TRY/GR GOLD FUTURES
Price Quotation and Minimum Price Tick
Value of 1 gram gold shall be quoted in terms of Turkish Lira significant to two decimals. The minimum price tick is TRY 0.01
February, April, June, August, October and December (Contracts with three different months nearest to the current month shall be traded concurrently.)
T+1 (first day following the expiry date) Losses are deducted from the accounts at the end of T day, profits are added to the accounts on T day as well.
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 normal 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 normal session,
b) If less than 10 trades were realized in the last 10 minutes of the normal session, the weighted average price of the last 10 trades executed during the normal session,
c) If less than 10 trades were realized in the normal session, the weighted average price of all the trades executed during the normal session,
d) If no trades were done during the normal 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 normal 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 normal 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
LBMA Gold Price P.M. (released by ICE Benchmark Administration in the afternoon), shall be converted to TRY/gram price and called as the final settlement price. In calculations, the average of US Dollar selling and buying rate announced by the Central Bank of the Republic of Turkey at 15:30 (for USDTRY conversion) and 31.1035 (for ounce/gram conversion) shall be used as the conversion factors. If the afternoon fixing price is not released, the gold fixing price (USD/ounce) released in the morning (A.M. price) shall be used as the final settlement price.
If the fixing prices are not released due to official holidays or another reason, the average of bid and ask gold prices (USD/ounce) announced on the international spot market at 17:00 (Istanbul time) shall be used.
The final settlement price found by the above methods is rounded to the nearest price tick.
Last business day of each contract month. In case domestic markets are closed for half day due to an official holiday, expiry date shall be the preceding business day.
Last Trading Day
Last business day of each contract month. In case domestic markets are closed for half day due to an official holiday, last trading day shall be the preceding business day.
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.
The daily price limit is set as +/-10% of the base price which is found by rounding the previous daily settlement price. If the price limits found by this method is not a valid price tick, for upper limit it is rounded down, while the lower limit is rounded up to the nearest price tick.
Clearing legislation shall be applied.