İMKB For Investors

Transcription

İMKB For Investors

İMKB
For Investors
www.
imkb.gov.tr
CONTENTS
İMKB Markets
Equity Market
Emerging Companies Market - ECM
Debt Securities Market
Guarantee Account
Foreign Securities Market
Data Dissemination in the İMKB Markets
Public Disclosure Platform
Some Statistics and International Standings of the İMKB Markets
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1
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10
11
12
12
13
Indices17
Equity Market Indices
17
İMKB Government Debt Securities Indices
19
Greece-Turkey 30 Index (GT-30)
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The Dow Jones FEAS Indices
19
S&P/OIC COMCEC 50 Shariah Index
20
Corporate Governance
20
IPO in Turkey
IPO Preparation
Public Offering and Sales
21
21
23
Corporate Social Resposibility
İMKB Schools
United Nations’ Global Compact
United Nations’ Principles on Responsible Investment - UNPRI
İMKB Sustainability Index
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The information and data contained in this publication are presented for general information only. While careful effort has been
made to ensure the accuracy of this information, İstanbul Menkul Kıymetler borsası (İMKB), assumes no responsibility for any
omissions or errors. The data should not be used for investment advise, as they are not trading recommendations or guarantees of
specific results.
İMKB for Investors
1.İMKB Markets
İstanbul Menkul Kıymetler Borsası (İMKB)
provides 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).
İMKB has fully computerized trading systems
and surveillance with on-line, real-time data
dissemination.
Currently, there are four main markets operating at
İMKB; Equity Market, Emerging Companies Market,
Debt Securities Market and Foreign Securities
Market.
Markets and sub-markets of İMKB are as follows;
• Equity Market
— National Market
— Second National Market
— Collective Products Market
— Watchlist Companies Market
— Free Trade Platform
• Emerging Companies Market
• Debt Securities Market
— Outright Purchases and Sales Market
— Offering Market for Qualified Investors
— Repo/Reverse Repo Market
— Interbank Repo/reverse Repo Market
— Repo Market for Specified Securities
• Foreign Securities Market
— International Bonds Market
— Eurobond Negotiated Deals Platform
Equity Market
Stocks and rights coupons of companies from
various sectors, exchange traded funds and
structured products (warrants and certificates) are
traded on the Equity Market. İMKB Equity Market
offers a liquid,transparent and safe investment
platform for local and foreign investors.
Trades are executed automatically on the Equity
Market as per “Multiple Price - Continuous Auction”
principle based on price and time priority rule via
the electronic trading system.
“Continuous Trading via Market Making” is a
trading mechanism designed to assure liquidity
in which a member firm acting as a market maker
provides continuous two-sided quotes (price and
amount) and maintains the spreads.” Single price
auction is also run for some securities traded on
the İMKB Equity Market. Trades are executed in
two trading sessions, one in the morning and the
other in the afternoon. An “Opening Session” based
on Single Price System is held at the beginning of
both sessions. Starting from March 2, 2012, İMKB
launched “Closing Session” which takes place at
the end of the second trading session. Opening
and closing sessions run for the securities traded
on continuous auction and continuous auction via
market making excluding warrants, certificates,
exchange traded funds and rights coupons.
Members collect orders electronically from
investors and transmit them to the İMKB trading
system via remote access using ExAPI messaging
interface (ExAPI). Member representatives may also
enter buyers’ and sellers’ orders to the Electronic
Trading System via trading terminals located in the
trading floor and members’ offices.
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İSTANBUL MENKUL KIYMETLER BORSASI
The Equity Market is open from Monday to Friday and trading hours are as follows:
National Market,
Collective Products Market
• ETF Market
• Warrants Market
• Certificates Market
Second National Market
Emerging Companies Market
Free Trade Platform
First Session: 09:30-12:30
Opening Session: 09:30 - 09:50
Main Session: 09:50 - 12:30
Second Session: 14:00 - 17:40
Closing Session: 17:30 - 17:38
Trades at Closing Price/Single Price: 17:38 – 17:40
Watchlist Companies Market
Trades at Closing Price/Single Price: 17:38 – 17:40
Primary Market
Wholesale Market
10:30 - 12:00
Official Auction Market
Rights Coupon Market
Relevant Market’s Trading Hours
2
İMKB for Investors
3
National Market
National Market is the main market of İMKB where
the stocks of companies are traded.
Listing Criteria on the National Market
Audit: The corporation must provide the Exchange
with its financial statements and independent audit
reports which will be included in the prospectus
in accordance with the Capital Markets Board of
Turkey (CMB) regulations
Operating Term: At least 3 calendar years must have
elapsed since the establishment of the corporation,
and financial statements of the last 3 years must
have been publicly disclosed.
Among the requirements listed under the following
alternative groups, the corporation must meet all
those requirements which fall into the same group.
Sound Financial Structure: The Exchange
management must have had the corporation’s
financial structure examined and accepted its
ability to continue as an ongoing concern
Others:
• The corporation’s articles of association must not
include any provisions restricting the transfer and
circulation of the securities to be traded on the
Exchange or preventing the shareholders from
exercising their rights.
Market value of publicly offered stocks Profits before tax must
have been earned
Ratio of publicly offerred stocks to paid-in or
issued capital
Equity capital in the most recent, independently
audited financial statements
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• Significant legal disputes which might affect the
corporation’s production or activities must not
exist.
• For reasons other than those acceptable to
the Exchange, the corporation must not have
suspended its activities for more than 3 months
within the last 1 year, not filed for its liquidation
or an arrangement with its creditors, and not
have faced other similar situations determined by
the Exchange
• The corporation’s securities must comply with
the criteria pre-determined by the Exchange
management in terms of current and potential
trading volumes
• The corporation’s legal situation in terms of its
establishment and activities as well as the legal
situation of its shares must be documented
to verify their compliance with the respective
legislation.
Collective Products Market
The Collective Products Market was created in
order to ensure that the shares of the investment
trusts, real estate investment trusts and venture
capital investment trusts, exchange-traded funds
participation certificates, warrants and other
structured products are traded in a special market
Group 1
Group 2
Group 3
Minimum
¨ 122,000,000
Minimum
¨ 61,000,000
Minimum
¨ 30,500,000
in at least one of the
last two years
-
Minimum
¨ 30,500,000
in at least one of the The last 2 years
last two years
Minimum 5%
Minimum 25%
Minimum
¨ 19,500,000
Minimum
¨ 12,200,000 İMKB for Investors
segment. In this separate section the prices of
the securities are determined in a regulated and
transparent market under competitive conditions.
The principles governing trading and settlement
on the National Market also apply in the Collective
Products Market. Besides multiple price-continuous
auction method, continuous auction via market
making or single price auction systems could also
be employed as the trading method.
be made simultaneously with the application for
registration of the securities to the CMB.
Registration on the Collective Products Market
For the participation certificates of investment
trusts, warrants, real estate investment trusts and
venture capital investment trusts, the application
procedure is the same as in the National Market.
However, in exchange-traded funds;
• All information and documents provided in
relation with the CMB for registration information
and documents for participation certificates,
• CMB Registration Certificate,
• Prospectus and circular approved by the CMB,
• Sales results after public offering in compliance
with the format determined by the İMKB,
• Other information and documents to be
requested by İMKB shall be submitted to the
İMKB.
Registration on the Second National Market
In order for a company which is registered with
the CMB and files an application for the trading of
its stocks on the Exchange to be admitted to the
Second National Market,
The applications for trading of warrants and other
structured products issued in a form available for
trading on İMKB as per the CMB regulations should
Second National Market
Companies, that partially meet the listing criteria of
National Market and promise a growth potential,
can be traded on the Second National Market. The
principles governing trading and settlement on the
National Market also apply for the Second National
Market.
• The application must refer to all shares of same
type issued until the application date.
• Market capitalization of the publicly offered
shares of the company and the rate of the
nominal value of these shares to paid-in or issued
capital must be at least ¨ 6.1 million and 15%, or
¨ 12.2 million and 5%, respectively1.
• The decision of İMKB, in consideration of the
financial and legal status, activities and the
liquidity potential of a company, is required
for the trading of that company on the Second
National Market, provided that there is no
restriction for the circulation of the shares.
(1) The above values can be reset by the İMKB Executive Council with reference to the increase in the annual producer price index announced by
the Turkish Statistical Institute.
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• For reasons other than acceptable to the Exchange,
the corporation must not have suspended its
production activities for more than three months
within the previous year, not filed for liquidation or
entered into composition or any other arrangement
with its creditors, and not have faced similar
situations determined by the Exchange.
The securities settlement operations are carried
out via Takasbank Settlement Pool Account with
the Central Registry Agency (CRA). CRA and
Takasbank systems are fully interlinked in realtime, so securities transfers are reflected in the CRA
instantaneously. Settlement is realized along with
the details that are transferred from the CRA.
Watchlist Companies Market
The “Watchlist Companies Market” was established
with an aim to provide an organized and liquid
market for trading of stocks of companies under
special surveillance and investigation due to
extraordinary situations2 with respect to stock
transactions and/or to the companies traded on
İMKB.
The custody accounts are held with the CRA;
participants have a settlement pool account
besides their own portfolio accounts and client
sub-accounts. The cash accounts are on participant
basis and held with Takasbank.
At the end of each trading day, İMKB transmits
details of all transactions that have been realized
by brokerage houses during the day to Takasbank.
Upon receipt of these data, Takasbank multilaterally
nets the settlement position, indicates the
obligations for each member in each security, and
calculates their net cash position.
Settlement in the Equity Market
The settlement of securities and cash in the
Equity Market is realized on the second business
day following the transaction (T+2) and on DvP
(Delivery versus Payment) principle by the İMKB
Settlement and Custody Bank Inc. (Takasbank).
The net securities settlement position on client
basis is transmitted to CRA on trade day (T).
Details of netting activity are made available to
participants electronically on T, showing details
Key Statistics
2007
2008
2009
2010
2011
319
317
315
338
363
398
8
9
10
12
12
16
Market Capitalization
(Million US $, ETFs Exc.)
289,986
119,698
235,996
307,551
201,982
271,866.40
Total Traded Value (Million US $)
300,842
261,274
316,326
425,747
423,851
224,636
52,825.02 66,004.48
51,266.62
67,367.95
2,068.18
2,499.75
1,580.45
2,166.10
70,457.30 35,001.85 66,992.07
81,338.13
61,698.29
82,645.42
3,080.47
1,902.04
2,657.32
No. of Companies
No. of ETFs
İMKB 100 Index (TL)
İMKB 100 Index (US $)
İMKB 30 Index (TL)
İMKB 30 Index (US $)
55,538.13 26,864.07
2,789.66
3,539.04
1,027.98
1,339.38
2,622.85
2012*
(*) As of end - August
(2) Disclosure of incomplete, inconsistent and/or untimely information to the public; failure to comply with the existing rules and regulations as well as
other situations leading to the delisting of stocks and/or dismissal from the related market temporarily or permanently in order to protect investors’ rights
and the public interest.
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İMKB for Investors
of settlement amounts due. At the end of the day,
the securities of the delivering clients are blocked
automatically by the CRA for settlement purposes.
The receipt instructions for the transfer of securities
from the participant accounts to the client subaccounts are formed within the CRA system.
On T+1, net settlement records that are checked
by the CRA are made available to participants
electronically. In case of a discrepancy, participants
may apply to İMKB for amendment until 5:00
p.m. on T+1. The settlement records are updated
according to the correct contract details.
On T+2, the securities of the delivering clients are
transferred from the settlement blockage account
to the settlement pool account of the participant
within the CRA system. The transfer of securities
from participant settlement pool account to
Takasbank Settlement Pool Account within the
CRA system is executed by the CRA automatically.
Securities are transferred to client sub-accounts by
the CRA.
Members are entitled to get their receivables from
settlement, prioritized according to the time of
the fulfillment of their obligations. If participants
fulfill their obligations partially, they are entitled
with their receivables partially. Settlement can
occur continuously between 9:00 a.m. and
4:00 p.m. in the processing day subject to the
availability of cash and securities. These transfers
occur simultaneously with the internal book entry
settlement of the netted securities positions,
provided that the Takasbank Settlement Pool
Account is available.
Participants are expected to fulfill their cash
obligations by using their cash accounts with
Takasbank from 9:00 a.m. to 4:00 p.m. for the İMKB
Equity Market settlements. Participants can transfer
cash from their other accounts with Takasbank
or other banks using the Central Bank of Turkey’s
(CBoT) Electronic Fund Transfer (EFT) system, using
same day receivables from the İMKB Debt Securities
Market or using the Takasbank Money Market.
Settlement procedures are the same for the ETF
Market.
Emerging Companies Market - ECM
The ECM is established as a distinct market within
the İMKB to create a transparent and organized
platform where shares, issued by companies
with growth potential to raise funds from the
capital markets, can be traded. The Market was
inaugurated in 2011.
Number of companies
gone public
Funds raised (USD)
2011
2012*
2
8
15,413,710
41,957,701
* As of September 17, 2012
Shares of the companies, registered with the
Capital Market Board of Turkey (CMB), but fail to
meet the complete set of listing requirements of
the İMKB can be traded on the ECM. The shares
eligible for trading on the ECM include those issued
by joint stock companies in capital increases by
partially or fully restricting the preemptive rights
of the existing shareholders, and in the case of
secondary public offerings, the shares acquired
by using the rights attached to such shares. The
ECM aims that, the proceeds of an initial public
offering (IPO) or private placement directly satisfy
the financial needs of the issuing company. Thus, an
IPO or a private placement sale by a shareholder is
not allowed on the ECM. Shares traded on the ECM
can be sold to investors either through a public
offering or through private placement on the ECM
primary market.
No quantitative criteria such as profitability,
company age, market capitalization size, or
minimum capital amount are required for
admission to the ECM. Yet, there is a ceiling
constraint that ECM applicant companies should
not meet the criteria defined by the İMKB listing
regulation. The applications of such companies
are rejected and advised that they should apply
for the Equity Market in line with the İMKB listing
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regulation. The ECM traded shares are registered
with the Central Registry Agency (CRA) system in
dematerialized form. The custody and settlement of
the ECM shares are realized in the same method as
the shares traded on the Equity Market. The trading
activity is also carried out on the same electronic
trading platform with the Equity Market at the
same trading hours although by different trading
methods. Mainly, “Continuous Auction with Market
Maker” system is employed for the ECM whereas
“Single Price” method is employed for the securities
without a Market Maker. Cash and security
settlement of trades are completed by the İMKB
Settlement and Custody Bank (Takasbank). Delivery
and exchange of securities and cash is made on T+2
day via Takasbank and the CRA. The ECM trades are
Turkish Lira (¨) denominated.
signed by investors before providing brokerage
services for trading on the ECM.
In order to ease the process of application
and compliance with the respective rules and
regulations, “Market Advisor” system is established
for the ECM. In Market Advisory system İMKB
authorizes the Market Advisors as defined in the
ECM Regulation. Within the framework of the CMB
and the İMKB regulations, the Market Advisor is
responsible to assist the company to complete
the preparations necessary for the admission
application to the ECM; and after admission to the
ECM Directory, to provide advisory services to the
company to help comply with the capital markets
regulations and the İMKB regulation.
KOSGEB (Small and Medium Sized Business
Development and Support Organization of the
Ministry of Industry and Trade) has an incentive
program, for its member SMEs, to help ECM
companies fund their initial public offering costs up
to ¨ 100,000.
Intermediary institutions holding an “Investment
Advisory License” or “Public Offering Intermediation
License”, portfolio management companies holding
an “Investment Advisory License” and venture
capital investment companies are eligible to be
market advisors. The ECM enables investors to
connect with the companies with high growth
potential and to allocate their portfolio investments
to such companies and to become shareholders.
Intermediary institutions should get the “ECM Risk
Notification Form”, which introduces the ECM to
investors and states its main differences and risks,
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A company traded on the ECM can be transferred
to a sub-market of the Equity Market provided
that it meets the requirements to be traded on that
specific market.
In order to facilitate the public offering procedures,
ECM offers a variety of incentives to companies
such as exemptions and alleviations from some
requirements as well as fee reductions. CMB
registration fee, CRA membership and transaction
fees and İMKB fees for the companies are reduced
to one tenth (1/10) level of those in the Equity
Market. The İMKB also has provided an exemption
from all fees for the ECM companies until 2013.
Debt Securities Market
The Debt Securities Market is comprised of the
Repo-Reverse Repo Market, Interbank RepoReverse Repo Market, Repo Market for Specified
Securities, Outright Purchases and Sales Market
and Offering Market for Qualified Investors where
primary and secondary market transactions are
conducted.
Government debt securities denominated in
Turkish Lira and foreign currency, revenue indexed
bonds, private sector bonds, private sector
borrowing instruments, as well as liquidity bills
issued by Central Bank of Turkey (CBoT), debt
securities issued by the Privatization Administration
and Housing Development Administration of
Turkey are traded on the İMKB Debt Securities
Market. Repo and Reverse Repo transactions are
also conducted on this Market.
İMKB for Investors
Trading on the Debt Securities Market is conducted
electronically via the multiple price continuous
auction system. Outright Purchases and Sales
Market was founded on June 17, 1991, RepoReverse Repo Market became operational on
February 17, 1993, The Offerings Market for
Qualified Investors started on May 17, 2010, Repo
Market for Specified Securities was founded on
December 17, 2010 while Interbank Repo-Reverse
Repo Market became operational on January 7, 2011.
The Market is open from Monday to Friday and the
trading hours are as follows:
Outright Purchases and Sales Market
Same day value date orders
9:30 a.m.-12:00 p.m. / 1:00-2:00 p.m.
Other value date orders
9:30 a.m.-12:00 p.m. / 1:00-5:00 p.m.
Offering Market for Qualified Investors
Same day value date orders
9:30 a.m.-12:00 p.m. / 1:00-2:00 p.m.
Repo/Reverse Repo Market
Interbank Repo/Reverse Repo Market
and Repo Market for Specified Securities
Same day beginning value date orders
9:30 a.m.-12:00 p.m. / 1:00-2:00 p.m.
Other beginning value date orders
9:30 a.m.-12:00 p.m. / 1:00-5:00 p.m.
Settlement in the Debt Securities Market
Clearing and settlement operations in the Debt
Securities Market are also carried out by Takasbank.
Takasbank employs the DvP (Delivery versus
Payment) principle. The settlement date for
transactions is T+0 (Value date is specified at the
time of trade).
Settlement of trades in the primary market and
in the over the counter secondary market for the
government debt securities is realized via the
Electronic Securities Transfer System operated by
and finalized through the CBoT. Takasbank has a
securities account with CBoT in order to facilitate
the settlement of trading in government debt
securities which takes place at the İMKB.
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In the Debt Securities Market, the İMKB acts as
an intermediary that matches orders between
the İMKB Debt Securities Market members.
Following the execution of a trade, the İMKB issues
confirmations to both parties and sends an online
copy to Takasbank. Information on executed trades
is transferred to Takasbank on real-time basis.
The obligations, together with receivables due,
are reported to the members electronically via
Takasbank’s proprietary automation system on the
trade day for debt securities.
Participants are required to provide settlement
instructions to Takasbank before 4:30 pm on the
settlement date through the Electronic Securities
Transfer System of the CBoT or through Takasbank
Electronic Transfer System (TETS).
Takasbank multilaterally nets all trades for each
İMKB member for each security traded and for cash.
Daily Average Traded Value on the Debt Securities Market (US$ million)
2007
2008
2009
2010
2011
2012*
Debt Securities Market**
9,016
10,04
8,726
9,232
9,680
16,008
Outright Purchase and Sales Market
1,106
954
1,071
1,191
1,151
775
Repo and Reverse Repo Market
7,910
9,060
7,655
8,041
6,894
8,350
Interbank Repo/Reverse Repo Market
-
-
-
-
1,614
6,864
Repo Market for Specified Securities
-
-
-
-
20
17
Offering Market for Qualified Investors
-
-
-
0,11
1
2
*As of end - August
**The total daily average value on the market can be different from the sum of the sub-market daily average because of rounding.
Securities are initially credited to Takasbank’s
account at CBoT and subsequently moved by the
buying party to their account at CBoT. Although the
deadline for settlement is 4:30 p.m., settlement is
continuous throughout the processing day subject
to availability of cash and securities. Only the trades
executed before 2:00 p.m. can be settled on the
same day.
Participants are expected to fulfill their cash
obligations by using their cash accounts with
Takasbank until 4:30 p.m. for the Debt Securities
Market settlements. Participants can transfer cash;
from their other accounts with Takasbank, from
other banks using the CBoT’s Electronic Fund
Transfer (EFT) system, by using the same day
receivables from the İMKB Equity market or by
using the Takasbank Money Market.
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Guarantee Account
İMKB has established “Guarantee Account” in
compliance with Article 34 of “Regulations of the
İstanbul Menkul Kıymetler Borsası” with an aim
to avoid the delays in settlement of transactions
realized on İMKB Equity and Debt Securities
Markets and to protect the counter party that
is unable to collect receivables as a result of the
failure of the other party. The funds of the Account
are made up of the fines collected from İMKB
members with late payments and deliveries to
settlement.
These funds, currently managed by Takasbank, are
activated every day providing the initial liquidity
to the settlement process. At the end of the
settlement, if all parties fulfill their obligations, the
fund is released in full and remunerated in market
terms via the Treasury Department of Takasbank.
Otherwise, it is used to cover the failure of the
buyer against the seller. The coverage is limited to
İMKB for Investors
the prevailing value of the Funds. Therefore these
funds are actually a temporary liquidity facility for
the settlement process.
Foreign Securities Market
Turkish Eurobonds, international debt securities
issued by the Turkish Undersecretariat of Treasury,
and other international debt securities having the
nature of debt securities registered by the CMB and
listed and/or registered by İMKB may be traded on
the İMKB Foreign Securities Market.
Under the Foreign Securities Market, two
submarkets operate, namely; International Bonds
Market (IBM) and Eurobond Negotiated Deals
Platform (ENDP).
Foreign Securities Market is open from Monday to
Friday and trading hours are as follows:
IBM and ENDP
9:30 a.m.-12:00 p.m. / 1:00-5:00 p.m.
The Eurobond Negotiated Deals Platform was
launched on December 17, 2010 with an aim to
increase the competitiveness of the İMKB Eurobonds
market through the advantages of both the
organized and over the counter markets.
The IBM operates on a multiple price-continuous
auction trading system. The orders are transmitted
in the minimum order size based on the nominal
value of the security and its multiples. Matching is
processed according to price and time priorities.
The Eurobond Negotiated Deals Platform
is comprised of two screens, namely; the
“Advertisement Order Screen” where the orders
are displayed with the member codes and the
“Negotiated Deals Screen” where the transactions are
executed.
Members release their ask/bid orders to all users
through “Advertisement Order Screen”. The orders
are displayed on the “Advertisement Order Screen” in
order of entry with the member code. No matching
is processed on this screen, the members execute
their orders through the “Negotiated Deals Screen”.
Negotiated deal orders are given in the minimum
order size based on the nominal value of the security
plus 1,000 USD/EUR and multiples.
The orders are transmitted to the Foreign Securities
Market through the Automated Bond Trading
System (OTASS)/BBMAPI terminals located at the
headquarters of the members and at the alternative
access points or through İMKB experts (access
through İMKB experts option is not available on
ENDP).
Orders are entered into the system on the currency
of the relevant Eurobond. Pricing is also made on the
currency of the relevant Eurobond on a basis of “100”
units over the clean price.
The value date of the orders is minimum 1 business
day (V=T+1) and maximum 15 (V=T+15) calendar
days.
All İMKB members authorized to trade on the İMKB
Debt Securities Market Outright Purchase and Sales
transactions are eligible to trade on the Foreign
Securities Market, provided that, they deposit a
collateral of USD 50,000 or other equivalents stated
in the respective legislation.
Settlement in the Foreign Securities Market
The cash and security clearing and settlement
operations of the Eurobond transactions on Foreign
Securities Market are realized by Takasbank,
through the member accounts on Euroclear Bank,
the international clearing agency determined by
Takasbank, via delivery versus payment method. The
cash settlement of the transactions is realized on the
currency of the relevant Eurobond.
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Data Dissemination in the İMKB Markets
In addition to basic data, market depth data are
disseminated by data vendors authorized by
İMKB, on a real time and/or delayed basis via data
dissemination terminals, Internet (including İMKB
members’ websites), TV-Teletext, TV tickers, WAP
channels and other transmission means. In line
with technological developments, transmission was
improved and diversified and more investors are
given the opportunity to access data disseminated
along these pathways. The list of the data vendors
and the transmission means they are authorized to
use are available on the İMKB’s website at
http://www.imkb.gov.tr. Market depth data
dissemination enables investors to access various
data on the İMKB markets simultaneously and in
a transparent environment. Market depth data
dissemination is only available through authorized
data vendors and through their dedicated terminals.
Statistical information as well as corporate news are
also displayed on the İMKB’s website. İMKB publishes
daily bulletins (also available in English), as well
as promotional publications about İMKB. All such
documents are available on the İMKB’s web site at
http://www.imkb.gov.tr
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Public Disclosure Platform
Within the framework of CMB’s “Communiqué
Regarding Principles of Submitting Electronically
Signed Information, Documents and Notifications to
the Public Disclosure Platform”, all information and
documents to be publicly disclosed must be sent to
the Public Disclosure Platform (PDP) which is a system
using internet and electronic signature technologies.
The platform was developed collectively by the CMB,
İMKB and the Scientific and Technological Research
Council of Turkey and the system is operated and
managed by İMKB.
The system is designed to allow everyone to
have access to accurate, timely, fair and complete
information about the traded companies over the
internet simultaneously. Furthermore, PDP serves
as an electronic archive which allows easy access to
historical information. All notifications sent to PDP
can be reached free of charge from PDP web site at
www.kap.gov.tr
All listed companies are required to disclose their
financial statements, explanatory notes, material
events and all other disclosures via Public Disclosure
Platform on Internet with e-signature of their
officially authorized users. In addition to listed
companies and ETFs İMKB member brokerage
houses also have to submit notifications to PDP.
İMKB for Investors
Independent audit companies, on the other hand,
send the electronically signed financial statements for
which independent audit is required, to the relevant
company electronically in order to be announced to
the public. Also, the announcements of the regulatory
authorities such as İMKB, CMB, Takasbank and CRA
are disclosed through this platform. The system
covers over 580 companies and 2600 users that are
authorized to submit information to the system all
over Turkey.
The system disseminates data on www.kap.gov.tr.
Also 4 data vendors and 13 sub-vendors (web sites,
etc.) disseminate PDP notifications on a real time
basis.
Some Statistics and International Standings of the
İMKB Markets
İMKB Equity Market is among the top ten emerging
markets in terms of traded value as of end August 2012.
Despite global economic and political uncertainty in
the first half of 2012, İMKB achieved significant success
by bringing new IPO’s from a variety of sectors to the
Turkish capital market. İMKB has a respected presence in
international arena through its highly succesful trading
platform, regulatory framework including flexible rules
for facilitating the access of various small and mediumsized companies to the market.
İMKB completed the first phase of the English version
of the PDP. In this phase, only balance-sheets and
income statements are published in English. For the
rest of the notifications, the subject part is in English
and the content in Turkish. Also, notification query is
available for balance-sheets and income statements
in English in the PDP English version page. PDP’s
English version may be accessed by clicking “English”
at PDP web-site.
13
Total Value of Stock Trading in Emerging Markets (end - August 2012) (US$ million)
Shanghai SE Shenzhen SE
Korea Exchange 1,844,574
1,678,510
1,027,740
BM & FBOVESPA
605,769
TaiwanSE
467,498
National SE India
352,846
İMKB
239,997
Johannesburg SE
199,415
SE of Thailand
144,892
Bursa Malaysia
85,433
Mexican Exchange
80,121
BSE Ltd
Indonesia SE
75,157
63,799
Warsaw SE
39,213
Tel Aviv SE
32,658
Santiago SE
32,053
Colombia SE
26,107
Philippines SE 23,177
Egyptian Exchange 10,658
0
400,000
14
800,000
Source: WFE
1,200.000
1,600.000
2,000.000
İMKB for Investors
Stock Market Capitalization in Emerging Markets (end - August 2012) (US$ million)
Shanghai SE BM & FBOVESPA
1,159,248
BSE Ltd
1,093,177
National SE India
1,068,316
Korea Exchange
1,065,083
Shenzhen SE
1,060,398
Johannesburg SE
Taiwan SE
2,240,669
833,969
679,535
Mexican SE
459,913
Bursa Malaysia
446,871
Indonesia SE
403,156
SE of Thailand
326,784
Santiago SE
299,037
İMKB
263,119
Philippine SE
206,330
Warsaw SE
147,789
Tel Aviv SE
144,874
Egyptian Exchange
60,703
Budapest SE
19,807
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
Source: WFE
15
Total Value of Bond Trading** (end - August 2012) (US$ million)
BME Spanish Exchanges
London SE Group
7,994,680
3,095,599
Johannesburg SE
1,961,687
NASDAQ OMX NE*
1,886,942
Korea Exchange
822,078
Colombia SE
511,671
İMKB
337,308
Oslo Børs
277,014
Gretai Securities Market
252,601
Tel Aviv SE
173,192
SIX Swiss Exchange
139,878
MICEX/RTS
130,359
Santiago SE
120,662
National SE India
89,487
Shanghai SE
80,917
Irish SE
34,932
Deutsche Börse
30,517
Buenos Aires SE
22,903
BSE Ltd
13,095
0
2,000,000
4,000,000
6,000,000
8,000,000
Source: WFE
**The İMKB Debt Securities Market is the world’s 7th largest bonds market in terms of traded value as of end August 2012.
*OMX includes Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges.
16
İMKB for Investors
2. Indices
Equity Market Indices
İMKB stock indices have been created to measure
joint performances of group of stocks traded on the
İMKB. Until the end of 1996, İMKB used to compute
only the İMKB 100, Financials and Industrials price
indices. As of 1997, İMKB began to calculate sector
and sub-sector indices on the basis of prices and total
return.
İMKB price indices are computed and published
throughout the trading session while the return
indices are calculated and published at the close
İMKB Equity
Indices
İMKB 100 Index
İMKB 50 Index
İMKB 30 Index
İMKB 10 Banks Index
İMKB 100-30 Index
İMKB Dividend Index
İMKB Dividend
25 Index
İMKB Corporate
Governance Index
İMKB IPO Index
of the session only. İMKB 100 Index is used as the
main indicator of the İMKB Equity market.
The CMB took a decision on July, 2010 to classify the
stocks traded on the İMKB markets under groups,
A, B, and C according to the criteria determined.
According to this classification, İMKB stock indices are
composed of “A” and “B” listed stocks. “C” listed stocks
and stocks that are traded on Watchlist Companies
Market are not included in stock indices. Some of the
stock indices are explained below:
Explanations
The index is composed of 100 companies which are selected amongst the companies
traded on National Market and REIT and Venture Capital Investment Trust companies
traded on Collective Products Market, in accordance with the predetermined criteria set
by İMKB. İMKB 100 Index includes the İMKB 50 and İMKB 30 Index constituent companies.
by İMKB. İMKB 50 Index includes the İMKB 30 Index constituent companies.
by İMKB.
The index is composed of 10 banks traded on National Market with the predetermined
criteria set by İMKB.
The index is composed of İMKB 100 index constituent companies except the constituents
of the İMKB 30 index (the index is calculated for 70 companies).
The index is composed of stocks of the companies traded on National Market, Second
National Market and REITs and Venture Capital Investment Trust companies traded on
Collective Products Market and distribute cash dividends in each of their 3 previous
financial years.
The index is composed of 25 equities included in the İMKB Dividend Index that are
placed in the first 2/3 slice in the ranking from higher to lower according to dividend
yield as of the appraisal day and have the highest free float market value.
The index is composed of the companies traded on the İMKB markets having the
necessary corporate governance rating grades determined which are according to the
“Corporate Governance Principles” issued by the CMB. Those having a grade of 7 or
above over 10 are included in the index.
The index is composed of equities of the companies that are publicly offered and started
to be traded on National Market, Second National Market and REIT and Venture Capital
Investment Trust companies traded on Collective Products Market. The constituent
companies are excluded from the Index after two years.
17
İMKB All Shares
Index
The index is composed of all companies traded on İMKB Markets except Investment Trusts
İMKB All-100 Index
The index is composed of the İMKB All Shares Index constituent companies
except the constituents of the İMKB 100.
İMKB National Index
The index is composed of companies traded on the National Market
Sector and Sub-sector Indices
İMKB Industrials
İMKB Food, Beverage
İMKB Textile, Leather
İMKB Wood, Paper, Printing
İMKB Chemical, Petroleum, Plastic
İMKB Non-Metal Mineral Products
İMKB Basic Metal
İMKB Metal Products, Machinery
İMKB Services
İMKB Electricity
İMKB Transportation
İMKB Tourism
İMKB Wholesale and Retail Trade
İMKB Telecommunication
İMKB Sports
İMKB Financials
İMKB Banks
İMKB Insurance
İMKB Leasing, Factoring
İMKB Holding and Investment
İMKB Real Est. Inv. Trusts
İMKB Technology
İMKB Information Technology
İMKB Investment Trusts Index
İMKB Second National Index
İMKB City Indices
Adana, Ankara, Antalya, Balıkesir,
Bursa, Denizli, İstanbul, İzmir,
Kayseri, Kocaeli, Tekirdağ
18
Sector and sub-sector indices are composed of the companies traded
on İMKB Markets except Investment Trusts.
The index is composed of all investment trust equities traded on the
Collective Products Market.
The index is composed of companies traded on the Second National
Market.
The indices are composed of companies traded on İMKB markets
categorized by the city where the main production/service or the
registered office is located. Companies that operate in the financial
sector with the exception of holdings and companies that operate in
the retail sector are not included.
İMKB for Investors
Starting from January 1997, İMKB dropped
two zeros from the stock indices (i.e. İMKB 100,
Financials and Industrials) for simplification
purposes. With the implementation, İMKB100 index
value prior to and including December 27, 1996
was divided by 100 to have a January 1986 base
value of 1 (one) instead of the previous 100.
Former values of the İMKB Financials and Industrial
Indices were also divided by 100 to have base
values of December 31, 1990 = 32,56 instead of
3,255.75.
Apart from the Indices above, İMKB provides an
Index calculation and distribution service. TSKB
Energy Index, which is launched on May 3, 2010, is
the first Index to use such service offered by İMKB.
Performance Indices. İMKB also computes and
maintains all stock indices on US dollar and on Euro
basis.
Greece-Turkey 30 Index (GT-30)
The Greece and Turkey 30 Index (GT-30) is a
customized index, created as a result of the
cooperation of İMKB, Athens Stock Exchange
(ATHEX) and STOXX Ltd., a global index provider.
The Index, launched on September 28, 2009, is
calculated independently by STOXX and is used
as an underlying for the creation of a variety of
new financial products including Exchange Traded
Funds (ETFs) traded on both markets, and thereby
provide new investment opportunities to the
investors for the stocks traded on İMKB and ATHEX,
at lower costs with an aim to facilitate cross border
access between the two markets.
İMKB has also started another project, namely
İMKB Sustainability Index (İMKBSI) Project, in
order to attract attention to sustainability, and
to offer a different investment alternative and
comparison criterion for investors. İMKB initiated
the İMKBSI project in partnering with the Business
Council for Sustainable Development Turkey and
in cooperation with international consultants
Hicks, Sinco and SAM Group. The project is aimed
at not only creating an index consisting of the
İMKB-traded companies with a high corporate
sustainability performance, but also furthering the
information about, understanding and application
of sustainability in Turkey.
GT-30 is composed of a total of 30 constituents,
15 from each market, based on their full market
capitalization in descending order. The Index will
be reviewed biannually (March, September) as
to its composition and quarterly (March, June,
September and December) regarding capping
factors.
İMKB Government Debt Securities Indices
İMKB Government Debt Securities (GDS) indices
are formulated in order to fulfill the requirements
of members and investors as well as individuals
and institutions eager to follow and analyze the
changes in prices and yields of fixed-income
securities, through simple and comprehensive
indicators. In addition, İMKB GDS Indices aim
to provide the basis for comparison with other
markets and a foundation for technical studies.
GDS indices are divided into two main groups
namely Price/Performance Indices and Portfolio
The first ETFs tracking the return of the GT-30 were
launched in Turkey and Greece concurrently on
November 3, 2010. These new products are the first
multimarket ETFs and through this new investment
vehicle, investors gain access to the largest stocks
of the Greek and Turkish market simultaneously,
with ease.
Price and Return Indices are available for GT-30,
and in two different currencies, i.e., EUR and TRY.
Dissemination frequency of Price Indices is real
time at 15-seconds intervals, whereas it is end of
day for Return Indices. Data are delivered to data
vendors by STOXX Ltd. over CEF Feed (Deutsche
Börse system)
The Dow Jones FEAS Indices
The Dow Jones FEAS indices were launched on
June 3, 2009. Three indices, one composite, and two
regional sub-indices, measures the performances
of companies across the Euro-Asian region. The
19
3. Corporate Governance
Dow Jones FEAS indices are designed to underline
index-linked investment products such as funds
and structured products. They are designed to
cover 95% of the freefloat market capitalization of
each country in the respective index. In addition to
float-adjusted market capitalization, components
are selected based on readily available prices. The
indices are calculated and disseminated in Euro
and USD and weighted by float-adjusted market
capitalization. The calculation of the new indices
started on December 31, 2004 (base date) with
a start value of 100 point (base value). The Dow
Jones FEAS Indices are rebalanced quarterly when
additional FEAS member exchanges will be added.
For more information on the Dow Jones FEAS
Indices, please visit http:// www.djindexes.com.
S&P/OIC COMCEC 50 Shariah Index
S&P/OIC COMCEC 50 Shariah Index, a joint index
of the Organization of the Islamic Cooperation
(OIC) Member States’ Stock Exchanges Forum and
S&P Indices, started being disseminated on June
22, 2012. The Index is designed to measure the
performance of fifty leading Shariah-compliant
companies from the member states of OIC,
namely, Bahrain, Bangladesh, Cote d’Ivoire, Egypt,
Indonesia, Jordan, Kazakhstan, Kuwait, Lebanon,
Malaysia, Morocco, Nigeria, Oman, Pakistan, Qatar,
Saudi Arabia, Tunisia, Turkey and the United Arab
Emirates.
Stocks eligible for the S&P/OIC COMCEC 50 Shariah
Index are selected in accordance with Shariah
compliance screenings as determined by the S&P
Shariah Indices Methodology. In addition, stocks
must have a minimum three-month average daily
value traded of USD 1 million at each rebalancing
reference date. To ensure some diversification, at
least one stock but no more than eight, from each
country or territory must be included in the Index.
20
The first set of Corporate Governance Principles
was published in July 2003. The principles
were determined by a joint commission which
included CMB, İMKB and the Turkish Corporate
Governance Forum experts. CMB revised the
principles in February 2005 and in 2011 a new set
of Corporate Governance Principles issued by CMB.
Accordingly, all companies listed on İMKB excluding
companies listed on Emerging Companies Market
and Watchlist Companies Market, are subject to
mandatory implementation of certain Corporate
Governance Principles.
In order to encourage the listed companies to
comply with the corporate governance principles,
the Executive Council decided to constitute a
special index for companies that have a corporate
governance grade and determined the basic rules
of İMKB Corporate Governance Index on March
10,2004. İMKB Corporate Governance Index is
composed of the İMKB-traded companies with
corporate governance rating grades determined
according to the Principles. Companies which have
the rating grade of at least seven out of ten for
compliance with corporate governance principles
as a whole and which are traded on the İMKB
markets (excluding Watchlist Companies Market)
are eligible for İMKB Corporate Governance
Index.
İMKB Corporate Governance Index started to be
calculated on August 31, 2007 with the beginning
value of 48.082.17, when the number of eligible
companies reached 5. As of end July 2012, the
number of companies included in the Corporate
Governance Index reached 39.
İMKB for Investors
4.IPO in Turkey
Initial public offering (IPO) is defined as the sales of equities to several and unknown investors through a
call and announcement. The method of public offering of company equities may vary subject to a number
of conditions. Companies may choose to offer part of the equities representing the existing capital through
sales of existing shares or to increase capital, restricting the pre-emptive rights of existing shareholders, or
to apply both methods concurrently. IPO’s between 2004-2011 are shown at the below table;
Number and Value of IPOs in Turkey
Number
Value of IPOs
of IPOs
(in US$ terms)
2004
2005
2006
Foreign Investors
Participation in IPOs
(in US$ terms)
12482,575,185
91,743,964,256
Share of Foreign
Investors
in IPOs (%)
181,605,844
1,618,853,108
15930.501,524
496,144,397
38
93
53
2007
93,298,307,170
2,250,991,077
68
2008
21.876,834,333
1,146,360,759
61
2009
16,908,183
-
-
2010
222,104,017,741
924,334,082
44
2011
27841,902,207
365,669,555
43
2012/09*
22
273,022,114 16,458,554
6
(*) As of September 18, 2012
Moreover, in order to attract new companies, İMKB
made amendments in its regulations so as to allow
the trading of companies which are registered with
the CMB. There is a potential of over 200 companies
that can be traded on the İMKB Equity market in
this context.
IPO Preparation
In order to be traded on the İMKB markets, the
equities of a company should be registered with
the CMB, offered to public and listed on/registered
with the markets. İMKB listing/market registration
means that the stocks which are required to be
continuously traded on the securities exchanges
can be traded on the respective market provided
that they meet the respective terms and conditions.
Creating an In-house Working Group
A working group must be set up to complete
transactions concerning public offering. This
working group should comprise of medium-level
executives, finance department and public relations
staff. The working group should make a list of tasks
to be completed before applying to İMKB and CMB.
Selecting Intermediary Institutions
For the public offering of stocks, an intermediation
agreement should be executed with an
intermediary institution. The parties to that
agreement are the company and the intermediary
institution/s authorized by CMB (a list of
intermediary institutions authorized to undertake
a public offering is available on the website of the
CMB http://www.spk.gov.tr).
21
The brokerage agreement may be executed with
a single intermediary institution or a syndicate
established by more than one intermediary
institution in line with the amount of the public
offering. In the case of a syndicate, there may be
more than one lead underwriter. The agreement to
be executed should state the responsibilities of the
intermediaries and the companies, whether there
shall be an underwriting obligation or not, how
the underwriting shall take place, which method
shall be used in public offering, and other issues of
essence.
Intermediary institutions use any one of the public
offering methods mentioned below in IPOs;
Best Effort Underwriting: In the best effort contract
the underwriter agrees to sell as many shares as
possible at the agreed-upon price.
Stand-by Underwriting: Also known as strict
underwriting or old-fashioned underwriting.
Stand-by underwriting is a form of stock insurance,
where the issuer contracts the underwriter for the
latter to purchase the shares the issuer failed to sell
under stockholders’ subscription and applications.
Full Underwriting: The underwriter contracts to
purchase all the stocks and then offers to public.
22
The intermediary institution and the issuer
determine the amount and rate of underwriting.
However underwriting is not mandatory according
to the CMB’s regulations.
Preparing the Financial Statements and
Selecting an Independent Audit Firm
Companies applying for a public offering must get
their financial statements drawn up with the capital
markets legislation and independently audited.
Therefore, companies should choose an independent
audit firm authorized by the CMB, and sign an audit
agreement.
General Assembly Decision and Amendment of
Articles of Association
A company that decides to go public prepares
draft amendments to amend its articles of
association with the capital markets legislation and
presents them to the CMB. Any provisions in the
articles of association that restrict the transfer and
circulation of the stocks to be traded on the stock
exchange or prevents the exercising of shareholder
rights should be deleted, and also other provisions
of the articles of association should be adopted to
the capital markets legislation. If public offering
is to be carried out through a capital increase,
the general assembly should decide to increase
the capital and to restricts the rights to buy new
İMKB for Investors
shares in accordance with the provisions of Turkish
Commercial Code.
Price Determination
Determining the issue price is one of the most
important steps of the public offering process, and
depends on both the company and developments
and circumstances beyond the company’s control.
A realistic determination of the issue price is
instrumental to a successful public offering as
well as to the good performance of the stock after
listing in İMKB. The issue price of a company’s
stock is generally calculated by the underwriter
and is free of any intervention by İMKB and CMB.
Principles governing the determination of stock
price are included in the public offering prospectus.
Preparing the Documents Required for
Application
The company and/or the underwriter starts duediligence with İMKB and CMB authorities at the
first stages of the issue, and obtains information
about the required documents and procedures.
Required application documents are regulated
under the İMKB Listing Regulation, and while such
documents are prepared in a general format, they
may vary depending on the company and its sector,
and different documents may be required during
the examinations conducted at the company. The
documents should be delivered with seals and
signatures affixed.
Public Offering and Sales
Public offering is essentially conducted in 3
different methods:
Capital increase - Companies may raise funds by
issuing new shares via capital increase through
partially or fully restricting the pre-emptive rights
of existing shareholders.
Concurrent use of both methods - Companies
are allowed to use both methods concurrently.
Thereby, the shareholder derives income from the
sales of existing shares while the company has
access to financial resources.
Shares are sold to investors in 3 methods:
Book building: The process of generating, capturing
and recording investor demand for shares during
an IPO (or other securities during their issuance
process) in order to support efficient price
discovery.
Sales on stock exchange: Companies may offer their
shares to the public in the primary market of İMKB.
In this method, the application of the company
should be accepted and announced by the
Executive Council of the İMKB. Public offering
on the stock exchange can start on the second
business day upon the announcement at the Public
Disclosure Platform and completed within the time
period specified on the circular.
Sales without book building: The sales of capital
markets instruments to investors via public offering
without book building by setting a certain price.
This method can be used by issuers who are not
obliged to use the other methods.
Sales of existing shares - Company shareholders
may offer part of the shares they hold on or off the
Exchange.
23
5.Corporate Social Responsibility
İMKB has supported numerous social and cultural
programs indicating the importance that the İMKB
attaches to social responsibility.
İMKB Schools
İMKB has supported numerous social and cultural
programs indicating the importance that the
Exchange has given to social responsibility
activities.
Within the scope of the “Contribution to National
Education Project” which has started in 1997,
İMKB has made donations for the support of
education project in total of six different phases. As
of January 2012, approximately 400 fully functional
and equipped schools have been constructed
which have 222,000 students capacity per year.
It is estimated that İMKB schools have served
approximately 650,000 students including those
graduated since the project’s inception. In January
2012, a protocol for the eight phase of the project
was signed with the Ministry of National Education,
within the context of which, the total number of
schools built will increase to 440.
United Nations’ Global Compact
İMKB is honored to have joined the United Nations
Global Compact, which is the world’s largest
corporate citizenship initiative, in 2005. With its
high growth potential, the İMKB aims to be one
of the leading exchanges in the near future. In
achieving this goal, the global common virtues
such as environmental and ecological friendly
projects, labour and human rights, anti-corruption
and transparency have always been the core
corporate values of the İMKB. Accordingly, İMKB
discloses Communication on Progress (COP) report
annually to UN Global Compact and publishes
such report on its website. COP consists of the
developments and activities of the İMKB in terms of
24
socially responsible principles set by the UN Global
Compact. For further information related to UN
Global Compact, please visit
http://www.unglobalcompact.org.
United Nations’ Principles on Responsible
Investment - UNPRI
In early 2005, the United Nations Secretary
General invited a group of the world’s largest
institutional investors to join a process to develop
the Principles for Responsible Investment (PRI).
Individuals representing 20 institutional investors
from 12 countries agreed to participate in the
Investor Group. The Group accepted ownership
of the Principles, and had the freedom to develop
them.
As of end 2011, the signatories of PRI, 997
investment institutions from 47 countries, represent
almost US$30 trillion of assets under management.
İMKB became a signatory to the Principles of
Responsible Investment under the category
of “Professional Service Partner” on January 21,
2010.
İMKB Sustainability Index
Stock exchanges are capable of contributing highly
to sustainability issue. In a global perspective, stock
exchanges are developing arrangements for the
traded companies to disclose their sustainability
practices and the risks they might face with
regard to sustainability issues, while also making
decisions to strengthen transparency, and to create
awareness on sustainability. İMKB has initiated
a project in August- 2010 to develop an index
of İMKB listed companies to act as a benchmark
encouraging and enabling major companies in
İMKB for Investors
Turkey to compete successfully today in a world
where corporate environmental, social and
corporate governance performance is necessary
for long term success. The İMKB Sustainability
Index Project is developed using a unique multistakeholder process design that will engage
companies, investors and relevant stakeholders
from the Turkish market in the development and
agreement of the selection criteria for the index.
İMKB Memberships
Date
International Securities Services Association, ISSA
1990
World Federation of Exchanges, WFE
1992
International Capital Market Association, ICMA
1992
Federation of Euro-Asian Stock Exchanges, FEAS
1995
European Capital Market Institute, ECMI
1995
International Organization of Securities Commissions, IOSCO
1998
Islamic Financial Services Board, IFSB
2010
Federation of European Securities Exchanges, FESE
2010
International Islamic Financial Market IIFM
2011
International Recognition received by İMKB
Date
U.S. Securities and Exchange Commission, SEC
1993
The Japan Securities Dealers Association, JSDA
1995
Austrian Ministry of Finance
2000
International Cooperations of İMKB
Date
United Nations Global Compact
2005
United Nations Principles of Responsible Investment, UNPRI
2010
25
Notes
26
İMKB for Investors
Notes
27
Notes
28
İMKB BOOKLETS / BROCHURES
In English
• Exchange Traded Funds
• İMKB at a Glance
• İMKB for Investors
• Markets and Operations
• Public Disclosure Platform
• The Emerging Companies Market
• Warrants
In Turkish
• Aracı Kuruluş Varantları
• Borsa Yatırım Fonları
• Cevaplarla Borsa ve Sermaye Piyasası
• Devlet İç Borçlanma Senetleri Endeksleri
• Gelişen İşletmeler Piyasası
• Halka Arz ve Borsada İşlem Görme
• Halka Arz Seferberliği: İMKB Ailesi Genişliyor, Şirketlerimiz Büyüyor
• Hisse Senedi ve Alım-Satım Kılavuzu
• Hisse Senedi Endeksleri
• Hisse Senetleri Piyasası
• Hisse Senetleri Piyasası İşlem Yöntemleri ve Piyasa Yapıcılık Sistemi
• Kamuyu Aydınlatma Platformu
• Kurumsal Yönetim Endeksi
• Nitelikli Yatırımcıya İhraç Pazarı
• Sabit Getirili Menkul Kıymetler
• Şehir Endeksleri
• Yatırımcılar için İMKB
(Also available online)
September 2012

İMKB For Investors

Transcription

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