BIST VIOP Most Change O_ISCTRE1217C4.75 % -100,00 O_ISCTRE1217C4.75 % -100,00 O_ISCTRE1217C4.75 % -100,00 O_ISCTRE1217C4.75 % -100,00 O_ISCTRE1217C4.75 % -100,00 Highest Open Position O_ISCTRE1217C4.75 00


Correction of Erroneous Trades (Mistyped Account Numbers)

The correction of trading errors associated with mistyped account numbers is the process of forming new transactions at trading system to allow the positions/open orders to be transferred to correct account by the member itself using the clearing workstation.

The workflow concerning the correction of erroneous trades executed faulty as a result of the mistyped account numbers for the orders placed on the trading system shall be conducted on clearing workplace by member/s’ user.

Trade Cancellation

Without prejudice to the provisions of Article 33 of the Regulation, trades that occur due to erroneous order(s) may be canceled by the Exchange under the following rules.

a) Erroneous trade/trades shall be executed as a result of one of members’ erroneous order at least.
b) All requirements stated below shall be fulfilled in time of cancellation request since erroneous trade/trades may be subject to cancellation.

i. Application Period For Erroneous Trade Cancellation: Application for erroneous trade cancellation can be made within 15 minutes from the time the trade is executed.
ii. Required Information In Application For Erroneous Trade Cancellation: Order number, contract and account number relating to erroneous trade/trades shall be submitted during the application period. Trade number, price and trade quantity of erroneous trades executed as a result of the related order are also required.
iii. No Bust Range: Trades executed at the prices that are out of no bust range which are calculated by using reference price can be subject to cancellation. No bust ranges are stated below table on the related contract basis.


Contract Class

Price Change Calculated from Reference Price

BIST30 Index and Single Stock Futures

+/- 5%

Currency Futures

+/- 3%

Other Futures Contracts

+/- 4%

All Call and Put Options

Maximum of +/-50% of premium price or market maker maximum spread defined for the related contract

iv. Minimum Loss Amount Generated As A Result of Trade/Trades Which Is/Are Subject To Cancellation: Minimum loss amount calculated by comparing reference price and prices of trade/trades subject to erroneous trade cancellation shall be TRY 1,000.

v. Reference Price: Reference price shall be used for determining no bust range and calculation of the loss amount generated from erroneous trade;

1. For the nearest and the next contract months of the BIST 30 index and currency futures contracts, last trade price executed on the relevant contract before erroneous trade/trades shall be used as reference price. 
2. For the other futures and option contracts expect for stated above, reference price shall be determined by using one or more of the following methods.

- Last trade price before the erroneous trade/trades,
- If no trades were executed before the erroneous trade/trades, the previous settlement price,
- Theoretical prices are calculated considering spot price of the underlying asset or prices for other contract months of the contract. 

3. If the reference price cannot be determined in accordance with the above methods, reference price may be determined by General Management.

c) Erroneous trade cancellation requests which fulfill all the requirements stated above can be submitted via telephone numbered 0212 298 2427/3 or e-mail to the VIOP by either one or both of sides of trade.
ç) To be subject to cancellation, whether price tendency of the market is in line with the erroneous trade price or not may be taken into consideration separately.
d) In case trade cancellation is decided, cancellation decisions are announced pursuant to the relevant legislation. Before the cancellation, trading on the relevant contract may be suspended. Also, parties of the relevant trade may be informed about the cancellation. 
e) Even if the above conditions are met with regard to the cancellation of the erroneous trade, Article 33 of the Regulation shall be applied if the above conditions are not met, while the right of the Exchange to cancel or not to fulfill the whole or part of the cancellation request is reserved.