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Borsa İstanbul

Name Borsa İstanbul
Country Turkey
Number of listed companies 477
Domestic market capitalization 193313 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

  • Since 2017, no separate sustainability report has been published and information on ESG performance and goals is presented to the exchange’s stakeholders through “Annual Integrated Reports”. Prepared in accordance with the International Integrated Reporting Framework (<IR Framework>), Annual Integrated Reports provide information on Borsa İstanbul’s sustainable business model and the value it creates for its stakeholders, with an integrated thinking approach. You can reach the latest annual integrated report for the year 2021 here

ESG reporting required as a listing rule Yes

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 is work on progress, to be published in 2022.

Offers ESG related training Yes

Borsa Istanbul provides training and hosts events.

  • In the first half of 2022, more than 400 representatives from 200 listed companies have been trained on the concept of ESG and sustainability indices that have been calculated by Borsa Istanbul.
  • In January, in cooperation with UNSSE, TCFD provided training on climate reporting to the representatives of listed companies in Turkey.
  • 30 June 2022: Hosted Green Bonds Sukuk Workshop (on site) organized by EBRD and Capital Markets Board of Türkiye.
  • 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.
  • Supports and hosts Annual Sustainability Finance Forum organized jointly by the Business World and Sustainable Development Society Turkey (SKD Türkiye), United Nations Environmental Program Finance Initiative (UNEP FI) and Global Compact Turkey. 

 

Market covered by sustainability-related index Yes

The sustainability indices are composed of several companies traded on different sub-markets of Equity Market.

In 2021, the calculation methodology has been revised. In cooperation with data company Refinitiv. Refinitiv’s ESG ratings are now being used to calculate the index.

  • BIST Participation Sustainability Index was introduced in 2021, an index including the companies compatible with Islamic finance and have high ESG scores.
  • Corporate Governance Index.

In 2022, Borsa Istanbul launched a new ESG Index which selects 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

Government (Statutory) Model

  • The Capital Markets Board of Turkey dictates the operational principles of capital markets in Turkey. In addition, the organization regulates and supervises public companies, listed companies and several capital market institutions including Turkish exchanges. However, Borsa Istanbul has the authority to regulate its own market, listed companies and financial products. This results in a limited SRO model but due to the regulatory authority’s involvement, the exchange itself has little regulatory power.

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 Turkey trading various asset classes and their merger under the roof of Borsa İstanbul.
  • Currently, Borsa İstanbul is the only licensed operator of capital markets in Turkey, regulated and supervised by the Capital Markets Board of Turkey, 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.
  • Borsa İstanbul is aiming to be the leading integrated marketplace bringing together investors and ideas, to create a marketplace that gives investors stability and confidence in their investment transactions, to promote a diverse business incorporating both international and Islamic finance products, to embrace the digital transformation and innovation, and to facilitate economic growth.
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.

Field

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.