Contract Features
Underlying Assets

The underlying assets are the following equities traded on Borsa İstanbul Equity Market and price indices, currencies, commodities and energy products selected on the basis of the criteria determined by Borsa İstanbul.

Equity Code/Explanation
Akbank T.A.Ş. AKBNK
Arçelik A.Ş. ARCLK
Aselsan A.Ş. ASELS
BİM United Stores Inc. BIMAS
Coca-Cola İçecek A.Ş. CCOLA
Doğan Holding A.Ş. DOHOL
Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş. EKGYO
Enerjisa Energy A.Ş. ENJSA
Enka İnşaat ve Sanayi A.Ş. ENKAI
Ereğli Demir ve Çelik Fabrikaları T.A.Ş. EREGL
Ford Otomotiv Sanayi A.Ş. FROTO
H.Ö. Sabancı Holding A.Ş. SAHOL
Kardemir Karabük Demir Çelik Sanayi ve Ticaret A.Ş. KRDMD
Koç Holding A.Ş. KCHOL
Koza Anadolu Metal Madencilik A.Ş. KOZAA
Koza Gold Operations Inc. KOZAL
Migros Ticaret A.Ş. MGROS
Pegasus Hava Taşımacılığı A.Ş. PGSUS
Petkim Petrokimya Holding A.Ş. PETKM
Sasa Polyester Sanayi A.Ş. SASA
T. Garanti Bankası A.Ş GARAN
T. İş Bankası A.Ş ISCTR
Tofaş Türk Automobile Factory Inc. TOASO
Trakya Cam Sanayii A.Ş. TRKCM
Turkey Petroleum Refineries Corporation Tupras TUPRS
Turkish Airlines AO THYAO
Türk Telekomünikasyon A.Ş. TTKOM
Turkcell İletişim Hizmetleri A.Ş. TCELL
Turkey Halk Bankası A.Ş. HALKB
Industrial Development Bank of Turkey TSKB
Turkey Bottle and Glass Factory, Inc. SISE
Soda Sanayii A.Ş. SODA
TAV Airports Inc. TAVHL
Tekfen Holding A.Ş. TKFEN
Ülker Bisküvi Sanayi A.Ş. ULKER
Turkey Foundations Bank TAO VAKBN
Yapı ve Kredi Bankası A.Ş. YKBNK
Index Code/Explanation
BIST 30 Index XU030D
BIST Liquid Banks XLBNKD
BIST Liquid 10 Ex Banks X10XBD
Currency Code/Explanation
USD/TRY Parity USDTRY
EUR/TRY Parity EURTRY
EUR/USD Parity EURUSD
RUB/TRY Parity RUBTRY
CNH/TRY Parity CNHTRY
GBP/USD Parity GBPUSD
Commodity Code/Explanation
41 Color Aegean Cotton COTEGE
The Second Degree Anatolian Hard Red Wheat WHTANR
The Third Degree Durum Wheat WHTDRM
Precious Metals Code/Explanation
Pure Gold (TL/Gram) XAUTRY
Pure Gold (Dolar/Ounce) XAUUSD
Electricity Code/Explanation
Base Load Electricity ELCBAS
Foreign Indices Code/Explanation
The Sarejevo Stock Index 10 SASX 10
Steel Code/Explanation
HMS 1&2 80:20 CFR Iskenderun Steel Scrap Index HMSTR
Interest Code/Explanation
Turkish Lira Overnight Reference Rate TLREF
Contract Codes

The specifications and codes of the contracts to trade on the Market will be announced by the Exchange. For Futures Contracts, the contract code includes information on instrument group, underlying asset, contract size and expiration date.

Table 1: Code For Futures Contracts

Code Explanation
F_ Instrument group (Futures)
XAUTRY Underlying asset code
M Contract code regarding the contract size
0317 Expiration date (Ex. March 2017)

For Option Contracts, the contract code includes information on instrument group, underlying asset, contract size, exercise style, expiration date, option class and strike price.

Table 2: Code For Options Contracts

Code Explanation
O_ Instrument group (Options)
XU030 Underlying asset code
E Exercise style (A: American-The contractual right can be used on any date until or on expiry date, E: European-The contractual right can be used on expiry date)
0417 Expiration date (Ex. April 2017)
C Option class (C: Call option P: Put option)
1240,00 Strike price

Single Stock Futures and Options contracts subject to corporate action adjustments may have different contract specifications than standart contracts. Contract codes may have additional information such as N1, N2, N3 etc. indicating that the contract is non standart.

Intermonth strategy orders shall be sent to the System with strategy order codes determined as in the below instead of the contract codes.

Table 3: Intermonth Strategy Order Code

Code Explanation
F_ Contract group to compose the intermonth strategy order (Futures)
XU030 Underlying asset code
M2-M1 Contract months included in the strategy (M1:nearest contract month – M2: second nearest contract month)

Flexible contracts which are created by Exchange members by altering expiry day and/or strike price parameters of existing contracts with predefined constrains, are coded as follows:

Table 4: Contract Code for Flexible Option Contracts

Code Explanation
TM_O Flexible Option Contract
XU030 Underlying Asset Code
E Exercise style (A: American-The contractual right can be used on any date until or on expiry date, E: European-The contractual right can be used on expiry date)
250419 Expiration Date (Ex. 25 April 2019)
C Option class (C: Call option P: Put option)
1235,00 Strike Price

Flexible contract codes, subjected to corporate action adjustment, may have additional information such as N1, N2, N3 etc. indicating that the contract is non standart.

Quotation and Minimum Price Tick

Principles related price quotation and tick scales of the contracts are determined by the Exchange in the contract specifications.

Security Type Quotation and Minimum Price Tick
BIST 30 Index Futures 0,25 TRY (index value)
BIST Liquid Banks Futures 0,25 TRY (index value)
BIST Liquid 10 Ex Banks Futures 0,25 TRY (index value)
BIST 30 Index Options 0,01 TRY (1/1000 of index value)
Single Stock Futures 0,01 TRY (per underlying share)
Single Stock Options 0,01 TRY (per underlying share)
USDTRY Futures 0,0001 TRY (per USD)
EURTRY Futures 0,0001 TRY (per EUR)
EUR/USD Currency Futures 0,0001 USD (per EUR)
USDTRY Options 0,1 TRY (per 1000 USD)
Ruble/TRY Futures 0,00001 TRY (per Ruble)
Yuan/ TRY Futures 0,0001 TRY (per Yuan)
GBP/USD Currency Futures 0,0001 USD (per GBP)
Gold Futures 0,01 TRY (per gram)
USD/Ounce Gold Futures 0,05 USD (per ounce)
Aegean Cotton Futures 0,005 TRY (per kg)
Anatolian Red Wheat Futures 0,0005 TRY (per kg)
Durum Wheat Futures 0,0005 TRY (per kg)
Base-Load Electricity Futures 0,10 TRY (per 1MWh electricity)
SASX 10 Index Futures 0,25 TRY (Index Value)
Steel Scrap Futures 0,01 USD (per metric ton)
1 Month TLREF Futures 0,01 (Reference Rate*100)

For further information please refer to the Derivatives Market Procedure

Maturity Months, Contract Maturity, And The Last Trading Day

The maturity months of the contracts are determined by the Exchange within the contract elements (For further information please refer to the Derivatives Market Procedure). In addition to standard contract months, flexible contracts can be created for a maximum period of the expiry day up to 180 days by users.

The contract maturity and last trading day of futures and standart options contracts is the last business day of each contract month. Expiry and last trading day are the expiration date for flexible options contracts. In case domestic markets are closed for half day due to an official holiday, expiry date and last trading day shall be the preceding business day.

Settlement Method

The settlement method for single stock future, single stock option contracts, and commodity futures is physical delivery. For single stock futures and single stock options, physical delivery is realized by exchange of dematerialized equities over the settlement or strike price of the contract respectively.

The settlement method for index options and futures, currency futures, gold futures, energy futures, steel scrap and TLREF futures are cash settlement. For options profit/loss is determined by the difference between strike price and settlement price at the end of the maturity date.

Daily Settlement Prices

Daily Settlement Price for Futures Contracts

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 within 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 realized during the normal session, the settlement price of the previous day will be determined as the daily settlement price.

If the daily settlement price cannot be calculated in accordance with the above methods by the end of the normal session, the settlement price may be determined by using the following methods singly or collectively.

a) The average of the best bid and ask 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.

Trades realized on the Negotiated Deals Board will not be taken into consideration. The right to change the daily settlement price by the Settlement Price Committee is under reserve.

Daily Settlement Price for Single Stock, Index, Mini Index and USDTRY Option Contracts

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 performed, theoretical prices calculated in consideration prices of underlying asset and other contracts based on the same underlying asset will be determined as the daily settlement price.

If the daily settlement price cannot be calculated in accordance with the above methods by the end of the normal session, or it is decided that the prices calculated do not reflect the market correctly, the Exchange may determine the daily settlement price in consideration of theoretical price, the previous day’s settlement price or the best bid and ask prices at the end of the normal session.

Trades executed on Negotiated Deals Market 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.

Base Price And Daily Price Change Limits

Daily price change limits for future contracts is defined in the contract specifications by the Exchange. In the event that the upper or lower limit is calculated that it does not coincide with the price tick, the upper limit will be rounded to the upper price tick; and the lower limit, to the lower price tick.

For option contracts, on the other hand, no price change limit will be applied for premium prices. (For further information please refer to the Derivatives Market Procedure)

Strike Prices

In the case of option contracts, strike prices refer to the prices at which the option holder may buy (for call options) and those at which the option holder may sell (put options).

Example 1:

O_AKBNKE0417C8.00 contract represents a European call option with a strike price of TL 8. This contract entitles its holder (investor with long position) to buy 100 units of Akbank equities at TL 8 at the maturity date of April 30, 2017.

If the spot price of the underlying security is over TL 8, the option contract is in-the-money, at TL 8, it is at-the-money, and if the price falls below TL 8, the option contract will be out-of-the-money.

Example 2:

O_AKBNKE0417P10.00 contract represents a European put option with a strike price of TL 10. This contract entitles its holders (investors with long position) to sell 100 units of Akbank equities at TL 10 at the maturity date of April 30, 2017.

If the spot price of the underlying security is below TL 10, the option contract is in-the-money, at TL 10, it is at-the-money, and if the price rises over TL 10, the option contract will be out-of-the-money.

Strike Price Ticks

Single Stock Option

The strike price tick for the single stock option contracts to start trading will be determined as follows on the basis of the price of the underlying asset, and will be applied as two digits after the comma.

Option Contract Strike Price Gap (TL) Strike Price Tick (TL)
0,01 – 0,99 0,02
1,00 – 2,49 0,05
2,50 – 4,99 0,10
5,00 – 9,99 0,20
10,00 – 24,99 0,50
25,00 – 49,99 1,00
50,00 – 99,99 2,00
100,00 – 249,99 5,00
250,00 – 499,99 10,00
500,00 – 999,99 20,00
1.000,00 and over 50,00

By taking closing price of underlyings in spot market in previous trading day as base price and using theoretical price calculation method, at-the-money price levels are determined. Contracts with eight different (one at-the-money, one in-the-money and six out-of-the-money) strike price levels are opened.

In addition to standard strike prices, flexible contracts can be created by users with the strike prices which are between below/above 20% of minimum/maximum of the current strikes.

USD/TRY Options

For call options, 50 Turkish Lira (Example: 2,000, 2,050, 2,100 etc.)
For put options, 50 Turkish Lira (Example: 2,000, 2,050, 2,100 etc.)

Theoretical price for each contract month are calculated on the basis of the value of multiplying the average of USDollar selling and buying rate announced by the Central Bank of the Republic of Turkey at 15:30 of the last trading day by 1,000. At the  Money strike price levels are determined using these theoretical prices for each contract month. At eleven different strike prices such that two is “in the money”, one is “at the money” and eight are “out of the money” shall be opened for each of call and put options.

In addition to standard strike prices, flexible contracts can be created by users with the strike prices which are between below/above 20% of minimum/maximum of the current strikes of all options.

BIST 30 Index Options

Strike price tick is 20.

By taking previous day’s closing price of underlying (index) in spot market as base price and using theoretical price calculation method, at-the-money price levels are determined. Contracts with eleven different (one at-the-money, two in-the-money and eight out-of-the-money) strike price levels are opened.

In addition to standard strike prices, flexible contracts can be created by users with the strike prices which are between below/above 20% of minimum/maximum of the current strikes.

Strike Prices to be Introduced for Trading


Following regulations related to strike prices to be introduced for trading are in effect:

  • New option strikes and ATM level may differ per expiration since they will be calculated according to the theoretical price (rather than spot price) of underlying
  • ATM levels for each expiration will be published daily to our members via trading workplace and FIXRD (reference data) channels.
  • Inactivation of option series due to underlying price changes will be ceased and auto generated options will be tradable until expiration date unless inactivated by mandatory reasons.

In the BISTECH system, at the money strike price level will be determined for each contract month by using the theoretical price calculation method based on the underlying price and the contracts will be created in the following numbers.

Instrument Class In The Money Contracts At The Money Contracts Out of The Money Contracts
Equity Options 1 1 6
BIST30 Index Options 2 1 8
USDTRY Options 2 1 8
Final Settlement Prices
Security Type Final Settlement Price Calculation Method
Equity& Index Futures and Options Contracts
BIST 30 Index Futures

The final settlement price of BIST 30 futures contracts shall be calculated by weighting of the time weighted average of index values of the last 30 minutes of continuous auction in the equity market and closing price of the index with 80% and 20%, respectively. The calculated weighted average is rounded to the nearest price tick.

The final settlement price will be determined by the Settlement Price Committee if the session and/or closing session in the spot market was partly or entirely closed, or price was not discovered despite the fact that the market was open on the last trading day.

BIST 30 Index Options

For call options, the final settlement price shall be calculated by weighting of the time weighted average of index values of the last 30 minutes of continuous auction in the equity market and closing price of the index with 80% and 20%, respectively. The difference between the calculated weighted average price and strike price is rounded to the nearest price tick and called as the final settlement price.

For put options, the final settlement price shall be calculated by weighting of the time weighted average of index values of the last 30 minutes of continuous auction in the equity market and closing price of the index with 80% and 20%, respectively. The difference between strike price and the weighted average price is rounded to the nearest price tick and called as the final settlement price.

The final settlement price will be determined by the Settlement Price Committee if the session and/or closing session in the spot market was partly or entirely closed, or price was not discovered despite the fact that the market was open on the last trading day.

BIST Liquid Banks Index Futures

The final settlement price of BIST Liquid Banks Index futures contracts shall be calculated by weighting of the time weighted average of index values of the last 30 minutes of continuous auction in the equity market and closing price of the index with 80% and 20%, respectively. The calculated weighted average is rounded to the nearest price tick.

The final settlement price will be determined by the Settlement Price Committee if the session and/or closing session in the spot market was partly or entirely closed, or price was not discovered despite the fact that the market was open on the last trading day.

BIST Liquid 10 Ex Banks Index Futures

The final settlement price of BIST Liquid 10 Ex Banks Index futures contracts shall be calculated by weighting of the time weighted average of index values of the last 30 minutes of continuous auction in the equity market and closing price of the index with 80% and 20%, respectively. The calculated weighted average is rounded to the nearest price tick.

The final settlement price will be determined by the Settlement Price Committee if the session and/or closing session in the spot market was partly or entirely closed, or price was not discovered despite the fact that the market was open on the last trading day.

Single Stock Futures

The final settlement price of single stock futures contracts shall be the closing price of the spot market session on the last trading day.

On the last trading day, the expiry date settlement price is determined by the Settlement Price Committee if the session and/or closing session on the spot market is partially or completely closed, or price was not discovered despite the fact that the market was open on the last trading day.

Currency Futures Contracts
USDTRY Futures

The average of US Dollar selling and buying rate announced by the CBRT at 15:30 of the last trading day.

The Last Settlement Price shall be rounded to the nearest tick.

EURTRY Futures

The average of Euro selling and buying rate announced by the CBRT at 15:30 of the last trading day.

The Last Settlement Price shall be rounded to the nearest tick.

EUR/USD Currency Futures

CBRT EUR/USD Cross Rate of the last trading day.

The Last Settlement Price shall be rounded to the nearest tick.

RUB/TRY Futures

The average of RUB selling and buying rate announced by the Central Bank of the Republic of Turkey at 15:30 of the last trading day. The Last Settlement Price shall be rounded to the nearest tick.

CNH/TRY Futures

The CNH/TRY rate calculated with exchange rate of USD/CNY (HK) announced by the Hong Kong Treasury Markets Association and average of USD/TRY selling and buying rates announced by the Central Bank of the Republic of Turkey at 15:30 of the last trading day. The Last Settlement Price shall be rounded to the nearest tick. If the final settlement price cannot be calculated due to public market holiday or any other reason the Settlement Price Committee will determine the final settlement price on the expiry day.

GBP/USD Futures

Indicative GBP/USD Cross Rate announced by CBRT at 15:30 on the last trading day. The Last Settlement Price shall be rounded to the nearest tick.

Currency Options Contracts
USDTRY Options

For call options, final settlement price is calculated as the difference between the value of multiplying the average of US Dollar selling and buying rate announced by the Central Bank of the Republic of Turkey at 15:30 of the last trading day by 1,000 and the option contract’s strike price. The final value is rounded to the nearest price tick.

For put options, final settlement price is calculated as the difference between the option contract’s strike price and the value of multiplying the average of US Dollar selling and buying rate announced by the Central Bank of the Republic of Turkey at 15:30 of the last trading day by 1,000. The final value is rounded to the nearest price tick.

If the related selling rate is not announced by CBRT on the last trading day, the final settlement price shall be determined by the Settlement Price Committee.”

Gold Futures Contracts
Gold Futures

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 determined with the above-mentioned methods shall be rounded to nearest price tick.

USD/Ounce Gold Futures

LBMA Gold Price P.M. (released by ICE Benchmark Administration in the afternoon), shall be used as the final settlement price. If the afternoon fixing price is not released, the gold fixing price released (USD/ounce) 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 determined with the above-mentioned methods shall be rounded to nearest price tick.

Energy Future Contracts
Monthly Base-Load Electricity Futures Contracts

The Last Settlement Price shall be the basic arithmetic average of the Unconstrained Market Clearing Prices announced by Turkish Electricity Transmission Company for each hour of the contract month. The Last settlement price determined with the above-mentioned methods shall be rounded to nearest price tick.

Quarterly Base-Load Electricity Futures Contracts

Since Quarterly contracts are subject to the cascading procedures, final settlement price is not calculated.

Yearly Base-Load Electricity Futures Contracts

Since Yearly contracts are subject to the cascading procedures, final settlement price is not calculated.

Foreign Indices Future Contracts
SASX 10 Index Futures

The final settlement price of SASX 10 futures contracts shall be the closing price of the related index. The Last Settlement Price shall be rounded to the nearest tick. If the final settlement price cannot be calculated due to public market holiday or any other reason the Settlement Price Committee will determine the final settlement price on the expiry day.

Commodity Futures Contracts
Anatolian Red Wheat Futures

The Last Settlement Price shall be calculated as follows:

The volume weighted average of the prices of the second degree Anatolian Hard Red wheat prices formed at Konya Commodity Exchange in the last trading day is to be calculated. This price shall be considered as the last settlement price.

If no price is formed at the Konya Commodity Exchange in the last trading day for the second degree Anatolian Hard Red wheat;

  • Bid and offer prices available on the market for the second degree Anatolian Hard Red wheat,
  • The prices of the first and/or the third degree Anatolian Hard Red wheat,
  • Volume weighted average of the second degree Anatolian Hard Red wheat prices for the day before the last trading day, the methods mentioned above are used alone or together in order to determine the final settlement price by the Settlement Price Committee.

The Settlement Price Committee may increase or cut the number of days on which price information is obtained from the Konya Commodity Exchange, may consider the prices of the second degree Anatolian Hard Red wheat formed at other grain exchanges for calculating the Last Settlement Price.

The final settlement price determined with the above-mentioned methods shall be rounded to nearest price tick.

Durum Wheat Futures

The Last Settlement Price shall be calculated as follows:

The volume weighted average of prices for Standard 3 durum wheat formed at Konya Commodity Exchange in the last trading day is to be calculated. This price shall be considered as The Last Settlement Price.

If no price is formed at the Konya Commodity Exchange in the last trading day for the third degree durum wheat;

  • Bid and offer prices available on the market for the third degree durum wheat,
  • Prices of the first and/or the second degree durum wheat,
  • Volume weighted average of the third degree durum wheat prices for the day before the last trading day,

the methods mentioned above are used alone or together in order to determine the final settlement price by the Settlement Price Committee.

The Settlement Price Committee may increase or cut the number of days on which price information is obtained from the Konya Commodity Exchange, may consider the prices of the third degree durum wheat formed at other grain exchanges for calculating the Last Settlement Price.

The final settlement price determined with the above-mentioned methods shall be rounded to nearest price tick.

Aegean Cotton Futures

The Last Settlement Price shall be calculated as follows:

Arithmetic average of closing prices which are defined as minimum price of Aegean Color 41 Cotton announced by İzmir Commodity Exchange at the last trading day and one business day prior to the last trading day will be considered as the last settlement price. In case there is not the related price on one of these days, price of the other day is determined as the final settlement price.

If the final settlement price for Aegean Color 41 Cotton cannot be calculated with the above methods, at the İzmir Commodity Exchange;

  • Closing price defined as maximum for Aegean Color 41 Cotton at the last trading day,
  • The closing prices of the Aegean Color 31 and/or 51 Cotton,
  • Closing price defined as maximum for Aegean Color 41 Cotton announced at the one business day before last trading day.

The methods mentioned above are used alone or together in order to determine the final settlement price by the Settlement Price Committee.

The Settlement Price Committee may increase or cut the number of days on which price information is obtained from the İzmir Commodity Exchange, may consider the prices of the Aegean Color 41 Cotton formed at other exchanges for calculating the Last Settlement Price.

The final settlement price determined with the abovementioned methods shall be rounded to nearest price tick.

Metal Futures
Steel Scrap Futures

The Last Settlement Price shall be the basic arithmetic average of the daily prices announced by index provider for the contract month.

If the final settlement price cannot be calculated because of insufficient data or the prices calculated do not reflect the market correctly, the final 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 session,
b) Theoretical prices are calculated considering similar contracts traded at foreign markets, price of the underlying on the cash market or the daily settlement price for other contract months of the contract.

The Last Settlement Price shall be rounded to the nearest tick.

Interest Rate Futures
TLREF Futures

The final settlement price is calculated as follows and rounded to the nearest price tick:

N : The number of calendar days in delivery period
N0 : The number of business days in the calculation period.
ni : The number of calendar days in the relevant calculation period on which the rate is 𝑟i
ri :The overnight reference rate announced by Borsa İstanbul for 𝑖 day

The previous Turkish Lira Overnight Reference Rate may be used for days which the reference rate cannot be determined.

The final settlement price will be determined by the Settlement Price Committee if the price is not determined with methods above or the calculated prices do not reflect the market accurately.

Final Settlement Price Calculation Methods above mentioned are prepared briefly for information purposes only. (For further information please refer to the Derivatives Market Procedure)