Pyhsically Delivered USDTRY Options

Pyhsically Delivered USDTRY Options

Underlying Securities

USD/TRY

Option Class

Call and put options.

Exercise Style

European; an option may only be exercised on the expiry date.

Contract Size

1,000 USD

Tick Size

Prices shall be entered for 1,000 USD as the premium value in terms of Turkish Lira significant to one decimal. (Example: 20.1, 20.2 etc.) Minimum price tick is 0.1. Quantity quotations are entered as one contract and its multiples.

Contract Months

All calendar months (2 consecutive months - the current contract month and the next calendar month shall be concurrently traded)

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.

Settlement

Physical delivery.

Trading Hours

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

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.

Premiums paid are deducted from the accounts starting from the end of T day, while premiums received are added to the accounts by T day

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, theoretical prices calculated, considering 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 with the above methods by the end of the normal session, or the prices calculated do not reflect the market correctly, the Exchange may determine the daily settlement price in consideration of theoretical price, spot price of the underlying asset, the previous day’s settlement price or the best bid and ask prices at the end of the session.

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

For call options, final settlement price is calculated as the difference between the value of multiplying the average of USDollar selling and buying rate announced by the CBRT 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 USDollar selling and buying rate announced by the CBRT 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.

Expiry Date

Last business day of the 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 day shall be the preceding business day.

Last Trading Day

Last business day of the 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.

Instrument Class

Base Price

Limit

Limit Value

Limit Example

USD/TRY Options

0,1-49,9

Constant

+50,00

Base Price: 5,00
Lower Limit: -
Upper Limit: 55,00

50,0-99,9

Percentage (%)

+%400

Base Price: 70,00
Lower Limit: -
Upper Limit: 350,00

100,0 ve üstü

Constant

+500,00

Base Price: 150,00
Lower Limit: -
Upper Limit: 650,00

 

Strike Prices

Strike price tick

For call options, 50 Turkish Lira (Example: 8000, 8050, 8100 etc.)

For put options, 50 Turkish Lira (Example: 8000, 8050, 8100 etc.)

By multiplying the average of USDollar selling and buying rate announced by the Central Bank of the Republic of Turkey by 1,000 and using theoretical price calculation method, at-the-money price levels are determined. Contracts with at-the-money strike price levels are opened for each contract months.

In addition to standard strike prices, flexible contracts can be created by users with the strike prices which are between below/above 100% of the current strikes.

Margins

Clearing legislation shall be applied.