Order Matching Rules

In the market orders are matched using the “multiple price-continuous auction" method. The matching of two counter orders in the Outright Purchases and Sales Market is enabled through giving priority to the highest price in purchase and the lowest price in sale. If orders have the same price, time priority is applied.

In addition to matching of orders with equal prices, two counter orders are matched when a sell order with a lower price than the price of the existing buy order is received, or when a buy order with a higher price than the price of the sell order is received. Where price equality does not exist, the price of the order entered in the system earlier is the trading price.

Order Entry Methods

Orders are transmitted over a certain price type or yield determined by Borsa İstanbul for each security.

a) Securities for which orders are entered by simple yield;

Discounted securities issued in TRY/ Foreign Currency and stripped principals of coupon-bearing bonds (except CPI-indexed bonds),  

b) Securities for which orders are entered by clean price;

Flat-rate bonds and lease certificates payable in TRY/foreign currency and floating-rate bonds payable in TRY with fixed first coupon rates (Clean price net of inflation is used for CPI-indexed Government Bonds which have been issued by the Treasury since February 2007)

c) Securities for which orders are entered by dirty price;

Stripped coupons of coupon-bearing bonds, and floating-rate TRY/foreign currency bonds, the first coupon rates of which are not fixed (Dirty price net of inflation is used for the stripped coupons and principals of the CPI-indexed Government Bonds which have been issued by the Treasury since February 2007).

The price field found in the trading system and the bulletins indicates the clean or dirty price which has been chosen at the time of entry of the order. For each security, in addition to the price, settlement price and if any accrued interest or accrued lease are also announced.

Price and Yield Ticks

A tick of TRY 0.001 applies to orders transmitted over clean or dirty price in the market while a tick of 0.01% applies to orders transmitted over yield.

Order Change

Unmatched orders and unexecuted parts of matched orders transmitted to the market can be changed.

While the change in the price/return of the order, increase in nominal value and change of account holder of the trade lead to the loss of time priority, the reduction of nominal amount and change in representative reference do not give rise to the loss of time priority.

Order Cancellation

Unmatched orders and the unexecuted part of matched orders transmitted to the market can be canceled.