Underlying Security
Equities selected by Borsa İstanbul and approved by CMB.
Contract Size
100 shares per contract. In cases of capital increase through rights/bonus issues, merger and similar events (corporate actions) which influence the price and quantity of the underlying asset, where The Exchange changes the price, and/or multiplier, the contract size may be determined as different from the standard contract size. In such cases, different single stock future contracts with standard and non-standard contract sizes of the same underlying asset may be traded.
Price Quotation and Minimum Price Tick
On the order book, offers are shown on the basis of 1 underlying asset. In other words, the offers in the Market are entered on the basis of the price given on the basis of 1 unit of underlying asset.
The price of a single stock future contract is entered into the system with two digits after the comma. The minimum price ticks for price intervals are shown in the table. Quantity offers are entered as 1 contract and its multiples.
|
Price Intervals (TRY) |
Minimum Price Tick |
|
|---|---|---|
|
0,01 |
99,99 |
0,01 |
|
100 |
499,99 |
0,05 |
|
500 |
999,99 |
0,10 |
|
1.000,00 |
2.499,99 |
0,25 |
|
2.500,00 |
+ |
0,50 |
Contract Months
All calendar months (three consecutive months - the current contract month and the next two calendar months shall be concurrently traded.
Settlement
Physical delivery
Settlement Period
T+2 (2 business days after the expiry date) Losses are deducted from the accounts at the end of T day, while profits are added to the accounts on T day as well.
Trading Hours
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.
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 final settlement price of single stock futures contracts shall be the closing price of the spot market session on the last trading day.
Expiry Date
The last business day of the contract month.
Last Trading Day
The last business day of the contract month.
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 +/-20% (*) of the base price which is found by rounding the previous daily settlement price. 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.
(*) The daily price limit of single stock futures contract is applied 10% until a second notice, according to the Announcement, dated 12/03/2020 and numbered 2020/20
Margins
Clearing legislation shall be applied.
