While Turkey’s capital markets have been electronic for some time, until recently, its Borsa
Istanbul exchange was relying on dated proprietary platforms for trading in fixed income, equities, derivatives and precious metals. The platforms were developed before the advent of high speed trading and cannot support the attendant volumes associated with algorithmic or high frequency
trading (HFT). A desire to attract both HFT and hedge funds has made it necessary for Borsa Istanbul to upgrade its trading platform. Fortunately, its partnership with NASDAQ OMX will allow the exchange to migrate to NASDAQ’s platform. As part of this effort, the Borsa also plans to upgrade its existing FIX messaging infrastructure.
This paper explains Turkey’s approach to the upgrade.
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