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Borsa Istanbul Derivatives Market (VIOP) Q1 2015 Presentation

Borsa 聴stanbul
Borsa 聴stanbul

The VIOP (Borsa Istanbul Derivatives Market) saw significant growth in Q1 2015, with trade volume up 41% and total contracts traded up 36% compared to the same period in 2014. VIOP offers futures and options on equities, indexes, currencies, commodities, and ETFs, and saw particularly strong growth in FX futures which were up 216%. Retail investors account for 64% of daily volume. Open interest was up 33% in Q1 2015 compared to the previous year. Foreign participation in the market has nearly doubled to 28%.

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Q1 2015 Presentation Derivatives Market
Borsa Istanbul Derivatives Market (VIOP) Q1 2015 Presentation
1 VIOP AT A GLANCE Borsa Istanbul Derivatives Market (VIOP) is the regions leading and most liquid derivatives marketplace VIOP offers futures & option contracts based on equity, equity index, currency, precious metals, commodity and ETF Takasbank provides Central Counterparty (CCP) clearing services for all VIOP contracts NASDAQ Trading Technology to be implemented at VIOP in 2016 Quick facts about VIOP: 64% retail flow with 100,000 accounts 41% increase in volume in 2015 Q1 ~1 billion USD daily turnover PoP London Equinix LD5 68 active members FIX Protocol Connection
2 FUTURES AT VIOP VIOP Futures Contracts Single Stocks Equity Index BIST 30 Index USD/TRY, EUR/TRY, EUR/USD TRY Gold, USD Gold Cotton, Wheat Electricity SASX 10 FBIST Bond ETF Turkish Steel Scrap Precious Metals Foreign Index ETF Metal Commodity Energy FX AKBNK, EREGL, GARAN, ISCTR, SAHOL, TCELL, THYAO, TUPRS, VAKBN, YKBNK
3 OPTIONS AT VIOP VIOP Option Contracts Single Stocks Equity Index BIST 30 Index, Mini BIST 30 Index FX USD/TRY AKBNK, EREGL, GARAN, ISCTR, SAHOL, TCELL, THYAO, TUPRS, VAKBN, YKBNK
4 RECORDS OF 2015 VIOP keeps on setting new records in 2015 All time high records (2005-2015) of monthly/daily trade volume, number of orders, USD/TRY FX open interest 27 February 2015 USD/TRY FX Futures Daily Trade Volume 1 billion TRY March 2015 Monthly Total Trade Volume 53 billion TRY 8 May 2015 # of Orders Entered in a Day 691,250 20 May 2015 Open Interest in FX Futures 405,502 25 February 2015 Daily Trade Volume 5 billion TRY March 2015 FX Futures Monthly Trade Volume 8.9 billion TRY
5 RECORDS OF 2014 Records of 2014 All time high records (2005-2014) of trade volume, open interest and number of orders 7 March Open Interest in FX Futures 275,986 17 March Open Interest in BIST 30 Index Contracts 354,724 30 October Total Open Interest 669,762 27 August Daily Trade Volume Record 4.3 billion TRY 28 April Daily Trade Volume Record 3.8 billion TRY 16 December Trade Volume Record in USD/TRY Futures 475 million TRY 16 December Total Number of Orders 265,405
6 TRADE VOLUME In Q1 2015, trade volume went up by 41% compared to the same period last year * Figure includes the first quarter data of 2015. Trade Volume (mln TRY) MillionTRY 700,000 403,933 2012 2013 2014 2015 2015E 416,609 435,722 139,590 610,011 41%600,000 500,000 400,000 300,000 200,000 100,000 0
7 TOTAL NUMBER OF CONTRACTS TRADED In Q1 2015, total number of contracts traded went up by 36% compared to the same period last year. In 2014, it increased by 11% and reached to 59.5 million. * Figure includes the first quarter data of 2015. Number of Contracts Traded (mln) Million 90 80 70 60 50 40 30 20 10 53 59 21 83 2013 2014 2015* 2015E 36% 0
8 HIGH RETAIL LIQUIDITY 64% of daily trade volume is executed by retail investor base * Figure includes the first quarter data of 2015. Retail Institutional 64% 36% 2015*
9 2015* TRADE VOLUME 41% increase in total trade volume in 2015 * Figure includes the first quarter data of 2015. Contract Type Trade Volume (TRY) 2014* Trade Volume (TRY) 2015* Change (2014-2015*) Index Futures 88,380,576,790 116,619,164,958 32% Index Options 119,857,800 517,873,800 432% Single Stock Futures 2,556,342 687,236,309 26,883% Single Stock Options 1,150 63,462,875 5,518,434% FX Futures 9,778,598,730 21,149,455,981 216% FX Options - 231,169,075 - Precious Metals Futures 704,910,499 434,891,038 -38% Total 98,986,873,211 139,703,291,601 41%
10 FX FUTURES * Figure includes the first quarter data of 2015. 2013 2014 2015* 2015E FX Futures Trade Volume (mln TRY) MillionTRY 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 22,727 31,986 21,149 44,781 216% 41% In the first quarter of 2015, trade volume went up by 216% and reached to 21.1 billion TRY. Compared to 2013, total trade volume in FX futures went up by 41% and reached to 32 billion TRY in 2014.
11 PRODUCT BREAKDOWN *Includes 2015 first quarter data. Breakdown of Trade Volume 2015* Breakdown of Trade Volume in 2014 83.48% 91.94% 15.14% 0.37% 0.49% 0.31% 0.17% 0.05% 7.34% 0.01% 0.43% 0.23% 003% 0.01% Index Futures-83.48% FX Futures-15.14% Index Options-0.37% Precious Metals Futures-0.31% Single Stock Futures-0.49% FX Options-0.17% Index Futures-91.94% FX Futures-7.34% Index Options-0.23% Single Stock Options-0.01%Precious Metals Futures-0.43% FX Options-0.03%
12 OPEN INTEREST In the first quarter of 2015, total open interest went up by 33% compared to the same period last year and reached to 800,000 contracts. * Figure includes the first quarter data of 2015. 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 January February M arch April M ay June July August Septem ber O ctober Novem ber Decem ber 0 2013 2014 2015
13 FOREIGN vs DOMESTIC Foreign investors share in Derivatives Market is almost doubled to 28% in 2015. * Figure includes the first quarter data of 2015. 2011 201420132012 2015* 90 80 70 60 50 40 30 20 10 0 % 85 15 16 25 24 84 75 76 72 Domestic Foreign 28
14 TOP 10 BROKERS As of the end of March 2015, 68 members are active in trading. Rank Member 2014 Trade Volume (TRY) Share (%) 1 IS INVESTMENT 96,823,951,698 11.14 2 TEB INVESTMENT SECURITIES 94,678,825,663 10.89 3 GARANTI SECURITIES 57,433,300,719 6.61 4 YAPI KREDI INVEST 43,422,847,997 5.00 5 SANKO SECURITIES 38,272,232,751 4.40 6 DENIZ INVESTMENT 35,213,146,330 4.05 7 GEDIK INVESTMENT 33,748,492,575 3.88 8 YATIRIM FINANSMAN SECURITIES 33,664,634,027 3.87 9 DEUTSCHE SECURITIES 30,663,792,359 3.53 10 AK INVESTMENT 28,747,294,390 3.31
15 BIST 30 INDEX FUTURES Underlying Asset BIST 30 Index Contract Size BIST30 Index is divided by 10 TRY (i.e. TRY 10,187 - ~ USD 3,830) Contract Months 3 nearest months in February, April, June, August, October cycle and December Tick Size 25 Index Points Value of Tick Size TRY 2.5 (USD 0.94) per contract Last Trading Day Last business day of each contract month. Settlement Method Cash Settlement Final Settlement Price 20% of closing price of BIST 30 Index and 80% of time weighted average (TWAP) of the last 30 minutes of the trading session of the underlying index. Trading Hours 09:10 - 17:45, session break at 12:30-13:55 Istanbul time (GMT+2) 07:10 - 15:45 London time CCP Takasbank Settlement Period T+1 Margins Initial margin: 1,010 TRY Maintenance margin: 75% of the initial margin.
16 USD/TRY FX FUTURES Underlying Asset USD/TRY Contract Size 1,000 USD Contract Months The current month, the next calendar month, the next cycle month and December (Cycle months are February, April, June, August, October and December). Tick Size 0.0001 TRY per USD increments Value of Tick Size TRY 0.10 (USD 3.8 cents) per contract Last Trading Day Last business day of each contract month. Settlement Method Cash Settlement Final Settlement Price CBRT USD/TRY offer price fixing released at 15:30 on the last trading day. Trading Hours 09:10 - 17:45 Istanbul time (GMT+2) 07:10 - 15:45 London time CCP Takasbank Margins Initial margin: 125 TRY Maintenance margin: 75% of the initial margin.
17 REVENUE SHARING MARKET MAKING PROGRAM Zero exchange fee for market makers 50% of the total exhange revenue is shared with market makers Free connectivity No need to be a member in order to serve as a market maker Individual or institutional clients can be market maker at VIOP The program includes: Single Stock Futures Single Stock Options BIST30 Index Options USD/TRY Options
18 PoPLONDON EQUINIX LD5 Borsa Istanbul launches its Point of Presence (PoP) service to extend its market data infrastructure worldwide via London Equinix LD5. Borsa Istanbul PoP service offers: Access to real-time data of all Borsa Istanbuls markets and of EDDN members A secure Fiber Optic Network connectivity option to Borsa Istanbul, with a maximum delay of 50 msec (roundtrip max. 100 msec) Redundancy provided bytwo separate lines to Borsa Istanbul main campus and one line to the Borsa 聴stanbul Ankara DR location
19 HOW TO TRADE AT VIOP? Local presence is required for membership VIOP Members list www.borsaistanbul.com/en/members/members-list?y=21 0% withholding tax for corporate investors* Takasbank is the CCP for derivatives market VIOP Portfolio based risk management with SPAN速 algorithm *Please get advice from your tax advisor
20 HOW TO REACH VIOP DATA ON BLOOMBERG? Bloomberg Index Futures-XU030 Index CT Single Stock Futures-SFUT TI FX Futures-A1A Curncy CT (A2A, B2A) Gold Futures-XLA Comdty (XLTA) Index Options-XU030X Index OMON Single Stock Options-GARANTI Equity OMON, USD/TRY Options-TYX Curncy OMON Steel Scrap FuturesSVOA Comdty
21 HOW TO REACH VIOP DATA ON REUTERS? Reuters All Futures-0#ISTFUT: All Options-0#ISTOPT:
THANK YOU To visit VIOP on the web June2015 /borsaistanbulEN /borsaistanbul /borsaistanbul Muammer AKIR Head of Derivatives Market Tel : +90 212 298 25 80 Mob : +90 530 067 56 60 muammer.cakir@borsaistanbul.com Ali AYTEN Derivatives Market Product Development Tel : +90 212 298 22 19 ali.ayten@borsaistanbul.com Bayram Veli SALUR Derivatives Market Product Development Tel : +90 212 298 24 19 Mob : +90 553 501 30 03 bayram.salur@borsaistanbul.com Derivatives Market Tel : +90 212 298 24 27-3 viop@borsaistanbul.com

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Borsa Istanbul Derivatives Market (VIOP) Q1 2015 Presentation

  • 3. 1 VIOP AT A GLANCE Borsa Istanbul Derivatives Market (VIOP) is the regions leading and most liquid derivatives marketplace VIOP offers futures & option contracts based on equity, equity index, currency, precious metals, commodity and ETF Takasbank provides Central Counterparty (CCP) clearing services for all VIOP contracts NASDAQ Trading Technology to be implemented at VIOP in 2016 Quick facts about VIOP: 64% retail flow with 100,000 accounts 41% increase in volume in 2015 Q1 ~1 billion USD daily turnover PoP London Equinix LD5 68 active members FIX Protocol Connection
  • 4. 2 FUTURES AT VIOP VIOP Futures Contracts Single Stocks Equity Index BIST 30 Index USD/TRY, EUR/TRY, EUR/USD TRY Gold, USD Gold Cotton, Wheat Electricity SASX 10 FBIST Bond ETF Turkish Steel Scrap Precious Metals Foreign Index ETF Metal Commodity Energy FX AKBNK, EREGL, GARAN, ISCTR, SAHOL, TCELL, THYAO, TUPRS, VAKBN, YKBNK
  • 5. 3 OPTIONS AT VIOP VIOP Option Contracts Single Stocks Equity Index BIST 30 Index, Mini BIST 30 Index FX USD/TRY AKBNK, EREGL, GARAN, ISCTR, SAHOL, TCELL, THYAO, TUPRS, VAKBN, YKBNK
  • 6. 4 RECORDS OF 2015 VIOP keeps on setting new records in 2015 All time high records (2005-2015) of monthly/daily trade volume, number of orders, USD/TRY FX open interest 27 February 2015 USD/TRY FX Futures Daily Trade Volume 1 billion TRY March 2015 Monthly Total Trade Volume 53 billion TRY 8 May 2015 # of Orders Entered in a Day 691,250 20 May 2015 Open Interest in FX Futures 405,502 25 February 2015 Daily Trade Volume 5 billion TRY March 2015 FX Futures Monthly Trade Volume 8.9 billion TRY
  • 7. 5 RECORDS OF 2014 Records of 2014 All time high records (2005-2014) of trade volume, open interest and number of orders 7 March Open Interest in FX Futures 275,986 17 March Open Interest in BIST 30 Index Contracts 354,724 30 October Total Open Interest 669,762 27 August Daily Trade Volume Record 4.3 billion TRY 28 April Daily Trade Volume Record 3.8 billion TRY 16 December Trade Volume Record in USD/TRY Futures 475 million TRY 16 December Total Number of Orders 265,405
  • 8. 6 TRADE VOLUME In Q1 2015, trade volume went up by 41% compared to the same period last year * Figure includes the first quarter data of 2015. Trade Volume (mln TRY) MillionTRY 700,000 403,933 2012 2013 2014 2015 2015E 416,609 435,722 139,590 610,011 41%600,000 500,000 400,000 300,000 200,000 100,000 0
  • 9. 7 TOTAL NUMBER OF CONTRACTS TRADED In Q1 2015, total number of contracts traded went up by 36% compared to the same period last year. In 2014, it increased by 11% and reached to 59.5 million. * Figure includes the first quarter data of 2015. Number of Contracts Traded (mln) Million 90 80 70 60 50 40 30 20 10 53 59 21 83 2013 2014 2015* 2015E 36% 0
  • 10. 8 HIGH RETAIL LIQUIDITY 64% of daily trade volume is executed by retail investor base * Figure includes the first quarter data of 2015. Retail Institutional 64% 36% 2015*
  • 11. 9 2015* TRADE VOLUME 41% increase in total trade volume in 2015 * Figure includes the first quarter data of 2015. Contract Type Trade Volume (TRY) 2014* Trade Volume (TRY) 2015* Change (2014-2015*) Index Futures 88,380,576,790 116,619,164,958 32% Index Options 119,857,800 517,873,800 432% Single Stock Futures 2,556,342 687,236,309 26,883% Single Stock Options 1,150 63,462,875 5,518,434% FX Futures 9,778,598,730 21,149,455,981 216% FX Options - 231,169,075 - Precious Metals Futures 704,910,499 434,891,038 -38% Total 98,986,873,211 139,703,291,601 41%
  • 12. 10 FX FUTURES * Figure includes the first quarter data of 2015. 2013 2014 2015* 2015E FX Futures Trade Volume (mln TRY) MillionTRY 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 22,727 31,986 21,149 44,781 216% 41% In the first quarter of 2015, trade volume went up by 216% and reached to 21.1 billion TRY. Compared to 2013, total trade volume in FX futures went up by 41% and reached to 32 billion TRY in 2014.
  • 13. 11 PRODUCT BREAKDOWN *Includes 2015 first quarter data. Breakdown of Trade Volume 2015* Breakdown of Trade Volume in 2014 83.48% 91.94% 15.14% 0.37% 0.49% 0.31% 0.17% 0.05% 7.34% 0.01% 0.43% 0.23% 003% 0.01% Index Futures-83.48% FX Futures-15.14% Index Options-0.37% Precious Metals Futures-0.31% Single Stock Futures-0.49% FX Options-0.17% Index Futures-91.94% FX Futures-7.34% Index Options-0.23% Single Stock Options-0.01%Precious Metals Futures-0.43% FX Options-0.03%
  • 14. 12 OPEN INTEREST In the first quarter of 2015, total open interest went up by 33% compared to the same period last year and reached to 800,000 contracts. * Figure includes the first quarter data of 2015. 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 January February M arch April M ay June July August Septem ber O ctober Novem ber Decem ber 0 2013 2014 2015
  • 15. 13 FOREIGN vs DOMESTIC Foreign investors share in Derivatives Market is almost doubled to 28% in 2015. * Figure includes the first quarter data of 2015. 2011 201420132012 2015* 90 80 70 60 50 40 30 20 10 0 % 85 15 16 25 24 84 75 76 72 Domestic Foreign 28
  • 16. 14 TOP 10 BROKERS As of the end of March 2015, 68 members are active in trading. Rank Member 2014 Trade Volume (TRY) Share (%) 1 IS INVESTMENT 96,823,951,698 11.14 2 TEB INVESTMENT SECURITIES 94,678,825,663 10.89 3 GARANTI SECURITIES 57,433,300,719 6.61 4 YAPI KREDI INVEST 43,422,847,997 5.00 5 SANKO SECURITIES 38,272,232,751 4.40 6 DENIZ INVESTMENT 35,213,146,330 4.05 7 GEDIK INVESTMENT 33,748,492,575 3.88 8 YATIRIM FINANSMAN SECURITIES 33,664,634,027 3.87 9 DEUTSCHE SECURITIES 30,663,792,359 3.53 10 AK INVESTMENT 28,747,294,390 3.31
  • 17. 15 BIST 30 INDEX FUTURES Underlying Asset BIST 30 Index Contract Size BIST30 Index is divided by 10 TRY (i.e. TRY 10,187 - ~ USD 3,830) Contract Months 3 nearest months in February, April, June, August, October cycle and December Tick Size 25 Index Points Value of Tick Size TRY 2.5 (USD 0.94) per contract Last Trading Day Last business day of each contract month. Settlement Method Cash Settlement Final Settlement Price 20% of closing price of BIST 30 Index and 80% of time weighted average (TWAP) of the last 30 minutes of the trading session of the underlying index. Trading Hours 09:10 - 17:45, session break at 12:30-13:55 Istanbul time (GMT+2) 07:10 - 15:45 London time CCP Takasbank Settlement Period T+1 Margins Initial margin: 1,010 TRY Maintenance margin: 75% of the initial margin.
  • 18. 16 USD/TRY FX FUTURES Underlying Asset USD/TRY Contract Size 1,000 USD Contract Months The current month, the next calendar month, the next cycle month and December (Cycle months are February, April, June, August, October and December). Tick Size 0.0001 TRY per USD increments Value of Tick Size TRY 0.10 (USD 3.8 cents) per contract Last Trading Day Last business day of each contract month. Settlement Method Cash Settlement Final Settlement Price CBRT USD/TRY offer price fixing released at 15:30 on the last trading day. Trading Hours 09:10 - 17:45 Istanbul time (GMT+2) 07:10 - 15:45 London time CCP Takasbank Margins Initial margin: 125 TRY Maintenance margin: 75% of the initial margin.
  • 19. 17 REVENUE SHARING MARKET MAKING PROGRAM Zero exchange fee for market makers 50% of the total exhange revenue is shared with market makers Free connectivity No need to be a member in order to serve as a market maker Individual or institutional clients can be market maker at VIOP The program includes: Single Stock Futures Single Stock Options BIST30 Index Options USD/TRY Options
  • 20. 18 PoPLONDON EQUINIX LD5 Borsa Istanbul launches its Point of Presence (PoP) service to extend its market data infrastructure worldwide via London Equinix LD5. Borsa Istanbul PoP service offers: Access to real-time data of all Borsa Istanbuls markets and of EDDN members A secure Fiber Optic Network connectivity option to Borsa Istanbul, with a maximum delay of 50 msec (roundtrip max. 100 msec) Redundancy provided bytwo separate lines to Borsa Istanbul main campus and one line to the Borsa 聴stanbul Ankara DR location
  • 21. 19 HOW TO TRADE AT VIOP? Local presence is required for membership VIOP Members list www.borsaistanbul.com/en/members/members-list?y=21 0% withholding tax for corporate investors* Takasbank is the CCP for derivatives market VIOP Portfolio based risk management with SPAN速 algorithm *Please get advice from your tax advisor
  • 22. 20 HOW TO REACH VIOP DATA ON BLOOMBERG? Bloomberg Index Futures-XU030 Index CT Single Stock Futures-SFUT TI FX Futures-A1A Curncy CT (A2A, B2A) Gold Futures-XLA Comdty (XLTA) Index Options-XU030X Index OMON Single Stock Options-GARANTI Equity OMON, USD/TRY Options-TYX Curncy OMON Steel Scrap FuturesSVOA Comdty
  • 23. 21 HOW TO REACH VIOP DATA ON REUTERS? Reuters All Futures-0#ISTFUT: All Options-0#ISTOPT:
  • 24. THANK YOU To visit VIOP on the web June2015 /borsaistanbulEN /borsaistanbul /borsaistanbul Muammer AKIR Head of Derivatives Market Tel : +90 212 298 25 80 Mob : +90 530 067 56 60 muammer.cakir@borsaistanbul.com Ali AYTEN Derivatives Market Product Development Tel : +90 212 298 22 19 ali.ayten@borsaistanbul.com Bayram Veli SALUR Derivatives Market Product Development Tel : +90 212 298 24 19 Mob : +90 553 501 30 03 bayram.salur@borsaistanbul.com Derivatives Market Tel : +90 212 298 24 27-3 viop@borsaistanbul.com