FX Futures
USD/TRY Futures

Underlying Security

USD/TRY Parity

Contract Size

1,000 USD

Price Quotation and Minimum Price Tick

Prices shall be quoted in terms of Turkish Lira per USD significant to four decimals (Ex: 2.2390; 2.2391; 2.2392 etc.). The minimum price tick corresponds to a value of 0.1 TL (0.0001 * 1,000) for a contract.

Contract Months

All calendar months (The current contract month and the nearest 15 contract months shall be concurrently traded.)

In addition to the standard contract months, flexible contracts can be created for a maximum period of the expiry day up to 364 days by users.

Settlement

Cash Settlement

Settlement Period

T+1(first day following the expiry date) Losses are deducted from the accounts at the end of T day, profits are added to the accounts on T day as well.

Trading Hours

Continuous trading from 09:30 to 18:15 (local time).

Daily Settlement Price

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 done during the normal session, the previous day settlement, will be determined as the daily settlement price.

If the daily settlement price cannot be calculated with the above methods by the end of the normal session, or the prices calculated do not reflect the market correctly, the daily 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 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.

Trade reporting 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.

Final Settlement Price

The average of USDollar 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.

Expiry Date

Last business day of the standard contract month. Expiry day is the expiration date for flexible contracts. In case domestic markets are closed for half day due to an official holiday, expiry date shall be the preceding business day.

Last Trading Day

Last business day of the standard contract month. Last trading day is the expiration date for flexible contracts. In case domestic markets are closed for half day due to an official holiday, last trading day shall be the preceding business day.

Daily Price Limit

Base price is the price determined by the Settlement Price Committee on the day the relevant contract is introduced for trading, and used in calculating the daily price change limits. For the other days, base price is the settlement price of the previous day.

The daily price limit is set as +/-10% of the base price which is found by rounding the previous daily settlement price to the nearest price tick. If the price limits found by this method is not a valid price tick, for upper limit it is rounded down, while the lower limit is rounded up to the nearest price tick.

Margins

Clearing legislation shall be applied.

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EUR/TRY Futures

Underlying Security

EUR/TRY Parity

Contract Size

1,000 EUR

Price Quotation and Minimum Price Tick

Prices shall be quoted in terms of Turkish Lira per Euro significant to four decimals (2.8320; 2.8321; 2.8322 etc.). The minimum price tick corresponds to a value of 0.1 TL (0.0001 * 1,000) for a contract.

Contract Months

Cycle months are February, April, June, August, October and December. Four contracts whose expiration months are the current month, the next calendar month, the next cycle month and December shall be concurrently traded. If there are less than four contracts, an extra contract with an expiration month of December of the next year shall be launched.

Settlement

Cash Settlement

Settlement Period

T+1 (first day following the expiry date) Losses are deducted from the accounts at the end of T day, profits are added to the accounts on T day as well.

Trading Hours

Continuous trading from 09:30 to 18:15 (local time).

Daily Settlement Price

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 done during the normal session, the previous day settlement, will be determined as the daily settlement price.

If the daily settlement price cannot be calculated with the above methods by the end of the normal session, or the prices calculated do not reflect the market correctly, the daily 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 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.

Trade reporting 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.

Final Settlement Price

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.

Expiry Date

Last business day of each contract month. In case domestic markets are closed for half day due to an official holiday, expiry date shall be the preceding business day.

Last Trading Day

Last business day of each contract month. In case domestic markets are closed for half day due to an official holiday, last trading day shall be the preceding business day.

Daily Price Limit

Base price is the price determined by the Settlement Price Committee on the day the relevant contract is introduced for trading, and used in calculating the daily price change limits. For the other days, base price is the settlement price of the previous day.

The daily price limit is set as +/-10% of the base price which is found by rounding the previous daily settlement price to the nearest price tick. If the price limits found by this method is not a valid price tick, for upper limit it is rounded down, while the lower limit is rounded up to the nearest price tick.

Margins

Clearing legislation shall be applied.

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EUR/USD Futures

Underlying Security

EUR/USD Parity

Contract Size

1,000 EUR

Price Quotation and Minimum Price Tick

Prices shall be quoted in terms of US Dollars per 1Euro significant to four decimals (1.3050; 1.3051 etc.). The minimum price tick is 0.0001. The minimum price tick corresponds to a value of 0.1 USD for a contract.

Contract Months

Cycle months are February, April, June, August, October and December. Four contracts whose expiration months are the current month, the next calendar month, the next cycle month and December shall be concurrently traded. If there are less than four contracts, an extra contract with an expiration month of December of the next year shall be launched.

Settlement

Cash Settlement

Settlement Period

T+1 (first day following the expiry date) Losses are deducted from the accounts at the end of T day, profits are added to the accounts on T day as well.

Trading Hours

Continuous trading from 09:30 to 18:15 (local time).

Daily Settlement Price

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 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 done during the normal session, the previous day settlement, will be determined as the daily settlement price.

If the daily settlement price cannot be calculated with the above methods by the end of the normal session, or the prices calculated do not reflect the market correctly, the daily 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 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.

Trade reporting 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.

Final Settlement Price

EUR/USD Rate announced by the Central Bank of the Republic of Turkey at 3:30 p.m. on the last trading day. The Last Settlement Price shall be rounded to the nearest tick.

Expiry Date

Last business day of each contract month. In case domestic markets are closed for half day due to an official holiday, expiry date shall be the preceding business day.

Last Trading Day

Last business day of each contract month. In case domestic markets are closed for half day due to an official holiday, last trading day shall be the preceding business day.

Daily Price Limit

Base price is the price determined by the Settlement Price Committee on the day the relevant contract is introduced for trading, and used in calculating the daily price change limits. For the other days, base price is the settlement price of the previous day.

The daily price limit is set as +/-10% of the base price which is found by rounding the previous daily settlement price to the nearest price tick. If the price limits found by this method is not a valid price tick, for upper limit it is rounded down, while the lower limit is rounded up to the nearest price tick.

Margins

Clearing legislation shall be applied.

Exchange Rate of Dollar

The calculations related to this contract for converting the values in US Dollars to Turkish Lira are based on US Dollar buying rate announced by the Central Bank of the Republic of Turkey at 3:30 pm. If deemed necessary or in case US Dollar rate is not announced by CBRT, the exchange rate of Dollar may be updated using the exchange rates in the spot market.

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RUB/TRY Futures

Underlying Security

RUB/TRY Parity

Contract Size

100,000 RUB

Price Quotation and Minimum Price Tick

Prices shall be quoted in terms of Turkish Lira per Russian Ruble significant to five decimals.

The minimum price tick is 0.00001 (0.00001*100.000 = 1 TRY  for each contract)

Sample quote: TRY 0.06432, TRY 0.06579, TRY 0.06698

Contract Months

Cycle months are February, April, June, August, October and December. Four contracts whose expiration months are the current month, the next calendar month, the next cycle month and December shall be concurrently traded.  If there are less than four contracts, an extra contract with an expiration month of December of the next year shall be launched.

Settlement

Cash settlement

Settlement Period

T+1 (first day following the expiry date) Losses are deducted from, profits are added to the accounts at the end of T day

Trading Hours

Continuous trading from 09:30 to 18:15 (local time).

Daily Settlement Price

The daily settlement price is calculated as follows at the end of the normal session and rounded to the nearest price tick:

a) The volume 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 volume weighted average price of the last 10 trades executed during the normal session,

c) If less than 10 trades were realized in the session, the volume weighted average price of all the trades executed during the normal session,

d) If no trades were realized during the normal session, the previous day settlement price is determined as the daily settlement price.

If the daily settlement price cannot be calculated with the methods above by the end of the normal session, or the prices calculated do not reflect the market correctly, the daily 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 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 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.

Final Settlement Price

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.

Expiry Date

Last business day of the contract month. In case domestic markets are closed for half day due to an official holiday, expiry day shall be the preceding business day.

Last Trading Day

Last business day of the contract month. In case domestic markets are closed for half day due to an official holiday, last trading day shall be the preceding business day.

Daily Price Limit

Daily price limit is equal to ±10% of the base price determined for each contract. If the upper or lower limit so calculated does not correspond to a price tick, the upper limit will be rounded to the lower price tick; and the lower limit, to the upper price tick.

Margins

Clearing legislation shall be applied.

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CNH/TRY Futures

Underlying Security

CNH/TRY Parity

Contract Size

10,000 CNH

Price Quotation and Minimum Price Tick

Prices shall be quoted in terms of Turkish Lira per Chinese Offshore Yuan significant to four decimals.

The minimum price tick is 0.0001 (0.0001*10.000 = 1 TRY  for each contract)

Sample quote: TRY 0.5194, TRY 0.5299, TRY 0.5326

Contract Months

Cycle months are February, April, June, August, October and December. Four contracts whose expiration months are the current month, the next calendar month, the next cycle month and December shall be concurrently traded.  If there are less than four contracts, an extra contract with an expiration month of December of the next year shall be launched.

Settlement

Cash settlement

Settlement Period

T+1 (first day following the expiry date) Losses are deducted from, profits are added to the accounts at the end of T day

Trading Hours

Continuous trading from 09:30 to 18:15 (local time).

Daily Settlement Price

The daily settlement price is calculated as follows at the end of the normal session and rounded to the nearest price tick:

a) The volume 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 volume 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 volume weighted average price of all the trades executed during the normal session,

d) If no trades were realized during the normal session, the previous day settlement price is determined as the daily settlement price.

If the daily settlement price cannot be calculated with the methods above by the end of the normal session, or the prices calculated do not reflect the market correctly, the daily 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 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 executed by trade reports 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.

Final Settlement Price

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.

Expiry Date

Last business day of the contract month. In case domestic markets are closed for half day due to an official holiday, expiry day shall be the preceding business day.

Last Trading Day

Last business day of the contract month. In case domestic markets are closed for half day due to an official holiday, last trading day shall be the preceding business day.

Daily Price Limit

Daily price limit is equal to ±10% of the base price determined for each contract. If the upper or lower limit so calculated does not correspond to a price tick, the upper limit will be rounded to the lower price tick; and the lower limit, to the upper price tick.

Margins

Clearing legislation shall be applied.

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GBP/USD Futures

Underlying Asset

GBP/USD Parity

Contract Size

1,000 GBP

Price Quotation and Minimum Price Tick

Prices shall be quoted in terms of US Dollars per 1GBP significant to four decimals (1.2667 etc.).The minimum price tick is 0.0001.

The minimum price tick corresponds to a value of 0.1 USD for a contract.

Contract Months

Cycle months are February, April, June, August, October and December. Four contracts whose expiration months are the current month, the next calendar month, the next cycle month and December shall be concurrently traded. If there are less than four contracts, an extra contract with an expiration month of December of the next year shall be launched.

Settlement

Cash settlement

Settlement Period

T+1 (first day following the expiry date) Losses are deducted from the accounts starting from the end of T day, while profits are added to the accounts by T day.

Daily Settlement Price

The daily settlement price used for updating accounts following the end of the normal session is calculated as follows and rounded to the nearest price tick:

a) The weighted average price of all the trades performed within the last 10 minutes of the normal session,

b) If less than 10 trades were executed in the last 10 minutes of the normal session, the weighted average price of the last 10 trades performed during the normal session,

c) If less than 10 trades were performed during the normal session, the weighted average price of all the trades performed during the normal session,

d) If no trades were performed 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, or it is decided that the prices calculated do not reflect the market correctly, the daily 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 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.

Trade reports 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.

Expiry Day ( Final ) Settlement Price

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.

Last Trading Day

Last business day of the contract month. In case domestic markets are closed for half day due to an official holiday, last trading day shall be the preceding business day.

Base Price and Daily Price Limit

Base price is the price determined by the Settlement Price Committee on the day the relevant contract is introduced for trading, and used in calculating the daily price limits. For the other days, base price is the settlement price of the previous day.

Daily price limit is equal to ±10% of the base price determined for each contract. If the upper or lower limit calculated does not correspond to a price tick, the upper limit will be rounded to the lower price tick; and the lower limit, to the upper price tick.

Trading Hours

Continuous trading from 09:30 to 18:15 (local time).

Margins

Clearing legislation shall be applied.

Exchange Rate of Dollar

The calculations related to this contract for converting the values in US Dollars to TRY are based on US Dollar buying rate announced by the Central Bank of the Republic of Turkey at 3:30 pm. If deemed necessary or in case US Dollar rate is not announced by CBRT, the exchange rate of Dollar may be updated using the exchange rates in the spot market.

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