Market Functioning

Market Functioning
Markets

Markets in the below table are created with respect to contracts types executed in the market and execution principles.

Matching or orders and private trade notifications are realized under the relevant market. Besides, market segments are defined under the relevant market to publish collective trade statistics.

Markets
1 VIOP Equity Derivatives Market
2 VIOP Index Derivatives Market
3 VIOP Foreign Indices Derivatives Market
4 VIOP Currency Derivatives Market
5 VIOP ETF Derivatives Market
6 VIOP Precious Metals Derivatives Market
7 VIOP Metal Derivatives Market
8 VIOP Interest Rate Derivatives Market
9 VIOP Commodity Derivatives Market
10 VIOP Base Load Electricity Derivatives Market
Trading Hours
Markets Normal Session Hours
Equity Derivatives Market 09:30-18:10
Other Markets (Except Index Futures) 09:30-18:15
Markets Normal Session Hours Evening Session Hours
Index Futures 09:30 – 18:15 19:00 – 23:00
Markets Half Day-Normal Session Hours*
Equity Derivatives Market 09:30-12:40
Other Markets 09:30-12:45

* Unless otherwise stated

** Last 10 minutes of the normal session is called Closing Period. Daily settlement prices are calculated by using the trades in the Closing Period.

How to Trade VIOP?

In order to trade at VIOP, an investor need to open an account at one of brokerage houses or banks registered as VIOP member. For further information, please click here.

Member Name VIOP Officials Futures Contracts Option Contracts Foreign Languages ​​Served
ACAR YATIRIM MENKUL DEĞERLER A.Ş.
www.acar.com.tr
Özgür FELEK
0 212 216 26 61
ozgurfelek@acar.com.tr
+ - The English
AK YATIRIM MENKUL DEĞERLER A.Ş.
www.akyatirim.com.tr
Çağan ATLAN
0 212 334 95 30
cagan.atlan@akyatirim.com.tr
Olgun SEZER
0 212 334 95 80
olgun.sezer@akyatirim.com.tr
+ + English + German
ALAN MENKUL DEĞERLER A.Ş.
www.alanmenkul.com
Meltem PEKPAK
0 212 370 22 22
meltem.pekpak@alanmenkul.com
Aziz KURT
0 212 370 22 22
aziz.kurt@alanmenkul.com
+ - The English
ALB MENKUL DEĞERLER A.Ş.
www.albforex.com.tr
Tarkan KIROĞLU
0 212 370 03 33
tarkan.kiroglu@albforex.com.tr
Mete GÜLEN
0 212 370 03 33
mete.gulen@albforex.com.tr
+ - The English
ALNUS YATIRIM MENKUL DEĞERLER A.Ş.
www.alnusyatirim.com
Soner AYDIN
0 212 213 08 00
soner.aydin@alnusyatirim.com
+ - The English
ALTERNATİF YATIRIM A.Ş.
www.ayatirim.com.tr
Çiğdem Özen ENGİN
0 212 315 58 63
cigdem.ozen@ayatirim.com.tr
Fulya ERTÜRK
0 212 315 58 52
fulya.erdogan@ayatirim.com.tr
+ - The English
ANADOLU YATIRIM MENKUL DEĞERLER A.Ş.
www.anadoluyatirim.com.tr
Ela YAĞCI
0 212 368 77 44 - 233 15 78
eyagci@anadoluyatirim.com.tr
+ + -
ATA YATIRIM MENKUL KIYMETLER A.Ş.
www.atayatirim.com.tr
Ergün TEKGÜL
0 212 310 63 86
etekgul@atayatirim.com
Yapız Can ŞİŞMAN
0 212 310 63 87
ysisman@atayatirim.com
Merve DEMİREL
0 212 310 63 44
mervedemirel@atayatirim.com
+ + The English
ATIG YATIRIM MENKUL DEĞERLER A.Ş.
www.atig.com.tr
Gökhan KARA
0 212 396 11 00
g.kara@atig.com.tr
Zeynep Özlem SOMAY
0 212 396 11 00
o.somay@atig.com.tr
+ - The English
BGC PARTNERS MENKUL DEĞERLER A.Ş.
tr.bgcpartners.com
Gülhan OVALIOĞLU
0 212 339 42 10
govalioglu@bgcpartners.com
Zeynep DOĞAN
0 212 339 42 10
zdogan@bgcpartners.com
+ - The English
BİZİM MENKUL DEĞERLER A.Ş.
www.bmd.com.tr
C. Yeşim AYDIN
0 216 547 13 20
yesim.aydin@bmd.com.tr
Yunus ÖZÇELİK
0 216 547 13 00
yunus.ozcelik@bmd.com.tr
+ - The English
BURGAN YATIRIM MENKUL DEĞERLER A.Ş.
www.burganyatirim.com.tr
Ülkü Guveli
0 212 317 28 50
ulku.guveli@burganyatirim.com.tr
Dağhan Bora
0 212 317 28 34
daghan.bora@burganyatirim.com.tr
+ + The English
CREDIT SUISSE İSTANBUL MENKUL DEĞERLER A.Ş.
www.credit-suisse.com
Serdar GENÇ
0 212 352 73 94
serdar.genc@credit-suisse.com
+ - The English
DELTA MENKUL DEĞERLER A.Ş.
www.deltamenkul.com.tr
Arife TOPAL
0 212 310 08 14
arito@deltamenkul.com.tr
+ - The English
DENİZ YATIRIM MENKUL KIYMETLER A.Ş.
www.denizyatirim.com
Aslı Zengin SULAR
0 212 348 9057
asli.zenginsular@denizyatirim.com
Füsun HACIEYÜPOĞLU
0 212 348 9040
fusun.hacieyupoglu@denizyatirim.com
+ + The English
DEUTSCHE SECURITIES MENKUL DEĞERLER A.Ş.
www.db.com
Onur Oben AKKAYNAK
(0212) 319 03 92
onur.akkaynak@db.com
Ümit YILMAZCAN
(0212) 319 03 89
umit.yilmazcan@db.com
+ + The English
EGEMEN MENKUL KIYMETLER A.Ş
www.egemen.com
Ayşegül ÖZKAYNAK
0232 489 45 30
a.ozkaynak@egemen.com
Murat KORKMAZ
0232 489 45 30
m.korkmaz@egemen.com
+ + The English
EKİNCİLER YATIRIM MENKUL DEĞERLER A.Ş.
www.ekininvest.com
Metin TAŞÇIOĞLU
0216 577 42 42
metint@ekininvest.com
+ + -
EKSPRES YATIRIM MENKUL DEĞERLER A.Ş.
www.ekspresyatirim.com
Ali İhsan YURTTAŞ
0 212 412 77 77
ihsan.yurttas@ekspresyatirim.com
+ + The English
GARANTİ YATIRIM MENKUL KIYMETLER A.Ş.
www.garantiyatirim.com.tr
İsmail YAMAN
0 212 384 11 80
iyaman@garanti.com.tr
Burak ŞAHİN
0 212 384 10 74
buraksahin@garanti.com.tr
+ + The English
GEDİK YATIRIM MENKUL DEĞERLER A.Ş.
www.gedik.com
Hüseyin ÇİMEN
0 216 453 00 00/1125
hcimen@gedik.com
Belma UĞUŞ
0 216 453 00 00/1215
bpekesen@gedik.com
+ + The English
GLOBAL MENKUL DEĞERLER A.Ş.
www.global.com.tr
Alper Tolga ÖZTÜRK
0212 244 55 66
alperozturk@global.com.tr
Engin KÜÇÜK
0212 244 55 66
engink@global.com.tr
+ + The English
HALK YATIRIM A.Ş.
www.halkyatirim.com.tr
Bahar KEÇELİ
0 212 314 81 31
bkeceli@halkyatirim.cm.tr
+ - The English
HSBC YATIRIM MENKUL DEĞERLER A.Ş.
www.hsbcyatirim.com.tr
Hakan BİLGÜTAY
0 212 376 47 56
hakanbilgutay@hsbc.com.tr
Teoman AKER
0 212 376 46 53
teomanaker@hsbc.com.tr
+ - The English
INFO YATIRIM A.Ş.
www.infoyatirim.com
Kemal BULUT
0 212 319 27 10
kbulut@infoyatirim.com
+ + The English
ING MENKUL DEĞERLER A.Ş.
www.ingmenkul.com.tr
İlkay DOĞANTAN
0 212 367 70 22
ilkay.dogantan@ingmenkul.com.tr
Nizamettin ÇAVUŞLAR
0 212 367 70 19
nizamettin.cavuslar@ingmenkul.com.tr
+ + The English
İŞ YATIRIM MENKUL DEĞERLER A.Ş.
www.isyatirim.com.tr
Serhat Devecioğlu
0 212 350 22 68
sdevecioglu@isyatirim.com.tr
+ + The English
MARBAŞ MENKUL DEĞERLER A.Ş.
www.marbasmenkul.com.tr
Soner KURU
0 212 286 30 00
skuru@marbasmenkul.com.tr
+ + -
MEKSA YATIRIM MENKUL DEĞERLER A.Ş.
www.meksa.com.tr
Berna ÖNDER
0 216 681 34 25
bonder@meksa.com
Serkan KARAYALÇIN
0 216 681 34 00 (121)
skarayalcin@meksa.com
+ + The English
MERRILL LYNCH MENKUL DEĞERLER A.Ş.
www.mlmd.com.tr
Sinan CEMOĞLU
0 212 319 92 14
sinan.cemoglu@baml.com
+ - The English
METRO YATIRIM MENKUL DEĞERLER A.Ş.
www.metroyatirim.com.tr
Serhan İÇER
0 212 344 09 00
serhanicer@metroyatirim.com.tr
Çiğdem BAYRAM
0 212 344 13 61
cbayram@metroyatirim.com.tr
+ + -
NETA YATIRIM MENKUL DEĞERLER A.Ş.
www.netayatirim.com.tr
Ahmet ÖZTÜRK
0 212 999 80 20
ahmet.ozturk@netayatirim.com
+ + The English
NOOR CAPITAL MARKET MENKUL DEĞERLER A.Ş.
www.noorcm.com.tr
Seltan BÜYÜKAKTEKİN
0 212 280 66 66
sbuyukakten@noorcm.com.tr
Hülya ADAK
0 212 280 66 66
hadak@noorcm.com.tr
+ + The English
OYAK YATIRIM MENKUL DEĞERLER A.Ş.
www.oyakyatirim.com.tr
Deniz KUMCUOĞLU
0 212 319 14 36
deniz.kumcuoglu@oyakyatirim.com.tr
+ + The English
PİRAMİT MENKUL DEĞERLER A.Ş.
www.piramitmenkul.com.tr
Ozan ŞULHA
0 212 293 95 00
ozan@piramitmenkul.com.tr
+ + The English
QNB FİNANS YATIRIM MENKUL DEĞERLER A.Ş.
www.finansinvest.com
Dilek Demir BUĞDAYCIOĞLU
0212 336 7162
dilek.demir@finansinvest.com
Özkan ÖZKAYNAK
0212 336 7101
ozkan.ozkaynak@finansinvest.com
+ + The English
Renaissance Capital
www.rencap.com
Osman Serhan OLCAY
0 212 362 35 00
oolcay@rencap.com
+ - The English
SANKO MENKUL DEĞERLER A.Ş.
www.sankomenkul.com
İslam BERBEOĞLU
0 212 410 05 12
iberberoglu@sankomenkul.com
İsmail OZAN
0 212 410 05 40
iozan@sankomenkul.com
+ + The English
ŞEKER YATIRIM MENKUL DEĞERLER A.Ş.
www.sekeryatirim.com
Burak CABA
0 212 334 33 33 (154)
bcaba@sekeryatirim.com.tr
Sevnur CAN
0 212 334 33 33 (211)
scan@sekeryatirim.com.tr
+ + The English
TACİRLER YATIRIM MENKUL DEĞERLER A.Ş.
www.tacirler.com.tr
Ceyhan Mert AKDUMAN
0 212 355 26 70
mert.akduman@tacirler.com.tr
Hayati GÜLTEPE
0 212 355 46 17
hayati.gultepe@tacirler.com.tr
+ + The English
TEB YATIRIM MENKUL DEĞERLER A.Ş.
www.tebyatirim.com.tr
Uğur FİDAN
0 216 636 44 40
Ugur.Fidan@teb.com.tr
Murat TÜMER
0 216 636 45 07
murat.tumer@teb.com.tr
+ + The English
TERA MENKUL DEĞERLER A.Ş.
www.teramenkul.com
Cengiz GENÇ
0 212 365 10 18
cgenc@terabrokers.com
+ + The English
TURKISH YATIRIM MENKUL DEĞERLER A.Ş.
www.turkishyatirim.com
Yenal YÜKSEL
0 212 315 10 25
y.yuksel@turkishyatirim.com
Uğur KAPLAN
0 212 315 10 66
u.kaplan@turkishyatirim.com
+ + -
ÜNLÜ MENKUL DEĞERLER A.Ş.
www.unluco.com
Mehmet Batur ÖZYAR
0 212 367 36 36
batur.ozyar@unluco.com
+ + The English
VAKIF YATIRIM MENKUL DEĞERLER A.Ş.
www.vakifyatirim.com.tr
Fatih SORAL
0 212 352 35 77 (117)
fatih.soral@vakifyatirim.com.tr
Mehmet Serkan ESENPAK
212 352 35 77 (180)
mehmetserkan.esenpak@vakifyatirim.com.tr
+ + -
VENBEY YATIRIM MENKUL DEĞERLER A.Ş.
www.venbeyyatirim.com
Tamer YARIMCA
0 212 272 72 00
tamer.yarimca@venbeyyatirim.com
+ - The English
YAPI KREDİ YATIRIM MENKUL DEĞERLER A.Ş.
www.yapikrediyatirim.com
Sermet SEVİL
0 212 319 80 00
sermet.sevil@ykyatirim.com.tr
+ + The English
YATIRIM FİNANSMAN MENKUL DEĞERLER A.Ş.
www.yf.com.tr
Necmi Nuri SEVGEN
0 212 317 68 62
nuri.sevgen@yf.com.tr
Kemal Altan AKALIN
0 212 317 68 32
altan.akalin@yf.com.tr
The English
ZİRAAT YATIRIM MENKUL DEĞERLER A.Ş.
www.ziraatyatirim.com.tr
Elif PULUR
0 212 339 80 72
epulur@ziraatyatirim.com.tr
+ + The English

Only the members who shared their contact information with VIOP are listed. In order to access to the full list of VIOP members, click on the following link, please.

Orders

Order Methods

One of the following four methods for price determining must be chosen for the orders to be entered in the trading system.

Limit Order (LMT)

A limit order is the order method which is used to realize orders at prices of up to the determined price level. Price and quantity must be entered when this method is used.

Market Order

A market order is the order type which is used to match orders, starting from the best price order in the market at the time the order is entered. “Market” order can be entered only by choosing “Fill or Kill” or “Fill and Kill” order validity.

Market to Limit Order

Market to Limit Orders are the orders, such as market orders, which are entered only by specifying the quantity without price. Market to Limit Orders execute only with the pending best price orders The unmatched part of the order become a limit order with the price of the last trade and stay in the order book. A market to limit order is cancelled immediately if there is not any pending order on other side.

Stop Order

A Stop Order is a price order which will be activated when the market reaches the price determined by the ordering party for the relevant contract (activation price), or trades at a higher price in the market in the case of buying orders, or at a lower price in the case of selling orders. For stop orders, in addition to order entry method, activation price must be indicated.

Intermonth Strategy Orders

Intermonth strategy orders enable submission of two simultaneous automatic reverse orders (by one order entry with spread price) for different contract months of traded futures contracts. Different contract months composing the strategy are called the “legs” of the strategy where “M1” refers to the nearest contract month and “M2” refers to the second nearest (far) contract month. Rules of operation of strategy orders are given below:

  1. Strategy Buy Order:  Order is submitted to the System taking into account the spread price (far month contract bid price- near month contract offer price) composing far month contract (M2) buy and near month contract (M1) sell trade.
  2. Strategy Sell Order: Order is submitted to the System taking into the account the spread price (far month contract offer price-near month contract bid price) composing far month contract (M2) sell and near month contract (M1) buy trade.
  3. Strategy order codes which are similar to the contract codes are used at order entry.
  4. Buy or sell strategy orders can be entered with negative price as long as the price limits are satisfied.
  5. Maximum order quantity of a strategy order equals that of the contracts composing the strategy.
  6. Strategy order entry is not accepted for durations other than Limit and Day. Strategy orders can not be linked to any condition and can not be used for trade reporting.
  7. Matching: The System initially checks whether the price and quantitiy of a buy or sell strategy order can be met with open orders of near/far month contracts or not, and simultaneously matches the strategy order with these orders if the conditions are satisfied. If the spread and or quantity can not be met with open orders of the contracts, this time the System looks for a (counter) strategy order satisfying the conditions. If such an order exists in the System, appropriate prices for far and near month contracts are determined based on the spread, best bid/best offer and base prices of the related contracts and automatic trades at the far and near month contracts are generated.
  8. Automatic trades are not included in settlement price calculations and price statistics like the last, low and high of the far and near month contracts composing the strategy and do not activate stop orders with inactive status based on the last price condition. Trade parties can inquire automatic prices for both contract months through trading workstations or FixAPI Drop-Copy intraday, and through trade book at the end of the day.
  9. Price Limits: Upper and lower price limits for strategy orders are calculated based on the following formulas:

    Lower Limit= (Far Month Contract Base Price- Near Month Contract Base Price)-k

    Upper Limit= (Far Month Contract Base Price- Near Month Contract Base Price)+k

  10. In case trades in any of the legs/contract months composing the strategy are suspended due to any reason, strategy order entry is not allowed.

Validity Period for Orders

One of the following four options regarding the validity period for the order must be chosen while submitting the order.

Fill or Kill (FOK)

It is the order method that requires order to be matched in whole upon the entry or activation otherwise cancelled in whole.

Fill and Kill (FaK)

Upon order entry or activation, the order is matched in full or in part. The unmatched quantity shall be cancelled.

Daily Order (DAY)

The order is valid for the day on which it is entered. Unless it is partly or entirely fulfilled by the end of the day, it will be automatically cancelled by the trading system.

Good Till Cancel Order (GTC)

The order is valid until it is cancelled. Good till cancel orders are valid until the maturity of the contract and will be automatically cancelled by the system at the end of maturity, unless cancelled, or matched.

Good Till Date Orders (GTD)

Date orders are valid by the date entered in the system. Unless partly or entirely matched or cancelled by the specified date, they will be automatically cancelled by the system at the end of the specified day. The system does not accept orders with dates further than the end of the maturity of the contract.

Orders that fall out of the daily price change limits may be entered. Such orders are subject to trade when they are within the limits of price change limits.

Order Methods Validity Period for Orders
Limit (LMT) Daily Order (DAY)
Market Fill or Kill (FOK)
Market to Limit Order Fill and Kill (FaK)
Stop Order Good Till Cancel Order (GTC)
Strategy (STJ) Good Till Date Orders (GTD)

Maximum Order Sizes

Price and quantity control is done by the system at order entry. Orders that do not match the features of the corresponding trading day part can not be entered into the system. The minimum and maximum order sizes applicable in the Market are as follows:

Order Sizes for Single Stock Futures and Options

Underlying Asset Closing Price Minimum Order Quantity Maksimum Order Quantity
0-2,49 1 40.000
2,50-4,99 1 20.000
5,00-9,99 1 10.000
10,00-19,99 1 5.000
20,00-39,99 1 2.500
40,00-79,99 1 1.250
>80,00 1 750

Order Sizes for Index, Currency, Gold, Base Load Electricity and Other Contracts

Board Index Contracts Currency and USD/Ounce Gold Contracts Gold Contracts Base Load Electricity Contracts Other Contracts
Main Board (Minimum Order Quantity) 1 1 1 1 1
Main Board (Maximum Order Quantity) 2.000 5.000 100.000 50 2.000

Regulations of trade reporting for Single Stock Futures and Options

Underlying Asset Closing Price Minimum Order Quantity Maksimum Order Quantity Maksimum Order Quantity
0-2,49 40.000 80.000 Trade reporting has to be realized between the price interval limits of the related contract.
2,50-4,99 20.000 40.000
5,00-9,99 10.000 20.000
10,00-19,99 5.000 10.000
20,00-39,99 2.500 5.000
40,00-79,99 1.250 2.500
>80,00 750 1.500

Regulations of trade reporting for Index, Currency, Gold, Base Load Electricity and Other Contracts

Contract Minimum Order Quantity Maximum Order Quantity Condition for Trade Reporting Approval
Index Contracts 2.000 4.000 Trade reporting has to be realized between the price interval limits of the related contract.
Currency and USD/Ounce Gold Contracts 5.000 10.000
Gold Contracts 100.000 200.000
Base Load Electricity Contracts 50 2.000
TLREF Futures Contracts 100 1.000
Other Contracts 2.000 4.000
Data Vendor Symbols - VIOP

VIOP Contracts Ticker Symbol
<td">TUPRSc1
Futures Contracts Bloomberg Reuters
BIST30 Index Futures Contracts XU030 Index CT 0#XU030:
BIST30 Index Futures Intermonth Strategy Orders N/A 0#XU030-:
BIST Liquid Banks Index Futures Contracts XLBNK Index CT 0#XLBNK:
BIST Liquid 10 Ex Banks Index Futures Contracts X10XB Index CT 0#X10XB:
USD/TRY Futures Contracts A1A Curncy 0#TRYUSD:
USD/TRY Futures Intermonth Strategy Orders N/A 0#TRYUSD-:
EUR/TRY Futures Contracts A2A Curncy 0#TRYEUR:
RUB/TRY Futures Contracts R2A Curncy 0#TRYRUB:
CNH/TRY Futures Contracts C2A Curncy 0#TRYCNH:
GBP/USD Futures Contracts C3A Curncy 0#TRYFGBP:
EUR/USD Futures Contracts B2A Curncy 0#TRYFEUR:
TRY/Gr Gold Futures Contracts XLA Comdty 0#XAUTRY:
USD/Ounce Gold Futures Contracts XLTA Comdty 0#XAUUSD:
USD/Ounce Gold Futures Intermonth Strategy Orders N/A 0#XAUUSD-:
Base Load Futures Contracts TBEA Comdty 0#ELCBAS:
Steel Scrap Futures Contracts SVOA Comdty 0#HMSTR:
Anatolian Red Wheat Futures Contracts V0A Comdty 0#WHTANR:
Durum Wheat Futures Contracts DRRA Comdty 0#WHTDRM:
Aegean Cotton Futures Contracts V9A Comdty 0#COTEGE:
SASX10 Index Futures Contracts N/A 0#SASX10:
TLREF Futures Contracts BISTTREF .TLREF
AKBNK Futures Contracts SFUT TI AKBNKc1
EREGL Futures Contracts SFUT TI EREGLc1
GARAN Futures Contracts SFUT TI GARANc1
ISCTR Futures Contracts SFUT TI ISCTRc1
SAHOL Futures Contracts SFUT TI SAHOLc1
TCELL Futures Contracts SFUT TI TCELLc1
THYAO Futures Contracts SFUT TI ENJSAc1
EREGL Vadeli İşlem Sözleşmeleri  SFUT TI THYAOc1
TUPRS Futures Contracts SFUT TI
VAKBN Futures Contracts SFUT TI VAKBNc1
YKBNK Futures Contracts SFUT TI YKBNKc1
ARCLK Futures Contracts SFUT TI ARCLKc1
EKGYO Futures Contracts SFUT TI EKGYOc1
HALKB Futures Contracts SFUT TI HALKBc1
KCHOL Futures Contracts SFUT TI KCHOLc1
KRDMD Futures Contracts SFUT TI KRDMDc1
PETKM Futures Contracts SFUT TI PETKMc1
PGSUS Futures Contracts SFUT TI PGSUSc1
SISE Futures Contracts SFUT TI SISEc1
TOASO Futures Contracts SFUT TI TOASOc1
TTKOM Futures Contracts SFUT TI TTKOMc1
ASELS Futures Contracts SFUT TI ASELSc1
BIMAS Futures Contracts SFUT TI BIMASc1
DOHOL Futures Contracts SFUT TI DOHOLc1
ENJSA Futures Contracts SFUT TI ENJSAc1
KOZAA Futures Contracts SFUT TI KOZAAc1
KOZAL Futures Contracts SFUT TI KOZALc1
SOKM Futures Contracts SFUT TI SOKMc1
SODA Futures Contracts SFUT TI SODAc1
TAVHL Futures Contracts SFUT TI TAVHLc1
TKFEN Futures Contracts SFUT TI TKFENc1
CCOLA Futures Contracts SFUT TI CCOLAc1
ENKAI Futures Contracts SFUT TI ENKAIc1
FROTO Futures Contracts SFUT TI FROTOc1
MGROS Futures Contracts SFUT TI MGROSc1
SASA Futures Contracts SFUT TI SASAc1
TRKCM Futures Contracts SFUT TI TRKCMc1
TSKB Futures Contracts SFUT TI TSKBc1
ULKER Futures Contracts SFUT TI ULKERc1

Option Contracts Bloomberg Reuters
BIST30 Index Option Contracts XU030X Index OMON 0#XU030*.IS
USD/TRY Option Contracts TYX Curncy OMON 0#TRYF*.IS
AKBNK Option Contracts AKBNK TI Equity OMON 0#AKBNKE*.IS
ASELS Option Contracts ASELS TI Equity OMON 0#ASELSE*.IS
EREGL Option Contracts EREGL TI Equity OMON 0#EREGLE*.IS
GARAN Option Contracts GARAN TI Equity OMON 0#GARANE*.IS
ISCTR Option Contracts ISCTR TI Equity OMON 0#ISCTRE*.IS
SAHOL Option Contracts SAHOL TI Equity OMON 0#SAHOLE*.IS
TCELL Option Contracts TCELL TI Equity OMON 0#TCELLE*.IS
THYAO Option Contracts THYAO TI Equity OMON 0#THYAOE*.IS
TUPRS Option Contracts TUPRS TI Equity OMON 0#TUPRSE*.IS
VAKBN Option Contracts VAKBN TI Equity OMON 0#VAKBNE*.IS
YKBNK Option Contracts YKBNK TI Equity OMON 0#YKBNKE*.IS
ARCLK Option Contracts ARCLK TI Equity OMON 0#ARCLK*.IS
EKGYO Option Contracts EKGYO TI Equity OMON 0#EKGYO*.IS
HALKB Option Contracts HALKB TI Equity OMON 0#HALKB*.IS
KCHOL Option Contracts KCHOL TI Equity OMON 0#KCHOL*.IS
KRDMD Option Contracts KRDMD TI Equity OMON 0#KRDMD*.IS
PETKM Option Contracts PETKM TI Equity OMON 0#PETKM*.IS
PGSUS Option Contracts PGSUS TI Equity OMON 0#PGSUS*.IS
SISE Option Contracts SISE TI Equity OMON 0#SISE*.IS
TOASO Option Contracts TOASO TI Equity OMON 0#TOASO*.IS
TTKOM Option Contracts TTKOM TI Equity OMON 0#TTKOM*.IS
VIOPFIX API - Certified Members
 

Click for the organizations that have BISTECH VIOP Fix Certificate .

Correction of Erroneous Trade and Trade Cancellation

Correction of Erroneous Trades (Mistyped Account Numbers)

The correction of trading errors associated with mistyped account numbers is the process of forming new transactions at trading system to allow the positions/open orders to be transferred to correct account by the member itself using the clearing workstation.

The workflow concerning the correction of erroneous trades executed faulty as a result of the mistyped account numbers for the orders placed on the trading system shall be conducted on clearing workplace by member/s’ user.

Trade Cancellation

Without prejudice to the provisions of Article 33 of the Regulation, trades that occur due to erroneous order(s) may be canceled by the Exchange under the following rules.

a) Erroneous trade/trades shall be executed as a result of one of members’ erroneous order at least.

b) All requirements stated below shall be fulfilled in time of cancellation request since erroneous trade/trades may be subject to cancellation.

i. Application Period For Erroneous Trade Cancellation: Application for erroneous trade cancellation can be made within 15 minutes from the time the trade is executed.

ii. Required Information In Application For Erroneous Trade Cancellation: Order number, contract and account number relating to erroneous trade/trades shall be submitted during the application period. Trade number, price and trade quantity of erroneous trades executed as a result of the related order are also required.

iii. No Bust Range: Trades executed at the prices that are out of no bust range which are calculated by using reference price can be subject to cancellation. No bust ranges are stated below table on the related contract basis.

Contract Class Price Change Calculated from Reference Price
BIST30 Index and Single Stock Futures +/- 5%
Currency Futures +/- 3%
Other Futures Contracts +/- 4%
All Call and Put Options Maximum of +/-50% of premium price or market maker maximum spread defined for the related contract

iv. Minimum Loss Amount Generated As A Result of Trade/Trades Which Is/Are Subject To Cancellation: Minimum loss amount calculated by comparing reference price and prices of trade/trades subject to erroneous trade cancellation shall be TRY 5,000.

v. Reference Price: Reference price, which is calculated with one or more of the following methods in order to determine the price that will reflect the market fairly, is used to clarify acceptable price levels for trade cancellation and losses due to related erroneous trade.;

i. Price/prices before the erroneous trade,

ii. Price/prices after the erroneous trade,

iii. Settlement price of the previous day,

iv. The first trade price in case erroneous trade/trades are executed with a pending order,

v. Theoretical price calculated according to the spot price of the related underlying asset or the prices of other contract months,

vi. Prices taken from market makers,

vii. If it is decided that above mentioned methods does not reflect the market failry, a different reference price may be determined by General Management

c) In cancellation of trades arising from intermonth strategy orders, prices of trades executed in the related contracts and strategy order price are considered together.ç) Erroneous trade cancellation requests which fulfill all the requirements stated above can be submitted via telephone numbered 0212 298 2427/3 or e-mail viop@borsaistanbul.com to the VIOP by either one or both of sides of trade.

d) To be subject to cancellation, whether price tendency of the market is in line with the erroneous trade price or not may be taken into consideration separately.

e) In case trade cancellation is decided, cancellation decisions are announced pursuant to the relevant legislation. Before the cancellation, trading on the relevant contract may be suspended. Also, parties of the relevant trade may be informed about the cancellation.

f) Even if the above conditions are met with regard to the cancellation of the erroneous trade, Article 33 of the Regulation shall be applied if the above conditions are not met, while the right of the Exchange to cancel or not to fulfill the whole or part of the cancellation request is reserved.

g) Erroneous trade reports, even if the above mentioned conditions are not met, may be cancelled if the parties have approvals.

h) Application for a trade cancellation for erroneous trades in the Evening Session is evaluated in the following Normal Session. If the application is considered as acceptable, the related erroneous trade/trades are cancelled

ı) In the evaluation of trade cancellation request, requests may be evaluated together or seperately taking the relationship between orders and trades into account

For further information regarding Market Making on VİOP please refer to the Derivatives Market Procedure

Market Making
 
Board Member Contract
Index Options İŞ YATIRIM BIST30 Index
AK YATIRIM BIST30 Index
GARANTİ YATIRIM BIST30 Index
FX Options AKBANK USD/TRY
TÜRKİYE GARANTİ BANKASI USD/TRY
FINANSBANK USD/TRY
Electricity Futures DENİZ YATIRIM Monthly Base-Load Electricity
AK YATIRIM

Monthly Base-Load Electricity

Quarterly Base-Load Electricity

Index Futures GEDİK YATIRIM XLBNK, X10XB
İŞ YATIRIM XLBNK, X10XB
Single Stock Futures İŞ YATIRIM AKBNK, ARCLK, ASELS, EKGYO, EREGL, GARAN, HALKB, KCHOL, KRDMD, PETKM, PGSUS, SAHOL, SISE, TCELL, THYAO, TTKOM, VAKBN, YKBNK
FİNANS YATIRIM AKBNK, ARCLK, ASELS, ENJSA, EREGL, GARAN, ISCTR, KCHOL, PETKM, PGSUS, SAHOL, SISE, SODA, TAVHL, TCELL, THYAO, TOASO, TUPRS, VAKBN, YKBNK
AK YATIRIM ARCLK, EREGL, GARAN, HALKB, ISCTR, KCHOL, SISE, SODA, TCELL, THYAO, TOASO, TUPRS
YAPI KREDİ YATIRIM ASELS, EKGYO, EREGL, KCHOL, KRDMD, PETKM, SAHOL, SISE, TCELL, THYAO, TTKOM
GEDİK YATIRIM AKBNK, ARCLK, ASELS, BIMAS, CCOLA, DOHOL, EKGYO, ENJSA, ENKAI, EREGL, FROTO, GARAN, HALKB, ISCTR, KCHOL, KOZAA, KOZAL, KRDMD, MGROS, PETKM, PGSUS, SAHOL, SASA, SISE, SODA, TAVHL, TCELL, THYAO, TKFEN, TOASO, TRKCM, TSKB, TTKOM, TUPRS, ULKER, VAKBN, YKBNK
GCM YATIRIM AKBNK, ARCLK, ASELS, BIMAS, EKGYO, ENJSA, EREGL, GARAN, HALKB, ISCTR, KCHOL, KOZAA, KRDMD, MGROS PETKM, PGSUS, SAHOL, SISE, SODA, TAVHL, TCELL, THYAO, TRKCM, TSKB, TTKOM, VAKBN, YKBNK
Single Stock Options AK YATIRIM ARCLK, EREGL, SISE, TCELL, THYAO
Commodity Futures ZİRAAT YATIRIM Anatolian Red Wheat
Precious Metals Futures TÜRKİYE GARANTİ BANKASI TRY/GR GOLD
İŞ YATIRIM TRY/GR GOLD
TACIRLER YATIRIM TRY/GR GOLD
TÜRKİYE GARANTİ BANKASI USD/OUNCE GOLD
INVESTAZ YATIRIM USD/OUNCE GOLD
İŞ YATIRIM USD/OUNCE GOLD
FX Futures ICBC TURKEY YATIRIM CNH/TRY

For further information regarding Correction of Erroneous Trade and Trade Cancellation on VİOP please refer to the Derivatives Market Procedure

Exchange Fee
 

An exchange fee is charged for buy and sell transactions of future and options contracts at Borsa İstanbul:

  • For index future and index option contracts an exchange fee of 0.004% (four hundred-thousandths) is charged. For future contracts the exchange fee is calculated based on the traded value (the product of price, contract size and number of trades) and for options the exchange fee is calculated based on premium value (the product of premium, contract size and number of trades).
  • For future and option contracts other than index contracts the exchange fee is charged as 0.003% (three hundred-thousandths) of the traded value of futures and 0.003% (three hundred-thousandths) of premium value of options.
  • The exchange fee for TLREF Futures Contracts’ll be charged after 07/31/2020.

Related Files

Borsa İstanbul Fee Schedule