Physically Delivered FX Futures

Physically Delivered FX 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: : 8.0434; 8.0435; 8.0436 etc). Minimum price tick is 0.0001 TL.  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 (The current calender month, the next calender month, next nearest cycle month and expiration month of December of the same year shall be traded concurrently.  If there are less than four contracts, an extra contract with an expiration month of Decemberof the next year shall be launched.

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

Physical delivery.

Settlement Period

Settlement period is T+1 for physical delivery. In case of US Dollar holidays or domestic markets are closed for half day due to an official holiday, settlement transactions are not realized.

Losses are deducted from the accounts starting from the end of T day, while profits are added to the accounts by 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 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.