New financial support for intermediary institutions was unveiled by Turkey’s stock exchange Borsa Istanbul (BIST) on Monday that aims to encourage the production of more research reports.

The move will help Borsa Istanbul boost confidence in the capital markets, back healthy price formation and enhance financial literacy, the company said in a statement.

The program was launched in cooperation with the Capital Markets Board of Turkey (TSPB).

Commenting on the program, Hakan Atilla, the managing director of the Istanbul stock exchange, said that intermediary firms are responsible for providing investors access to accurate information, while a good research report is a difficult and costly process, which is the result of the long-term labor of an experienced analyst. Therefore, he said the focus is on a relatively limited number of shares.

"As the number of individual investors increases, the publication of research reports covering more companies is very important for the right investment decisions and healthy pricing," said Atilla.

The alternatives of the corporate and individual investors are expanding as the liquidity of the stock exchange increases, he also said, noting that in light of these developments, the stock exchange will provide financial support to brokerage houses to produce more research reports on main market and submarket companies prepared in accordance with the standards set by the TSPB.