The third quarter of the year has seen many important changes in the Turkish capital markets, with the most significant ones taking place on the relevant markets of the Istanbul Stock Exchange (the “ISE”). The Capital Markets Board of Turkey (the “CMB”) amended the ISE stock market trading rules by creating company groups; the CMB announced voluntary delisting procedures; trading of brokerage firm warrants started on the ISE; and netting in settlements has been removed for certain stocks on the ISE.