but may be matched only when they are within the quotation interval.

- No orders or quotations are entered for warrants during the opening session.

-Orders entered for warrants may be cancelled during the session.

Trading Hours

Warrants are traded during continuous trading periods (10:00 - 18:00) of the session .


Just like warrants, certificates are financial products that impose a financial burden on issuers against the investor. The funds raised through issuing certificates are under the issuer’s personal financial responsibility. Therefore, it is important for the investor to consider factors such as financial status, payment capability, and credibility of the issuer.

While certificates shall be traded according to the same principles as warrants, with minor differences only, some trading rules may vary according to the type of certificate. Investors should pay special attention to such differences while trading certificates.

Related Downloads

Listing and Trading Principles of Certificates (Circular No: 400)

Equity Indices

BIST Stock Indices have been created to measure the price and the return performances of group of stocks traded on Borsa İstanbul.  For detailed information about BIST Stock Indices, "BIST Stock Indices Ground Rules".

Please click for BIST 30, BIST 50, BIST 100 Indices constituents and weights for related index period.

Please click for BIST Stocks Indices constituents.

Related Files

BIST Stock Indices Ground Rules BIST Index Codes and Base Values

Related Pages

Index Data

Equity Market Data

Bulletin Data

Data/File Paths
Bulletin Data
Bulletin Data
BISTECH Equity Market Bulletin Data
Margin Information

(1) In order to view csv files correctly in MS Excel, the "Number" settings of the PC should be as follows : Decimal Symbol '.' Digit Grouping ','

(2) You can download formats and patterns of the data files that are being generated by the BISTECH platform from here.

As of August 1, 2015 the data files below became available only at datastore.borsaistanbul.com. These files have been removed from the Borsa İstanbul web site.

Related Downloads

Borsa İstanbul Fee Schedule Equity Market Extensions