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Legal Alerts

04/11/2019

New Market Structure of Borsa Istanbul

Legal Alerts
Capital Markets
General

Recent Developments

Borsa Istanbul A.Ş. (“BIST“) Board of Directors’ Decision No. 2019/182 dated September 27, 2019 and the Capital Markets Board’s (the “CMB“) Decision No. 52 dated September 19, 2019 amended the Equity Market Directive and Listing Directive (the “Amendment“). The Amendment entered into force on November 4, 2019.

What’s New?

  • The new market structure in the equity market is as follows:
    • BIST Star – Group 1, Group 2
    • BIST Main – Group 1, Group 2
    • Emerging Companies Market (ECM)
    • Watch List (WL)
    • Pre-Market Trading Platform (PMTP)
    • Structured Products and Funds Market (SPFM)
    • Equity Market For Qualified Investors (EMFQI)
  • The ABCD grouping regulation of the CMB regarding the equities was abolished by the effective date of the Amendment.
  • The minimum market cap (value) of the free float for listing increased from TRY 100 million to TRY 150 million for BIST Star, and from TRY 25 million to TRY 30 million for BIST Main.

Conclusion

The new market structure will enable an arrangement for the effective valuation of equities.