International Bonds Market

Foreign Debt Securities (“Eurobonds”) issued by the Turkish Undersecretariat of Treasury and listed by Borsa İstanbul are traded in Internatioanal Bonds Market.

Trading in the International Bonds Market is conducted electronically via the “multiple price - continuous auction” system. Orders in the same currency are matched and trading orders are transmitted in the currency of issue of the security over a price base of 100 units. On the market, future value dated transactions can be conducted up to no less than 1 business day and no more than 15 calender days.

Trade reporting is available for members that enable them to execute a transaction by determining the counterparty of the transaction. Members are able to execute their orders and report them to Borsa İstanbul through trade reports within the price and quantity limits set for that particular instrument by Borsa İstanbul regulations, without entering orders in the order book. It is possible to send cleared and non-cleared trade reports, in International Bonds Market.

Order And Price Types

Limit Orders

Limit orders are placed by specifying price/yield and nominal value in multiples of a certain minimum order size. The non-executed part of the order remains passive in the system.

Market Order

In this type of orders, a price/yield is not specified. The order given in multiples of a certain minimum order size is fully or partially matched by passive orders and the non-executed part of the order is cancelled.

The above order types can be given to include the specific conditions defined below:

Immediate or Cancel Order

It is an active order type subject to the condition of execution in part. As soon as it is entered, this order matches with the outstanding counter-orders, and its non-executed part is automatically cancelled. It may be given in the form of a “Limit Order” or a “Market Order”.

Fill or Kill Order

It is an active order type subject to the condition of execution in full. If this condition is not met as soon as the order is entered, the order is cancelled. It may be placed in the form of a “Limit Order” or a “Market Order”.

Validity Periods of Orders

Orders are valid for the day on which they are placed. All orders with the same value date are cancelled at the market closing hour unless executed.

Price Base

Trading orders are transmitted in the currency of issue of the security over a price base of 100 units.

Price Types

Orders are sent with either clean or dirty price. Clean price is the price of a security excluding the accrued interest or accrued lease during the coupon period, whereas dirty price is the price of a security including the accrued interest or accrued lease.

Trade Reporting

In addition to order types described above, trade reports can be sent by specifying the nominal amount, price, value date and capital market instrument to be traded. Sent trade reports can only be seen by counterparty member of the trade report.

Order Rules

Order Matching Rules

In the market orders are matched using the “multiple price-continuous auction" method. The matching of two counter orders in the Outright Purchases and Sales Market is enabled through giving priority to the highest price in purchase and the lowest price in sale. If orders have the same price, time priority is applied.

In addition to matching of orders with equal prices, two counter orders are matched when a sell order with a lower price than the price of the existing buy order is received, or when a buy order with a higher price than the price of the sell order is received. Where price equality does not exist, the price of the order entered in the system earlier is the trading price.

Price and Yield Ticks

A tick of TRY 0.001 applies to orders transmitted.

Order Change

Unmatched orders and unexecuted parts of matched orders transmitted to the market can be changed.

While the change in the price/return of the order, increase in nominal value and change of account holder of the trade lead to the loss of time priority, the reduction of nominal amount and change in representative reference do not give rise to the loss of time priority.

Order Cancellation

Unmatched orders and the unexecuted part of matched orders transmitted to the market can be canceled.

Order Sizes

Orders are transmitted in the minimum order size and its multiples relative to the nominal values of the securities underlying the trade.

The minimum and maximum nominal order sizes in effect are as follows:

Minimum Maksimum
10.000 5.000.000
Value Dates

Orders may be transmitted with value dates of 1 day minimum or 15 days maximum.