Borsa Istanbul

What Borsa Istanbul does

Borsa Istanbul A.Ş. operates as Turkey's sole securities exchange under Capital Markets Law No. 6362, supervised by the Capital Markets Board (SPK). The entity was formed in 2013 through the merger of the Istanbul Stock Exchange (founded 1985), the Istanbul Gold Exchange, and the Derivatives Exchange of Turkey, though its lineage traces to the Galata Borsası of 1854 and the Dersaadet Tahvilat Borsası of 1866. It operates multi-asset markets spanning equities (Star, Main, and sub-markets), debt securities, derivatives (VIOP), precious metals and diamonds, swaps, and money markets, plus a dedicated Structured Products and Funds Market. The exchange serves individual investors, institutional investors and brokerage houses, listed companies seeking capital, and foreign investors — with UK HMRC recognized exchange status enabling cross-border access.

The exchange is built on BISTECH, its proprietary trading platform launched in 2015, which supports connectivity protocols, application interfaces (CONNECT & VERDA), co-location services in the primary data center, and a London Equinix LD5 point of presence for international data dissemination. It maintains the BIST and BIST-KYD index families (including BIST 100, BIST 30, sector, sustainability, participation/Shariah-compliant, and strategy indices), a Public Disclosure Platform (KAP), and a nationwide footprint of 81 provincial contact points. Borsa Istanbul holds membership in the World Federation of Exchanges and demonstrates alignment with IOSCO principles. Revenue is generated through transaction fees across its multiple market segments, listing and registration fees, co-location services, market data licensing, and index licensing — though specific fee schedules and revenue figures are not disclosed in the source material. The exchange is structured as a private joint-stock company (not publicly listed on its own market) and is led by CEO Korkmaz Ergun.

Name

Borsa Istanbul

Legal name

Borsa İstanbul A.Ş.

Website

https://borsaistanbul.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Borsa Istanbul is Turkey's sole statutory securities exchange, operating multi-asset markets — equities, debt, derivatives, precious metals, and swaps — on its proprietary BISTECH platform, serving retail investors, brokerage firms, listed companies, and foreign investors.

Ownership category

akta.pro rank

Product category

Securities Exchange Operations

NAICS

Securities and Commodity Exchanges (5232), Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Equity Index Futures & Options Exchanges (FSAFABAA)

akta.pro secondary industries

Equity Index & Futures Derivatives (FSACADAF), Algorithmic Trading & Execution Platforms (FSAFANAN)

Keywords

• Securities exchange operations
• Equity trading platform
• Derivatives market services
• Debt securities trading
• Market data dissemination

Headquarters

HQ city

Sariyer

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Distribution channels3 records

Marketing channels5 records

Core offering

Borsa Istanbul A.Ş. operates as Turkey's sole securities exchange, providing a multi-asset regulated trading platform for equities, debt securities, derivatives (futures and options via VIOP), precious metals, diamonds, swaps, and money market instruments. The exchange powers trading, clearing routing, index calculation, market data dissemination, and co-location services through its proprietary BISTECH technology infrastructure, serving listed companies, brokerage firm members, and domestic and foreign investors.

Product overview

Borsa Istanbul A.Ş. operates as Turkey's primary securities exchange, offering a multi-market platform architecture comprising Equity Market (Pay Piyasası), Debt Securities Market (Borçlanma Araçları Piyasası), Derivatives Market VIOP (Vadeli İşlem ve Opsiyon Piyasası), Precious Metals and Diamond Market, Swap Market, and Money Market. The exchange provides comprehensive index services through BIST and BIST-KYD index families, market surveillance and public disclosure platforms, data dissemination services via BISTECH technology infrastructure including co-location facilities and the London Equinix LD5 point of presence, and financial literacy education. Participation finance (Islamic finance) products are offered alongside conventional markets, serving both retail and institutional investors through member brokerage firms.

Differentiator

Problem solved

Functional benefit

Brands

• BISTECH: Proprietary trading technology platform developed by Borsa İstanbul for market operations and connectivity.
• VIOP
• BIST 100

Products and services

• Pay Piyasası (Equity Market)
• Borçlanma Araçları Piyasası (Debt Securities Market)
• Vadeli İşlem ve Opsiyon Piyasası - VIOP (Derivatives Market)
• Kıymetli Madenler ve Kıymetli Taşlar Piyasası (Precious Metals and Diamond Market)
• Swap Piyasası (Swap Market)
• Para Piyasası (Money Market)
• BISTECH Technology Platform
• BIST Pay Endeksleri (BIST Stock Indices)
• BIST-KYD Endeksleri
• Veri Dağıtımı (Data Dissemination)
• Kolokasyon (Co-location Services)
• Brokerage House Warrants - June 2026
• Brokerage House Warrants - January 2026

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• Astana International Financial Centre (AIFC)coreStrategic or Co-development Partner · 13 May 2026Memorandum of understanding signed between Borsa Istanbul and Astana International Financial Centre to strengthen digital trading cooperation. The partnership supports Kazakhstan-Türkiye trade target of $15 billion and cooperation in digital technologies between the two countries.
• Takas İstanbul (Takasbank)coreOthersTakas İstanbul serves as the central clearing counterparty for Borsa Istanbul markets, providing clearing, settlement, and risk management services. Listed as a key infrastructure partner on the exchange's official website.
• Merkezi Kayıt İstanbul (MKK)coreOthersMerkezi Kayıt İstanbul operates as the Central Securities Depository for Turkish capital markets, maintaining investor records and securities accounts. Key infrastructure partner for Borsa Istanbul operations.
• Capital Markets Board of Turkey (SPK)coreOthersBorsa Istanbul operates under the authorization and supervision of the Capital Markets Board (Sermaye Piyasası Kurulu - SPK) pursuant to Capital Markets Law No. 6362.
• World Federation of Exchanges (WFE)coreOthersBorsa Istanbul holds international membership in the World Federation of Exchanges, participating in global exchange industry standards, data sharing, and collaborative initiatives. Received WFE Technology Cooperation Initiative Award.

Expansion highlights5 records

Direct peers

• Egyptian Exchange (EGX): Sole national securities exchange of an MENA/G20-emerging economy, operating equities, debt, and derivatives markets under a single regulator-driven ecosystem — closely comparable in mandate, scale and regulatory monopoly structure to Borsa Istanbul.
• Pakistan Stock Exchange (PSX): Pakistan's demutualised national exchange with equities, debt, derivatives, and Islamic finance product suites, serving a similarly sized emerging-market economy — direct comparable on multi-asset single-venue operating model.
• Bucharest Stock Exchange (BVB): Operator of Romania's primary equities, debt, and derivatives markets with an emerging-economy profile and similar post-EU regulatory framework — comparable on integrated multi-asset trading and listed-companies segment.
• Athens Stock Exchange (ATHEX): Greek national exchange operating equities, debt, and derivatives with a comparable emerging-European economies scale; closely comparable in revenue mix (trading, listings, data) and regulatory supervision model.
• Saudi Exchange (Tadawul): Main regional benchmark exchange (now part of Saudi Tadawul Group) operating equities, derivatives, and ETFs with a single-market focus on a large oil-rich economy — comparable in monopoly status and rapidly scaling product suite.
• Tel Aviv Stock Exchange (TASE): Israel's sole exchange offering equities, corporate bonds, government bonds, derivatives, and structured products on a single technology platform — comparable in single-jurisdiction monopoly and integrated multi-market architecture.
• Johannesburg Stock Exchange (JSE): Africa's largest multi-asset exchange operating equities, bonds, derivatives, commodity and interest-rate markets with diverse index products — comparable in operating-model breadth and emerging-market positioning.
• Ho Chi Minh Stock Exchange (HOSE): Vietnam's primary exchange serving a high-growth emerging economy with concentrated retail flows and rapid IPO pipeline expansion — comparable on emerging-market equity-led volume growth and regulatory-monopoly structure.
• Kazakhstan Stock Exchange (KASE): Central Asian multi-asset exchange (equities, bonds, derivatives, FX, repo) and existing BIST partner via the 2026 AIFC digital-trading MOU — direct comparable on regional footprint and multi-asset venue model.

Broad incumbents

• Moscow Exchange (MOEX): Russia's universal exchange combining equities, bonds, derivatives, money markets, FX, and precious metals on a single platform — closely comparable on integrated multi-asset architecture and emerging-market scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/borsaistanbul
• YouTubeyoutube.com/user/borsaistanbul
• Instagraminstagram.com/borsaistanbul
• Facebookfacebook.com/borsaistanbul
• LinkedInlinkedin.com/company/borsaistanbul

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Borsa Istanbul