The İstanbul Stock Exchange (İMKB) has added new regulations to its Code of Conduct, enabling it to disallow traders who are involved in speculative activities that make İMKB transactions less transparent and fair from trading for up to 180 days. The addition of Clause 24/A to Article 24 of the Code of Conduct was announced in the Official Gazette on Tuesday to implement the change in regulations.
According to the changes, the names of those involved in speculative activities will be released if their conduct is deemed by the İMKB board of directors to warrant such action or upon request from the Capital Markets Board (SPK).
Both boards have the authority to take all necessary steps to prevent the effects of speculation by traders or any other parties involved in the markets or holding shares. The board will be able to bar these traders from participating in the İMKB for up to 180 days, during which the traders will not be able to give or receive any instructions to operate on the İMKB, even through representatives.
Additionally, the identity of such individuals, including their official titles, will be listed by the İMKB in an official letter and will be announced by the Public Disclosure Forum (KAP).
These changes are being implemented to make the İMKB a more attractive place for international investors and companies as a strong, transparent İMKB will contribute to the achievement of a major long-term economic goal that was set by the ruling Justice and Development Party (AK Party) government in 2007 to develop İstanbul into an international financial center.
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Monday, 21 April 2014
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