Order Matching Rules
On the market, transactions are executed according to multi price continuous auction method. In the execution of orders, for a specific repo term, the repo rate and the share price are taken into account. If the repo rate and the share price are equal, then time priority applies. Accordingly,:
- repo orders are matched with reverse-repo orders with the same or a lower repo rate and with the same or a higher share price;
- reverse repo orders are matched with repo orders with the same or a higher repo rate and with the same or a lower share price.
Order Entry Methods
The equity price limits effective on the Equities Market are applied on the Equity Repo Market.
Repo Rate and Equity Price Ticks
In entering orders, repo rates can be entered in 0.01% increments, whereas the equity price can be entered in TRY 0.001 increments.
Unmatched orders and unexecuted parts of partially matched orders can be modified. While the change in the repo rate, in the equity price, the increase in amount, or the change of portfolio/fund/customer code leads to the loss of time priority, the change of the reference information and reduction of the repo amount do not give rise to the loss of time priority.
Unmatched orders and the unexecuted part of matched orders can be canceled.