The Istanbul Stock Exchange Market is replacing the order processing system it has used for the past 22 years with a new project called "BISTECH" in coordinated efforts with Nasdaq. The new system will be commissioned initially in the stock market's processing and exchange systems, starting Monday. BISTECH will bring together various new applications and will also increase the order processing speed of the stock market. One of the main changes will be abandoning the two-session system and replacing it with a single-session system. Tuncay Dinç, the general manager of the Istanbul Stock Exchange spoke to Anadolu Agency about the new system, pointing out that as the processing speed in the market will increase by nearly 10-times, a few problems could be encountered on day one. He underlined that this day "will be a milestone," considering how difficult it is to change stock exchange systems due to their complex infrastructure and use of the previous system since 1993. Dinç also pointed out that, since 2009 and shifting target toward turning Istanbul into a financial center, various changes have been implemented according to the target set; including the changes the Capital Market Board has undergone and now, the new system has become a prerequisite for turning the Istanbul Stock Exchange into a global stock exchange. "It is not possible to go forward with the current system. Therefore, we need a system that can meet global demand and, as a result of the works and research being carried out, we will not be implementing the new system, BISTECH, which is our own technology, in our stock exchange market," said DinçThe system will then be implemented in the equity market, and Takasbank will start using the new system. In the second phase, the new system will be commissioned in the debt instruments, futures and options exchanges and precious metals and diamond markets.Dinç said that the system will integrate various transactions from data publishing to surveillance and risk management to market transactions swaps; therefore, ensuring a more cost-effective and fast system for the future. On Monday, the speed of processing will increase 10-fold, from 1 millisecond to 100 microseconds and with further improvements, the speed will be 60 microseconds within the next few months. "This means that in terms of processing speed, we will be able to compete with the leading exchanges including the London Stock Exchange Market, the German Market and stock exchange markets in the U.S.," Dinç said.The new system will offer easier access to personal investors as it eliminates the need for brokers, telephone connections and other tools. "Now, with this new technology we are implementing, it will be as easy as just pressing a few buttons on your mobile phone to have access to the market. Now, we will speak the same language with the world," added Dinç.He said that "this system will attract more personal investors, enable fairer pricing and win the trust of investors as the systems are new and more reliable." However, Dinç also highlighted the importance of administrative, tax-related and other various regulations that need to support this state-of-the-art technology and deemed this as the first step, leading to further steps being taken with various other legal and administrative entities. As of Monday, only one session will take place at the stock exchange and public sales will be suspended for one hour at noon; meaning orders will be collected using a single price. He stressed that some problems might occur during the first implementation of the system, which should be considered normal due to the complex nature of the infrastructure. "Together with our teams, the technical teams from Nasdaq will also be prepared to deal with any issues and people should not panic about small problems. We will be inexperienced on the first day as we are switching to a completely new system; however, we will quickly begin to reap the benefits of this system," Dinç said.He further said that while transfers will commence as of Friday night, the key to commission the system will be turned on Monday morning.