Trading on the Equity Market is carried out in the following sub-markets:
Includes 2 sub segments. The very first time grouping, depends on the market value criteria during the public offering of the companies to be listed on the Exchange.
Market capitalization of shares in actual free float of companies > 1 billion TL, to be listed on Group 1 of BIST Stars.
Market capitalization of shares in actual free float of companies > 150 million TL and < 1 billion TL, to be listed Group 2 of BIST Stars.
|BIST MAIN||Includes 2 sub segments. The market value of the companies > 30 million TL, to be listed in Main Market Group 1 and other companies that do not meet this criteria will be placed in Group 2.||N|
|EMERGING COMPANIES MARKET (ECM)||
The companies which has the potential of development and growth but market value is below the amount specified for the Main Market, will be placed in this Group.
Companies whose equities are traded in the ECM for 2 years can apply for the transfer of the equities to BIST Stars or the Main Market in case they meet the criteria specified in the Listing Directives.
|WATCH LIST (WL)||In the presence of certain conditions, due to the protection of the rights of investors and due to the public interest, developments that may result in temporary or permanent removal of their equities from the market and/or the market in which they are traded an organized market, a platform is organized on which equities can be traded to provide liquidity opportunity to the investors.||W|
|STRUCTURED PRODUCTS and FUND MARKET (SPFM)||Exchange traded funds, warrants, ownership backed lease certificates, real estate certificates, participation certificates of venture capital investment funds and real estate investment funds are traded.||K|
|EQUITY MARKET FOR QUALIFIED INVESTORS (EMQI)||
For the equities issued by corporations for direct sale to the qualified investors without being offered to public and other capital markets instruments approved by the Board of Directors, are traded only among qualified investors.
Those who are not qualified investors cannot trade in this market.
|PRE-MARKET TRADING PLATFORM (PÖİP)||As a result of the evaluation of the financial status and ownership structure of publicly held companies whose equities are not traded on Borsa İstanbul, Borsa İstanbul decided to start trading the equities of some companies that are registered with the CMB. Former “Free Trade Platform”||S|
Criteria for Determining Market Segments and Subsegments
|Criteria for Trading in Market Segments and Subsegments||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|
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: 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
f) Additional criterion- Dividend Return: Total net cash dividend for the last 3 years / market cap. at the end of the period
Trading Principles in Market Segments and Subsegments
|Trading Principle||BIST STARS||BIST MAIN||ECM||WL||PMTP|
|Group 1||Group 2||Group 1||Group 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|
|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|
|Short Shell 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||-||-||-|
a) Margin Ratio: Indicates to what extend the related equity can be considered as margin in the margin calculation for margin trading, short sale, borrowing or lending transactions. If the ratio is not specified, the provisions of the relevant Board regulations shall apply.
b) Open Clearing Position /Margin Ratio: Indicates the minimum amount of margin for the relevant equity when the open clearing position that may occur at a certain moment or until the settlement takes place. If the ratio is not specified, the provisions of the relevant Board regulations shall apply.
FORMER EQUITY GROUP REGULATION (REPEALED)
As per the resolution of the Capital Markets Board (CMB) dated 19/09/2019 and numbered 52, the A,B,C,D grouping regulation has been abolished as of 04/11/2019. Instead of the trading principles that are related to this regulation, the trading principles of the new market structure will be valid.
Lists before 04/11/2019, the date of implementation of the new market structure of the equities in A,B,C and D groups formed as required by the Capital Markets Board’s regulations:
(2015 January – June) - (2015 July – December) - (2016 January - June) - (2016 July – December) - 2017 (January - June) - 2017 (July-December) - 2018 (January-June) - 2018 (July- December) - 2019 (January- June) - 2019 (July- December)
Lists for 2013-2014:
(2013 January - February - March)