Commodity Futures
Anatolian Red Wheat Futures

Underlying Security

The Second Degree Anatolian Hard Red Wheat

Contract Size

5 tonnes.

Price Quotation and Minimum Price Tick

Value of 1 Kg the second degree Anatolian Hard Red wheat shall be quoted in terms of Turkish lira significant to four decimals. Last digit after the decimal point shall be either 0 (zero) or 5 (five) (as in TRY/kg 0.9865 or 0.9870). The minimum price tick is 0.0005. Value of one tick corresponds to TRY 2.50.

Contract Months

January, February, May, July, September and December (Contracts with three different months nearest to the current month shall be traded concurrently. If September is not one of those three months, an extra contract with an expiration month of September shall be launched.)

Settlement

Physical Delivery

Settlement Period

T+5 for physical delivery.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 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.

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 +/-20% 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.

Issues Regarding Physical Settlement

Physical delivery is realized through Electronic Warehouse Receipts System (EWHR). Transactions subject to physical delivery will be completed at the end of settlement period through corresponding transactions to be executed at Borsa Konya. In principal, physical delivery is to be executed with the second degree Anatolian Hard Red wheat. However, according to the market conditions and provided that it is declared in advance, the physical delivery may be executed with the first or the third degree Anatolian Hard Red wheat considering premium and discount amounts/ratios. Premium and discount amounts/ratios will be determined by Borsa İstanbul A.Ş. and Borsa Konya A.Ş.

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Durum Wheat Futures

Underlying Security

The Third Degree Durum Wheat

Contract Size

5 tonnes.

Price Quotation and Minimum Price Tick

Value of 1 Kg durum wheat shall be quoted in terms of Turkish lira significant to four decimals. Last digit after the decimal point shall be either 0 (zero) or 5 (five) (as in TRY/kg 0.9865 or 0.9870). The minimum price tick is 0.0005. Value of one tick corresponds to TRY 2.5.

Contract Months

January, February, May, July, September and December (Contracts with three different months nearest to the current month shall be traded concurrently. If September is not one of those three months, an extra contract with an expiration month of September shall be launched.)

Settlement

Physical Delivery

Settlement Period

T+5 for physical delivery. 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 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.

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 +/-20% 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.

Issues Regarding Physical Settlement

Physical delivery is realized through Electronic Warehouse Receipts System (EWHR). Transactions subject to physical delivery will be completed at the end of settlement period through corresponding transactions to be executed at Borsa Konya. In principal, physical delivery is to be executed with the second degree Anatolian Hard Red wheat. However, according to the market conditions and provided that it is declared in advance, the physical delivery may be executed with the first or the third degree Anatolian Hard Red wheat considering premium and discount amounts/ratios. Premium and discount amounts/ratios will be determined by Borsa İstanbul A.Ş. and Borsa Konya A.Ş.

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Aegean Cotton Futures

Underlying Security

Aegean Color 41 Cotton.

Contract Size

1 tonne.

Price Quotation and Minimum Price Tick

Value of 1 Kg Aegean Color 41 Cotton shall be quoted in terms of Turkish Lira significant to three decimals. Last digit after the decimal point shall be either 0 (zero) or 5 (five).

The minimum price tick is 0.005. Value of one tick corresponds to TRY 5. Sample quote = 5.125 or 5.410

Contract Months

2 nearest months out of March, May, July, October and December

Settlement

Physical Delivery

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 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 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 (Expiry Day) Settlement Price

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.

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.

Settlement Period

T+5 (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.

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 change 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 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.

Trading Hours

Continuous trading from 09:30 to 18:15

Collateral and Margining Rules

Clearing legislation shall be applied.

Issues Regarding Physical Settlement

Physical delivery is realized through Electronic Warehouse Receipts System (EWHR).

Transactions subject to physical delivery will be completed at the end of settlement period through corresponding transactions to be executed at Electronic Trade Platform of İzmir Commodity Exchange.

In principal, physical delivery is to be executed with the Aegean Color 41 Cotton. However, according to the market conditions and provided that it is declared in advance, the physical delivery may be executed with the  TBA_R (Türkiye Batı A Rollergin)  or  TBC_R (Türkiye Batı C Rollergin) quality cottons considering premium and discount amounts / ratios.

Premium and discount amounts / ratios will be determined by Borsa İstanbul A.Ş. and İzmir Commodity Exchange

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