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Phase 2 Complete: Turkey's Capital Markets Transformation .

Working with Nasdaq technology, Borsa Instanbul announces completion of 2nd phase of capital markets infrastructure project.

Phase 2 Complete: Turkey's Capital Markets Transformation

By Lars Ottersgård / Executive Vice President & Head of Market Technology, Nasdaq



Turkey’s capital markets infrastructure has undergone much change over the past few years – largely aimed at turning İstanbul first into a regional and then to a global trading and investment hub -. On January 20th, 2014, Borsa İstanbul announced their BISTECH Technological Transformation program, which would focus on modernizing and upgrading all of systems leveraged by Borsa İstanbul Exchange Group(Borsa İstanbul, Takas İstanbul and Merkezi Kayıt İstanbul), in addition to operational and organizational developments. Since this time, Borsa İstanbul has successfully renewed and replaced all of their equities technology with nine systems that support equities pre-trade risk management, trading, market data distribution, index calculation, clearing, post-trade risk management, settlement, market surveillance and market intelligence. Today, we are celebrating the go-live of the nine systems across the Borsa İstanbul Derivatives Market and are proud to say that the exchange is running both Equities and Derivatives from the same platform. Nasdaq commends Borsa İstanbul for their efforts to not only furthering a fair, transparent and open market, but to seeking to continually bolster the economic conditions of Turkey.

“The Derivatives Market has been transformed into a market in conformity with the international standards, which enables it to become a center of attraction for the foreign and/or multinational corporate investors, who may invest in with their current technologies,” Borsa İstanbul. You can read the market bulletin here to view more details.

Through our technology, Nasdaq is committed to helping clients transform the capital markets environment and meet their ambitions. Exchanges are truly fundamental to a country’s economic well-being and financial infrastructure. In order to increase investment and drive growth there must be a strong capital markets foundation. That strong capital markets foundation must have a strong technology backbone. With the new technological capabilities and improvements in place, Borsa İstanbul’s markets are more secure, high performing, and faster than ever before and have multi-instrumental structure and support.

Borsa İstanbul continues to decrease barriers by making the exchange group universally accessible to international investors. They are also better prepared to service increased investment opportunity with drastically improved scalability, reliability and flexibility across all asset classes. Through BISTECH, Borsa İstanbul has almost tripled capacity, improved throughput from 10,000 messages/second to 100,000 messages/second and increased order transmission speed with FIX standard protocols implement from 1 millisecond to 100 microseconds. Their intense drive will support their continued growth, create investment opportunities, spread wealth and fuel job creation as they move forward.

The BISTECH Technological Transformation Program continues forward with the transformation of the two remaining markets, with Debt Securities and the Precious Metals and Diamonds Markets to be completed in 2018.

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