The Creation, Development and Operation of the Istanbul Stock Exchange: 17.World Congress of Accountants (WCOA)

Research output: Chapter in Book/Report/Conference proceedingConference contribution


The origins of the country’s stock exchanges extend to the time of the Ottoman Empire. Following the conquest of İstanbul in 1453, and with the aim of strengthening economic and political ties, a number of banks installed in the Galata district were permitted to carry on with their business and went unhindered provided they paid taxes and accorded with legal requirements. During the Ottoman period, these banks gained greater power and acquired an important role in the wider diffusion of financial activities and in taking on the state’s foreign debt.

Following the proclamation of the Republic of Turkey in 1923, the effects of the First World War rendered it difficult for Turkey’s capital market to re-capture the dynamism it had exhibited in the Ottoman period. The capital market began to pick up speed in the 1960s when the stock exchange’s aggregate capital reached a significant level, the issuance of corporate shares and government stocks increased. However, as a result of both an inadequate legal and regulatory order and the inability of the capital market to meet the needs placed upon it, no significant development was to be achieved.

It wasn’t until the 1980s and the 24th January decisions’ implemenation of a liberal, free market economy that the development and access to foreign investors of Turkey’s capital market displayed considerable progress. During this period, the framing and enactment of an adequate regulatory and legal framework accelerated the process of the capital market’s development. The establishment of the Istanbul Stock Exchange in 1985 was to prove an important turning point in the development of Turkey’s capital market. This organisation has moved in a positive direction due to its first rate infrastructure and its use of high tech capabilities. It has developed into a focal point of interest for foreign capital markets and has allowed the the Istanbul Stock Exchange (ISE) to assume the profile of a stock exchange which is a powerful player in global competition.
Original languageEnglish
Title of host publicationİstanbul Serbest Muhasebeci Mali Müşavirler Odası (İSMMMO) Yayını
PublisherIstanbul Chamber of Certified Public Accountants Publications, Mali Çözüm Journal
EditionPrivate Edition
Publication statusPublished - Nov 2006


  • The Stock Exchange in Turkey, Development of the Istanbul Stock Exchange, Creation of the Istanbul Stock Exchange, Operation of the Istanbul Stock Exchange.


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