USDTRY Options

Underlying Securities

USD/TRY

Option Class

Call and put options.

Exercise Style

European; an option may only be exercised on the expiry date.

Contract Size

1,000 USD

Tick Size

Prices shall be entered for 1,000 USD as the premium value in terms of Turkish Lira significant to one decimal. (Example: 20.1, 20.2 etc.) Minimum price tick is 0.1.

Contract Months

All calendar months (3 consecutive months - the current contract month and the next two calendar month shall be concurrently traded).

In addition to standard contract months, flexible contracts can be created for a maximum period of the expiry day up to 180 days by users.

Settlement

Cash settlement.

Trading Hours

Continuous trading from 09:20 to 18:10 (local time).

Settlement Period

T+1 (first day following the expiry date) Premium Losses are deducted from the accounts at the end of T day, profits are added to the accounts on T day as well.

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, theoretical prices calculated, considering prices of underlying asset and other contracts based on the same underlying asset, 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 Exchange may determine the daily settlement price in consideration of theoretical price, spot price of the underlying asset, the previous day’s settlement price or the best bid and ask prices at the end of the session.

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

For call options, final settlement price is calculated as the difference between the value of multiplying the average of USDollar selling and buying rate announced by the CBRT at 15:30 of the last trading day by 1,000 and the option contract’s strike price. The final value is rounded to the nearest price tick.

For put options, final settlement price is calculated as the difference between the option contract’s strike price and the value of multiplying the average of USDollar selling and buying rate announced by the CBRT at 15:30 of the last trading day by 1,000. The final value is rounded to the nearest price tick. If the related selling rate is not announced by CBRT on the last trading day, the final settlement price shall be determined by the Settlement Price Committee.

Expiry Date

Last business day of the contract month. Expiry day is the expiration date for flexible contracts. In case domestic markets are closed for half day due to an official holiday, expiry day shall be the preceding business day.

Last Trading Day

Last business day of the contract month. Last trading day is the expiration date for flexible contracts. 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.

Instrument Class Base Price Limit Limit Value Limit Example
USD/TRY Options 0,1-49,9 Constant +50,00 Base Price: 5,00
Lower Limit: -
Upper Limit: 55,00
50,0-99,9 Percentage (%) +%400 Base Price: 70,00
Lower Limit: -
Upper Limit: 350,00
100,0 and above Constant +500,00 Base Price: 150,00
Lower Limit: -
Upper Limit: 650,00

Strike Prices

Strike price of the USD/TRY option contracts is as following table.

Option Contract Strike Price Intervals (TL) Strike Price Ticks (TRY)

1 – 99

1

100 – 249

2

250 – 499

5

500 – 999

10

1.000 – 2.499

25

2.500 – 4.999

50

5.000 – 9.999

100

10.000 – 24.999

250

25.000 – 49.999

500

50.000 and up

1000

In the BISTECH system, at the money strike price level will be determined for each contract month by using the theoretical price calculation method based on the value of multiplying the average of USDollar selling and buying rate announced by the Central Bank of the Republic of Türkiye at 15:30 of the last trading day by 1,000. At eleven different strike prices such that two are “in the money”, one is “at the money” and eight are “out of the money” shall be available for each of call and put options.

In addition to standard strike prices, flexible contracts can be created by users with the strike prices which are between below/above 20% of minimum/maximum of the current strikes.

Margins

Clearing legislation shall be applied.

Related Files

VIOP TRY/USD Option Contracts VIOP FX Derivatives