On April 5, 2013, the Istanbul Stock Exchange (IMKB), the Istanbul Gold Exchange and the Derivatives Exchange of Turkey merged to become Borsa Istanbul (BIST), in what could be a historic move within the financial markets. According to Ali Babacan, Turkey's deputy prime minister, who is responsible for the economy, Borsa Istanbul's establishment is not only an important step for Turkey, but for the surrounding region, too. He is confident that in the next 10 years, the exchange will grow to compete with those in London and Frankfurt.
“In a sense, we have given Istanbul the chance it deserves,” says Mr Babacan. He believes that Turkey's new exchange is in a good position, given Istanbul's strategic geopolitical location and its history of linking trade between the East and West.
