Precious Metals Futures

Precious Metals Futures
TRY/GR Gold Futures

Underlying Security

Pure Gold

Contract Size

1 gram

Price Quotation and Minimum Price Tick

Value of 1 gram gold shall be quoted in terms of Turkish Lira significant to two decimals. The minimum price tick is TRY 0.01

Contract Months

February, April, June, August, October and December (Contracts with three different months nearest to the current month shall be traded concurrently.)

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 09:20 to 18:10 (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 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

LBMA Gold Price P.M. (released by ICE Benchmark Administration in the afternoon), shall be converted to TRY/gram price and called as the final settlement price. In calculations, the average of US Dollar selling and buying rate announced by the Central Bank of the Republic of Türkiye at 15:30 (for USDTRY conversion) and 31.1035 (for ounce/gram conversion) shall be used as the conversion factors. If the afternoon fixing price is not released, the gold fixing price (USD/ounce) released in the morning (A.M. price) shall be used as the final settlement price.

If the fixing prices are not released due to official holidays or another reason, the average of bid and ask gold prices (USD/ounce) announced on the international spot market at 17:00 (Istanbul time) shall be used.

The final settlement price found by the above methods is rounded to the nearest price 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. 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.

Margins

Clearing legislation shall be applied.

Related Files

VIOP Gold Futures

USD/OUNCE Gold Futures

Underlying Security

Pure Gold.

Contract Size

1 ounce of gold.

Price Quotation and Minimum Price Tick

Value of 1 ounce silver shall be quoted in terms of US Dollars significant to two decimals.(Example:1,450.05 or 1,450.10) The minimum price tick is 0.05. Value of one tick corresponds to 0.05 US Dollars.

Contract Months

February, April, June, August, October and December (Contracts with three different months nearest to the current month shall be traded concurrently.)

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 09:20 to 18:10 (local time) for normal session, continuous trading from 19:00 to 23:00 (local time) for evening session.

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

LBMA Gold Price P.M. (released by ICE Benchmark Administration in the afternoon), shall be used as the final settlement price. If the afternoon fixing price is not released, the gold fixing price released (USD/ounce) in the morning (A.M. price) shall be used as the final settlement price.

If the fixing prices are not released due to official holidays or another reason, the average of bid and ask gold prices (USD/ounce) announced on the international spot market at 17:00 (Istanbul time) shall be used.

The final settlement price found by the above methods is rounded to the nearest price 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. Base price for evening session contracts is the settlement price calculated at the end of normal session.

The daily price limit is set as +/-10% 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.

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 Türkiye 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.

Related Files

VIOP Gold Futures

USD/OUNCE Silver Futures

Underlying Security

Pure Silver.

Contract Size

10 ounce of silver.

Price Quotation and Minimum Price Tick

Value of 1 ounce silver shall be quoted in terms of US Dollars significant to three decimals.(Example:19.010 or 19.020) The minimum price tick is 0.010. Value of one tick corresponds to 0.010 US Dollars.

Contract Months

February, April, June, August, October and December (Contracts with three different months nearest to the current month shall be traded concurrently.)

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 09:20 to 18:10 (local time) for normal session, continuous trading from 19:00 to 23:00 (local time) for evening session.

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

LBMA Silver Price (released by ICE Benchmark Administration) of the last trading day, shall be used as the final settlement price.

If the fixing prices are not released due to official holidays or another reason, the average of bid and ask silver prices (USD/ounce) announced on the international spot market at 17:00 (Istanbul time) shall be used.

The final settlement price determined with the above-mentioned methods shall be rounded to nearest price 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. Base price for evening session contracts is the settlement price calculated at the end of normal session.

The daily price limit is set as +/-10% 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.

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 Türkiye 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.

USD/OUNCE Palladium Futures

Underlying Security

Palladium.

Contract Size

1 ounce of palladium.

Price Quotation and Minimum Price Tick

Value of 1 ounce palladium shall be quoted in terms of US Dollars significant to two decimals (Example: 1,058.05 or 1,058.10). The minimum price tick is 0.05. Value of one tick corresponds to 0.05 US Dollars.

Contract Months

February, April, June, August, October and December (Contracts with three different months nearest to the current month shall be traded concurrently.)

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 09:20 to 18:10 (local time) for normal session, continuous trading from 19:00 to 23:00 (local time) for evening session.

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 USD/Ounce Palladium futures contracts shall be calculated by taking the time weighted average of USD/Ounce Palladium prices (Mid Price) announced by Refinitiv with the code of XPD= on the last trading day between 17:00:00 - 17:00:59 (İstanbul Time).

The final settlement price found by the above methods is rounded to the nearest price tick.

If the prices are not released due to official holidays or another reason, absence of enough data or it is decided that the prices calculated do not reflect the market correctly, the final settlement price is determined by the Settlement Price Committee.

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. Base price for evening session contracts is the settlement price calculated at the end of normal session.

The daily price limit is set as +/-10% 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.

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 Türkiye 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.

USD/OUNCE Platinum Futures

Underlying Security

Platinum.

Contract Size

1 ounce of platinum.

Price Quotation and Minimum Price Tick

Value of 1 ounce platinum shall be quoted in terms of US Dollars significant to two decimals (Example: 1,058.05 or 1,058.10). The minimum price tick is 0.05. Value of one tick corresponds to 0.05 US Dollars.

Contract Months

February, April, June, August, October and December (Contracts with three different months nearest to the current month shall be traded concurrently.)

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 09:20 to 18:10 (local time) for normal session, continuous trading from 19:00 to 23:00 (local time) for evening session.

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 USD/Ounce Platinum futures contracts shall be calculated by taking the time weighted average of USD/Ounce Platinum prices (Mid Price) announced by Refinitiv with the code of XPT= on the last trading day between 17:00:00 - 17:00:59 (İstanbul Time).

The final settlement price found by the above methods is rounded to the nearest price tick.

If the prices are not released due to official holidays or another reason, absence of enough data or it is decided that the prices calculated do not reflect the market correctly, the final settlement price is determined by the Settlement Price Committee.

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. Base price for evening session contracts is the settlement price calculated at the end of normal session.

The daily price limit is set as +/-10% 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.

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 Türkiye 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.