TURKEY Law and Practice Contributed by: Sera Somay, Merve Kurdak and Doğa Pınarlı Dedebaş, Paksoy
6. Marketplaces, Exchanges and Trading Platforms 6.1 Permissible Trading Platforms The sole trading platform for conventional capital mar - ket instruments in Türkiye is Borsa İstanbul (Istanbul Stock Exchange, BIST), which is a joint‑stock com - pany established under the CML and, in addition to capital markets legislation, is subject to BIST‑specific secondary legislation. BIST operates several markets and sub‑markets, including: • Equity Market, with sub‑markets such as BIST Stars, BIST Main, BIST SubMarket, Watchlist, Structured Products and Fund Market, Venture Capital Market, Commodity Market and Pre-Market Trading Platform; • Debt Securities Market, with sub‑markets such as Outright Purchases and Sales Market, Offer - ing Market for Qualified Investors, Repo-Reverse Repo Market, Repo Market for Specified Securi - ties, Equity Repo Market and International Bonds Market; • Derivatives Market (VIOP); and • Precious Metals and Diamond Markets. All of these markets are subject to listing, trading, clearing and settlement requirements under the rules of the CMB and BIST regulations, and all instruments must be cleared and settled through the authorised central systems. Crypto-assets are not traded on a centralised exchange like BIST, but may be traded on authorised platforms according to their own listing procedures. 6.2 Regulation of Different Asset Classes The current scope of crypto-asset regulations does not categorise crypto-assets into classes (eg, stable -
further developed by CMB Communiqués and princi - ple decisions. These secondary regulations cover a wide range of issues, including the establishment, operation and supervision of crypto-asset platforms, and impose obligations such as obtaining licences and authorisa - tions from the CMB. The implementation of licensing and compliance requirements is still ongoing. 6.4 Listing Standards For conventional capital market instruments such as equities and debt instruments, BIST operates as the relevant exchange and is subject not only to capital markets legislation but also to its own listing direc - tives, rules and requirements. By contrast, for crypto-asset platforms, the regula - tory framework requires platforms to establish a list - ing committee and to adopt listing procedures setting out the principles for determining which crypto-assets may be listed for trading and the conditions under which trading may be suspended or terminated. In addition, CMB Communiqués set out the general prin - ciples applicable to crypto-assets that may be listed and expressly identify certain types of crypto-assets that may not be listed. 6.5 Order Handling Rules For transactions executed on BIST, the exchange operates under its own order handling and trading rules, while investment firms transmit and execute cli - ent orders pursuant to the Communiqué on the Prin - ciples Regarding Investment Services, Activities and Ancillary Services. This framework sets out the princi - ples and obligations applicable to order transmission and execution, including the requirement for invest - ment firms to implement an order execution policy and to act in accordance with such policy when handling client orders. In parallel, crypto-asset platforms are required to (i) implement an order execution policy and (ii) execute client orders in a manner that delivers the best possi - ble outcome for the client, taking into account factors such as price, costs, speed, likelihood of execution and settlement, order size, custody and similar con - siderations. The content and minimum requirements
coins) subject to separate regulations. 6.3 Impact of the Emergence of Cryptocurrency Exchanges
Following the Regulation on the Non-Use of Crypto- Assets in Payments issued by the CBRT in 2021, a comprehensive regulatory framework for crypto- assets was introduced for the first time on 2 July 2024 through amendments to the CML and has since been
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