# Borsa Istanbul stock exchange: market cap, owners, markets

URL: https://fincodelabs.com/en/blog/borsa-istanbul-stock-exchange · Publisher: Fincode (Fincode Yazılım ve Teknoloji A.Ş.), Istanbul, Turkey · Category: Investing in Turkey · Published: 2026-11-06 · Updated: 2026-11-06

Borsa Istanbul stock exchange explained: total market cap, company counts, the four markets, regulator and owners, from official files dated 4 November 2026.

**Short answer:** **Borsa Istanbul** (BIST) is Turkey's stock exchange: a joint-stock company created under Capital Markets Law No. 6362 that runs the equity, debt securities, derivatives and precious metals and diamond markets, regulated by the Capital Markets Board (SPK). Its own files show a total market value of TRY 16.27 trillion, or USD 325.9 billion, and 694 traded companies and ETFs as of 4 November 2026. Türkiye Wealth Fund is the controlling shareholder, with 80.60% at 31 December 2025.

Yes, Turkey has a stock market, and it is called Borsa Istanbul. Figures for it age quickly, so everything below was read on 6 November 2026, mostly from files the exchange publishes itself, and the last section shows how to recheck a number.

This guide describes the institution. Practical steps are in [how to buy Turkish stocks](https://fincodelabs.com/en/blog/how-to-buy-turkish-stocks), session times in [Borsa Istanbul trading hours](https://fincodelabs.com/en/blog/borsa-istanbul-trading-hours-holidays) and data licensing in [Borsa Istanbul API and market data](https://fincodelabs.com/en/blog/borsa-istanbul-api-market-data). It names no company, and its figures are dated official values, not a market view or forecast.

## What is Borsa Istanbul, and when did it start?

Borsa Istanbul A.Ş. is a joint-stock company under private law, founded by Article 138 of Capital Markets Law No. 6362 to bring Turkey's exchanges under one roof.

**How Borsa Istanbul came to exist (exchange milestones page, 2013 annual report, Law No. 6362)**

| Date | Event |
| --- | --- |
| 1873 | Dersaadet Securities Exchange established |
| 1985 | Istanbul Stock Exchange (*İstanbul Menkul Kıymetler Borsası*, İMKB) established |
| 30 December 2012 | Law No. 6362 published in the Resmî Gazete; Borsa Istanbul founded under Article 138 |
| 3 April 2013 | Articles of association registered; İMKB and the Istanbul Gold Exchange end as legal entities and merge into Borsa Istanbul |
| 5 April 2013 | Official launch at a gong ceremony; index names change from İMKB to BIST |
| 5 August 2013 | The Turkish Derivatives Exchange (TURKDEX) merges with VİOP, making one derivatives platform |

Three start dates circulate because they mean different things. The exchange's about page says the company was founded on 30 December 2012, when the Law took effect; the 2025 annual report treats 3 April 2013, the registration date, as the establishment date; and 5 April 2013 is the public launch.

## What markets does Borsa Istanbul run?

Borsa Istanbul runs four markets on one trading platform, as its [investor guide](https://www.borsaistanbul.com/en/investment-guide/markets/equity-market) pages described them on 6 November 2026.

**The four Borsa Istanbul markets**

| Market | What trades |
| --- | --- |
| Equity Market (*Pay Piyasası*) | Shares and other equity instruments in segments including Stars, Main and Sub-Market, on a fully automated electronic system with T+2 settlement |
| Debt Securities Market (*Borçlanma Araçları Piyasası*) | Government and private debt securities, lease certificates (sukuk) and central bank liquidity bills in lira and foreign currency, plus repo, money market and swap segments |
| Derivatives Market, VİOP (*Vadeli İşlem ve Opsiyon Piyasası*) | Contracts on single stocks, indices, foreign currency, energy, commodities, precious metals, foreign indices, metals, TLREF and government bonds |
| Precious Metals and Diamond Market (*Kıymetli Madenler ve Kıymetli Taşlar Piyasası*) | Spot gold, silver, platinum and palladium, precious metal lending, and diamonds and precious stones |

A separate venue, the Private Market (*Özel Pazar*), has accepted members since 26 August 2014 and connects start-ups with qualified or angel investors without a public offering. Related guides cover [VİOP](https://fincodelabs.com/en/blog/viop-borsa-istanbul-derivatives), [BIST 100 and its USD series](https://fincodelabs.com/en/blog/bist-100-index-in-usd) and the [Borsa Istanbul Data Store](https://fincodelabs.com/en/blog/borsa-istanbul-data-store).

## Who regulates Borsa Istanbul?

The Capital Markets Board of Türkiye (*Sermaye Piyasası Kurulu*, SPK, also called CMB in English) is the regulator, and the exchange describes itself as a self-regulatory entity under private law. The Board's lists and sanctions are covered in [the SPK guide](https://fincodelabs.com/en/blog/turkish-capital-markets-board-spk).

- **Permission.** Article 65 of Law No. 6362 says the President authorizes setting up an exchange after a favorable SPK opinion, and that starting operations needs SPK permission. Article 138 treats registration of Borsa Istanbul's articles of association, which the SPK prepared and the responsible minister approved, as that permission.
- **Who can trade.** Members are intermediaries authorized by the SPK, such as brokerage firms and banks, according to the 2025 annual report; the exchange's [member list](https://www.borsaistanbul.com/en/members/member-list) also has categories for precious metal firms and currency offices. Foreign investors reach the market through these intermediaries.
- **After the trade.** Takasbank acts as central counterparty and the Central Securities Depository (MKK) keeps investor accounts segregated, according to the exchange's [investor protection page](https://www.borsaistanbul.com/en/investment-guide/investor-protection-and-market-surveillance). See [Borsa Istanbul T+1 settlement](https://fincodelabs.com/en/blog/takasbank-borsa-istanbul-t1-settlement) and [MKK](https://fincodelabs.com/en/blog/mkk-turkey-central-securities-depository).
- **Disclosure.** Companies publish notices on the [Public Disclosure Platform (KAP)](https://fincodelabs.com/en/blog/kap-turkey-public-disclosure-platform).

## Who owns Borsa Istanbul?

Türkiye Wealth Fund controls Borsa Istanbul, holding 80.60% of its shares at 31 December 2025, according to the exchange's 2025 annual report.

**Borsa Istanbul shareholders at 31 December 2025 (2025 annual integrated report)**

| Shareholder | Share |
| --- | ---: |
| Türkiye Wealth Fund | 80.60% |
| QH Oil Investments LLC, a wholly owned subsidiary of Qatar Investment Authority | 10.00% |
| Borsa Istanbul itself (shares bought back) | 2.39% |
| Turkish Capital Markets Association | 1.30% |
| Others: brokerage houses, banks, precious metal and foreign exchange companies, others | 5.71% |

The capital is TRY 423,234,000, divided into 42,323,400,000 shares of 1 kuruş each, according to the articles of association. The Treasury's shares passed to the fund under Cabinet decision 2017/9756, published in the Resmî Gazete on 5 February 2017. The corporate governance page, which carries no date, showed 2.40% and 5.70% for the buyback and other lines on 6 November 2026, so the annual report is the dated source. The report points to the website for the current structure, so check it before quoting a stake.

## Borsa Istanbul market cap: total value by segment

Borsa Istanbul's total market value was TRY 16.27 trillion, or USD 325.9 billion, on 4 November 2026, according to the exchange's market capitalization file.

**Market value on 4 November 2026 (Borsa Istanbul, eng_em_marketvalue.zip)**

| Segment | TRY billion | USD billion |
| --- | ---: | ---: |
| Stars Market (*Yıldız Pazar*) | 11,961.8 | 239.5 |
| Main Market (*Ana Pazar*) | 2,428.8 | 48.6 |
| Sub-Market (*Alt Pazar*) | 69.0 | 1.4 |
| Watchlist (*Yakın İzleme Pazarı*) | 33.4 | 0.7 |
| Pre-Market Trading Platform (*Piyasa Öncesi İşlem Platformu*) | 1,780.9 | 35.7 |
| **Total** | **16,274.0** | **325.9** |

Three details change how you read that total:

- **Not every traded line is in it.** The file's Venture Capital Market and Structured Products and Fund Market columns read zero on that date, so the count file's 32 Venture Capital Market companies and 36 ETFs add nothing to this total.
- **It is wider than the index universe.** The Pre-Market Trading Platform is 10.9% of the total, and the October 2026 [index methodology](https://www.borsaistanbul.com/files/bist-mcw-equity-indices-m-eng-2026-october-clean.pdf) excludes it, the Watchlist and the Venture Capital Market from every index.
- **The dollar figure follows the lira.** TRY 16,273,989 million ÷ USD 325,897 million = 49.9360, the same ratio for every segment and the central bank's USD forex buying rate in bulletin 2026/207 of 4 November 2026, so the dollar value moves with the exchange rate as well as with share prices.

**Total market value and traded companies and ETFs (Borsa Istanbul files, read 6 November 2026)**

| Date | Companies and ETFs | TRY trillion | USD billion |
| --- | ---: | ---: | ---: |
| End 2023 | 576 | 10.04 | 341.2 |
| End 2024 | 614 | 13.42 | 380.5 |
| End 2025 | 646 | 17.53 | 409.3 |
| End September 2026 | 692 | 17.68 | 361.2 |
| End October 2026 | 694 | 15.13 | 304.0 |
| 4 November 2026 | 694 | 16.27 | 325.9 |

The same file gives a price-earnings ratio of 11.51 and a dividend yield of 2.00%, dated 31 October 2026. They are shown as published, with no reading on valuation. Global index providers apply their own rules to Turkish shares, as the [MSCI Turkey index freeze](https://fincodelabs.com/en/blog/msci-turkey-index-freeze) shows.

## How many companies are listed on Borsa Istanbul?

694 companies and ETFs were traded on Borsa Istanbul's markets on 4 November 2026, or 658 without the 36 ETFs, according to the exchange's count file.

**Traded companies and ETFs by segment (Borsa Istanbul, eng_em_nocompetfs.zip, read 6 November 2026)**

| Segment | End September 2026 | End October 2026 | 4 November 2026 |
| --- | ---: | ---: | ---: |
| Stars Market | 276 | 149 | 149 |
| Main Market | 267 | 391 | 391 |
| Sub-Market | 46 | 46 | 45 |
| Venture Capital Market | 31 | 32 | 32 |
| ETFs | 35 | 36 | 36 |
| Watchlist | 18 | 21 | 22 |
| Pre-Market Trading Platform | 19 | 19 | 19 |
| **Total** | **692** | **694** | **694** |

The file counts what trades, not listings, so comparing it with a listings figure from another source can mislead.

### Why the Stars and Main counts jumped in October 2026

The Stars count fell by 127 and the Main count rose by 124 when a new segment distribution under amended rules took effect on 1 October 2026, while the total rose from 692 to 694. Revision 18 of the Equity Market Directive, dated 21 September 2026, added volatility and equity tests to Stars and turned the liquidity test into a trading cost in basis points; an announcement the same day published the distribution.

**Segment criteria, Equity Market Directive Article 37, revision 18 (21 September 2026)**

| Criterion | Stars | Main |
| --- | --- | --- |
| Market value | Over TRY 6 billion | Over TRY 1 billion |
| Free-float market value | Over TRY 1 billion | Over TRY 400 million |
| Free-float ratio | Over 10% | Over 10% |
| Domestic fund holdings | Over TRY 30 million | Not required |
| Liquidity cost | Under 500 basis points | Under 1,000 basis points |
| Volatility | Not in the highest tranche | Not required |
| Equity | Above the median of assessed companies | Not required |

The article also sets a free-float limit for shares with privileges and lists three exceptions. Any series of Stars or Main figures has a break at 1 October 2026: Stars market value went from TRY 14.64 trillion at end September to TRY 11.26 trillion at end October, and Main from TRY 1.20 trillion to TRY 2.31 trillion, and this file cannot separate reclassification from price moves. The October 2026 index methodology draws BIST 100 stocks from the Stars Market, 149 companies at end October against 276 at end September, and widens that pool only if fewer than 113 eligible stocks remain.

## BISTECH: the technology behind the exchange

All Borsa Istanbul markets run on BISTECH, a trading system based on Nasdaq's Genium INET that the exchange adopted through a strategic partnership signed with NASDAQ OMX in 2013.

**BISTECH migration, as listed on the exchange's technology page**

| Phase | Market | Date |
| --- | --- | --- |
| 1 | Equity Market | 30 November 2015 |
| 2 | Derivatives Market | 6 March 2017 |
| 2+ | Debt Securities Market, Precious Metals and Diamond Market | 2 July 2018 |

The exchange's technology page, read 6 November 2026, states a capacity of 100,000 orders per second and latency under 100 microseconds in normal conditions; those are its own figures, not tested here. Order entry uses FIX and OUCH, and market data uses ITCH and TIP, as covered in [the market data guide](https://fincodelabs.com/en/blog/borsa-istanbul-api-market-data).

## How to recheck these Borsa Istanbul numbers

Both headline numbers come from free zip files on the exchange's [Consolidated Data](https://www.borsaistanbul.com/en/data/consolidated-data) page, each holding one Excel workbook.

**Where each figure sits, as the files looked on 6 November 2026**

| Figure | File | What to read |
| --- | --- | --- |
| Market value | [eng_em_marketvalue.zip](https://www.borsaistanbul.com/datum/eng_em_marketvalue.zip) | Last data row; columns Total (TL Million) and Total (USD Million) |
| Companies and ETFs | [eng_em_nocompetfs.zip](https://www.borsaistanbul.com/datum/eng_em_nocompetfs.zip) | Last month row; column General Total |

- **Read the footnote first.** It gives the as-of date, written US style (11/04/2026 means 4 November). The price-earnings ratio and yield carry their own, earlier date.
- **Month names stay Turkish.** The English file labels rows Ekim and Kasım, for October and November.
- **Year rows come first.** The count file lists one row per year, then the current year's months.
- **Old segments are not comparable.** The files note that the Structured Products and Fund Market replaced an earlier market on 4 November 2019, and that the Equity Market for Qualified Investors became the Venture Capital Market on 24 January 2024.

> **Worked check, using the official figures above:** 11,961,816.8 + 2,428,809.0 + 69,018.8 + 33,414.3 + 1,780,930.4 = 16,273,989.3 million lira, the file's total for 4 November 2026. If your sum does not match on a later date, look for a column that is no longer zero or a new segment column.

Quote the date with any figure you reuse, because these files can change daily.

## Frequently asked questions

### What is the Turkish stock exchange called?

Borsa Istanbul, abbreviated BIST. It replaced the Istanbul Stock Exchange (IMKB) and the Istanbul Gold Exchange when its articles of association were registered on 3 April 2013, and it launched publicly on 5 April 2013.

### Does Turkey have a stock market?

Yes. Borsa Istanbul runs equity, debt securities, derivatives and precious metals markets, with 694 traded companies and ETFs on 4 November 2026.

### What is the total market cap of Borsa Istanbul?

TRY 16.27 trillion, or USD 325.9 billion at the central bank's USD buying rate, as of 4 November 2026, according to the exchange's market capitalization file.

### How many companies are listed on Borsa Istanbul?

The exchange's file counted 694 traded companies and ETFs on 4 November 2026: 658 companies and 36 ETFs. It counts what trades across all segments, including the Pre-Market Trading Platform and the Venture Capital Market.

### Who owns Borsa Istanbul?

Türkiye Wealth Fund, with 80.60% at 31 December 2025, and QH Oil Investments, owned by Qatar Investment Authority, with 10.00%, according to the 2025 annual report.

### Can foreigners invest on Borsa Istanbul?

Yes. The exchange's history page dates this to Decree 32 of 1989, which allowed foreign investors to buy and sell Turkish securities and repatriate the proceeds. Orders go through authorized intermediaries, and tax treatment depends on the instrument and the investor's tax residence.

## Sources

- [Borsa Istanbul: Equity Market, Market Capitalization file (figures as of 4 November 2026; ratios as of 31 October 2026)](https://www.borsaistanbul.com/datum/eng_em_marketvalue.zip)
- [Borsa Istanbul: Number of Companies and ETFs Traded on the BIST Markets file (figures as of 4 November 2026)](https://www.borsaistanbul.com/datum/eng_em_nocompetfs.zip)
- [Borsa Istanbul: About Borsa Istanbul](https://www.borsaistanbul.com/en/corporate/about-us)
- [Borsa Istanbul: Investment guide, Equity Market (segments, trading methods, T+2)](https://www.borsaistanbul.com/en/investment-guide/markets/equity-market)
- [Borsa Istanbul: Milestones in Borsa Istanbul History](https://www.borsaistanbul.com/en/corporate/about-us/milestones-borsa-istanbul-history)
- [Borsa Istanbul: 2013 Annual Report (launch and TURKDEX merger)](https://borsaistanbul.com/files/2013-annual-report.pdf)
- [Borsa Istanbul: 2025 Annual Integrated Report (shareholders at 31 December 2025, Note 1)](https://www.borsaistanbul.com/files/2025-annual-integrated-report.pdf)
- [Borsa Istanbul: Corporate Governance page (shareholder structure, undated)](https://www.borsaistanbul.com/en/investor-relations/corporate-governance)
- [Borsa Istanbul: Articles of Association](https://www.borsaistanbul.com/files/bias-articles-of-association.pdf)
- [Borsa Istanbul: BISTECH Technology](https://www.borsaistanbul.com/en/bistech-technology)
- [Borsa Istanbul: BIST Market Cap Weighted Stock Indices Methodology, October 2026 (sections 2.14, 3.1 and 6.1)](https://www.borsaistanbul.com/files/bist-mcw-equity-indices-m-eng-2026-october-clean.pdf)
- [Mevzuat: Capital Markets Law No. 6362, Articles 65 and 138 (Turkish)](https://www.mevzuat.gov.tr/mevzuatmetin/1.5.6362.pdf)
- [Borsa Istanbul: Equity Market Directive, revision 18 of 21 September 2026, Article 37 (Turkish)](https://www.borsaistanbul.com/files/borsa-istanbul-as-pay-piyasasi-yonergesi.pdf)
- [Borsa Istanbul: Announcement of 21 September 2026 on segment distribution from 1 October 2026 (Turkish, with English annex)](https://borsaistanbul.com/files/Duyuru_21092026.pdf)
- [TCMB: Indicative exchange rates, 4 November 2026, bulletin 2026/207](https://www.tcmb.gov.tr/kurlar/202611/04112026.xml)

> This guide is general information, not investment, legal or tax advice. Amounts, rates and rules in Turkey change often: check the date given for each figure and the official source before you rely on it, and ask a licensed adviser about your own situation. Sources, checks and corrections: see the [editorial policy](https://fincodelabs.com/en/editorial-policy).

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Published by Fincode (Fincode Yazılım ve Teknoloji A.Ş.), a software company in Istanbul, Turkey: https://fincodelabs.com/en/blog/borsa-istanbul-stock-exchange

Cite as: Fincode, "Borsa Istanbul stock exchange: market cap, owners, markets", updated November 6, 2026, https://fincodelabs.com/en/blog/borsa-istanbul-stock-exchange