VIOP
Derivatives and Options MarketThrough AHL Securities, you can execute your transactions on Derivatives and Options Market (VIOP) fast and safely. You can get support from our experineced analyst group to buy today (Long) that you thing the price will go up or sell (Short) that the price will go down in the future. You can also open potisions and chance to hedge your risk with the same amount of position and lower deposit rates then spot market to seek speculation, arbitrage or hedging in VIOP market.
Trades can be executed on the Main Board, Negotiated Deals Board and on the Advertising Board in VIOP.
Main Board
The Main Board is the main market where the orders are matched during the regular session and price fixing session. There are thirteen separate markets which are,
| Main Board | |
| 1 | Equity Options Main Board |
| 2 | Equity Futures Main Board |
| 3 | Equity Index Options Main Board |
| 4 | Equity Index Futures Main Board |
| 5 | FX Futures Main Board |
| 6 | FX Options Main Board |
| 7 | Precious Metals Futures Main Board |
| 8 | Commodity Futures Main Board |
| 9 | Power Futures Main Board |
| 10 | Foreign Indices Futures Main Board |
| 11 | Metal Futures Main Board |
| 12 | ETF Futures Main Board |
| 13 | Overnight Repo Rate Futures Board |
Negotiated Deals Board and Advertising Board
Both parties of negotiated deals are definite and the Exchange’s approval is mandatory for them to be traded on the Negotiated Deals Board. On the Advertising Board, traders indicate their interest in performing a negotiated trade. Once an advertising order is matched by the counterparty, it becomes a negotiated deal and the trade executes on the Negotiated Deals Board upon the Exchange approval.
CONTRACT CODES
The features and trading codes of the contracts to be traded on the Market will be announced by Borsa Istanbul.
Future Contract Codes
For futures contracts, contract codes are created in a way to include information on the kind of contract, underlying asset code, mini contract code, contract month and whether the contract size is standard or not.
Example: F_XAUTRYM0614S0
| F | XAUTRY | M | 0614 | S0 |
| Futures | Underlying Asset Code | Mini contract code | Maturity Date (MMYY-June 2014) | S: Standard N: Non-Standard (as a result of corporate action) |
Option Contract Codes
For option contracts, contract codes are created in a way to include information on the kind of contract, underlying asset code, mini contract code, contract month, C/P, strike price and whether the contract size is standard or not.
Example: O_XU030ME0614P96.000S0
| O | XU030 | M | E | 0614 | P | 96.000 | S0 |
| Option | Underlying asset code | Mini contract code | A: American- option (can be exercised on or before maturity) E: European- option (can be exercised on maturity date only) | Contract maturity date (MMYY-June 2014) | C: Call option P: Put option | Strike price, 2 digits after comma | S: Standard N: Non-Standard (as a result of corporate action) |
TRADING HOURS
| Contracts | Normal Session Hours |
| Equity Futures and Options | 09:30 - 18:10 |
| Index Futures and Options | 09:30 - 18:15 |
| Other | 09:30 - 18:15 |
| Contracts | Half Day - Normal Session Hours* |
| Equity Futures and Options | 09:30 - 12:40 |
| Index Futures and Options | 09:30 - 12:45 |
| Other | 09:30 - 12:45 |
* Unless otherwise stated
** Last 10 minutes of the normal session is called Closing Period. Daily settlement prices are calculated by using the trades in the Closing Period.
SETTLEMENT METHOD
The settlement method for single stock future and single stock option contracts is physical delivery. For single stock futures and single stock options, physical delivery is realized by exchange of dematerialized equities over the settlement or strike price of the contract respectively.
The settlement method for index options and futures, currency futures, commodity futures, gold futures, energy futures, steel scrap futures and FBIST ETF futures is cash settlement. For options profit/loss is determined by the difference between strike price and settlement price at the end of the maturity date.
| TAXATION FOR BORSA ISTANBUL DERIVATIVES MARKET | WITHOLDING TAX | BITT TAX (Banking and Insurance Transaction Tax ) | |||||||||||||
| Individual Investors | Corporate Investostors | ||||||||||||||
| Local Investors | Foreign Investors | Local Corporations / Mutual Funds / Trust funds ( * ) | Foreign Corporations / Mutual Funds / Trust funds ( * ) | ||||||||||||
| Equities and Equity indexed products | 0% | 0% | 0% | 0% | exempted | ||||||||||
| Other products | 10% | 10% | 0% | 0% | exempted | ||||||||||
(*) Withholding tax is 10% for other types of local and foreign corporate investors
Settlement Period
T+3 (3 business days after the exercise assignment)
http://www.takasbank.com.tr/
RISK MANAGEMENT AND MARGINING
Risk management at VIOP is carried out by Takasbank, clearing house for VIOP, and CCP as well. Trades executed at VIOP are subject to portfolio based margining method. Takasbank uses Standard Portfolio Analysis of Risk (SPAN) algorithm for portfolio based margining. Parameters constituting the basis for portfolio based margining calculation shall be determined and announced by Takasbank. Clearing Legislation shall be applied regarding risk management, pre-order risk management and margining method.
