Trading of warrants on Borsa İstanbul is regulated by a Circular issued by İMKB in accordance with the CMB arrangements.

Trading Method

Warrants are traded on the Warrant Market established within Borsa İstanbul Collective Products Market by “market making in multiple price - continuous auction system”. This system is operated by entry of buy/sell quotations by the market maker member in charge of the warrant and entry of buy/sell orders by members (including the market maker member) for such warrant. Each warrant  has to be assigned  a market maker, otherwise they can not be traded.

Market Maker

Borsa İstanbul member intermediary institution, determined by the issuer upon the approval of the CMB, and responsible for giving quotations for the warrants under its responsibility, in order to ensure the fair, orderly, and efficient functioning of the market, and to contribute to the formation of a liquid and continuous market for such warrants.

Quotation

A two-sided order that the market maker enters Borsa İstanbul Equity Market Automated Trading System (System), which includes information about the price at which and the quantity of the warrant that he is ready to buy and sell.

Main Trading Rules

- Orders are entered into the System according to price and time priority and are matched with the buy/sell orders and/or the quotations within the appropriate quotation interval (including quotation prices).

- The market maker member enters quotations for the relevant warrant. No order entry is accepted for warrants before the market maker member enters a quotation.

- Base price method is not applicable in warrant trading. Therefore, there is no upper or lower limit in price formation (margin is free).

- All trades in the market are realized within the interval of buy/sell quotations given by the market maker (including quotation prices) (the quotations given by the market maker are temporary price limits, in a way).Orders that fall out of the interval are also accepted to the System, but may be matched only when they are within the quotation interval.

- No orders or quotations are entered for warrants during the opening session.

-Orders entered for warrants may be cancelled during the session.

Trading Hours

Warrants are traded during continuous trading periods (10:00 - 18:00) of the session .