Market Functioning

Market Functioning
Markets

Markets in the below table are created with respect to contracts types executed in the market and execution principles.

Matching or orders and private trade notifications are realized under the relevant market. Besides, market segments are defined under the relevant market to publish collective trade statistics.

Markets
1 VIOP Equity Derivatives Market
2 VIOP Index Derivatives Market
3 VIOP Foreign Indices Derivatives Market
4 VIOP Currency Derivatives Market
5 VIOP ETF Derivatives Market
6 VIOP Precious Metals Derivatives Market
7 VIOP Metal Derivatives Market
8 VIOP Interest Rate Derivatives Market
9 VIOP Commodity Derivatives Market
10 VIOP Base Load Electricity Derivatives Market
11 VIOP Government Bond Derivatives Market
Trading Hours

Evening Session does not held at the last trading day of the calendar year. Detailed information on the workflow of the trading sessions can be found in the Appendix-3 Explanations on Trading Day Sections And VIOP's Trading and Daily Workflow Hours , VIOP Procedure.

How to Trade VIOP?

In order to trade at VIOP, an investor need to open an account at one of brokerage houses or banks registered as VIOP member. For further information, please click here.

Member Name Phone Number/ E-mail Futures Contracts Option Contracts Foreign Languages Served
ACAR YATIRIM MENKUL DEĞERLER A.Ş.
www.acar.com.tr
0 212 216 26 61
viop@acar.com.tr 
+ - English
AK YATIRIM MENKUL DEĞERLER A.Ş.
www.akyatirim.com.tr
0 212 334 95 30
0 212 334 95 80
Turev_Islemler_Satis@akyatirim.com.tr
+ + English + German
ALAN MENKUL DEĞERLER A.Ş.
www.alanmenkul.com
0 212 370 22 22
info@alanyatirim.com.tr
+ - English
ALB MENKUL DEĞERLER A.Ş.
www.albforex.com.tr
0 212 370 03 70
viop@albforex.com.tr
+ - English
ALNUS YATIRIM MENKUL DEĞERLER A.Ş.
www.alnusyatirim.com

0212 213 08 00
hazine@alnusyatirim.com

operasyon@alnusyatirim.com

bilgiislem@alnusyatirim.com

+ - English
ALTERNATİF YATIRIM A.Ş.
www.ayatirim.com.tr
0 212 315 66 61
YatirimDanismanligi@alternatifyatirim.com.tr
+ - English
ANADOLU YATIRIM MENKUL DEĞERLER A.Ş.
www.anadoluyatirim.com.tr
0 212 368 77 00
adyyurticipiyasalar@anadoluyatirim.com.tr 
+ + -
ATA YATIRIM MENKUL KIYMETLER A.Ş.
www.atayatirim.com.tr
0 212 310 62 00
ATAVIOP@atayatirim.com.tr
+ + English
BANK OF AMERİCA YATIRIM BANK A.Ş 
www.ml.com.tr
0 212 319 95 00
dg.ml_bank_muhaberat@bofa.com
+ - English
BGC PARTNERS MENKUL DEĞERLER A.Ş.
tr.bgcpartners.com
0 212 339 42 10
Bgc.viop@bgcpartners.com 
+ - English
BİZİM MENKUL DEĞERLER A.Ş.
www.bmd.com.tr
0 216 547 13 00
viop@bizimmenkul.com.tr  
+ - English
BURGAN YATIRIM MENKUL DEĞERLER A.Ş.
www.burganyatirim.com.tr
0 212 317 28 28
viop@burganyatirim.com.tr
+ + English
CREDIT SUISSE İSTANBUL MENKUL DEĞERLER A.Ş.
www.credit-suisse.com
0 212 352 04 14
list.csimd@credit-suisse.com    
+ - English
DENİZ YATIRIM MENKUL KIYMETLER A.Ş.
www.denizyatirim.com
0 212 348 90 90
DenizYatirimTurevIslemleriYurticiGrubu@denizbank.com 
+ + English
GARANTİ YATIRIM MENKUL KIYMETLER A.Ş.
www.garantiyatirim.com.tr
0 212 384 10 10
gyatirimviop@garantibbva.com.tr 
+ + English
GEDİK YATIRIM MENKUL DEĞERLER A.Ş.
www.gedik.com
0 216 453 01 23
vadeli@gedik.com
+ + English
GLOBAL MENKUL DEĞERLER A.Ş.
www.global.com.tr
0212 244 55 66
viop@global.com.tr
+ + English
HALK YATIRIM A.Ş.
www.halkyatirim.com.tr
0 212 314 81 02
turevaraclar@halkyatirim.cm.tr
+ - English
HSBC YATIRIM MENKUL DEĞERLER A.Ş.
www.hsbcyatirim.com.tr
0 212 376 46 53
turevpiyasalarislemleri@hsbc.com.tr 
+ - English
INFO YATIRIM A.Ş.
www.infoyatirim.com
0 212 700 35 00
viopislem@infoyatirim.com.tr
+ + English
ING MENKUL DEĞERLER A.Ş.
www.ingmenkul.com.tr
0 212 367 70 00
ingyatirimso@ingyatirim.com.tr
+ + English
İŞ YATIRIM MENKUL DEĞERLER A.Ş.
www.isyatirim.com.tr

0 212 350 22 64
hazine@isyatirim.com.tr

upfx@isyatirim.com.tr 

TakasOperasyonlari-TurevIslemler@isyatirim.com.tr

+ + English
MARBAŞ MENKUL DEĞERLER A.Ş.
www.marbasmenkul.com.tr
0 212 286 30 00
viopislemleri@marbasmenkul.com.tr
+ + -
MEKSA YATIRIM MENKUL DEĞERLER A.Ş.
www.meksa.com.tr
0 216 681 34 25
viop@meksa.com
+ + English
METRO YATIRIM MENKUL DEĞERLER A.Ş.
www.metroyatirim.com.tr
0 212 344 09 00
viop@metroyatirim.com.tr 
+ + -
NOOR CAPITAL MARKET MENKUL DEĞERLER A.Ş.
www.noorcm.com.tr
0 212 280 66 66
viop@noorcm.com.tr
+ + English

OSMANLI YATIRIM MENKUL DEĞERLER A.Ş.

0212 366 8848 

trading@osmanlimenkul.com.tr 

+ + -
OYAK YATIRIM MENKUL DEĞERLER A.Ş.
www.oyakyatirim.com.tr
0 212 319 12 95
vadeli@oyakyatirim.com.tr
+ + English
PİRAMİT MENKUL DEĞERLER A.Ş.
www.piramitmenkul.com.tr
0 212 293 32 00
viop@piramitmenkul.com.tr
+ + English
QNB FİNANS YATIRIM MENKUL DEĞERLER A.Ş.
www.finansinvest.com
0212 336 71 65
HAZINE@qnbfi.com 
+ + English
SANKO MENKUL DEĞERLER A.Ş.
www.sankomenkul.com
0 212 410 05 12
0 212 410 05 40
viop@sankomenkul.com
+ + English
ŞEKER YATIRIM MENKUL DEĞERLER A.Ş.
www.sekeryatirim.com
0 212 334 33 33 (154)
0 212 334 33 33 (211)
viop@sekeryatirim.com.tr
+ + English
TACİRLER YATIRIM MENKUL DEĞERLER A.Ş.
www.tacirler.com.tr
0 212 355 26 79
0 212 355 46 09
viop@tacirler.com.tr
+ + English
TEB YATIRIM MENKUL DEĞERLER A.Ş.
www.tebyatirim.com.tr
0 216 636 44 32
0 216 636 45 07
turevveforeksislemleri@teb.com.tr
+ + English
TERA MENKUL DEĞERLER A.Ş.
www.teramenkul.com
0 212 365 10 00
vioptera@terayatirim.com 
+ + English
TURKISH YATIRIM MENKUL DEĞERLER A.Ş.
www.turkishyatirim.com
0 212 315 10 50
0 212 315 10 33
viop@turkishyatirim.com
+ + -
ÜNLÜ MENKUL DEĞERLER A.Ş.
www.unluco.com
0 212 367 37 20
unluoperations@unluco.com 
+ + English
VAKIF YATIRIM MENKUL DEĞERLER A.Ş.
www.vakifyatirim.com.tr
212 352 35 77
vkyturev@vakifyatirim.com.tr
+ + -
VENBEY YATIRIM MENKUL DEĞERLER A.Ş.
www.venbeyyatirim.com
0 212 272 72 00
viop@venbeyyatirim.com
+ - English
YAPI KREDİ YATIRIM MENKUL DEĞERLER A.Ş.
www.yapikrediyatirim.com
0 212 319 80 00
YKY_Turev@ykyatirim.com.tr 
+ + English
YATIRIM FİNANSMAN MENKUL DEĞERLER A.Ş.
www.yf.com.tr
0 212 317 68 32
turevurunler@yf.com.tr
English
ZİRAAT YATIRIM MENKUL DEĞERLER A.Ş.
www.ziraatyatirim.com.tr
0 212 339 80 72
turevaraclar@ziraatyatirim.com.tr  
+ + English

Only the members who shared their contact information with VIOP are listed. In order to access to the full Member-list of VİOP,  click on the following link, please.

Orders

Order Methods

One of the following four methods for price determining must be chosen for the orders to be entered in the trading system.

Limit Order (LMT)

A limit order is the order method which is used to realize orders at prices of up to the determined price level. Price and quantity must be entered when this method is used.

Market Order*

A market order is the order type which is used to match orders, starting from the best price order in the market at the time the order is entered. “Market” order can be entered only by choosing “Fill or Kill” or “Fill and Kill” order validity.

*It is not allowed use of “Market Order” as of March 1, 2021

Market to Limit Order

Market to Limit Orders are the orders, such as market orders, which are entered only by specifying the quantity without price. Market to Limit Orders execute only with the pending best price orders. The unmatched part of the order become a limit order with the price of the last trade and stay in the order book. A market to limit order is cancelled immediately if there is not pending order on other side.

Stop Order

A Stop Order is a price order which will be activated when the market reaches the price determined by the ordering party for the relevant contract (activation price), or trades at a higher price in the market in the case of buying orders, or at a lower price in the case of selling orders. For stop orders, in addition to order entry method, activation price must be indicated.

Intermonth Strategy Orders

Intermonth strategy orders enable submission of two simultaneous automatic reverse orders (by one order entry with spread price) for different contract months of traded futures contracts. Different contract months composing the strategy are called the “legs” of the strategy where “M1” refers to the nearest contract month and “M2” refers to the second nearest (far) contract month. Rules of operation of strategy orders are given below:

  1. Strategy Buy Order:  Order is submitted to the System taking into account the spread price (far month contract bid price- near month contract offer price) composing far month contract (M2) buy and near month contract (M1) sell trade.
  2. Strategy Sell Order: Order is submitted to the System taking into the account the spread price (far month contract offer price-near month contract bid price) composing far month contract (M2) sell and near month contract (M1) buy trade.
  3. Strategy order codes which are similar to the contract codes are used at order entry.
  4. Buy or sell strategy orders can be entered with negative price as long as the price limits are satisfied.
  5. Maximum order quantity of a strategy order equals that of the contracts composing the strategy.
  6. Strategy order entry is not accepted for durations other than Limit and Day. Strategy orders can not be linked to any condition and can not be used for trade reporting.
  7. Matching: The System initially checks whether the price and quantitiy of a buy or sell strategy order can be met with open orders of near/far month contracts or not, and simultaneously matches the strategy order with these orders if the conditions are satisfied. If the spread and or quantity can not be met with open orders of the contracts, this time the System looks for a (counter) strategy order satisfying the conditions. If such an order exists in the System, appropriate prices for far and near month contracts are determined based on the spread, best bid/best offer and base prices of the related contracts and automatic trades at the far and near month contracts are generated.
  8. Automatic trades are not included in settlement price calculations and price statistics like the last, low and high of the far and near month contracts composing the strategy and do not activate stop orders with inactive status based on the last price condition. Trade parties can inquire automatic prices for both contract months through trading workstations or FixAPI Drop-Copy intraday, and through trade book at the end of the day.
  9. Price Limits: Upper and lower price limits for strategy orders are calculated based on the following formulas:

    Lower Limit= (Far Month Contract Base Price- Near Month Contract Base Price)-k

    Upper Limit= (Far Month Contract Base Price- Near Month Contract Base Price)+k

  10. In case trades in any of the legs/contract months composing the strategy are suspended due to any reason, strategy order entry is not allowed.

Validity Period for Orders

One of the following four options regarding the validity period for the order must be chosen while submitting the order.

Fill or Kill (FOK)

It is the order method that requires order to be matched in whole upon the entry or activation otherwise cancelled in whole.

Fill and Kill (FaK)

Upon order entry or activation, the order is matched in full or in part. The unmatched quantity shall be cancelled.

Daily Order (DAY)

The order is valid for the day on which it is entered. Unless it is partly or entirely fulfilled by the end of the day, it will be automatically cancelled by the trading system.

Good Till Cancel Order (GTC)

The order is valid until it is cancelled. Good till cancel orders are valid until the maturity of the contract and will be automatically cancelled by the system at the end of maturity, unless cancelled, or matched.

Good Till Date Orders (GTD)

Date orders are valid by the date entered in the system. Unless partly or entirely matched or cancelled by the specified date, they will be automatically cancelled by the system at the end of the specified day. The system does not accept orders with dates further than the end of the maturity of the contract.

Orders that fall out of the daily price change limits may be entered. Such orders are subject to trade when they are within the limits of price change limits.

Order Methods Validity Period for Orders
Limit (LMT) Daily Order (DAY)
Market* Fill or Kill (FOK)
Market to Limit Order Fill and Kill (FaK)
Stop Order Good Till Cancel Order (GTC)
Strategy (STJ) Good Till Date Orders (GTD)

*It is not allowed use of “Market Order” as of March 1, 2021

Maximum Order Sizes

Price and quantity control is done by the system at order entry. Orders that do not match the features of the corresponding trading day part can not be entered into the system. The minimum and maximum order sizes applicable in the Market are as follows:

Order Sizes for Single Stock Futures and Options

Underlying Asset Closing Price Minimum Order Quantity Maksimum Order Quantity

0-2,49

1

40.000

2,50-4,99

1

20.000

5,00-9,99

1

10.000

10,00-19,99

1

5.000

20,00-39,99

1

2.500

40,00-79,99

1

1.250

80,00-149,99

1

750

150,00-249,99

1

350

250,00-499,99

1

200

500,00-749,99

1

125

750,00-999,99

1

75

>1.000,00

1

50

Order Sizes for Index, Currency, Gold, Silver, Palladium, Platinum, Base Load Electricity, TLREF and Other Contracts

Board

Index Contracts

Currency Contracts

 USD/Ounce Gold Contracts

Gold Contracts

 USD/Ounce Silver Contracts

USD/Ounce Palladium Contracts 

USD/Ounce Platinum

Contracts 

Base Load Electricity Contracts

TLREF Contracts

Other Contracts

Main Board (Minimum Order Quantity)

1

1

1

1

1

1

1

1

Main Board (Maximum Order Quantity)

2.000

5.000

1.250

25.000

5.000

500 

500 

50

100

2.000

Regulations of trade reporting for Single Stock Futures and Options

Underlying Asset Closing Price Minimum Order Quantity Maksimum Order Quantity Maksimum Order Quantity

0-2,49

80.000

320.000

Trade reporting has to be realized between the price interval limits of the related contract.

2,50-4,99

40.000

160.000

5,00-9,99

20.000

80.000

10,00-19,99

10.000

40.000

20,00-39,99

5.000

20.000

40,00-79,99

2.500

10.000

80,00-149,99

1.250

5.000

150,00-249,99

700

2.800

250,00-499,99

400

1.600

500,00-749,99

250

1.000

750,00-999,99

175

700

>1.000,00

100

400

Regulations of trade reporting for Index, Currency, Gold, Silver, Palladium, Platinum, Base Load Electricity, TLREF and Other Contracts

Contract Minimum Order Quantity Maximum Order Quantity Condition for Trade Reporting Approval

Index Contracts

2.000

4.000

Trade reporting has to be realized between the price interval limits of the related contract.

Currency and

5.000

10.000

USD/Ounce Gold Contracts

1.250

2.500

Gold Contracts

25.000

50.000

USD/Ounce Silver Contracts

5.000

10.000

USD/Ounce Palladium Contracts

500

1.000

USD/Ounce Platinum Contracts

500

1.000

Base Load Electricity Contracts

50

500

TLREF Futures Contracts

100

1.000

Other Contracts

2.000

4.000

Data Vendor Symbols - VIOP

VIOP Contracts Ticker Symbol
Futures Contracts Bloomberg Reuters
BIST30 Index Futures Contracts XU030 Index CT 0#XU030:
BIST30 Index Futures Intermonth Strategy Orders N/A 0#XU030-:
BIST Liquid Banks Index Futures Contracts XLBNK Index CT 0#XLBNK:
BIST Liquid 10 Ex Banks Index Futures Contracts X10XB Index CT 0#X10XB:
BIST Sustainability 25 Index Futures Contracts XSD25 Index CT 0#XSD25:
USD/TRY Futures Contracts A1A Curncy 0#TRYUSD:
Pyhsically Delivered USD/TRY Futures Contracts DTRH2 Curncy 0#TRYUSDP:
Government Bond Futures Contracts

0#TRT200923T18:

0#TRT020926T17:

0#TRT131130T14:

USD/TRY Futures Intermonth Strategy Orders N/A 0#TRYUSD-:
EUR/TRY Futures Contracts A2A Curncy 0#TRYEUR:
RUB/TRY Futures Contracts R2A Curncy 0#TRYRUB:
CNH/TRY Futures Contracts C2A Curncy 0#TRYCNH:
GBP/USD Futures Contracts C3A Curncy 0#TRYFGBP:
EUR/USD Futures Contracts B2A Curncy 0#TRYFEUR:
TRY/Gr Gold Futures Contracts XLA Comdty 0#XAUTRY:
USD/Ounce Gold Futures Contracts XLTA Comdty 0#XAUUSD:
USD/Ounce Gold Futures Intermonth Strategy Orders N/A 0#XAUUSD-:
USD/Ounce Silver Futures Contracts STWA Comdty 0#XAGUSD:
USD/Ounce Palladium Futures Contracts PCSA Comdty 0#XPDUSD:
USD/Ounce Platinum Futures Contracts PHWA Comdty 0#XPTUSD:
Base Load Futures Contracts TBEA Comdty 0#ELCBAS:
SASX10 Index Futures Contracts N/A 0#SASX10:
TLREF Futures Contracts BISTTREF .TLREF
AKBNK Futures Contracts SFUT TI AKBNKc1
CIMSA Futures Contracts SFUT TI CIMSAc1
DOAS Futures Contracts SFUT TI DOASc1
EREGL Futures Contracts SFUT TI EREGLc1
GARAN Futures Contracts SFUT TI GARANc1
ISCTR Futures Contracts SFUT TI ISCTRc1
SAHOL Futures Contracts SFUT TI SAHOLc1
TCELL Futures Contracts SFUT TI TCELLc1
THYAO Futures Contracts SFUT TI THYAOc1
TUPRS Futures Contracts SFUT TI TUPRSc1
VAKBN Futures Contracts SFUT TI VAKBNc1
YKBNK Futures Contracts SFUT TI YKBNKc1
ARCLK Futures Contracts SFUT TI ARCLKc1
EKGYO Futures Contracts SFUT TI EKGYOc1
HALKB Futures Contracts SFUT TI HALKBc1
KCHOL Futures Contracts SFUT TI KCHOLc1
KRDMD Futures Contracts SFUT TI KRDMDc1
PETKM Futures Contracts SFUT TI PETKMc1
PGSUS Futures Contracts SFUT TI PGSUSc1
SISE Futures Contracts SFUT TI SISEc1
TOASO Futures Contracts SFUT TI TOASOc1
TTKOM Futures Contracts SFUT TI TTKOMc1
ASELS Futures Contracts SFUT TI ASELSc1
AKSEN Futures Contracts SFUT TI AKSENc1
ALARK Futures Contracts SFUT TI ALARKc1
BIMAS Futures Contracts SFUT TI BIMASc1
DOHOL Futures Contracts SFUT TI DOHOLc1
ENJSA Futures Contracts SFUT TI ENJSAc1
ENKAI Future Contacts SFUT TI ENKAIc1
KOZAA Futures Contracts SFUT TI KOZAAc1
KOZAL Futures Contracts SFUT TI KOZALc1
TAVHL Futures Contracts SFUT TI TAVHLc1
TKFEN Futures Contracts SFUT TI TKFENc1
FROTO Futures Contracts SFUT TI FROTOc1
MGROS Futures Contracts SFUT TI MGROSc1
SASA Futures Contracts SFUT TI SASAc1
TSKB Futures Contracts SFUT TI TSKBc1
GUBRF Futures Contracts SFUT TI GUBRFc1
OYAKC Futures Contracts SFUT TI OYAKCc1
SOKM Futures Contracts SFUT TI SOKMc1
VESTL Futures Contracts SFUT TI VESTLc1
AEFES Futures Contracts SFUT TI AEFESc1
ECILC Futures Contracts SFUT TI ECILCc1
HEKTS Futures Contracts SFUT TI HEKTSc1
ISGYO Futures Contracts SFUT TI ISGYOc1
KARSN Futures Contracts SFUT TI KARSNc1
SKBNK Futures Contracts SFUT TI SKBNKc1
ASTOR Futures Contracts SFUT TI ASTORc1
KONTR Futures Contracts SFUT TI KONTRc1

Option Contracts Bloomberg Reuters
BIST30 Index Option Contracts XU030X Index OMON 0#XU030*.IS
USD/TRY Option Contracts TYX Curncy OMON 0#TRYF*.IS
Physically Delivered Option Contracts TYP Curncy OMON 0#TRYFp*.IS
AKBNK Option Contracts AKBNK TI Equity OMON 0#AKBNKE*.IS
ALARK Option Contracts ALARK TI Equity OMON 0#ALARKE*.IS
ASELS Option Contracts ASELS TI Equity OMON 0#ASELSE*.IS
BIMAS Option Contracts BIMAS TI Equity OMON 0#BIMASE*.IS
EREGL Option Contracts EREGL TI Equity OMON 0#EREGLE*.IS
ENKAI Option Contracts ENKAI TI Equity OMON 0#ENKAIE*.IS
FROTO Option Contracts FROTOTI Equity OMON 0#FROTOE*.IS
GARAN Option Contracts GARAN TI Equity OMON 0#GARANE*.IS
ISCTR Option Contracts ISCTR TI Equity OMON 0#ISCTRE*.IS
SAHOL Option Contracts SAHOL TI Equity OMON 0#SAHOLE*.IS
TAVHL Option Contracts TAVHL TI Equity OMON 0#TAVHLE*.IS
TCELL Option Contracts TCELL TI Equity OMON 0#TCELLE*.IS
THYAO Option Contracts THYAO TI Equity OMON 0#THYAOE*.IS
TUPRS Option Contracts TUPRS TI Equity OMON 0#TUPRSE*.IS
VAKBN Option Contracts VAKBN TI Equity OMON 0#VAKBNE*.IS
YKBNK Option Contracts YKBNK TI Equity OMON 0#YKBNKE*.IS
ARCLK Option Contracts ARCLK TI Equity OMON 0#ARCLK*.IS
EKGYO Option Contracts EKGYO TI Equity OMON 0#EKGYO*.IS
HALKB Option Contracts HALKB TI Equity OMON 0#HALKB*.IS
KCHOL Option Contracts KCHOL TI Equity OMON 0#KCHOL*.IS
KRDMD Option Contracts KRDMD TI Equity OMON 0#KRDMD*.IS
PETKM Option Contracts PETKM TI Equity OMON 0#PETKM*.IS
PGSUS Option Contracts PGSUS TI Equity OMON 0#PGSUS*.IS
SISE Option Contracts SISE TI Equity OMON 0#SISE*.IS
TOASO Option Contracts TOASO TI Equity OMON 0#TOASO*.IS
TTKOM Option Contracts TTKOM TI Equity OMON 0#TTKOM*.IS

For further information please refer to the Derivatives Market Procedure)

VIOPFIX API - Certified Members
 

Click for the organizations that have BISTECH VIOP Fix Certificate .

Correction of Erroneous Trade and Trade Cancellation

Correction of Erroneous Trades (Mistyped Account Numbers)

The correction of trading errors associated with mistyped account numbers is the process of forming new transactions at trading system to allow the positions/open orders to be transferred to correct account by the member itself using the clearing workstation.

The workflow concerning the correction of erroneous trades executed faulty as a result of the mistyped account numbers for the orders placed on the trading system shall be conducted on clearing workplace by member/s’ user.

Trade Cancellation

Without prejudice to the provisions of Article 33 of the Regulation, trades that occur due to erroneous order(s) may be canceled by the Exchange under the following rules.

a) Erroneous trade/trades shall be executed as a result of one of members’ erroneous order at least.

b) All requirements stated below shall be fulfilled in time of cancellation request since erroneous trade/trades may be subject to cancellation.

i. Application Period For Erroneous Trade Cancellation: Application for erroneous trade cancellation can be made within 30 minutes from the time the trade is executed. Deadline of application for trade cancellation is 18:30 for normal session trades.

ii. Required Information In Application For Erroneous Trade Cancellation: Order number subject to cancellation, contract and account number relating to erroneous trade/trades due to the erroneous order shall be submitted during the application period. Trade number, price and trade quantity of erroneous trades executed as a result of the related order are also required following the application.

iii. No Bust Range: Trades executed at the prices that are out of no bust range which are calculated by using reference price can be subject to cancellation. No bust ranges are stated below table on the related contract basis.

Contract Class

Price Change Calculated from Reference Price

BIST30 Index and Single Stock Futures

+/- 5%

Currency Futures

+/- 3%

Other Futures Contracts

+/- 4%

All Call and Put Options

Maximum of +/-50% of the reference premium price or market maker maximum spread defined for the related contract

 

iv. Minimum Loss Amount Generated As A Result of Trade/Trades Which Is/Are Subject To Cancellation: Minimum loss amount calculated by comparing reference price and prices of trade/trades subject to erroneous trade cancellation shall be TRY 100,000 for applications before 17:30 and TRY 400,000 for applications made at 17:30 and after during the normal session and TRY 100,000 for the applications made during the evening session.

v. Reference Price: Reference price, which is calculated with one or more of the following methods in order to determine the price that will reflect the market fairly, is used to clarify acceptable price levels for trade cancellation and losses due to related erroneous trade.;

i. Price/prices before the erroneous trade,

ii. Price/prices after the erroneous trade,

iii. Settlement price of the previous day,

iv. The first trade price in case erroneous trade/trades are executed with a pending order,

v. Theoretical price calculated according to the spot price of the related underlying asset or the prices of other contract months,

vi. Prices taken from market makers,

vii. If it is decided that above mentioned methods does not reflect the market failry, a different reference price may be determined by General Management

c) In cancellation of trades arising from intermonth strategy orders, prices of trades executed in the related contracts and strategy order price are considered together.

ç) Erroneous trade cancellation requests which fulfill all the requirements stated above can be submitted by either one or both sides of the trade via Trading Workstations (TW, Omnet API) or e-mail to viop@borsaistanbul.com. Cancellation requests for erroneous trade at Evening Session can be submitted by only via e-mail to viop@borsaistanbul.com. Members can also reach VIOP via telephone numbered 0212 298 2427/3, however to be a valid cancellation request an has to be sent to viop@borsaistanbul.com.

 d) To be subject to cancellation, whether price tendency of the market is in line with the erroneous trade price or not may be taken into consideration separately.

e) In case trade cancellation is decided, cancellation decisions are announced pursuant to the relevant legislation. Before the cancellation, trading on the relevant contract may be suspended. Also, parties of the relevant trade may be informed about the cancellation.

f) Even if the above conditions are met with regard to the cancellation of the erroneous trade, Article 33 of the Regulation shall be applied if the above conditions are not met, while the right of the Exchange to cancel or not to fulfill the whole or part of the cancellation request is reserved.

g) Erroneous trade reports, even if the above mentioned conditions are not met, may be cancelled if the parties have approvals.

h) Application for a trade cancellation for erroneous trades in the Evening Session is evaluated in the following Normal Session. If the application is considered as acceptable, the related erroneous trade/trades are cancelled

ı) In the evaluation of trade cancellation request, requests may be evaluated together or seperately taking the relationship between orders and trades into account for the same investor.

For further information regarding Correction of Erroneous Trade and Trade Cancellation on VİOP please refer to the Derivatives market Procedure

Market Making
 

Market Making Program covers some of the contracts traded at VIOP.

Detailed information about the program can be found in the Sixth Section of the Derivatives Market Procedure .

Rights and obligations of market makers are listed in Appendix-10*, Appendix-11*, Appendix-12 and Appendix-13* of the Derivatives Market Procedure .

*The distribution of the underlying assets in single stock futures contracts by Groups is as follow:

Group Underlying Asset

Group 1

AKBNK, EKGYO, EREGL, GARAN, GUBRF, ISCTR, KCHOL, KRDMD, ODAS, PETKM, SAHOL, SISE, THYAO, TUPRS, YKBNK

Group 2

ASELS, ASTOR, BIMAS, DOHOL, FROTO, KOZAA, KOZAL, OYAKC, PGSUS, SASA, SKBNK, TCELL, TOASO, TTKOM, VAKBN

Group 3

AEFES, AKSEN, ALARK, ARCLK, CIMSA, DOAS, ECILC, ENJSA, ENKAI, HALKB, HEKTS, ISGYO, KARSN, KONTR, MGROS, SOKM, TAVHL, TKFEN, TSKB, VESTL

Market Makers

BOARD MEMBER CONTRACT

Index Options

İŞ YATIRIM

BIST30 Index

AK YATIRIM

BIST30 Index

GARANTİ YATIRIM

BIST30 Index

QNB FİNANS YATIRIM

BIST30 Index

TACİRLER YATIRIM

BIST30 Index

Index Futures

QNB FİNANS YATIRIM

BIST Liquid Banks Index

BIST Liquid 10 Ex Banks Index

TACİRLER YATIRIM

BIST Liquid Banks Index

BIST Liquid 10 Ex Banks Index

FX Options

QNB FİNANS YATIRIM

USD/TRY

AKBANK

USD/TRY

TÜRKİYE GARANTİ BANKASI

USD/TRY

QNB FİNANSBANK

USD/TRY

Electricity Futures

DENİZ YATIRIM

Monthly Base-Load Electricity

AK YATIRIM

Monthly Base-Load Electricity

Quarterly Base-Load Electricity

Equity Options

QNB FİNANS YATIRIM

AKBNK, ASELS, ARCLK, EKGYO, EREGL, GARAN, HALKB, ISCTR, KCHOL, KRDMD, PETKM, SAHOL, SISE, TCELL, TTKOM, THYAO, TAVHL, TUPRS, VAKBN, YKBNK

TACİRLER YATIRIM

AKBNK, ASELS, EKGYO, EREGL, GARAN, HALKB, ISCTR, SISE,THYAO, YKBNK

Single Stock Futures

İŞ YATIRIM

AKBNK, ARCLK, ASELS, BIMAS, DOHOL, EKGYO, EREGL, ENJSA, GARAN, ISCTR, KCHOL, KOZAL, KRDMD, PETKM, SAHOL, SISE, TCELL, THYAO, TTKOM, VESTL, YKBNK

QNB FİNANS YATIRIM

AEFES, AKBNK, AKSEN, ALARK, ARCLK, ASELS, ASTOR, BIMAS, CIMSA, DOAS, DOHOL, ECILC, EKGYO, ENJSA, ENKAI, EREGL, FROTO, GARAN, GUBRF, HALKB, HEKTS, ISCTR, ISGYO, KARSN,  KCHOL, KONTR, KOZAA, KOZAL, KRDMD, MGROS, ODAS, OYAKC, PETKM, PGSUS, SAHOL, SASA, SISE, SKBNK, SOKM, TAVHL, TCELL, THYAO, TKFEN, TOASO, TSKB, TTKOM, TUPRS, VAKBN, VESTL, YKBNK

OSMANLI YATIRIM

AEFES, AKBNK, AKSEN, ALARK, ARCLK, ASELS, ASTOR, BIMAS, DOHOL, ECILC, EKGYO, ENJSA, ENKAI, EREGL, FROTO, GARAN, GUBRF, HALKB, HEKTS, ISCTR, ISGYO, KARSN, KCHOL, KONTR, KOZAA, KOZAL, KRDMD, MGROS, OYAKC, PETKM, PGSUS, SAHOL, SASA, SISE, SKBNK, SOKM, TAVHL, THYAO, TKFEN, TOASO, TCELL, TSKB, TTKOM, ODAS, VAKBNK, VESTL, YKBNK

AK YATIRIM

AKBNK, ARCLK, BIMAS, EKGYO, EREGL, GARAN, HALKB, ISCTR, KCHOL, KOZAL, PETKM, SAHOL, SASA, SISE, TCELL, TUPRS, VAKBN, VESTL, YKBNK

ALB YATIRIM

AKBNK, ASELS, EKGYO, EREGL GUBRF, ISCTR, KCHOL, KOZAL, KRDMD, PETKM, SAHOL, SISE, THYAO, TUPRS, YKBNK

TACİRLER YATIRIM

AEFES, AKBNK, AKSEN, ALARK, ARCLK, ASELS, BIMAS, DOHOL, ECILC, EKGYO, ENJSA, EREGL, FROTO, GARAN, GUBRF, HALKB, HEKTS, ISCTR, ISGYO, KARSN, KCHOL, KOZAA, KOZAL, KRDMD, MGROS,  ODAS, OYAKC, PETKM, PGSUS, SAHOL, SASA, SISE, SKBNK, SOKM, TAVHL, TCELL, THYAO, TKFEN, TOASO, TSKB, TTKOM, TUPRS, VAKBN,VESTL, YKBNK

YAPI KREDİ YATIRIM

ASELS, EKGYO, EREGL, KCHOL, KRDMD, PETKM, SAHOL, SISE, TCELL, THYAO, TTKOM

GEDİK YATIRIM

AEFES, AKBNK, AKSEN, ALARK, ARCLK, ASELS, ASTOR, BIMAS, DOHOL, ECILC, EKGYO, ENJSA, ENKAI, EREGL, FROTO, GARAN, GUBRF, HALKB, HEKTS, ISCTR, ISGYO, KARSN, KCHOL, KONTR, KOZAA, KOZAL, KRDMD, MGROS,  ODAS,  OYAKC, PETKM, PGSUS, SAHOL, SASA, SISE, SKBNK, SOKM, TAVHL, TCELL, THYAO, TKFEN, TOASO, TSKB, TTKOM, TUPRS, VAKBN, VESTL, YKBNK

GARANTİ YATIRIM

AKBNK, ARCLK, ASELS, BIMAS, EKGYO, EREGL, FROTO, HALKB, ISCTR, KCHOL, KRDMD, PETKM, PGSUS, SAHOL, SISE, TAVHL, TCELL, THYAO, TOASO, TTKOM, TUPRS, VAKBN, YKBNK

VAKIF YATIRIM

AKBNK, ARCLK, ASELS,BIMAS, DOHOL, EKGYO, EREGL, FROTO, GARAN, GUBRF, HALKB, ISCTR, KCHOL, KOZAL, KRDMD, MGROS, PETKM, PGSUS, SAHOL, SASA, SISE, TAVHL, TCELL, THYAO, TKFEN, TSKB, TTKOM, TUPRS, VAKBN, YKBNK

Precious Metals Futures

İŞ YATIRIM

TRY/GR GOLD, USD/OUNCE GOLD, USD/OUNCE SILVER

GEDİK YATIRIM

TRY/GR GOLD, USD/OUNCE GOLD, USD/OUNCE SILVER

TACIRLER YATIRIM

TRY/GR GOLD

VAKIF YATIRIM

USD/OUNCE GOLD, USD/OUNCE SILVER

QNB FINANS YATIRIM

TRY/GR GOLD, USD/OUNCE SILVER, USD/OUNCE GOLD

TÜRKİYE GARANTİ BANKASI

TRY/GR GOLD, USD/OUNCE GOLD

 FX Futures

 ICBC TURKEY YATIRIM

CNH/TRY

Exchange Fee

An exchange fee is charged for buy and sell transactions of futures and options contracts at Borsa İstanbul:

  • For index futures and index option contracts an exchange fee of 0.004% (four hundred-thousandths) is charged. For future and option contracts the exchange fee is calculated based on the traded value (the product of price, contract size and number of contracts).
  • For TLREF and government bond futures contracts an exchange fee of 0.001% (one hundred-thousandths) is charged. The exchange fee is calculated based on the nominal value (the product of nominal value and number of contracts)
  • For the other futures and option contracts the exchange fee is charged as 0.003% (three hundred-thousandths) of the traded value of futures and options.

Related Files

Borsa İstanbul Fee Schedule

Taxation

The taxation of the income on VIOP contracts are given in the table below.

Withholding TAX (WHT) Banking and Insurance Transactions TAX (BITT)
TAXATION OF INCOME ON VIOP CONTRACTS Individual Investors Corporate Investors* BITT taxpayers
Resident Non-Resident Resident Capital Companies (limited liability companies and joint stock companies) and Investment Funds Non-Resident Capital Companies (limited liability companies and joint stock companies) and Investment Funds
The income generated from the positions in the contracts written on Equity and Equity Index 0% 0% 0% 0% Within the scope of exemption.
The income generated from the positions in all other contracts 10% 10% 0% 0% Within the scope of exemption.

* All other Resident and Non-Resident Companies are subject to %10 WHT.