Stock exchanges
Number of listed companies
Domestic market capitalization
million US$

Borsa İstanbul

Name Borsa İstanbul
Country Türkiye
Number of listed companies 505
Domestic market capitalization 279303 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

Borsa Istanbul published sustainability reports for 2015 and 2016.  As of 2017, the company’s annual reports started to be published in integrated report format and information on sustainability performance and ESG data were included in integrated reports.  The company’s annual integrated reports are prepared in accordance with IIRC integrated reporting framework and GRI Standards. You can reach the latest annual integrated report here

ESG reporting required as a listing rule Yes

The Sustainability Principles Compliance Framework (The Outline)  was put into practice with the amendment to Capital Markets Board of Türkye’s Communiqué (No II-17.1) on 02.10.2020. The Outline contains fundamental sustainability principles and metrics expected to be disclosed by listed companies under the “Comply or Explain” principle.

Has written guidance on ESG reporting Yes

  • The Sustainability Reporting Guide was updated in 2020, is available here (Turkish).
  • Integrated Reporting Guide was published in 2022 (Turkish).
  • Climate Reporting Guide was published in 2022 (Turkish).

Offers ESG related training Yes

Borsa Istanbul provides training and hosts events:

  • In 2022, more than 400 representatives from 243 listed companies have been trained on the concept of ESG and sustainability indices that have been calculated by Borsa Istanbul.
  • In the first quarter of 2022, SSE provided TCFD training to listed companies in Türkiye, in collaboration with Borsa İstanbul, IFC and CDSB. (source)

Apart from trainings, Borsa Istanbul hosted a couple of events dedicated to ESG.

  • 30 June 2022: Hosted Green Bonds Sukuk Workshop (on site) organized by EBRD and Capital Markets Board of Türkiye.
  • Supports and hosts Annual Sustainability Finance Forum organized jointly by the Business World and Sustainable Development Society Türkiye, United Nations Environmental Program Finance Initiative (UNEP FI) and Global Compact Türkiye. The last Forum took place in November 2022.

Borsa İstanbul chairs Sustainability Platform that aims to create a sharing network which enables result-oriented and effective realization of the sustainability activities and powerful discussions on future joint steps in the field of sustainability.

Market covered by sustainability-related index Yes

BIST Corporate Governance Index

The index, introduced in 2007, includes companies with high corporate governance ratings determined by the rating institutions authorized by CMB.

BIST Sustainability Index 

The index was introduced in 2014. In 2021, the calculation methodology has been revised in cooperation with Refinitiv whose ESG ratings are now being used to calculate the index.

BIST Participation Sustainability Index

The index, introduced in 2021, includes the companies compatible with Islamic finance and have high ESG scores.

BIST Sustainability 25

Introduced in 2022, the index comprises 25 companies with the highest daily average trading volume and the free float market value among the companies that provide minimum sustainability rating (provided by Refinitiv).

Has sustainability bond listing segment No

In February 2022, green debt instruments guideline, a local version of ICMA’s GBP is published by the Capital Markets Board. For the green debt instruments, Borsa İstanbul waives its listing fee by 50%.

Has SME listing platform No

Women on boards mandatory minimum rule No

Additional information

Organizational model of stock exchange
  • Demutualized for profit; demutualized in 2012.

Regulatory bodies

Regulatory model
The legal framework of Turkish capital markets, as it currently stands, is mainly devised by two major pieces of legislation, namely  Capital Markets Law No. 6362 and Turkish Commercial Code. Other regulations include Communiqués of Capital Markets Board and Regulations of Stock Exchange.

About the stock exchange
Location: Istanbul, Türkiye

  • Following the enactment of the Capital Markets Law at the end of 2012, Borsa İstanbul A.Ş. was founded as a result of the demutualization of Istanbul Stock Exchange, horizontal integration of the exchanges of Türkiye trading various asset classes and their merger under the roof of Borsa İstanbul.
  • Currently, Borsa İstanbul is the only licensed operator of capital markets inTürkiye, regulated and supervised by the Capital Markets Board of Türkiye, Turkish capital markets regulator. Borsa İstanbul provides a fair, transparent, and efficient environment for the trading of a wide variety of securities including equities, exchange traded funds, warrants, certificates, government bonds, sukuk, corporate bonds, repo and reverse-repo agreements, foreign securities (Turkish Treasury Eurobonds), derivatives and selected commodities.
  • After strategic cooperation with NASDAQ, all markets within Borsa İstanbul migrated to BISTECH (based on GeniumINET) to serve on a common trading platform and execute trade and post trade operations single handedly. With the launch of BISTECH System, maximum capacity that exchange can process has reached to 100.000 orders per second and the round-trip latency has decreased as low as to microseconds. Thanks to world known order entry and data dissemination protocols coming along with BISTECH, local and international investors can access to Borsa İstanbul much more easily without incurring additional development costs.
Ownership of Exchange (Shares >4% only) Share
Türkiye Wealth Fund 80.6%
QH Oil Investments LLC 10.0%
Others (brokerage houses, banks, precious metal and foreign exchange companies and other companies) 5.83%

Criteria for Stock Exchange Database

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.


Criteria Considered

Country Country of primary residence or registration
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include:

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.