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Table of Contents
Borsa Istanbul (BIST)
Borsa İstanbul brings together all the exchanges operating in the Turkish capital markets under a single roof, providing a fair and transparent environment for trading of various types of securities including equities, ETFs, warrants, government bonds, Treasury bills, corporate bonds, repo and reverse repo agreements and foreign securities (Eurobonds issued by the Turkish Treasury), precious metals and gems, futures, and options.
Currency: Turkish Lira (TRY)
Trading Summary
BIST uses an order-driven system and each trading session is preceded by a blind opening auction. Orders can be cancelled any time during the trading day except for during the mid-day break. Limit up/down restriction is applied if a stock moves 10% up/down from last session’s VWAP (volume-weighted average price). In cases of extreme volatility, Circuit Breakers is applied for small-cap stocks.
Order Types
- Limit Buy/Sell→ShortSell (Day/IOC/FOK)
- Market Buy/Sell→ShortSell (Day/IOC/FOK)
Basic Market Rules
- Lot Size: 100 shares.
- Tick Size: varies by price, as follows:
| Price Range (Euro) | Tick Size (Euro) |
|---|---|
| <=19.99 | 0.01 |
| >=20 and <=49.98 | 0.02 |
| >=50 and <=99.95 | 0.05 |
| >=100 | 0.10 |
- Short Sale Rules: short selling is allowed.
- Circuit Breakers: there is a static circuit breaker that is set at 10% of the last auction price.
For more information about BIST trading rules, see the Equity Market and the Regulations pages.
Auction Mechanisms
Open
The opening session is the period of time in which orders conveyed to the exchange are matched prior to the session. The opening price is the price calculated according to the transactions that take place during the opening session. The opening time and period of the opening sessions, the trading method to apply during the opening session, and principles of calculating opening price are determined by the Executive Council of the Exchange.
Close
The closing price is defined by the following auction mechanism.
Auction means an auction conducted in a trading platform in respect to qualifying orders to determine the auction price pursuant to the following process:
- All unmatched orders entered during the main trading session will be transferred to the closing session
- New closing orders will be accepted
- Closing price will be determined at the level that allows the highest trading volume
- All orders will executed at the closing price under price/time priority
Auction Periods
1. Opening Auction (09:55 - 10:00)
- Regular trading orders may be entered, amended, and cancelled
- Regular trading orders will be matched
2. Intraday Auction (13:55 - 14:00)
- No closing orders will be matched
- Regular trading orders will be matched
- Orders may be entered, amended, and cancelled
3. Closing Session (18:01 - 18:10)
- Order Transfer Phase (18:01 - 18:03)
- Pending closing orders from continuous trading are transferred into the closing trading system
- No new closing orders will be accepted
- Pending closing orders cannot be amended or cancelled
- Orders will not be matched
- Call Phase (18:03 - 18:06)
- New closing orders will be accepted
- Existing orders may be amended or cancelled
- Orders will not be matched
- Closing Price Determination Phase (18:06 - 18:08)
- Closing orders will not be accepted
- Orders may not be amended or cancelled
- Orders will be matched at the determined closing price at the end of this phase
- Trades at Closing Price (18:08 - 18:10)
- Orders may be entered only for securities that have been traded in the closing session
- New bid/ask orders must be at the closing price
- Orders may only be modified in quantity and not price
- Orders may be cancelled
Note: in accordance with Borsa Istanbul Circular no. 388, prices for orders entered during the closing session must fall within the +/- 3% of the last execution price in the continuous auction phase.
Order Types: Market and Limit orders are eligible to participate in the Closing Session.
Additional Info
There is no intraday trading for Gross Settlement symbols. Certain equity symbols do not have netting-off facility and as such cannot be traded intra-day as investors that intend to buy such equity must keep the corresponding amount of cash, and those that intend to sell such equity must keep the corresponding quantity of equities in their accounts.
For more information, see the Gross Settlement page.