Borsa Istanbul brings together all the exchanges operating in the Turkish capital markets under a single roof, providing a fair and transparent environment for trading of various types of securities including equities, ETFs, warrants, government bonds, Treasury bills, corporate bonds, repo and reverse repo agreements, and foreign securities (Eurobonds issued by the Turkish Treasury), precious metals, and gems, futures, and options.
Currency: Turkish Lira (TRY)
Trading Summary
BIST uses an order-driven system and each trading session is preceded by a blind opening auction. Orders can be cancelled any time during the trading day except for during the mid-day break. Limit up/down restriction is applied if a stock moves 10% up/down from last session’s VWAP (volume-weighted average price). In cases of extreme volatility, Circuit Breakers is applied for small-cap stocks.
Order Types
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Limit Buy/Sell→ShortSell (Day/IOC/FOK)
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Market Buy/Sell→ShortSell (Day/IOC/FOK)
Basic Market Rules
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Lot Size: 100 shares.
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Tick Size: varies by price, as follows:
| Price Range (Euro) | Tick Size (Euro) |
|---|---|
| <=19.99 | 0.01 |
| >=20 and <=49.98 | 0.02 |
| >=50 and <=99.95 | 0.05 |
| >=100 | 0.10 |
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Short Sale Rules: short selling is allowed.
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Circuit Breakers: there is a static circuit breaker that is set at 10% of the last auction price.
For more information about BIST trading rules, see the Equity Market and the Regulations pages.
Auction Mechanisms
Open
The opening session is the period of time in which orders conveyed to the exchange are matched prior to the session. The opening price is the price calculated according to the transactions that take place during the opening session. The opening time and period of the opening sessions, the trading method to apply during the opening session, and principles of calculating opening price are determined by the Executive Council of the Exchange.
Close
The closing price is defined by the following auction mechanism.
Auction means an auction conducted in a trading platform in respect to qualifying orders to determine the auction price pursuant to the following process:
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All unmatched orders entered during the main trading session will be transferred to the closing session
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New closing orders will be accepted
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Closing price will be determined at the level that allows the highest trading volume
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All orders will executed at the closing price under price/time priority
Auction Periods
1. Opening Auction (09:55 – 10:00)
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Regular trading orders may be entered, amended, and cancelled
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Regular trading orders will be matched
2. Closing Auction (18:01 – 18:10)
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Order Collection Phase (18:01 – 18:04:45)
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During this 3-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. The max/min limits are capped with +/- 3% of the last print for each stock. Traders can send aggressive Limit or Market orders to participate during this time.
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Closing Price Determination and Closing Session Transactions Phase (18:05 – 18:07 local time)
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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.
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Trades at Closing Price Phase (18:08 – 18:10)
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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 priority rules.
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Order Types: Market and Limit orders are eligible to participate in the Closing Auction.
Additional Info
There is no intraday trading for Gross Settlement symbols. Certain equity symbols do not have netting-off facility and as such cannot be traded intra-day as investors that intend to buy such equity must keep the corresponding amount of cash, and those that intend to sell such equity must keep the corresponding quantity of equities in their accounts.
For more information, see the Gross Settlement page.
