Istanbul Stock Exchange
The Istanbul Stock Exchange (ISE) is the only forum for publicly-traded securities in Turkey and was established in 1986. Exchange members include development banks, commercial banks and brokerage houses and facilitate the trade of bonds and bills, private-sector bonds, revenue-sharing certificates, equities, foreign and international securities and real-estate certificates. The ISE was accepted into the World Federation of Exchanges in 1992 and embraces technology in 1993 when it began computerized stock trading with 50 stocks. The ISE is largely self-regulated and has its own budget. The executive council governs the ISE's affairs and consists of a chairman and CEO along with four other council members representing each category of exchange members. The CEO and chairman are selected by the General Assembly, comprising all exchange members, for a term of five years. The General Assembly is the decision-making body for the ISE and renders decisions on matters of ISE administration. The ISE is currently undertaking the Ex-API project, in which members can submit orders directly to the ISE forum from their home computers and receive immediate responses. This system, which is still in later degrees of the testing phase, is meant to cut down on time losses between the time that customers submit orders via the Internet and the time that they are transferred manually into the system. As well as being a premier securities exchange, the ISE also endeavors to contribute to Turkey's rich cultural climate. The ISE's Art Gallery hosts exhibitions of local arts throughout the year. The ISE also maintains the ISE Conference Hall, which is not only used for local and international conferences but also for musical and theatrical productions, all of which are open to public. The ISE is also the main sponsor of the Istanbul International Film Festival. The ISE is recognized the Securities Exchange Commission (SEC) of the United States, the Japan Securities Dealers Association (JSDA) and the Austrian Ministry of Finance. In addition, the ISE is a member of the following organizations: World Federation of Exchanges (WFE); Federation of Euro-Asian Stock Exchanges (FEAS); International Securities Services Association (ISSA); International Capital Market Association (ICMA); European Capital Markets Institute (ECMI); World Economic Forum (WEF); International Organization of Securities Commissions (IOSCO).