Underlying Security

HMS 1&2 80:20 CFR Iskenderun Steel Scrap Index

Contract Size

10 tons

Price Quotation and Minimum Price Tick

Value of 1 ton steel scrap shall be quoted in terms of US Dollars significant to two decimals. The minimum price tick is USD 0.01.

Contract Months

Cycle months are March, June, September and December. Four contracts whose expiration months are the current month, the next calendar month and two next cycle month shall be concurrently traded.

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 settlement price of the previous day, will be 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.

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 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 normal 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.

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 up, while the lower limit is rounded down 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.