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 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.

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

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

Regulations of trade reporting for Single Stock Futures and Options

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