Underlying Asset
Equities selected by Borsa İstanbul and approved CMB.
Option Class
Call and put options
Exercise Style
European; an option may only be exercised on the expiry date.
Contract Size
100 shares of underlying stock per contract. In cases of capital increase through rights/bonus issues, merger and similar events (corporate actions) which influence the price and quantity of the underlying asset, where the Exchange changes the price, strike prices and/or multiplier, the contract size may be determined as different from the standard contract size. In such cases, different single stock option contracts with standard and nonstandard contract sizes of the same underlying asset may be traded.
Tick Size
Prices are offered for the premium value of one underlying share. TL 0.01 per share = TL 1.00 (contract size 100 shares)
Contract Months
All calendar months (three consecutive months - the current contract month and the next two calendar months shall be concurrently traded.
In addition to standard contract months, flexible contracts can be created for a maximum period of the expiry day up to 180 days by users.
Settlement Method
Physical delivery of the underlying security. No automatic exercise on expiration day.
Trading Hours
Continuous trading from 09:20 to 18:10 (local time)
Settlement Period
T+2 for physical delivery. Premium Losses are deducted from the accounts at the end of T day, premium profits are added to the accounts on T day as well.
Daily Settlement Price
The daily settlement price is calculated as follows at the end of the normal session and rounded to the nearest price tick:
a) The weighted average price of all the trades executed within the last 10 minutes of the normal session,
b) If less than 10 trades were realized in the last 10 minutes of the normal session, the weighted average price of the last 10 trades executed during the normal session,
c) If less than 10 trades were realized in the normal session, the weighted average price of all the trades executed during the normal session,
d) If no trades were done during the normal session, theoretical prices calculated, considering prices of underlying asset and other contracts based on the same underlying asset, will be determined as the daily settlement price.
If the daily settlement price cannot be calculated with the above methods by the end of the normal session, or the prices calculated do not reflect the market correctly, the Exchange may determine the daily settlement price in consideration of theoretical price, spot price of the underlying asset, the previous day’s settlement price or the best bid and ask prices at the end of the session.
Trade reporting will not be taken into consideration in the above calculations. The Settlement Price Committee’s right to change the daily settlement price is under reserve.
Expiry Date
Last business day of the contract month. Expiry day is the expiration date for flexible contracts.
In case domestic markets are closed for half day due to an official holiday, expiry day shall be the preceding business day.
Last Trading Day
Last business day of the contract month. Last trading day is the expiration date for flexible contracts.
In case domestic markets are closed for half day due to an official holiday, last trading day shall be the preceding business day.
Strike Prices
Strike prices of the single stock option contracts in the trading system shall be determined in accordance with the following table.
| Strike Price Intervals (TRY) | Strike Price Ticks (TRY) |
|---|---|
| 0,01 – 0,99 | 0,02 |
| 1,00 – 2,49 | 0,05 |
| 2,50 – 4,99 | 0,10 |
| 5,00 – 9,99 | 0,20 |
| 10,00 – 24,99 | 0,50 |
| 25,00 – 49,99 | 1,00 |
| 50,00 – 99,99 | 2,00 |
| 100,00 – 249,99 | 5,00 |
| 250,00 – 499,99 | 10,00 |
| 500,00 – 999,99 | 20,00 |
| 1.000,00+ | 50,00 |
In the BISTECH system, at the money strike price level will be determined for each contract month by using the theoretical price calculation method based on the underlying price and the contracts will be created.
Minimum number of contracts to be traded per maturity/underlying will be eight including strikes of one in-the-money, one at-the money, and six out-of-the money.
In addition to standard strike prices, flexible contracts can be created by users with the strike prices which are between below/above 20% of minimum/maximum of the current strikes.
Daily Price Limit
Base price is the price determined by the Settlement Price Committee on the day the relevant contract is introduced for trading, and used in calculating the daily price change limits. For the other days, base price is the settlement price of the previous day.
| Instrument Class | Base Price | Limit | Limit Value | Limit Example |
|---|---|---|---|---|
| Equity Options | 0,01-0,99 | Constant | +3,00 | Base Price: 0,50 Lower Limit: - Upper Limit: 3,50 |
| 1,00-14,99 | Percentage (%) | +%300 | Base Price: 2,50 Lower Limit: - Upper Limit: 10,00 |
|
| 15,00 and above | Constant | +100,00 | Base Price: 60,00 Lower Limit: - Upper Limit: 160,00 |
Margins
Clearing legislation shall be applied.
