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United Kingdom & Europe Stock Loans CMB (SPK) TRY

Turkey Stock Loans against Borsa Istanbul shares

A stock loan against shares you hold on Turkey’s principal equity venue — for family offices, founders and controlling shareholders, without selling a single share.

01 · Process
How it works

From enquiry to funding.

—StageWhat happensTiming
01Confidential enquiryThe holding and the objective, shared under NDA through a secure channel.Day one
02Indicative termsStructure, sizing and indicative pricing returned against the position.1–2 days
03Structuring & documentationKYC, share and market review; terms formalised under institutional documentation alongside your counsel.1–2 weeks
04Custody & fundingPledged shares held at a qualified custodian; collateral secured and proceeds released.On completion
02 · The Market
United Kingdom & Europe

Turkey equity markets.

A Turkey stock loan lets a founder, family holding company or controlling shareholder raise cash against a position listed on Borsa İstanbul without selling it, without surrendering voting control, and while remaining the beneficial owner until the facility is repaid. The structuring pivot is the lira: TRY is a free-floating, historically volatile currency with no peg, so most cross-border borrowers draw the loan in US dollars or euros against the TRY-listed line and hedge the currency and settlement legs expressly.

What shapes a Turkish facility is the disclosure regime and the depth of the name. Under the Capital Markets Law No. 6362 and the CMB (SPK) communiqués, crossing 5%, 10%, 15%, 20%, 25%, 33%, 50%, 67% or 95% of a listed company’s voting rights is notifiable, with the filing routed through the Central Registry Agency within the prescribed window — and a security interest can itself alter a notifiable position, so the pledge is sequenced around that. Liquidity rarely constrains BIST 30 constituents, where free float and turnover support a higher loan-to-value; it weighs more on thin BIST SubMarket names. Shares settle T+2 through Takasbank, which governs when the pledge is perfected and the loan drawn.

Turkey stock loans at a glance:

Listed venueBorsa İstanbul (BIST)
RegulatorCapital Markets Board of Türkiye (CMB (SPK))
CurrencyTRY
SettlementT+2
Disclosure threshold5%
Principal indicesBIST 100, BIST 30
StructureNon-recourse, limited- or full-recourse

Regulatory references are published for general orientation and are not legal advice.

03 · Exchanges
One Venue

Each Turkey exchange, covered.

BIST · Istanbul

Borsa İstanbul

Formed in 2013 from the consolidation of the Istanbul exchanges, bridging European and Middle Eastern capital. Single-stock turnover is high; lira volatility is the central structuring consideration for a TRY-denominated pledge.

View Borsa Istanbul →
04 · FAQ
Turkey · Stock Loans

What holders ask about Turkey.

01Does a share pledge in Turkey have to be disclosed to the CMB?
It can. Under the Capital Markets Law No. 6362 and CMB communiqués, crossing 5% of a listed company’s voting rights — and successive thresholds up to 95% — is notifiable, with the filing routed through the Central Registry Agency within the prescribed window. A pledge can shift a notifiable position, so we map the exact disclosure and timing to your holding before anything is executed.
02Can I borrow in US dollars against Borsa İstanbul-listed shares?
Yes, and most cross-border clients do. The Turkish lira floats freely with no peg and has been volatile, so a USD or EUR facility drawn against a TRY-listed line carries real residual currency risk. Black Haven sets the hedging, margining and settlement mechanics out expressly in the documentation so the currency leg is managed rather than left open.
03How much can I borrow against Turkey-listed shares?
The loan-to-value is set to your holding — its free float, daily traded volume, volatility, and your own regulatory standing. A large-cap with deep free float supports a higher LTV than a thin mid-cap, and a non-recourse structure runs lower than a full-recourse one on the same stock. We quote indicative ratios only after reviewing the position.
04Which Turkey exchanges can I borrow against?
We cover Borsa İstanbul (BIST). Financing is arranged against shares listed there; which venue applies depends on the issuer’s primary listing and how the holding trades.
05What currency can the facility be drawn in?
The default is TRY, the listing currency. Cross-currency structures — drawing a USD or EUR loan against the position — are common, and bring hedging, settlement and tax points we set out expressly in the documentation.
06Who regulates these transactions in Turkey?
Capital Markets Board of Türkiye (CMB (SPK)) is the principal regulator. Black Haven Investments lends as principal; lending and any regulated activity are conducted by, or through, appropriately licensed or registered entities in the relevant jurisdiction.
07What is the settlement cycle on Turkey exchanges?
Equities listed on Borsa İstanbul (BIST) generally settle on T+2. The settlement cycle governs when the pledge over the shares is perfected and the loan can be drawn, so we align the funding mechanics to it.
08At what level does a shareholding become disclosable in Turkey?
The principal threshold is 5%, under Disclosure of material holdings under the Capital Markets Law No. 6362 and the CMB communiques, overseen by CMB (SPK). Crossing it — in either direction — triggers a notification, and a pledge can itself be relevant; we map the exact levels to your holding before anything is executed.
09Can a foreign or offshore holder pledge Turkey-listed shares?
Generally yes. The shares sit with a qualified custodian and are pledged to secure the facility; any foreign-ownership limits or registration requirements turn on the issuer and sector, and we check them against your specific line at the structuring stage.
10How long does it take to arrange a stock loan in Turkey?
Indicative terms typically follow within one to two business days of a confidential enquiry. Documentation and funding usually complete within about three weeks, depending on custody onboarding and the size of the position.
05 · Adjacent Markets
United Kingdom & Europe

Countries adjacent to Turkey.

United Kingdom · Europe (Euronext) · Germany · Switzerland · Italy · Spain · Sweden · Finland · Denmark · Poland · Austria · Norway

All countries →

Guides

Related guides.

Fundamentals

How Much Can You Borrow Against Your Shares?

There is no flat figure. The advance against listed shares is set to the specific holding, driven by liquidity, volatility, concentration, your regulatory standing and the recourse profile you choose.

Read → Risk

What Happens If Your Stock Falls During a Loan?

If your pledged shares fall in value during a loan, what happens depends entirely on the structure you agreed at the outset — recourse facilities can call for a top-up, non-recourse facilities cannot.

Read → Process

How to Get a Stock Loan: The Process, Step by Step

Getting a stock loan runs through five disciplined stages: a confidential enquiry, indicative terms, documentation, custody and pledge, then funding under a single accountable principal.

Read →

A particular Turkey holding to talk through?

Send a confidential enquiry, and a senior principal will reply within one business day.

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