Istanbul Stock Exchange

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Istanbul Stock Exchange
Founded 1985
Headquarters Istanbul, Turkey
Key People Mustafa İbrahim Turhan, Chairman & CEO
Products IKMB-100 Index

The Istanbul Stock Exchange (ISE), also known by its local acronym IKMB, was a fully-automated electronic trading exchange listing equities and debt securities. It was merged in 2013 with Turkdex to create Borsa Istanbul.


The ISE was launched in 1985 and began trading securities publicly in 1986. In 1987, the exchange commenced publishing its benchmark stock index, the ISE-100 (also called the IMKB-100) on a daily instead of weekly basis, and in 1994 the ISE switched to fully-automated electronic trading. Six years later following a wave of global stock market demutualizations, the ISE took a 27.4 percent stake in the Baku Stock Exchange in Azerbaijan and a 5.26 percent stake in the Kyrgyz Stock Exchange in Kyrgyzstan.[1]

Following several years of strong market growth, the ISE was slammed in 2008 by the global financial crisis and saw its total market capitalization fall by more than half from US$288 billion at the end of 2007 to just US$118 billion one year later. Over the same period, the benchmark ISE-100 index also dropped by more than half, from 55,538 points in 2007 to 26,864 in 2008.[2] By the end of 2008, 317 listed Turkish companies and nine Turkish exchange-traded funds (ETFs) were listed on the ISE.

In mid-October 2009 the ISE and its Greek counterpart, the Athens Stock Exchange (Athex), officially launched the Greece-Turkey 30 Index (GT-30) as a benchmark index for their markets combined.[3] The GT-30 is a STOXX customized index consisting of the 15 companies with the highest market capitalization on each exchange, calculated in Turkish lira and euros.[4] Its development and launch was the result of long-term co-operation between the two exchanges, which had received applications to develop exchange-traded funds (ETFs) based on the GT-30.

By mid-December 2009 the ISE had recovered some of its losses from the previous year, with the ISE-100 standing at just over 31,600, a gain of 17.2 percent on the year and a 22 percent rise since April.[5] The index crossed the 200-day moving average for the first time in more than a year.

In November 2011, plans were announced for a merger between Turkey's two largest exchanges, ISE and TurkDEX. CEO Huseyin Erkan also announced at that time that he would step down due to a new law passed by the Turkish government, giving the capital city of Ankara the power to appoint executives to the ISE board.[6]

Key people[edit]

Huseyin Erkan first joined the ISE in 1994 and was appointed executive vice-chairman in 1996, a position he held for 10 years.[7] He was appointed chairman and CEO in November 2007 and one year later was elected to the board of directors of the World Federation of Exchanges (WFE). Erkan is also president of the Federation of Euro-Asian Stock Exchanges (FEAS), a group he helped launch.

In January of 2013, Mustafa İbrahim Turhan became chairman and CEO of the exchange following the implementation of the "Capital Market Law."[8]


  1. Milestones in ISE history. Istanbul Stock Exchange.
  2. Global storm hits Turkish markets. Hürriyet.
  3. The ISE Chairman & CEO Mr. Huseyin Erkan and the ATHEX Chairman Mr. Spyros Capralos officially launched the GT-30 Index. Federation of Euro-Asian Stock Exchanges (FEAS).
  4. [ GREECE – TURKEY JOINT INDEX “GT-30” MEETING (PDF)]. Istanbul Stock Exchange.
  5. Turkish stocks rally, analysts expect more. Hürriyet.
  6. Turkish exchanges plan combination. Financial Times.
  7. Chairman & CEO. Istanbul Stock Exchange.
  8. About Us. Istanbul Stock Exchange.