In the next step in Ankara's drive to turn Istanbul into a global financial centre, the Istanbul Stock Exchange is to merge with the country's gold and derivatives exchanges ahead of a plan to privatize the bourse, said an ISE official on February 19.
The merger of the stock market with Turkey's Gold Exchange and Derivatives Exchange will formally take effect in June, announced Mustafa Kemal Yilmaz, deputy chairman of the Istanbul Stock Exchange, according to Reuters. New financial products and markets will also be launched, he added.
The move will create a combined entity called Bourse Istanbul, but the separate entities will start trading under a single management two months earlier. Istanbul Stock Exchange introduced single stock futures in December. The bourse plans to introduce index options in the second quarter of 2013 and foreign exchange options will start trading in 2013, Yilmaz said.
Kivanc Dundar in Istanbul - The unexpected success of President Recep Tayyip Erdogan’s Justice and Development Party (AKP) in this month’s general election should bring much-desired political ... more
Clare Nuttall in Bucharest - Macedonia’s EU accession progress remains stalled amid the country’s worst political crisis in 14 years, while most countries in the Southeast Europe region have ... more
John Davison of Exaro - Military action by Turkey against Kurdish rebel forces in Syria raises the prospect of a direct clash with the ... more