market architecture of selected stock exchanges in ... - Gilles Daniel

162.2.5 The Istanbul Stock ExchangeThe Istanbul Stock Exchange (ISE) (Turkish: İstanbulMenkul Kıymetler Borsası, İMKB) was established inearly 1986 and is still the only securities exchange inTurkey. The exchange provides trading in equities, bonds and bills, revenue-sharingcertificates, private sector bonds, foreign securities and real estate certificates as wellas international securities. Five members elected by the General Assembly governthe ISE. One of them is the Chairman and Chief Executive Officer of the ISE; thefour other members of the Council represent the three categories of Exchangemembers: development banks, commercial banks and brokerage houses.The Istanbul Stock Exchange is an autonomous, professional organization, consistingof the Stock Market, the Bonds and Bills Market, and the International Market (seeFigure 6). Its revenues generated from fees charged on transactions, listingprocedures and miscellaneous services are not distributed to any third parties. 12Figure 6: The Istanbul Stock Exchange MarketsSource: Birsen (2005)12 http://www.ise.org/about/organize.htm, 03/03/2006