BIST Increasing ISBTR.E 3881.6 20.00 % MSGYO.E 2.4 15.94 % VAKKO.E 3.58 11.88 % ADESE.E 8.01 11.72 % CLEBI.E 63.65 11.67 % Decreasing KLNMA.E 22.58 -10.40 % KPHOL.E 1.55 -8.28 % RALYH.E 1.6 -5.33 % KERVN.E 0.43 -4.44 % VERTU.E 3.21 -4.18 % VIOP Most Change O_XU030ME1018P130.000 % -100,00 O_XU030ME1018P130.000 % -100,00 O_XU030ME1018P130.000 % -100,00 O_XU030ME1018P130.000 % -100,00 O_XU030ME1018P130.000 % -100,00 Highest Open Position F_USDTRY1018 554.705 F_USDTRY1218 490.220 F_XU0301018 436.431 F_XAUTRYM1018 191.237 F_YKBNK1018 111.200


On March 2, 2012, Borsa İstanbul introduced "closing session". Closing session is a special trading session operating with a single price, where the single price is calculated by transferring the unmatched orders (excluding quotation orders) entered in the main trading  session, and accepting new orders in the trading system without matching in a pre-determined period of time, and determining the price level at which the highest trading volume (i.e., single price) may be achieved, and then all trades are realized at this price level.

Warrants, exchange traded funds, rights coupons, and default transactions are not traded in the closing session.

Phases of Closing Session:  

  • Order collection phase – (4 minutes, 18:01 – 18:05)
  • Price determination & closing session transactions phase – (2 minutes, 18:05–18:07)
  • Trades at closing price/ single price phase – (2 minutes, 18:08 – 18:10)

Order Collection Phase (18:01 – 18:05) : This is the phase when new bid and ask orders, in addition to the pending orders for the securities traded with continuous auction and continuous auction via market making methods, are entered into the trading system in order to determine the price for the closing session. During this phase, orders are not matched.

During this 4-minute period, orders are collected for the closing session, while orders that have been already sent may be modified, split, or cancelled in accordance with the current regulations. 

  • Limit order, market order, market to the limit, FaK orders, Imbalance orders can be entered.
  • Quotation orders can be entered, amended, canceled.
  • Quantity and price of orders can be amended, the duration periods of the orders can be changed.
  • Orders can be canceled.
  • Trade reports cannot be entered.
  • Short sell orders can be entered.
  • The equilibrium (theoretical matching) price and equilibrium quantity and quantity of orders not executed at the equilibrium price will be broadcasted.

Closing Price Determination and Closing Session Transactions Phase (18:05 – 18:07): At this phase, the closing price is determined for the equities for which orders have been collected during the closing session, and following that, trades at closing price are realized. Orders transferred from the continuous auction phase, the limit price orders sent to the trading system during the order collection phase of the closing session, and MoCs match at the determined closing session price. The determined closing session price is the closing price for the relevant equity.

No new orders are allowed at this phase, while the pending orders may not be modified, split, or cancelled. Realized trades and the closing session prices may be monitored on both brokers’ and data vendors’ screens.

Trades at Closing Price Phase (18:08 – 18:10): This is the final phase where new bid and ask orders priced only with the closing price determined during the closing session can be entered to the trading system and can be matched with the pending orders at closing price that have not been executed during the closing session and transferred to this phase, or with those orders entered during this phase, in accordance with the priority rules.

During this 2-minute phase, orders may be entered only for the securities that have been traded in the closing session. New bid and ask orders to be entered in the trading system must be at the closing price and if matched with a pending  order of the same price, are to be traded in accordance with the priority rules. Those that are not traded keeps pending in the trading system in accordance with the priority rules.

The orders entered at this phase may not be split or modified in terms of price, but their quantities may be increased / decreased or they may be cancelled.

  • Trades can made on the last trade price.
  • Orders with limit prices are allowed (including FaK and Short Sell orders).
  • Increase and decrease of quantities of the orders with the last trade price can be made.
  • Quantity of  orders waiting at a different price other than the last price can not be increased, but decreased.
  • The prices can only be improved to the last trade price, no price amendment can be made apart from that. 
  • The information of order and price depth  is continued to be broadcasted.
  • Trade reporting can be made.
  • The orders will be matched according to continuous trading method at the last trade price.
  • Quotation orders can be entered, amended, canceled.
  • The orders can be canceled.