Limit Orders

Limit orders are placed by specifying price/yield and nominal value in multiples of a certain minimum order size. The non-executed part of the order remains passive in the system.

Market Order

In this type of orders, a price/yield is not specified. The order given in multiples of a certain minimum order size is fully or partially matched by passive orders and the non-executed part of the order is cancelled.

The above order types can be given to include the specific conditions defined below:

Immediate or Cancel Order

It is an active order type subject to the condition of execution in part. As soon as it is entered, this order matches with the outstanding counter-orders, and its non-executed part is automatically cancelled. It may be given in the form of a “Limit Order” or a “Market Order”.

Fill or Kill Order

It is an active order type subject to the condition of execution in full. If this condition is not met as soon as the order is entered, the order is cancelled. It may be placed in the form of a “Limit Order” or a “Market Order”.

Validity Periods of Orders

Orders are valid for the day on which they are placed. All orders with the same value date are cancelled at 14.00 hrs unless executed, and those with a future value date are cancelled at the market closing hour.

Price Base

Trading orders are transmitted in the currency of issue of the security over a price base of 100 units.

Price Types

Clean price is the price of a security excluding the accrued interest or accrued lease during the coupon period, whereas dirty price is the price of a security including the accrued interest or accrued lease. Accrued interest or accrued lease is the amount of the coupon interest or lease that falls onto the number of days from the first issue date in the first coupon period, or from the coupon due date in other coupon periods, up to the settlement date. Settlement price is the price that is used in calculating the settlement amount of the trade, and is calculated with reference to the inflation coefficient for inflation-indexed Government Bonds. For other securities, it is equal to the dirty price.

Trade Reporting

In addition to order types described above, trade reports can be sent by specifying the nominal amount, price/yield, value date and capital market instrument to be traded. Sent trade reports can only be seen by counterparty member of the trade report. Trade reports can only be sent in capital market instruments issued by the Central Bank of the Republic of Turkey, Treasury, asset leasing companies founded by the Treasury and asset leasing companies founded by public enterprises assigned by the Treasury.