Istanbul’s place in the global financial system has become regionally prominent as Turkey has opened up to a globalizing economy since the 1980s. The AKP government now wants to not only entrench Istanbul’s status as an attractive emerging market but also make Istanbul a globally important financial services centre. For this, a project of reforms, initiatives and building work has recently been put in motion. The article contextualizes this project by looking at the politics, economy and markets nexus in Turkey since the 1980s. It then reviews the project’s progress in various domains and comments on its future by taking cues from recent political turns in the AKP leadership concerning economy and financial system.