ANKARA(BullionStreet) : After country's gold trade with Iran almost ended with tougher sanctions around, Turkey is planning to make it's capital a major regional financial centre.

As part of the move, Turkey's Istanbul Stock Exchange is to merge with the country's gold and derivatives exchanges ahead of a plan to privatize the bourse.

According to ISE, the merger of the stock market with Gold Exchange and Derivatives Exchange will formally take effect in June. New financial products and markets will also be launched, he added.

The move will create a combined entity called Bourse Istanbul, but the separate entities will start trading under a single management two months earlier.

Istanbul Stock Exchange introduced single stock futures in December. The bourse plans to introduce index options in the second quarter of 2013 and foreign exchange options will start trading in 2013.