Normally, in the morning the first message is sent at 8:00 -8:15 by Futures & Options Market data dissemination market.

Borsa İstanbul Futures & Options Market Data feed begins to the information of opened/closed contract when the data dissemination begins.

10 bid & 10 ask depth levels are supported in the Istanbul Futures and Option Markets data feed.

All the Futures & Options contracts are included in the Futures & Options feed. Therefore, the data of the Futures & Options contracts based on the instruments traded in Precious metals and Diamond are included in the Futures & Options feed.

The Precious metals and Diamond Market’s feed contains only the spot market data.

Actually, they are not same and have different characteristics.

TRADE_TYPE: TT = N

Do these trades contribute to the Last Trade Price? N

Do these trades contribute to Open/Close/High/Low Prices? N

Do these trades contribute to Total Volume? Y

Please note that the negdeal boards are a separate board, the usual market practice is that the data vendors do not disseminate the prices within boards separately, but the total volume is added so a total value is disclosed for all the boards.

TRADE_TYPE: TT = T

Do these trades contribute to the Last Trade Price? Y

Do these trades contribute to Open/Close/High/Low Prices? Y

Do these trades contribute to Total Volume? Y

TRADE_TYPE: TT = M

Do these trades contribute to the Last Trade Price? Y

Do these trades contribute to Open/Close/High/Low Prices? Y

Do these trades contribute to Total Volume? Y

TRADE_TYPE: TT = E

Do these trades contribute to the Last Trade Price? N

Do these trades contribute to Open/Close/High/Low Prices? N

Do these trades contribute to Total Volume? Y

S stands for standard contracts, N stands for non-standard contracts. Non-standard contracts are formed when there is a corporate action on an underlying; existing positions are transferred to non-standard contracts.

We confirm that currently we don’t provide market maker identification in Future and Option Markets, but we provide market maker identification in Equities Market.

Security definition messages sent from DDS if there are an expired, listed and delisted futures and options contracts. So for specific days there can’t be any new or deleted contact.

This option is available for you. You can connect to test environment for VIOP data. Like other markets, we will follow the same process to move production environment. After receiving VIOP data, you need to complete recovery process and please share your test log files with us via email. We will review your logs and if the package loss percentage rates are in acceptable range, you will move to production environment if not you need to follow the same steps (receiving data, processing recovery etc...).

NegDeal Sessions can have Neg-Deal Trade, Erroneous Trade while Normal Sessions can have Normal Trade, Matched Trade or Erroneous Trade.

Contract code is a unique code for each of the listed derivative contracts. The code includes information about the type of the contract (future or options), underlying, and maturity, standard or non-standard for futures and options contracts. For the options contracts the code also shows whether the option is American or European, call or put and its strike price.

You can differentiate the options and futures by looking at the Contract_Code, futures have a contract code starting with F, options have a contract code starting with O. On the other hand SC message type (list of newly listed/delisted/expired contracts) shows the instrument code with the “IN” label. Following are the IN values for our derivatives market;

Yes, suspended contracts can resume trading again.

PS is previous settlement price of the contract. If you mean PR which is the price change limit, it shows the variation limit for contracts according to the settlement prices. This field is just sent for the futures.

Currently these fields are static during sessions.

Yes, it is the last trade price of the last session.

Correct, FIX Tag 55 represents the CONTRACT_CODE field.

Instrument Codes are provided on the upper table. The Market_Codes are shown in the following table.

We have no intention to change the first character of the Contract_code currently, but it would be more reasonable to distinguish the type of the contracts from other packages such as the SC, not from the Contract_Code.

No, you receive the SC message when there is a delisted, listed or expired contract. On the other hand at the beginning of the day you receive all of the listed contracts’ SB packages. We also publish a file called “Contracts” on our website, contracts file show the all tradable contracts for the next session.

SG and SN fields within the SC message show the standard and non-standard information.

Partially yes, each contract is traded under three different boards which are main boards, negotiated deals board and advertising board.

Currently we don’t have any other identifier for the contracts shorter than the Contract_Code; there are ISIN codes which you can obtain from our ClearingHouse (Takasbank) The ISIN codes are unique for each traded contracts.

N stands for negotiated deals trade that is done in the negotiated deals board. It is a block trade but the trade is done within the Exchange. We advise you to show these trades separately since the prices can differ from the main market.

E stands for erroneous trade which is a modification of a previous trade as you have mentioned. For the initial trade we sent the M value. For the erroneous trade we send all the data to the vendors.

When we cancel a trade, the TR message is sent to vendors. That message contains trade price, number and trade volume information.

We advise vendors to display the trades for different boards separately, so you will have two different boards to display which are negotiated deals board and main board (advertising board is not active currently)

CB messages are sent at the beginning of each trading day, the message has a functionality to clear all the relevant data and after the CB message we send the market depth messages for the relevant contracts. Since we have a single session we use the CB message only at the beginning of the day. But if we introduce another session such as fixing session, we will be sending the CB messages at the beginning of the new session.

Yes exactly, you will receive it once in a day as VIOP has only one session.

Please have a look at our market guide for detailed information.

Click for the Borsa İstanbul VIOP Guide

Only the trade information messages (TR) through the data feed for the negotiated deals are sent. So, no order info is sent for negotiated deals board and advertising board and we do not update the best limits for the orders sent to these boards.

The Neg Deal and Advertising Board trades do not affect the VWAP.

Currently we have the SENormal (for the main board) and SENegdeal (for the negotiated deals board) values. Please note that as soon as the trading begins the session field gives information about the session, so at the beginning of the day before the trade session beginning you will receive SE field as blank. When the session starts you will receive SENormal for the main board. Normal represents the continuous auction method, so if we apply a fixing session within the main board you will receive the feed with SEFixing.

The trade correction is a totally new trade with trade condition M and trade type E. The trade will have a different trade number, but the price and the quantity value will be the same as the original trades.

Previously the erroneous trades were done with manual trades but currently this trade type is not used for that purpose. M stands for manual trades which are done by the Exchange, so it will occur in extraordinary cases when the Exchange needs to make trades for the brokerage houses. We advise you to differentiate these trades as well.

You can access the contracts that are tradable in the derivatives market in the following link. http://www.borsaistanbul.com/en/data/data/futures-and-options-market-data you can find the data/file paths on the link also. The contracts file is updated daily.

Yes, that’s correct. Futures &Options Market (VIOP) has it is own retransmission server and that message sequence numbers are unique and incremented for each single market.

If SG = S --> standard contract

If SG = N --> non-standard contract

S stands for standard contracts, N stands for non-standard contracts. Non-standard contracts are formed when there is a corporate action on an underlying; existing positions are transferred to non-standard contracts.

We confirm that currently we don’t provide market maker identification in Future and Option Markets, but we provide market maker identification in Equities Market.

Security definition messages sent from DDS if there are an expired, listed and delisted futures and options contracts. So for specific days there can’t be any new or deleted contact.

The contract size of USDTRY options will be 1000 USD.

Prices will be quoted for the premium value in terms of Turkish Lira per 1,000 USD significant to one decimal. (e.g. 20.1, 20.2 etc.)

The information of prices are given tick by tick, not as snapshot.