BIST Increasing MNDRS.E 1.48 19.35 % ISBTR.E 25300 15.00 % INFO.E 4.6 15.00 % QNBFL.E 97.05 14.99 % QNBFB.E 32.7 12.29 % Decreasing ITTFH.E 4 -11.11 % BMELK.E 1.27 -9.93 % UZERB.E 2.45 -9.93 % DERAS.E 4.35 -6.45 % IZMDC.E 7.13 -5.06 % VIOP Most Change O_XU030E0220P134.000 % 455,56 O_XU030E0220P136.000 % 288,89 O_EREGLE0120P7.80 % -100,00 O_EREGLE0120P7.80 % -100,00 O_EREGLE0120P7.80 % -100,00 Highest Open Position F_XAUTRYM0220 554.116 F_XU0300220 473.477 F_KRDMD0120 404.047 F_TSKB0120 364.634 F_USDTRY0220 335.766

New Market Structure and Trading Principles in the Equity Market and Amendments in Listing Directive

02 October 2019 - 18:23

Within the scope of Borsa İstanbul A.Ş. Board of Directors’ decision dated 9/27/2019 and numbered 2019/182, and Capital Markets Board’s (CMB) decision dated 9/19/2019 and numbered 52; equities that are being traded in the Equity Market’s BIST Stars and BIST Main submarkets are rearranged into groups according to new criteria that suggests equities with similar magnitude, depth and liquidity trade in the same groups.

 Accordingly, by the effective date of the amendments in the Equity Market and Listing Directives, ABCD grouping regulation of the CMB regarding the equities that are being traded in the Equity Market will be abolished.

 With this new regulation, there will be two sub segments under BIST Stars and BIST Main market segments and trading principles that are stated in Appendix-1 will be put into effect.

 Within this framework new market structure in the Equity Market will be as follows:

  • BIST Stars – Group 1, Group 2
  • BIST Main – Group 1, Group 2
  • Emerging Companies Market (ECM)
  • Watchlist (WL)
  • Pre-Market Trading Platform (PMTP)
  • Structured Products and Funds Market (SPFM)
  • Equity Market For Qualified Investors (EMFQI)

 Equities that are being traded in the Collective and Structured Products Market (equities of securities investment trusts, real estate investment companies and venture capital investment trusts) will be removed from this market segment, and will be placed in the related segment and the sub segment according to the new criteria. Collective and Structured Products Market will be renamed as Structured Products and Funds Market (SPFM).

 Moreover, minimum market cap (value) of the free float criteria for listing will increase from 100 Million TL to 150 Million TL for BIST Stars; and from 25 Million TL to 30 Million TL for BIST Main.

 The criteria, threshold values and the trading methods regarding the segregation of the equities into segments and sub segments are stated in Appendix-1. Distribution of the equities into segments and sub segments according to the evaluation made in the scope of the principles stated in the Appendix-1 are stated in Appendix-3.

 There are going to be some changes in the Equity Market practices as a result of new market structure, changes in the trading principles and abolition of ABCD grouping. Changes in the Equity Market practices will be included in the Equity Market Procedure in detail and it will be updated and announced before the effective date of the practices. Below points are considered essential for our members’ consideration to make their adjustments before the effective date of the practices. 

  • ABCD grouping regulation will be abolished and the trading principles related with the new market structure will be effective instead of trading principles that come with ABCD regulation.
  • There will be no change in the trading principles of the securities other than equities.
  • Opening and closing call auctions are included in the call auction numbers stated in the trading principles table in Appendix-1. Current trading hours will keep being applied in the WL and PMTP, where 5 call auctions is signified. Trading hours of ECM is stated in Appendix-2 where there will be 10 call auctions.
  • Market making can only be done voluntarily and only in BIST Main Group 1 and Group 2 equities. Current market making can be carried on voluntarily after 11/4/2019 in equities that are in BIST Main as per the table in Appendix-3.
  • Market making and liquidity providing activities cannot be practiced in ECM as a result of single price method set as permanent in this market (ECM).
  • Market making and liquidity providing can be practiced voluntarily in equities. These activities will not affect the trading method to be applied.
  • There will be no change in the price margin of trade reports.
  • There will be no change in the price margin for the preemptive rights.
  • Current practice of T. İş Bankası A.Ş. (A), T. İş Bankası A.Ş. (B) and T. İş Bankası A.Ş. (preferred stock, promoters' stock) (ISATR, ISBTR, ISKUR) equities being traded with single price method will be preserved. Short selling and margin trading will not be applied, open clearing position/margin ratio will be 100%, and margin ratio will be 0% for these shares. Price margin for İş Bankası A.Ş. (preferred stock, ISKUR) shares will keep being applied as 50%.
  • Formats of the reports that will be affected by the changes in trading principles (Daily Bulletin, Margin Information etc.) will be amended and amended reports will be put out for testing for our members to make their adjustments. Announcements regarding these tests will be made via https://connect.borsaistanbul.com.

 New market structure in the Equity Market, and the new trading principles set according to this new structure will be in effect as of 11/4/2019 with the amendments in Equity Market and Listing Directives.

 Kindly submitted for your information.

 Sincerely,

Mehmet GÖNEN
Acting CEO

 

Appendices:

1)      Evaluation criteria and trading principles to be applied with the new market structure in the Equity Market (2 pages)

2)      Trading hours to be applied in the ECM (1 page)

3)      Segment and sub segment distribution of equities for BIST Stars and BIST Main as of 11/4/2019 (1 page)


APPENDIX-1: Evaluation Criteria and Trading Principles to Be Applied with the New Market Structure in the Equity Market

 Evaluation Criteria

Criteria for Trading in Market Segments and Sub segments

BIST STARS

BIST MAIN

Group 1

Group 2

Group 1

Group 2

Market Cap (MC)

 

>500 million TL

>50 million TL

 

Market Cap of Shares in Actual Free Float (MCFF)

>750 million TL

>75 million TL

>15 million TL

 

Free Float Ratio (FFR)

 

>%10

>%2,5

 

Number of Domestic Individual Investors

 

>1000

>350

 

Domestic Funds

 

>1 million TL

 

 

Liquidity

<0,2

<3

<10

 

 

Criteria Descriptions:

a) MC: Total market cap. calculated over the company's total paid in capital.

b) MCFF: Market cap. of the shares of the company in actual free float calculated according to the criteria determined by the Board as the free floating shares at the end of the period x average of the one-year adjusted closing prices.

c) FFR: The ratio of the shares of the company in the actual free float calculated according to the criteria determined by the Board to the company’s paid in capital

ç) Number of Domestic Individual Investors: The average number of domestic individual investors holding a market value of at least TL 500 in the last year according to the CRA data,

d) Domestic Funds: Average net asset value of the share of the equity in the portfolios of the Mutual Funds and Pension Mutual Funds which are under the supervision of CMB according to CRA data,

e) Liquidity: The ratio of the traded value of 1 million TL to the average price change rate of the equity on a daily basis

 Amihud Illiquidity Measure is used for the calculation of this value. It is calculated by 1.000.000 times the arithmetic average of absolute value of daily price change in the equity over daily traded value (trade reports are excluded from traded value).

 f) Additional criterion- Dividend Return: (Total net cash dividend for the last 3 years) / (market cap at the end of the period) * 100

 Each equity has to fulfill all the criteria of the market segment and sub segment in which it is classified with two exceptions:

 a) If the equity with MCFF above 500 Million TL are not in BIST STARS Group 1, they shall be transferred to BIST STARS Group 2 regardless of other criteria.

b) Main Market Group 2 shares are transferred to the Main Market Group 1, where the MCFF is greater than TL 15 million and the Additional Criterion - Dividend Return is greater than 15%.

 

Evaluation Principles:

a) The evaluation is carried out at least twice a year with the last one-year average of the data specified for each criterion. The evaluation periods are determined by the CEO.

b) At the evaluation periods, no market segment changes are made for the shares in BIST STARS Group 2 unless the MC of the share falls below TL 450 million provided that other criteria are fulfilled. Besides no market segment changes are made for the shares in the Main Market Group 2 unless the MC of an equity exceeds 55 million TL provided that other criteria are fulfilled.

 

Trading Principles

Trading Principle

BIST STARS

BIST MAIN

ECM

WL

PMTP

Grup 1

Grup 2

Grup 1

Grup 2

Trading Method

Continuos Trading

Continuos Trading

Continuos Trading

Continuos Trading

10 Call Auctions(*)

5 Call Aucitons(*)

5 Call Aucitons(*)

Short Sell and Margin Trading

Allowed

Allowed

Allowed

Allowed

Not Allowed

Not Allowed

Not Allowed

Gross Settlement

No

No

No

No

No

No

Yes

Margin Ratio

General Provisions

General Provisions

General Provisions

%0

%0

%0

%0

Open Clearing Position /Margin Ratio

General Provisions

General Provisions

General Provisions

%50

%100

%100

%100

Price Margin

%20

%20

%20

%15

%10

%10

%10

Short Sell Uptick Rule

NO

YES

YES

YES

-

-

-

Price Change Triggering Circuit Breaker

%10

%10

%10

%7,5

-

-

-

Circuit Breaker Call Period

5 minutes

5 minutes

15 minutes

25 minutes

-

-

-

Circuit Breaker Uncross Period

2 minutes

2 minutes

2 minutes

2 minutes

-

-

-

(*)Opening and closing call auctions are included in the call auction numbers, trades at closing is not.


APPENDIX-2: Trading hours to be applied in the ECM

Equity (Single Price)
P_TEK_FIY_10

EN

TR

TIME

1

PRICE INFORMATION DISSEMINATION

P_MARJ_YAYIN

07:00:00

2

BREAK

P_ARA

07:30:00

3

OPENING AUCTION ORDER COLLECTION

P_ACILIS_EMIR_TPL

09:40:00

4

UNCROSSING

P_ESLESTIRMETEKFIYAT

09:55:00

5

SINGLE PRICE AUCTION ORDER COLLECTION

P_TEKFIYAT_EMIR_TPL

10:00:00

6

UNCROSSING SINGLE PRICE

P_ESLESTIRMETEKFIYAT

10:55:00

7

SINGLE PRICE AUCTION ORDER COLLECTION

P_TEKFIYAT_EMIR_TPL

11:00:00

8

UNCROSSING SINGLE PRICE

P_ESLESTIRMETEKFIYAT

11:55:00

9

SINGLE PRICE AUCTION ORDER COLLECTION

P_TEKFIYAT_EMIR_TPL

12:00:00

10

UNCROSSING SINGLE PRICE

P_ESLESTIRMETEKFIYAT

12:55:00

11

SINGLE PRICE AUCTION ORDER COLLECTION

P_TEKFIYAT_EMIR_TPL

13:00:00

12

UNCROSSING SINGLE PRICE

P_ESLESTIRMETEKFIYAT

13:55:00

13

SINGLE PRICE AUCTION ORDER COLLECTION

P_TEKFIYAT_EMIR_TPL

14:00:00

14

UNCROSSING SINGLE PRICE

P_ESLESTIRMETEKFIYAT

14:55:00

15

SINGLE PRICE AUCTION ORDER COLLECTION

P_TEKFIYAT_EMIR_TPL

15:00:00

16

UNCROSSING SINGLE PRICE

P_ESLESTIRMETEKFIYAT

15:55:00

17

SINGLE PRICE AUCTION ORDER COLLECTION

P_TEKFIYAT_EMIR_TPL

16:00:00

18

UNCROSSING SINGLE PRICE

P_ESLESTIRMETEKFIYAT

16:55:00

19

SINGLE PRICE AUCTION ORDER COLLECTION

P_TEKFIYAT_EMIR_TPL

17:00:00

20

UNCROSSING SINGLE PRICE

P_ESLESTIRMETEKFIYAT

17:55:00

21

PRICE INFORMATION DISSEMINATION FOR CLOSING AUCTION

P_MARJ_YAYIN_KAP_TF

18:00:00

22

CLOSING AUCTION ORDER COLLECTION

P_KAPANIS_EMIR_TPL

18:01:00

23

UNCROSSING SINGLE PRICE

P_ESLESTIRMETEKFIYAT

18:05:00

24

PRICE INFORMATION DISSEMINATION

P_MARJ_YAYIN

18:07:00

25

CONTINUOUS TRADING WITH SINGLE PRICE

P_KAPANIS_FIY_ISLEM

18:08:00

26

CALCULATE SETTLEMENT PRICE

P_GUNSONU_ISLEMLERI

18:10:00

27

COLLECT DATA SIGNAL READY FOR BASE PRICE CALCULATION

P_GUNSONU_ISTATISTIK

18:11:00

28

PRICE INFORMATION DISSEMINATION

P_MARJ_YAYIN

18:13:00

29

END OF DAY

P_GUNSONU

18:14:00

 

 

 

Segment and sub segment distribution of equities for BIST Stars and BIST Main To Be Effective as of 11/4/2019      (In Alphabetical Order)
BIST STARS GROUP 1
(37 Equities)
BIST STARS GROUP 2
(58 Equities)
BIST MAIN GROUP 1
(172 Equities)
BIST MAIN GROUP 2
(85 Equities)
1  AKBNK   AEFES   ADANA   DOKTA   MRSHL   ACSEL   PKENT 
2  ARCLK   AGHOL   ADBGR   DURDO   MSGYO   ARMDA   PRZMA 
3  ASELS   AKGRT   ADEL   DYOBY   NATEN   ATAGY   PSDTC 
4  BIMAS   AKSA   ADESE   DZGYO   NETAS   ATLAS   QNBFB 
5  CCOLA   AKSEN   ADNAC   EGPRO   NUGYO   AYCES   QNBFL 
6  DOHOL   ALARK   AFYON   EGSER   NUHCM   BOYP   RALYH 
7  EKGYO   ALBRK   AGYO   ERBOS   ORGE   BRKSN   RHEAG 
8  ENJSA   ALKIM   AKCNS   EUHOL   OSTIM   BRMEN   SAMAT 
9  ENKAI   ANACM   AKENR   FENER   OZGYO   BURCE   SANEL 
10  EREGL   ANHYT   AKFGY   FLAP   OZKGY   BURVA   SANFM 
11  FROTO   ANSGR   AKGUV   FMIZP   PAGYO   CMBTN   SAYAS 
12  GARAN   AVISA   AKMGY   FONET   PARSN   CMENT   SEKFK 
13  HALKB   AYGAZ   AKSGY   GARFA   PEKGY   CRDFA   SEKUR 
14  ISCTR   BRISA   AKSUE   GEDZA   PENGD   DAGHL   SNKRN 
15  KCHOL   BRSAN   ALCAR   GENTS   PETUN   DAGI   SNPAM 
16  KOZAA   CEMTS   ALCTL   GEREL   PINSU   DENIZ   SONME 
17  KOZAL   CIMSA   ALGYO   GOLTS   PKART   DERIM   SRVGY 
18  KRDMD   CLEBI   ALKA   GSDHO   PNSUT   DIRIT   TDGYO 
19  MGROS   DEVA   ANELE   GSRAY   POLHO   DITAS   TGSAS 
20  PETKM   DOAS   ARENA   HATEK   PRKAB   DOBUR   TMPOL 
21  PGSUS   ECILC   ARSAN   HDFGS   PRKME   EDIP   TSGYO 
22  SAHOL   ECZYT   ASLAN   ICBCT   RAYSG   EGGUB   TURGG 
23  SASA   EGEEN   ASUZU   IEYHO   RTALB   EMKEL   ULAS 
24  SISE   GLYHO   ATEKS   IHEVA   RYGYO   ERSU   VKFYO 
25  SODA   GOODY   AVGYO   IHGZT   RYSAS   ESCOM   VKING 
26  TAVHL   GOZDE   AVOD   IHLAS   SANKO   ETYAT   YAPRK 
27  TCELL   GUBRF   AVTUR   IHLGM   SELEC   EUKYO   YAYLA 
28  THYAO   GUSGR   AYEN   IHYAY   SILVR   EUYO   
29  TKFEN   HEKTS   BAGFS   INDES   SKTAS   FORMT   
30  TOASO   HLGYO   BAKAB   INTEM   SMART   GEDIK   
31  TRKCM   HURGZ   BANVT   ISGSY   SNGYO   GLBMD   
32  TSKB   IPEKE   BERA   ISYAT   TBORG   GLRYH   
33  TTKOM   ISDMR   BFREN   ITTFH   TEKTU   GRNYO   
34  TUPRS   ISFIN   BIZIM   IZMDC   TIRE   GSDDE   
35  ULKER   ISGYO   BJKAS   JANTS   TKNSA   GYHOL   
36  VAKBN   ISMEN   BLCYT   KAREL   TLMAN   HUBVC   
37  YKBNK   KARSN   BNTAS   KATMR   TRCAS   IDGYO   
38    KARTN   BOLUC   KFEIN   TSPOR   INFO   
39    KERVT   BOSSA   KLGYO   TUCLK   ISATR   
40    KORDS   BRYAT   KLMSN   TUKAS   ISBTR   
41    KRDMA   BSOKE   KNFRT   ULUSE   ISKUR   
42    LOGO   BTCIM   KONYA   ULUUN   KAPLM   
43    MAVI   BUCIM   KRDMB   UNYEC   KENT   
44    MPARK   CELHA   KRONT   USAK   KLNMA   
45    NTHOL   CEMAS   KRSTL   UTPYA   KRGYO   
46    ODAS   CEOEM   KUTPO   VAKFN   KRTEK   
47    OTKAR   CRFSA   KUYAS   VAKKO   LIDFA   
48    SARKY   CUSAN   LINK   VERTU   LUKSK   
49    SKBNK   DENCM   LKMNH   VERUS   MARKA   
50    SOKM   DERAS   MAALT   VESBE   MERKO   
51    TATGD   DESA   MAKTK   VKGYO   METUR   
52    TMSN   DESPC   MARTI   YESIL   MTRYO   
53    TRGYO   DGATE   MEPET   YGYO   NIBAS   
54    TTRAK   DGGYO   METRO   YKGYO   OLMIP   
55    VESTL   DGKLB   MIPAZ   YUNSA   OYAYO   
56    YATAS   DMSAS   MNDRS   YYAPI   OYLUM   
57    YGGYO   DOCO   MRDIN     OZBAL   
58    ZOREN   DOGUB   MRGYO     PEGYO