After the opening ceremony honored by PM Erdoğan today, BORSA ISTANBUL A.Ş. (BIAS) – the sole exchange entity of Turkey- statrted to operate. The Bourse was operating under the name Istanbul Stock Exchange earlier, on a much smaller scale.
PM Erdoğan has submitted a speech emphasizing the importance of this move as far as the economy of Turkey is concerned.
Erdoğan said BORSA ISTANBUL was expected to reinforce Istanbul’s bid to be a finance center just like New York, Tokyo and London.
The new stock exchange’s abbreviation will be BIST – it used to be İMKB – its logo will be the traditional Ottoman mark for Istanbul, the tulip; and its slogan will be “worth investing.”
More info about BORSA ISTANBUL
Pursuant to article 138 of the Law, Borsa İstanbul A.Ş. (BİAŞ) convenes all the exchanges operating in the Turkish capital markets under a single roof. Its Articles of Association was prepared by the Capital Markets Board, and following the approval by the Minister in charge, it was registered on April 3, 2013, thereby receiving a foundation and operation permit. Mr. Ibrahim TURHAN has been appointed as chairman of BIAS.
In accordance with the provisions of the Law and the related legislation, the main purpose and field of activity of BİAŞ is described as follows:
- to ensure that capital markets instruments, foreign currencies, precious metals and gems, and other contracts, documents, and assets approved by the Capital Markets Board of Turkey are traded subject to free trade conditions in a facile and secure manner, in a transparent, efficient, competitive, fair and stable environment;
- to create, establish and develop markets, sub-markets, platforms, systems and other organized market places for the purpose of matching or facilitating the matching of the buy and sell orders for the above mentioned assets and to determine and announce the discovered prices;
- to manage and/or operate the aforementioned or other exchanges or markets of other exchanges; and to carry out the other activities listed in its Articles of Association.”
05.04.2013
SOURCE: MEDDIA & BTT
