A new phase of BISTECH, which is one of the major technological transformations in Turkish financial history, has gone live today with Borsa İstanbul’s morning bell. This phase enables the end-to-end operation of all four markets on the same platform.
BISTECH Technological Transformation Program, which was conceived with the objective of the integrated operation of all Borsa İstanbul markets on a single platform, was initiated with the strategic partnership agreement signed between Borsa İstanbul and NASDAQ in 2014. The program aims the consecutive transfer of all markets onto the advanced-technology called the BISTECH systems. The first phase of the program was completed seamlessly, together with the transformation of the Equity Market on November 30, 2015. The second phase, which comprised the transformation of the Derivatives Market was executed successfully on March 6, 2017.
As of this morning, the next step of BISTECH program called ‘Phase 2+’ has been launched successfully, with the go-live of the Fixed Income Market and the Precious Metals Market onto the BISTECH systems. Borsa İstanbul is now able to provide an integrated service to its investors through all four markets via this technology, which is reliable, modular, multi-instrumental, fast, high performance and low-cost.
Borsa İstanbul has with its internal resources aligned the advanced technological components, which are utilized only by a number of distinguished exchanges in the world, in accordance with the Turkish capital market legislations. In addition to the main trading and clearing modules; the end-to-end transformation comprised surrounding systems as well, such as risk management, market surveillance, index calculation and data warehouse.
This long-term transition involved technological, organizational and operational transformations affecting all stakeholders in the capital markets. From over 100 companies including Borsa İstanbul, Istanbul Clearing, Settlement and Custody Bank, Central Securities Depository of Turkey, Capital Markets Board of Turkey, NASDAQ, market participants, data dissemination vendors and independent software vendors; more than 650 personnel actively participated in the program.
Having escalated its technological transformation to upper limits; the next objective of Borsa İstanbul is to become the premier supplier of products and services favored by other exchanges, internal and external financial institutions by marketing the new technologies it continues to develop. Thus, Borsa İstanbul is to come into prominence in the upcoming days in international arena as a producer of globally-competitive technologies.