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

724.5 The Istanbul Stock ExchangeIn this paragraph, the market design of the Istanbul Stock Exchange will beelaborated, based on the theory worked out in Chapter 3 in addition to theinformation on the ISE Web site. 51Stock Markets of the ISEThe ISE has five different stock markets (see Table 37). The stocks are allocated tothe respective market meeting its requirements.Table 37: Stock Markets of the ISEMarket Description Trading HoursNational MarketSecond NationalMarketNew EconomyMarketWatch ListCompaniesMarketWholesaleMarketAll companies included in the National Market fulfill the listingrequirements pre-determined by the ISE. Currently, 100 companiesselected from among the listed companies in the National Market areincluded in the ISE National 100 Index, which is the main index of theISE Stock Market.The “Second National Market” was established with a view topromoting trading in stocks of small and medium size companiesincorporated in all parts of the country, in a reliable and transparentenvironment. The Second National Market consist of companies delistedtemporarily or permanently from the ISE's National Market aswell as companies that fail to fulfill the listing requirements and lackthe necessary qualifications for trading on the ISE's National Market.Companies meeting the criteria for trading on the Second NationalMarket are admitted to this market upon the decision of the ExecutiveCouncil of the ISE.The “New Economy Market” was formed in order to enable tradingstocks with growth potential in an organized market.The "Watch List Companies Market" was established with a view toprovide an organized and liquid market for trading of stocks ofcompanies under special surveillance and investigation due toextraordinary situations with respect to stock transactions and/orcompanies traded on the ISE; disclosure of incomplete, inconsistentand/or untimely information to the public; failure to comply with theexisting rules and regulations as well as other situations leading todelisting of stocks and/or dismissal from the related market temporarilyor permanently in order to protect investors' rights and public interest.The “Wholesale Market” provides for trading of stocks in largequantities and block sales.Morning session09. 30 - 12. 00Afternoon session14. 00 - 16. 3014. 00 - 15. 0011. 00 - 12. 00 .51 http://www.ise.org/, 11/10/2005