BIST Increasing ISBTR.E 6359.8 20.00 % CMENT.E 19.82 19.98 % IHEVA.E 0.99 19.28 % MERKO.E 0.73 10.61 % SERVE.E 2.47 7.86 % Decreasing TUCLK.E 2.17 -19.93 % PINSU.E 1.31 -9.66 % DAGHL.E 1.81 -8.12 % IZTAR.E 4.56 -7.13 % TACTR.E 3.73 -6.52 % VIOP Most Change O_ARCLKE0519P22.60 % -100,00 O_ARCLKE0519P22.60 % -100,00 O_ARCLKE0519P22.60 % -100,00 O_ARCLKE0519P22.60 % -100,00 O_ARCLKE0519P22.60 % -100,00 Highest Open Position F_USDTRY0419 1.515.675 F_USDTRY0619 1.132.123 F_USDTRY0819 691.643 F_XU0300419 408.117 F_XAUTRYM0419 286.534

QUARTERLY AND YEARLY BASE-LOAD ELECTRICITY FUTURES


  • Quarterly Base-Load Electricity Futures Contract

Underlying Security

The basic arithmetic average of the Unconstrained Market Clearing Prices announced by Turkish Electricity Transmission Company for each hour of the maturity period.

Contract Size

Number of hours in the maturity period x 0.1 MWh

Number of hours in the maturity period: Number of days in the maturity period x 24.

The contract size shall vary depending on the number of days in the contract period and summer/winter time. For the day of transition from winter time to summer time, the number of hours shall be applied as 23. For the day of transition from summer time to winter time, the number of hours shall be applied as 25.

Example:

  • The contract size for first quarter is 216 MWh (90x24x0.1MWh), for leap years is 218.4 MWh,
  • The contract size for second quarter is 218.4 MWh’dir (91x24x0.1MWh),
  • The contract size for third quarter is 220.8 MWh’dir (92x24x0.1MWh)
  • The contract size for fourth quarter is 220.8 MWh’dir (92x24x0.1MWh),

These contract sizes shall not be applied for contract months in transition from winter time to summer time or vice versa.

Price Tick

The minimum price tick is 0.10 (Example: Tick value is TRY 21.6 for the contracts with size 216 MWh, TRY 21.84 for the contracts with size 218.4 MWh, TRY 22.08 for the contracts with size 220.8 MWh.

Contract Period

The current contract year’s and the nearest 2 year’s quarterly contracts shall be concurrently traded.

Q1 (Jan-Mar), Q2 (Apr-Jun), Q3 (Jul-Sep) ve Q4 (Oct-Dec).

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

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 volume 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.

Expiry Day (Final) Settlement Price

Since Quarterly contracts are subject to the cascading procedures, expiry day is the last trading day.

Last Trading Day

Last business day before the maturity period starts. In case domestic markets are closed for half day due to an official holiday, last trading day shall be the preceding business day.

Base Price and 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 change limits. For the other days, base price is the settlement price of the previous day.

Daily price limit is equal to ±10% of the base price determined for each contract. If the upper or lower limit so 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.

Collateral and Margining Rules

It is stated according to Clearing Legislation.

  • Yearly Base-Load Electricity Futures Contract


Underlying Security

The basic arithmetic average of the Unconstrained Market Clearing Prices announced by Turkish Electricity Transmission Company for each hour of the maturity period.

Contract Size

Number of hours in the maturity period x 0.1 MWh

Number of hours in the maturity period: Number of days in the maturity period x 24.

The contract size shall vary depending on the number of days in the contract period and summer/winter time.


Example:

The contract size for normal years is 876 MWh (365x24x0.1MWh), for leap years is 878.4 MWh (366x24x0.1MWh).

Price Tick

The minimum price tick is 0.10 (Example: Tick value is TRY 87.6 for the contracts with size 876 MWh, TRY 87.84 for the contracts with size 878.4 MWh.

Contract Period

The nearest 2 year’s (following the current year) contracts 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

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 volume weighted average price of all the trades executed within the last 10 minutes of the normal session,

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

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

d) If no trades were realized during the session, the previous day settlement price is determined as the daily settlement price.

If the daily settlement price cannot be calculated with the methods above 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.

Trades executed by trade reports 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.

Expiry Day (Final) Settlement Price

Since Yearly contracts are subject to the cascading procedures, final settlement price is not calculated.

Last Trading Day

Third business day before the maturity period starts. In case domestic markets are closed for half day due to an official holiday, last trading day shall be the preceding business day.

Base Price and 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 change limits. For the other days, base price is the settlement price of the previous day.

Daily price limit is equal to ±10% of the base price determined for each contract. If the upper or lower limit so 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.

Collateral and Margining Rules

It is stated according to Clearing Legislation.