You may kindly find the new regulations stated on the Exchange’s circular numbered 449 and dated March 26, 2014 below. For the full text of the up to date version of this Circular, please visit the following link:

http://www.borsaistanbul.com/data/bylaws/Circular_on_VIOP_Market_Operations.pdf

• Since Takasbank became Central Counterparty (CCP) at Futures and Options Market starting from March 3rd, 2014, “Abbreviations” and “Order Cancellation” sections of the circular were revised. In addition, “Position Limits”, “Extraordinary Circumstances and Changes”, “Members and Membership Principles”, “Risk Management and Margining Principles”, “Clearing and Default Principles” and “Guarantee Fund” sections of the circular are shortened and updated in order to refer to the CCP regulations. 
• In order to ease the operations regarding single stock futures and single stock options contracts, the two closest months will be expiry months instead of the three closest months starting from March 31st, 2014. The existing contracts will be traded till the maturity, and the new expires will be created based on the new rule.
• Single stock options contracts will be transformed from American type to European type starting from March 31st, 2014. In this scope, all of the existing expiries will be closed. For the contracts in which there are positions will be automatically closed on March 31st, 2014. The new contracts will be created based on expiry months as European type.  
• In addition to the existing BIST 30 index option contracts, Mini BIST 30 index option contracts will start to be traded. The regulations regarding contract specifications and orders were added to the Circular. The opening day of Mini BIST 30 index option contracts will be announced after the technical studies.
• The contract size of the existing gold futures contracts (TL/100 gram) will be changed from 100 gram to 1 gram. The revised contract specifications were presented in the Circular, and the opening day will be announced after the related technical studies. Until the opening day, the current contract size will be valid.
• An article regarding order receiving via phone, in case of an emergency, was added to the Circular, and its work flow and rules were announced with a member letter.
• The “Market Making Membership Requirements” section was shortened. In addition, minimum capital requirement in order to serve as a market maker was determined as 5 million TRY for gold futures contracts and 10 million TRY for all other contracts. 
• “Powers of Borsa Istanbul”, “Establishing the Settlement Price Committee”, “Information and Documents Required for Market Membership Application”, “Payment Due Dates” and “Order Cancellation” sections were revised. Additionally, “Provisions Regarding the Orders Submitted by Risky Accounts” and “Lunch Break” sections were added to the Circular.

Please be informed and take the necessary actions.

Sincerely,

VİOP