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Borsa Istanbul: How the Turkish Stock Exchange Works

How Borsa Istanbul runs a trading day: sessions, the 10% price band, circuit breakers, T+2 settlement, and how a foreigner buys and is taxed.

ByAbdullah Habib
25 min read Updated: October 23, 2026
Summarize with:
Illustration: a bright modern exchange hall seen from a gallery, a wall-size board of coloured blocks and curves, rows of empty desks and tall windows onto a skyline with domes, minarets and a long bridge
Illustration: an exchange hall, with the wall board drawn as coloured blocks.

Borsa İstanbul’s equity market keeps a fixed routine: on full days, orders from 09:40, trading 10:00–18:00, closing session to 18:10. In the Stars and Main segments a share may move up to 10% in a day, and a 5% fall halts it for 10 minutes.

The short version

One exchange,
one daily routine.

  • The day: on a full business day orders are collected from 09:40, continuous trading runs 10:00–18:00 and the last trades at the closing price end at 18:10. On a half day continuous trading ends at 12:30 and the last trades at 12:40 (Borsa İstanbul, checked 20.10.2026).
  • The band and the halts: a share in the Stars or Main segment can trade up to 10% higher or lower than its base price. A 5% fall sends one share to a 10-minute order-collection auction, and a fall of 6% or more in BIST 100 halts the market for 10 minutes, once a day (Borsa İstanbul).
  • Settlement: T+2, the second business day after the trade, at Takasbank, with delivery versus payment (Borsa İstanbul).
  • A foreign investor: there are no restrictions on foreign portfolio investors. Use an investment firm authorised by the SPK; a non-resident individual needs a tax identification number (Borsa İstanbul, GİB).
  • Tax: for individuals, gains from shares traded on Borsa İstanbul carry 0% withholding, with exceptions, and dividends 15% (GİB, February 2026).

The Tape Desk

Slide the tape through a trading day, then move the price

The paper tape is the trading day. Hatched bands are order collection, when nothing trades yet; the punched circle is the moment a price is set; the ruled band is continuous trading. The auctions are stretched on the tape so that you can read them. Slide it under the brass window, or switch to a half day or a closed day. A glass tube at the foot of the desk shows the daily price band and the halts for an example price.

Full business day 09:40–18:10

  1. Opening call09:40
  2. Price set09:55
  3. Continuous trading10:00
  4. Limits18:00
  5. Closing call18:01
  6. Price set18:05
  7. Limits18:07
  8. Trades18:08

  1. 09:40–09:55

    Opening call. Orders are collected, and a theoretical price and quantity are shown. Nothing trades yet. Collection ends at a random moment within 30 seconds after 09:55.

  2. 09:55–10:00

    Opening price. One price is set by the single-price method and the matching trades run at it. The 09:55 on the timetable carries a plus sign: the time depends on how long the matching takes.

  3. 10:00–18:00

    Continuous trading. Orders are matched as they arrive. An order that finds an opposite order at a price it accepts trades at once, and the part that cannot trade waits in line by price, then by time.

  4. 18:00–18:01

    Closing limits. The price limits for the closing session are published. In the closing session an order’s price can differ by at most 3% from the last transaction price before it.

  5. 18:01–18:05

    Closing call. Orders are collected for the closing price. Nothing trades yet. Collection ends at a random moment within 30 seconds after the stated time.

  6. 18:05–18:07

    Closing price. The closing price is set and the matching trades run. The time again carries a plus sign on the timetable.

  7. 18:07–18:08

    Limits again. The price limits for trades at the closing price are published.

  8. 18:08–18:10

    Last trades. Trades are made at the closing price or the last price. The session ends here.

Half day 09:40–12:40

  1. Opening call09:40
  2. Price set09:55
  3. Continuous trading10:00
  4. Limits12:30
  5. Closing call12:31
  6. Price set12:35
  7. Limits12:37
  8. Trades12:38

  1. 09:40–09:55

    Opening call. Orders are collected, and a theoretical price and quantity are shown. Nothing trades yet. Collection ends at a random moment within 30 seconds after 09:55.

  2. 09:55–10:00

    Opening price. One price is set by the single-price method and the matching trades run at it. The 09:55 on the timetable carries a plus sign: the time depends on how long the matching takes.

  3. 10:00–12:30

    Continuous trading. Orders are matched as they arrive. An order that finds an opposite order at a price it accepts trades at once, and the part that cannot trade waits in line by price, then by time.

  4. 12:30–12:31

    Closing limits. The price limits for the closing session are published. In the closing session an order’s price can differ by at most 3% from the last transaction price before it.

  5. 12:31–12:35

    Closing call. Orders are collected for the closing price. Nothing trades yet. Collection ends at a random moment within 30 seconds after the stated time.

  6. 12:35–12:37

    Closing price. The closing price is set and the matching trades run. The time again carries a plus sign on the timetable.

  7. 12:37–12:38

    Limits again. The price limits for trades at the closing price are published.

  8. 12:38–12:40

    Last trades. Trades are made at the closing price or the last price. The session ends here.

Closed day

Closed

  1. No trading. The closed days and the half days of each year are set in Borsa İstanbul’s market holidays list.

The price band

The tube is one share’s day. The line in the middle is the base price, the red walls are the daily limits, and the brass dashes mark the point where the share’s own circuit breaker fires. The numbers are an example price in lira, not a real share.

+10%upper limit52.80Baseprevious close48.00−5%share breaker−10%lower limit43.2049.92
Example base price
48.00 TL
Price tick at that price
0.02 TL
Lower and upper limit
43.20 – 52.80 TL
Example price
49.92 TL (+4.0%)

Inside the band. The price is within 10% of the base price, so the share can trade at it today.

Breaker. A fall of 5% from the reference value (the latest call-auction price, or the base price) in continuous trading halts the share: orders are collected for 10 minutes, matching takes 2 minutes, and continuous trading resumes. The breaker works downward only, and the price is still inside the daily band.

Outside the band. The limits are the most the share can move from the base price in a day, so it cannot trade at this price today.

The index lever

BIST 100 against the previous close. Two notches matter: the first starts the uptick rule on short sales, the second halts the market.

0%−2%−6%−3%

Less than 2% down. Neither rule is running.

Uptick rule. After a 2% fall of BIST 100, short sales follow the uptick rule until the end of the session (the trigger was 3% before 1 September 2025).

Market-wide breaker. A fall of 6% or more from the previous close halts trading for 10 minutes in shares and 20 in warrants, certificates, ETFs and rights, once a day. From 17:30 on, trading stops and restarts with the closing session at 18:00. Continuous-trading shares restart with a 5-minute call auction and a 5-minute matching phase.

Times: Borsa İstanbul trading-hours tables for the Stars, Main and SubMarket segments, checked 20.10.2026. Rules: Borsa İstanbul Market Functioning and announcements, checked 23.10.2026.

What Borsa İstanbul is trading since 1873, and three shelves of shares

Borsa İstanbul is Türkiye’s securities exchange. Its markets cover shares and funds (the Equity Market), bonds and other debt (the Debt Securities Market), futures and options (the Derivatives Market, VIOP) and precious metals and diamonds. These times, limits and steps are the Equity Market’s.

Trading in Istanbul goes back to the Dersaadet Securities Exchange of 1873, fifty years before the republic.

  1. 1873The Dersaadet Securities Exchange is established.
  2. 1985The İstanbul Stock Exchange (İMKB) is established.
  3. 1989Decree 32: foreign investors may buy and sell all types of securities in Türkiye and repatriate the proceeds.
  4. 1993–94Computerised trading starts with 50 stocks in 1993; all stock trading goes online in 1994.
  5. 1995The settlement and custody company becomes Takasbank.
  6. 2013İMKB and the İstanbul Gold Exchange end as separate legal entities and merge under Borsa İstanbul.
  7. 2015Equity trading moves to the BISTECH platform.
  8. 2019The mid-day single-price sections are removed on 4 October.

Paper and stone

Three Ottoman-era securities and the İMKB building

  • A 5% bond certificate of the Société du Chemin de Fer Ottoman d’Anatolie in a grey-green frame, with the text in French, German and English1893
    Bond of the Société du Chemin de Fer Ottoman d’Anatolie, issued in Constantinople on 3 August 1893, for the Eskişehir–Konya line. Scan: EDHAC e.V., public domain, file page.
  • A 3% bond of the Compagnie du Chemin de Fer Ottoman for the Salonica–Constantinople junction, in green with French text on the left and Ottoman Turkish on the right1893
    Bond of the Compagnie du Chemin de Fer Ottoman for the Salonica–Constantinople junction, 23 March 1893: French text on the left, Ottoman Turkish on the right. Compagnie du Chemin de Fer Ottoman, 1893, public domain, file page.
  • A 4% Imperial Ottoman loan bond for the Baghdad Railway in red and green, with a large Ottoman tughra at the top and text in French, German and English1903
    Bond of the 4% Imperial Ottoman loan for the Baghdad Railway, first series, 1903, in French, German and English under the Ottoman tughra. Author unknown, 1903, public domain, file page.
  • The entrance of the İstanbul Stock Exchange building: grey granite blocks, a round teal emblem over a glass doorway and a sign with the exchange’s name2007
    The İstanbul Stock Exchange (İMKB) building, with the exchange’s emblem over the door. Photo: Thomas Steiner, 4 June 2007, Wikimedia Commons; CC BY-SA 2.5, file page.
İMKB logo
İMKB logo. Source: IMKB, Wikimedia Commons, 2012; public domain, file page.

Shares trade in segments. The Stars, Main and SubMarket groups depend on market-value and free-float criteria applied at listing, and the Watch List and the Pre-Market Trading Platform have their own rules.

The shelves of the Equity Market

Three main segments

  • StarsBIST 100, BIST 50 and BIST 30 are picked from this segment.
  • MainPart of the BIST 500, with the Stars and the SubMarket.
  • SubMarketPart of the BIST 500. Not on the list of shares open to margin trading and short selling.

Two other places

  • Watch ListTraded by the single-price method only, in auctions through the day.
  • Pre-Market Trading PlatformTraded by the single-price method only, in auctions through the day.

Source: Borsa İstanbul, Markets and Market Functioning. The A, B, C and D groups were abolished on 4 November 2019. Checked 20.10.2026.

Illustration: a large round brass gong hanging by cords in a wooden frame on a low podium in a bright foyer, a padded mallet leaning against the frame
Illustration: the gong that opens the trading day.

The opening gong

  • Each trading day, the exchange announces the start of trading to traders and the public by ringing a gong. In English the ceremony is also called bell ringing.
  • The ringing turns into a celebration when companies list for the first time, and on other important days.
  • Borsa İstanbul also offers the ceremony to companies and organisations whose shares are not listed, for occasions such as an anniversary or a product launch.

A trading day an auction at each end and a long run between

The main method on the Equity Market is continuous trading, supported by the single-price method in the opening and closing sessions. The tape holds the whole day: scroll it, or switch to a half day.

Opening
09:40–09:55 orders are collected, with a theoretical price and quantity shown. At 09:55 one price is set and the matching trades run; the plus sign beside 09:55 means the time depends on how long the matching takes. Collection stops at a random moment within 30 seconds after the stated time. For exchange-traded funds the opening collection runs 09:40–09:56.
Continuous trading
10:00–18:00. An order that finds an opposite order at a price it accepts trades at once, and the rest waits in line by price, then by time. The mid-day break, with its single-price sections between 13:00 and 14:00, was removed on 4 October 2019.
Closing
18:00–18:01 the price limits for the closing session are published, 18:01–18:05 orders are collected, at 18:05 the closing price is set and the matching trades run. 18:07–18:08 the price limits for trades at the closing price are published, and 18:08–18:10 trades are made at the closing price or the last price.
Half days
Continuous trading ends at 12:30. The closing parts then run 12:30–12:31, 12:31–12:35, 12:35 and 12:37–12:40 in the same order. Borsa İstanbul’s market holidays list marks these days “until 13:00”.
Watch List and Pre-Market Trading Platform
Single-price auctions only: collection 09:40–09:55 (price at 09:55), 10:00–12:55 (12:55), 13:00–13:55 (13:55) and 14:00–17:55 (17:55), then the closing parts of the full day. On a half day the second auction ends at 12:25.
Illustration: a brass ticker-tape machine under a glass dome on a wooden table, a blank strip of cream paper tape with sprocket holes curling into a basket
Illustration: a ticker-tape machine under glass.

What a limit order does

  • A limit order states a price and a quantity. If it cannot trade in whole or in part when it is entered, the unexecuted part waits among the pending orders of that share, in price and time order.
  • A market order states only a quantity and trades against the opposite orders on the book, nearest price first, until its quantity is used. In a call-auction phase a market order stays on the book until the matching.
  • A short sell order sells shares the seller does not own. It cannot be entered in the opening session.

The price band and the halts ten per cent, five per cent, six per cent

Each day a share has a base price: the previous day’s closing price, rounded to the nearest price tick. The daily limits sit 10% either side of it, and two circuit breakers and a set of volatility measures add pauses on top.

The Halt Ladder

How far a price can move in a day, and what stops it

One share, one dayexample base price 48.00 TL, tick 0.02 TL

  • +10% upper limit52.80 TL
  • 49.92 TL+4.0%: trades today
  • Base priceprevious close, 48.00 TL
  • −5% share breaker
  • −10% lower limit43.20 TL

Price tick by price range, TL (shares)

  1. from 0.010.01
  2. from 200.02
  3. from 500.05
  4. from 1000.10
  5. from 2500.25
  6. from 5000.50
  7. from 1,0001.00
  8. from 2,5002.50

The 10% limit holds for Stars and Main shares, ETFs, real estate certificates and real estate and venture capital funds, and stays in force until further notice. Limits round inwards, to a whole tick. In the closing session an order can differ by at most 3% from the last trade before it.

Market breakerBIST 100, once a day

  1. −2%short sales follow the uptick rule until the session ends
  2. −6%BIST 100 falls 6% or more from the previous close
  3. 10/20minutes halted: 10 for shares, 20 for warrants, certificates, ETFs and rights
  4. 17:30from 17:30 a trigger stops trading until the closing session at 18:00

Valid from 1 September 2025; the uptick trigger was 3% before. After a halt, continuous-trading shares restart with a 5-minute call auction and a 5-minute matching phase. Real estate and venture capital funds and commodity and real estate certificates halt for 10 minutes like shares.

  • 10%daily limit
  • 5%share breaker
  • 6%market breaker
  • 2%uptick rule
  • 3%closing session

Volatility measuresup to five one-month stages for one share

  1. Short selling and margin trading banned
  2. Gross settlement
  3. Order restrictions
  4. Single-price method
  5. No orders over the internet

Earlier stages stay in force. The exchange announces each measure on the Public Disclosure Platform after the market closes.

Rules from Borsa İstanbul: Market Functioning, announcement 2020/20 and the 2025 circuit-breaker announcement. The prices are an example, not a real share. Checked 23.10.2026.

The indices BIST 100, 50 and 30

An index is a list of shares with a rule for choosing and weighting them. Three of them, BIST 100, BIST 50 and BIST 30, are chosen from the Stars Market and sit one inside the other.

The Index Rings

Three indices, one inside the other

Tap a ring for its rule. The BIST 500 is a separate list, drawn from the Stars, Main and SubMarket segments, 500 shares in all.

BIST 100BIST 50BIST 30

  1. BIST 100

    100 shares picked from the Stars Market. It covers BIST 50 and BIST 30. If fewer than 113 shares qualify, a list of added shares announced by the exchange joins the pool.

  2. BIST 50

    50 shares from the Stars Market. It covers BIST 30.

  3. BIST 30

    30 shares from the Stars Market.

  • Ranking. By average free-float market value and daily average traded value over the review period.
  • Entry. A share must have traded on Borsa İstanbul for at least 60 days.
  • Reviews. On the last day of November, February, May and August.
  • Periods. January–March, April–June, July–September and October–December, announced at least 10 days before they begin.

Source: BIST Market Cap Weighted Stock Indices Methodology, September 2026 issue. Membership changes at each review, so no share names are given. Checked 20.10.2026.

After the trade one order, four desks

Illustration: a registry counter with a stack of blank-spined ledgers, one ledger open to blank ruled pages, and a rack of brass-and-wood rubber stamps beside an ink pad
Illustration: ledgers and stamps, the register at the end of the tube.

What happens on T+2

  • Takasbank is the central clearing and settlement institution for securities traded on Borsa İstanbul.
  • Settlement day is T+2, the second business day after the trade. Payments clear in same-day funds, and delivery goes against payment.
  • MKK holds the investor’s account, apart from the intermediary’s own accounts.

Follow one order

Send the order slip down the tube

A buy order passes four desks. Use the arrows to send the capsule on, or tap a desk. The rail underneath marks the days from the trade.

  1. Your investment firm
  2. Borsa İstanbul
  3. Takasbank
  4. MKK
  1. Tthe trade
  2. T+1
  3. T+2settlement

  1. Your investment firm

    The firm takes the order. A foreign investor should use an investment firm authorised by the Capital Markets Board of Türkiye (SPK), or invest through a local investment bank or intermediary that has access to Borsa İstanbul, in accounts held in each investor’s own name.

  2. Borsa İstanbul

    The exchange matches it. Buy and sell orders meet under the rules of the day: the sessions, the price band and the halts. This is trade day, T.

  3. Takasbank

    Takasbank settles it. Settlement day is T+2, the second business day after the trade. Takasbank settles one net amount per member, payments clear in same-day funds and delivery goes against payment. It acts as central counterparty, buyer against seller and seller against buyer.

  4. MKK

    MKK keeps the register. MKK is the Financial Accounts Center of Türkiye, and all investor accounts are fully segregated from those of the intermediary institutions.

Source: Borsa İstanbul, Settlement Principles and Investor Protection. Checked 20.10.2026.

How a foreigner buys a tax number, a licensed firm, an account

Foreign portfolio investors face no restrictions in the Turkish capital markets: people and companies living abroad can freely buy and sell securities and other capital-market instruments (Borsa İstanbul). Since Decree 32 of 1989 they may also repatriate the proceeds.

SPK logo
SPK logo. Source: Sermaye Piyasası Kurulu, Wikimedia Commons, 2021; public domain, file page.

The Passport Desk

Four stamps before the first order

Tap a ring to stamp it and read that step.

  1. 1Tax ID
  2. 2Licensed firm
  3. 3Recorded account
  4. 4First order

  1. A tax identification number

    A non-resident individual needs a tax identification number to invest in Türkiye’s financial instruments and to use double tax treaties (GİB). The tax office issues it against a notarised copy of the passport, or the original and a photocopy for the tax office to approve. Banks and investment firms can apply in bulk for customers who have none.

  2. A licensed investment firm

    Use an investment firm authorised by the SPK, which keeps a public list of the institutions allowed to operate in the capital markets and the activities each may carry out. Since MKK’s general letter of 8 May 2026, non-resident investors can send their account-opening papers to the firm digitally through MKK’s Central Document Management System (MDYS), including the application for a tax number; physical papers may follow later.

  3. An account recorded at MKK

    The account is recorded at MKK in the investor’s own name, apart from the firm’s own accounts.

  4. The first order

    The order then follows the day’s sessions, the price band, the halts and T+2.

Sources: Borsa İstanbul (First Time Investors), GİB, SPK, MKK. Checked 20.10.2026.

Illustration: a clerk’s desk with a plain navy travel booklet open to a cream page with four round red stamp imprints, a teal ink pad, a wooden rubber stamp and a brass lamp
Illustration: a booklet with four stamps, an ink pad and a rubber stamp.

What protection covers

  • The Investor Compensation Center (YTM) steps in when an investment firm fails to pay cash or deliver capital-market instruments it holds or manages for the investor. The upper limit per investor is raised each year.
  • It does not cover losses from investment advice or from price moves.
  • The SPK keeps a list of the institutions allowed to operate in the capital markets, and warns against anyone who collects money for use in the capital markets without its permission.

Tax three rates and a tax number

Three tax points matter to a foreign individual (GİB’s guide): gains from most shares carry 0% withholding, dividends 15%, and an investor who is not resident needs a tax number. Each stamp carries GİB’s own Turkish sentence beside its meaning.

The Tax Stamp Card

GİB’s guide for individuals, line by line

Each stamp carries GİB’s Turkish sentence under its meaning. The guide is for individuals and is dated February 2026.

  1. 0%Gains from shares

    The withholding rate on gains from shares is 0% for all individuals, resident or not (decision 2008/14272), and no annual or individual return is filed for these gains. The line covers shares (but not shares of securities investment companies), including broker warrants traded on Borsa İstanbul, futures and options on shares and share indices, and units of equity-intensive funds. Gains from shares acquired from 1 January 2006 on are subject to withholding under provisional article 67 of the Income Tax Law.

    Geçici 67 nci madde kapsamında tevkifat uygulamasına konu olan hisse senetleri ve bu hisse senedi endekslerine dayalı olarak yapılan vadeli işlem ve opsiyon sözleşmeleri, Borsa İstanbul’da işlem gören aracı kuruluş varantları dâhil olmak üzere hisse senetleri (menkul kıymetler yatırım ortaklıkları hisse senetleri hariç) ve hisse senedi yoğun fonların katılma paylarından elde edilen kazançlar için tevkifat oranı %0 olarak uygulanmaktadır.

    GİB § 12.2

    Gerçek kişilerin tevkifata tabi hisse senedi alım-satım kazançlarına uygulanan tevkifat oranı, 2008/14272 sayılı Bakanlar Kurulu Kararı uyarınca tüm tam ve dar mükellef gerçek kişiler için %0 olarak belirlenmiştir.

    GİB § 12.2

    1.1.2006 tarihinden itibaren iktisap edilen hisse senetlerinin alım-satım kazançları geçici 67 nci madde hükümleri çerçevesinde tevkifata tabidir.

    GİB § 12.2

    Söz konusu gelirler için yıllık veya münferit beyanname verilmeyecektir.

    GİB § 12.2
  2. 10%The exception

    Gains from disposing of shares of securities investment companies are subject to 10% withholding under the same article, so the 0% does not cover them.

    Dolayısıyla, menkul kıymetler yatırım ortaklıkları hisse senetlerinin elden çıkarılmasından doğan kazançlar geçici 67 nci madde kapsamında %10 oranında tevkifata tabidir.

    GİB § 22.1
  3. 15%Dividends

    Withholding of 15% is made under article 94 of the Income Tax Law when a dividend is paid, applied from 22 December 2024 under Presidential Decision 9286. The same applies to stock dividends (Borsa İstanbul, Taxation). Lower rates may apply under double tax agreements, and dividends of securities investment companies, real estate investment trusts, and venture capital companies and funds are taxed at 0%.

    Beyan edilen tutar üzerinden hesaplanan gelir vergisinden kâr payı ödemesi esnasında Gelir Vergisi Kanununun 94 üncü maddesine göre yapılan %15 (9286 sayılı Cumhurbaşkanı Kararıyla 22.12.2024 tarihinden itibaren uygulanmak üzere) oranındaki tevkifatın tamamı mahsup edilebilecektir.

    GİB § 12.1
  4. IDTax number

    A non-resident individual needs a tax identification number to invest in Türkiye’s financial instruments, directly or through a foreign portfolio manager, and to use double tax treaties. The tax office issues it against a notarised copy of the passport, or the original and a photocopy for the tax office to approve.

    Dar mükellef kişilerin, geçici 67 nci madde kapsamında Türkiye’deki finansal araçlara kendileri veya yurt dışındaki portföy yönetim şirketleri vasıtasıyla yatırım yapabilmeleri ve çifte vergilendirmeyi önleme anlaşmaları hükümlerinden yararlanabilmeleri için vergi kimlik numarası almaları gerekmektedir.

    GİB § 25

    Vergi kimlik numarası alınabilmesi için dar mükellef gerçek kişilerin pasaportlarının noter onaylı bir örneği ya da vergi dairesi yetkililerince onaylanmak üzere, aslı ve fotokopisini, … ilgili vergi dairesine ibraz etmeleri gerekmektedir.

    GİB § 25
  5. BulkThrough a firm

    Banks, investment firms and custodians can apply in bulk for foreign customers who come to trade and have no tax number, using the “Request Form for a Tax Identification Number for Foreigners”.

    Ayrıca, bankalar ve aracı kurumlar ile saklamacı kuruluşlar kendilerine işlem yapmak için müracaat eden ancak vergi kimlik numarası ibraz edemeyen yabancı müşterileri için, … “Yabancılar İçin Vergi Kimlik Numarası Talep Formu” nu doldurmak suretiyle toplu olarak vergi kimlik numarası alabileceklerdir.

    GİB § 25
  6. CertTreaty rate

    To use a double tax treaty, so that income is untaxed or taxed at a lower rate under it, the investor submits a residence certificate issued by the competent authority of their country, with a Turkish translation certified by a notary or a Turkish consulate. It goes in through a bank or investment firm, or straight to the tax office (the Boğaziçi Tax Office).

    Geçici 67 nci madde kapsamında Türkiye’deki finansal araçlara şahsi olarak veya yurt dışındaki portföy yönetim şirketleri vasıtasıyla yatırım yapan dar mükellef gerçek kişilerin, çifte vergilendirmeyi önleme anlaşmaları hükümlerinden yararlanabilmeleri (ilgili anlaşma hükümlerine göre vergilendirilmemesi veya düşük oranda vergilendirilmesi) için ilgili ülkenin yetkili makamları tarafından düzenlenen mukimlik belgesinin aslı ile Türkçe tercümesinin noterce veya bu ülkedeki Türk Konsolosluklarınca tasdik edilen örneğinin, banka ve aracı kurumlar vasıtasıyla veya doğrudan ilgili vergi dairesine (Boğaziçi Vergi Dairesi) ibraz edilmesi gerekmektedir.

    GİB § 25

Source: GİB, February 2026 guide for individuals (publication no. 598); Borsa İstanbul, Taxation. These are withholding rules, not advice, and rules can change. GİB checked 23.10.2026, Borsa İstanbul 20.10.2026.

Four quick checks

Check 1

Is trading open all day?

Answer

On a full business day orders are collected from 09:40, continuous trading runs 10:00–18:00 and the last trades end at 18:10. The mid-day break was removed on 4 October 2019.

Check 2

Can a price move without limit?

Answer

In the Stars and Main segments a price may move 10% either way from the base price in a day. A 5% fall in a share and a 6% fall in BIST 100 each halt trading.

Check 3

Does the exchange sell you shares?

Answer

A foreign investor should use an investment firm authorised by the SPK. Borsa İstanbul runs the market where orders are matched, and Takasbank settles them.

Check 4

Is BIST 100 the whole market?

Answer

BIST 100 holds 100 shares picked from the Stars Market. The BIST 500 takes 500 shares from the Stars, Main and SubMarket segments.

Quick answers

Which days is the market closed?

The closed days and half days are set each year in Borsa İstanbul’s market holidays list, which marks a half day “until 13:00”. The last trades of a half day are at 12:40.

Why did trading in a share stop?

A halt can come from the 5% share breaker, the 6% market-wide breaker, or a Volatility Based Measure the exchange applied to that share. The daily limits also stop trades at prices beyond 10% of the base price. The exchange announces measures on the Public Disclosure Platform after the close.

What does T+2 mean?

Settlement day is the second business day after the trade. Takasbank settles one net amount per member, in same-day funds, and delivery goes against payment.

Can a foreigner buy shares in Türkiye?

Yes. There are no restrictions on foreign portfolio investors trading in the Turkish capital markets (Borsa İstanbul). A foreign institutional or retail investor should use an investment firm authorised by the SPK, and a non-resident individual needs a tax identification number (GİB).

What is taxed?

For individuals, gains from shares traded on Borsa İstanbul carry 0% withholding, with shares of securities investment companies the exception at 10%, and dividends carry 15% withholding (GİB).

Is money protected if a firm fails?

The Investor Compensation Center covers claims arising when an investment firm fails to return cash or capital-market instruments it holds or manages for the investor. It does not cover losses from investment advice or price movements.

What is the rule on citizenship through investment?

Citizenship through capital-market investment needs at least USD 500,000 in real-estate or venture-capital investment fund shares, held for three years (SPK).

Sources

Open the source list
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  2. Equity Market, Market Functioning — Borsa İstanbul, checked 23.10.2026
  3. Announcement on the equity-based circuit breaker, the market-wide circuit breaker and the uptick rule — Borsa İstanbul, valid from 1 September 2025, checked 23.10.2026
  4. Changes in price limits, equity and derivatives markets — Borsa İstanbul, announcement 2020/20, checked 23.10.2026
  5. Settlement Principles — Borsa İstanbul, checked 20.10.2026
  6. First Time Investors — Borsa İstanbul, Investment Guide, checked 20.10.2026
  7. Investor Protection and Market Surveillance — Borsa İstanbul, Investment Guide, checked 20.10.2026
  8. Taxation — Borsa İstanbul, Investment Guide, checked 20.10.2026
  9. Milestones in Borsa İstanbul History — Borsa İstanbul, checked 20.10.2026
  10. Markets — Borsa İstanbul, Equity Market, checked 20.10.2026
  11. BIST Market Cap Weighted Stock Indices Methodology — Borsa İstanbul, September 2026, checked 20.10.2026
  12. Market holidays — Borsa İstanbul, checked 20.10.2026
  13. Gong Törenleri — Borsa İstanbul, checked 20.10.2026
  14. Bell-ringing Ceremony — Borsa İstanbul, checked 20.10.2026
  15. G.V.K. Geçici 67’nci Madde Uygulaması ile İlgili Olarak Gerçek Kişilere Yönelik Vergi Rehberi — GİB, Gelir İdaresi Başkanlığı, February 2026, publication no. 598, checked 23.10.2026
  16. Yurt Dışında Yerleşik Yatırımcıların Hesap Açım İşlemleri MDYS ile Hızlanıyor — MKK, Merkezi Kayıt İstanbul, checked 20.10.2026
  17. Genel Mektup 1067, Merkezi Doküman Yönetim Sistemi — MKK, 8 May 2026, checked 20.10.2026
  18. Aracı Kurumlar — SPK, Sermaye Piyasası Kurulu, checked 20.10.2026
  19. İzinsiz Sermaye Piyasası Faaliyetleri — SPK, checked 20.10.2026
  20. Koruma Kapsamı — Yatırımcı Tazmin Merkezi, checked 20.10.2026
  21. Yabancıların Yatırım Yapmak Suretiyle İstisnai Türk Vatandaşlığı Kazanımı — SPK, checked 20.10.2026

Article Information

Written by: Abdullah Habib
Published: November 1, 2022
Category: Investment

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