Borsa İstanbul Pay Piyasası’nda farklı sektörlerden şirketlerin payları, yeni pay alma hakları, borsa yatırım fonları, varantlar ve sertifikalar, gayrimenkul yatırım fonu ve girişim sermayesi yatırım fonu katılma payları, gayrimenkul sertifikaları ve emtia sertifikaları işlem görmektedir. Borsa İstanbul Pay Piyasası yerli ve yabancı yatırımcılar için likit, şeffaf ve güvenli yatırım ortamı sağlamaktadır.
Pay Piyasası’nda işlemler elektronik alım satım sistemi aracılığıyla fiyat ve zaman önceliği kuralı baz alınarak “Sürekli İşlem”, “Piyasa Yapıcılı Sürekli İşlem” ve “Tek Fiyat” yöntemlerinde otomatik olarak gerçekleşmektedir.
Birincil Piyasa
Borsada ilk defa halka arz edilen şirketlerin birincil piyasa işlemleri, birincil piyasa için belirlenmiş olan seans saatlerinde, sürekli işlem, sabit fiyat ve değişken fiyat yöntemleriyle gerçekleştirilmektedir. Sabit fiyat ve değişken fiyat yöntemleri, Borsa dışı halka arzlarda kullanılan “Talep Toplama Yöntemi”nden uyarlanarak Borsa emir-işlem kuralları çerçevesinde oluşturulmuştur.
2020/62 Sayılı Duyuru çerçevesinde bu talep toplama yöntemlerinde, dağıtım aşamasına girecek emirlere ve emirlerin dağıtım zamanına ilişkin getirilen kurallar için tıklayınız.
Toptan Alış Satış İşlemleri
Toptan Satış İşlemleri, önceden alıcıları belirli olan veya olmayan, belirli bir miktarın üzerindeki pay işlemlerinin Borsa’da güven ve şeffaflık ortamında, organize bir piyasada gerçekleştirilmesini sağlamaktadır.
Toptan Alış Satış İşlemlerine İlişkin Prosedür için tıklayınız.
Yeni Pay Alma Hakları İşlemleri
Payları Borsada işlem gören şirketlerin nakdi sermaye artışı yapmak üzere belirledikleri yeni pay alma hakkı kullanma süresi içinde, söz konusu payların üzerinde bulunan yeni pay alma haklarının alınıp satılması için, Borsaca belirlenecek süre içinde "R" özellik koduyla yeni pay alma hakları sıraları işleme açılır.Rüçhan hakkı kuponları, Pay Piyasasında geçerli olan kurallarla işlem görür.
BIST Pay Endeksleri, Borsa İstanbul’da işlem gören payların gruplar halinde fiyat ve getiri performanslarının ölçülmesi amacıyla oluşturulmuştur. BIST Pay Endekslerine ilişkin detaylı bilgilere "BIST Pay Endeksleri" sayfasından ulaşılabilir.
Equities are negotiable instruments issued by a corporation and representing a capital share of the corporation.
Holding the equity of a corporation means being a partner of that company.
Safe and accurate flow of information is essential in the trading of equities.
Confidence, transparency and investor protection are the fundamental principles of Borsa İstanbul markets. Shareholders can reach any information about the companies traded on Borsa İstanbul via the Companies and Data pages as well as the Public Disclosure Platform.
Exchange traded funds (ETFs) are mutual funds traded on equity-exchanges, which are based on an index and aim to reflect the performance of its base index to the investors.
ETFs are issued based on an index, and invest in the securities on its base index in proportion to their weight in the index. Therefore, for example, an investor willing to invest in BIST-30 index invests in an ETF rather than purchasing the equities of the index separately, and has the opportunity to invest in that index, and benefits from the proceeds of the index.
Exchange traded funds are portfolios created by authorized intermediary institutions through the purchase of securities on the base index using the cash collected from investors. ETFs reflect the returns on the equities or other instruments (gold, bond, foreign exchange, etc.) on the base index.
The basic characteristic of ETFs is that their participation certificates can be traded on Borsa İstanbul just like equities. Exchange traded fund shares can be traded on the Borsa İstanbul Fund Market through intermediary institutions like equities.
Investing in ETFs
Exchange Traded Funds (ETFs) have become more popular recently, thanks to their high liquidity and ease of trading, as well as facilities such as risk diversification, and allowing investors to make use of the revenues in the market.
The indicator portfolio composition announced at the end of every day provides investors the opportunity to monitor the content of their investments in a transparent manner on a daily basis. Therefore, the investor is able to monitor the composition of the exchange traded fund. ETFs are traded during the session easily, in the same way as equities.
Fund Market Basics
Trading on ETF participation certificates, deemed suitable for being traded on the Exchange, is carried out with a feature code (F) on the Fund Market of the Equity Market during the trading hours of the market where the securities forming the underlying index of ETF are traded.
The base price is determined by rounding the weighted average of the transactions of the previous session to the nearest price tick as in the case of equities. In the first trading session and the session following the session in which price has not been formed in the Equity Market, base price is announced over the fund unit share price announced before the respective session by the founder and/or authorized participant.
Lot size is 1 participating share. The maximum amount of orders that can be submitted to the system at any time is determined by the Equity Market.
Unit share price of ETFs to be traded on the Equity Market is minimum TL 1.
On the ETF Market, the price margin applicable in the National Market is applied.
Special order transactions are performed as per the present rules in the Equity Market.
Price ticks applied on the ETF Market are different from those of equities.
Settlement of the fund transactions is realized on the second business day following the transaction day (T+2). Fund Share Formation and Repurchase Transactions are performed via Takasbank. Principles of these transactions are set by Takasbank and notified to the members.
All other transaction and default rules are the same as the Equity Market trading rules.
Exchange Traded Funds keep all their assets in Takasbank as in the other investment funds.
Warrants are capital markets instruments that give the holder the right, but not the obligation, to buy ('call' warrant) or to sell ('put' warrant) an underlying asset at a specified price (the 'strike' price or 'exercise' price) on or before a predetermined date where such right is exercised by registered delivery or cash settlement. The holder of a warrant buys not the underlying security itself, but the right to buy or sell such underlying security, against the payment he makes.
Warrants;
-are securitized options;
- listed on a stock exchange and traded in the relevant market segment.
- traded in the secondary market.
- settled in the same way as other securities.
-are financial instruments of type called “structured products” are not issued for financial needs of the issuers
-are solely under the responsibility of the issuer.
-entitle the holder to buy (from) or to sell (to) the issuer an underlying security, a basket of securities, or an index, on or before a particular date, at a predetermined price, against the premium he pays.
-represent a right, and not an obligation, for the holder.
The basic principles regarding the issue, issuers, registration, and trading of warrants are regulated by the Capital Markets Board of Turkey (CMB) by its Communiqué Series III No: 37 Regarding the Registration with the Capital Markets Board of Turkey and Trading of Intermediary Institutions’ Warrants at the Stock Exchange. According to the said Communiqué, warrants are traded on Borsa İstabul.
The procedures and principles regarding the listing and trading of warrants on Borsa İstabul are stipulated by İMKB's Circular no.318, dated Jan 5, 2010.
Warrants may be traded on Borsa İstabul provided that they are supported through market making activity by their issuers or the brokerage companies contracted by the issuers. In order to provide a liquid and well-regulated market, the market maker is required to give quotations continuously.
Investing in Warrants
Pricing and Valuation
Comparison: Warrants vs Options
Trading Principles
Certificates
Equity Indices
Just like warrants, certificates are financial products that impose a financial burden on issuers against the investor. The funds raised through issuing certificates are under the issuer’s personal financial responsibility. Therefore, it is important for the investor to consider factors such as financial status, payment capability, and credibility of the issuer.
While certificates shall be traded according to the same principles as warrants, with minor differences only, some trading rules may vary according to the type of certificate. Investors should pay special attention to such differences while trading certificates.
BIST Stock Indices have been created to measure the price and the return performances of group of stocks traded on Borsa İstanbul. For detailed information about BIST Stock Indices, "BIST Stock Indices Ground Rules".
Please click for BIST 30, BIST 50, BIST 100 Indices constituents and weights for related index period.
Please click for BIST Stocks Indices constituents.
