There is a maximum order value rule for the instruments traded in Borsa İstanbul Equity Market. This rule, including limit orders, market orders, market to limit orders, imbalance orders, iceberg orders and quotations, states that the size of an order or quotation sent at once to any instrument cannot exceed the specified limits.

Maximum order value limits for orders and quotations are differentiated according to the turnover values and market capitalizations of the equities.

Taking traded values and market capitalization figures into consideration, higher order value limits for liquid stocks and lower order value limits for less liquid ones is introduced. Thus stocks are assigned to six groups that have different maximum order values.

• Group No: 1. Maximum order value: 4 million TRL.
• Group No: 2. Maximum order value: 3 million TRL.
• Group No: 3. Maximum order value: 2 million TRL.
• Group No: 4. Maximum order value: 1 million TRL.
• Group No: 5. Maximum order value 0.5: million TRL.
• Group No: 6. Maximum order value: 0.1 million TRL.

Maximum order values are updated in January and July (every six months) according to the previous 6 month’s figures.

In the case of rights issues, merger, takeover and stock split, Equity Market Department can update the maximum order value of the related stock, considering market requirements, before the six-month period.

The maximum order value of a stock that will start to be traded in the equity market is determined by considering the market value criterion and the maximum order value of companies of similar size in the same sector. Equity Market Department has the right to set this limit.

Maximum order value for warrants and certificates is 1 million TRL.

Maximum order value for ETF’s (.F), Participation Certificates Of Venture Capital Investment Funds (.F1), Real Estate Investment Funds (.F2) and Real Estate Certificates (.G) are 3 million TRL. 

Maximum order value for buy-in and official auction is 1 million TRL.

Maximum order value for primary market and IPO series (.BE and .HE series) is 100.000 TRL. Equity Market Department has the right to change this limit according to the amount to be traded.

Maximum order value for rights (.R series) is the same with the related stock (.E series)

There has not been a change in the limits of mid-point orders, weighted average price (AOF) orders and trade reports due to this rule.