Order Matching Rules
On the market, transactions are executed according to multi price continuous auction method. In the execution of orders, repo rate and security price at the relevant repo maturity are taken into account. If repo rate and security price are equal, then time priority applies. Accordingly,
- repo orders are matched with reverse-repo orders with the same or a lower rate and with the same or a higher security price;
- reverse repo orders are matched with repo orders with the same or a higher rate and with the same or a lower security price.
Order Entry Methods
Orders conveyed to the Market are entered in a certain price type determined by Borsa İstanbul for each security as well as the repo rate.
a) Securities for which orders are entered in clean price;
Separately-traded principals of coupon bonds (except CPI indexed bonds) fixed-rate bonds and fixed yield lease certificates, floating-rate bonds payable in TL the first coupon interest rates of which are fixed (Clean price net of inflation is used for CPI indexed Government bonds which are issued by the Treasury since February 2007).
b) Securities for which orders are entered in dirty price;
Securities traded at discount, separately-traded coupons of coupon bonds, floating-rate bonds the first coupon rates of which are not fixed, (Dirty price net of inflation is used for the separately traded coupons and principals of CPI-indexed Government bonds which are issued by the Treasury since February 2007).
The price field found in the trading system and the bulletins indicates the clean or dirty price chosen at the time of entry of the order. For each security, in addition to the price, settlement price and if any accrued interest or accrued lease are also announced.
Rate and Price Ticks
In entering the orders to the market, a tick of 0.01% is used for the repo rate whereas a tick of TL 0.001 is used for the security price.
Unmatched orders and unexecuted parts of partially matched orders transmitted to the market can be changed.
While the change in the repo rate and security price of the order, increase in amount and change of portfolio/fund/customer code lead to the loss of time priority, the change of reference information and reduction of repo amount do not give rise to loss of time priority.
Unmatched orders and the unexecuted part of matched orders transmitted to the Market can be canceled.