Istanbul launches first phase of new tech to reach global audience

Two-year partnership between Borsa Istanbul and Nasdaq bears fruit as first phase of technology platform goes live.

Borsa Istanbul has begun using Nasdaq’s technology suite, adopting applications across trading, clearing and market data.

The Turkish exchange group, which is positioning itself as the “capital market hub for the Eurasia region”, is using nine different Nasdaq technologies under its BISTECH initiative, which is a series of steps to make the country’s capital markets more globally competitive.

Tuncay Dinç, CEO of Borsa İstanbul, said: “I am confident that our combined know-how, powered by one of the most advanced technology suites available in the world today, will consistently offer a cutting edge trading experience to customers worldwide with greater opportunity, innovation and flexibility. BISTECH transformation is a huge step for Borsa İstanbul on the path toward our vision of becoming a global player.”

This initial implementation of the technology will see clearing and settlement for equities launch first, however Borsa Istanbul and Nasdaq will continue to roll out other services including for trading, market surveillance and data and with the aim of adding derivatives, debt securities and precious metals in the future.

Nasdaq said its partnership with Borsa Istanbul has been one of the most complex it has managed to date as assists the exchange operator in achieving its goal of becoming a major capital centre. The work is the culmination of two years of cooperation since the firms announced their partnership in 2013, which saw Nasdaq take a 5% stake in Borsa Istanbul.