BIST Increasing MRDIN.E 4.6 19.79 % YBTAS.E 2930 19.78 % SANKO.E 3.04 12.18 % HUBVC.E 5.5 11.79 % ADBGR.E 4.43 11.59 % Decreasing ORMA.E 3.65 -18.89 % BOYP.E 15.84 -12.29 % PKENT.E 103.3 -11.71 % NIBAS.E 8 -11.11 % TSPOR.E 1.29 -9.79 % VIOP Most Change O_XU030E1019C130.000 % 650,00 O_AKBNKE1019C7.00 % 340,00 O_AKBNKE1019C7.70 % 300,00 O_AKBNKE1019C7.60 % 300,00 O_XU030E1019C128.000 % 214,29 Highest Open Position F_USDTRY1019 633.348 F_XAUTRYM1019 606.356 F_USDTRY1219 446.394 F_XU0301019 410.400 F_DOHOL1019 173.323

1 MONTH TLREF FUTURES CONTRACT

Underlying Security

Turkish Lira Overnight Referance Rate (REF)

Contract Size

 
 Nominal Value = TRY 1,000,000


Tick Size

Price tick is 0.010 which corresponds to TRY 8.33.

Contract Months

All calendar months (The current contract month and the nearest 6 contract months shall be concurrently traded)

Settlement

Cash Settlement

Settlement Period

T+1
Losses are deducted from the accounts at the end of T day, profits are added to the accounts on T day.

Trading Hours

Continuous trading from 09:30 to 18:15 (local time)

Daily Settlement Price

The daily settlement price is calculated as follows at the end of the session and rounded to the nearest price tick:

a) The weighted average price of all the trades executed within the last 10 minutes of the session,

b) If less than 10 trades were realized in the last 10 minutes of the session, the weighted average price of the last 10 trades executed during the session,

c) If less than 10 trades were realized in the session, the weighted average price of all the trades executed during the session,

d) If no trades were done during the session, the previous day settlement,

will be determined as the daily settlement price.

If the daily settlement price cannot be calculated with the above methods by the end of the session, or the prices calculated do not reflect the market correctly, the daily settlement price may be determined by using one or more of the following methods

a) The average of the best buy and sell quotations at the end of the session,

b) Theoretical prices are calculated considering spot price of the underlying asset or the daily settlement price for other contract months of the contract.

Trade reporting will not be taken into consideration in the above calculations. The Settlement Price Committee’s right to change the daily settlement price is under reserve.

Final Settlement Price

The final settlement price is calculated as follows and rounded to the nearest price tick:




N : The number of calendar days in delivery period
N0 : The number of business days in the calculation period.
ni : The number of calendar days in the relevant calculation period on which the rate is 𝑟i
ri :The overnight reference rate announced by Borsa İstanbul for 𝑖 day


The previous Turkish Lira Overnight Reference Rate may be used for days which the reference rate cannot be determined.

The final settlement price will be determined by the Settlement Price Committee if the price is not determined with methods above or the calculated prices do not reflect the market accurately.

Delivery Period

Term specified in the contract code (Example: The delivery period for the F_TLREF1M1219 contract is December 2019).

Expiry Date

Last business day of the delivery period.

Last Trading Day

Last business day of the delivery period.

Daily Price Limit

Base price is the price determined by the Settlement Price Committee on the day the relevant contract is introduced for trading, and used in calculating the daily price limits. For the other days, base price is the settlement price of the previous day.

Daily price limit is equal to ±50% of the base price determined for each contract. If the upper or lower limit calculated does not correspond to a price tick, the upper limit will be rounded to the lower price tick; and the lower limit, to the upper price tick.

Margins

Clearing legislation shall be applied.