Skip to nav Skip to main content

Measures on Investor Basis

Measures on Investor Basis

By its Circular no. 395, BIST clearly defines the orders and trades hindering the realization of trades on BIST Equity Market (except Exchange traded funds and warrants) in an open, orderly and fair manner, and introduces the measures to take against the investors engaged in such orders and trades.

Acts Against Open, Orderly and Fair Realization of Exchange Trades

Single party wash trades: During a session, simultaneous occurrence of the following conditions in any equity which is traded in a number equal to or higher than 50% of the BIST Equity Market average number of contracts during that session;

  • The number of wash traded contracts by an investor is equal to or higher than the total number of contracts in the same equity,
  • The total amount of washed trade by an investor is equal to or higher than 25% of the total amount of trades in the same equity,
  • The arithmetic average of the rate of the number of wash traded contracts by the investor to the total number of actualized contracts with the total wash traded amount by the investor to the total trade amount [arithmetic average of the rates described above under subparagraphs (1) and (2)] is equal to or higher than 40%,

Multiple split orders: During a session, simultaneous occurrence of the following conditions in an equity;

  • The investor, while there are passive orders sufficient to cover the orders in a single transaction, communicates same-way, same or higher priced, active orders which turn into such trades that create at least 5 contracts within 30 seconds or shorter,
  • The investor repeats the trade pattern as described under the subparagraph (1) for 25 or more times during a session, and the arithmetic average of the number of the contracts actualized under such a pattern is at least 25,
  • The ratio of the number of contracts as described under subparagraph (2) to the total number of contracts in the same equity is equal to or higher than 40% and the ratio of the former to the total number of orders which are communicated by the investor and turned into trade is equal to or higher than 80%

Applicable Measures

In case where BIST, as part of its supervision and audit work, finds out the investors who commit the acts described above, it will implement the five different measures described below.