Borsa Istanbul Derivatives Market VIOP 2015

01.05.2023 1

2015 DEĞERLENDİRME TOPLANTISI7 Ocak 2016

Derivatives Market 2015

01.05.2023 2

CONTENTS

Executive Summary ………………………………………………………….. 3 Records of 2015 ……………………………………………………………….. 5 VIOP Statistics – General ………………………………………………….. 8 VIOP Statistics by Asset Class

Power Futures ………………………………………………………………………. 38 FX Futures …………………………………………………………………………….. 46 FX Options ……………………………………………………………………………. 56 Index Futures ………………………………………………………………………… 62 Index Options ……………………………………………………………………….. 71 Single Stock Futures ……………………………………………………………… 81 Single Stock Options …………………………………………………………….. 91

Gold Futures ………………………………………………………………………… 100 Other ………………………………………………………………………………. 113

01.05.2023 3

EXECUTIVE SUMMARY - I

VIOP keeps on setting new records in 2015

All time high records (2005-2015) of daily/monthly/yearly trading volume, number of orders, number of trades, open positions...

In 2015, total trading volume increased by 52% and reached all-time high of 90.3 million contracts.

In 2015 FX Futures trade volume increased by 224% and reached TRY 104 billion.

Weight of non-equity index contracts in total trading volume increased to 20% and diversification is achieved.

01.05.2023 4

EXECUTIVE SUMMARY - II

In 2015, average number of open interest increased by 83% and reached 875,314 contracts.

Total trading volume of foreign investors increased by 55% and reached TRY 321 billion. The share of foreign investors in total trading volume reached record ratio of 28%.

Daily average trading volume in 2015 increased by 32% and reached TRY 2.3 billlion.

38 VIOP trainings, seminars, webinars and workshops were organized in 2015. Total number of events organized reached 142 in the last two years.

Two nationwide real-time simulated trading competitions (VIOPS) were organized.

01.05.2023 5

2015: YEAR OF RECORDS

February 25Index Futures

Daily Trade VolumeTRY 4.6 billion

May 25Open Interest in

USD/TRY FX Futures357,696

August 28Single Stock Futures Daily Trade Volume

308,417

August 28Single Stock FuturesDaily Trade Volume

TRY 136 million

August 31Open Interest in

Index Futures 399,568

October 15FX Options

Daily Trade Volume TRY 276 million

October 26Open Interest in FX

Futures 427,800

October 30USD/TRY FX FuturesDaily Trade Volume

TRY 1.2 billion

October 30Single Stock OptionsDaily Trade Volume

TRY 31 million

October 30Single Stock OptionsDaily Trade Voulme

68,400

October 30Daily Trade Volume

1,097,483

October 30Daily Trade Volume

TRY 5.1 billion

October 30FX Futures

Daily Trade VolumeTRY 1.3 billion

October 2015Monthly Trade

VolumeTRY 55.7 billion

November 24Daily Number of

Orders1,040,690

November 24Open Interest in FX

Options 172,103

November 2015FX Options Monthly

Trade VolumeTRY 1.5 billion

November 2015FX Options Monthly

Trade Volume538,837

December 8Power Futures Daily

Trade VolumeTRY 17.2 million

December 8Power Futures Daily

Trade Volume1,449

December 25Open Interest in

Single Stock Futures230,079

December 31Open Interest in Power Futures

4,682

December 31Single Stock FuturesDaily Trade VolumeTRY 150.7 million


Index Options26,382


Single Stock Options 169,034

01.05.2023 6

2015 IMPORTANT DEVELOPMENTS - I

January 2015Launch of Revenue Sharing Market Making Program

January 13 Borsa Istanbul and London

Stock Exchange Group (LSEG) signed a strategic partnership agreement

February 2 Is Investment became

market maker for BIST30 Index Options Contracts

February 2 Finans Invest became

market maker for Single Stock Futures.

March 2 Garanti Bank started

automatic quotation for FX Options as a Market Maker

March 12 Contract specifications of Steel-Scrap and FBIST ETF Futures was added to the

Circular

March 12 New Contract months were

launched for FX futures

March 19New Erroneous Trade Policy was announced

April 2 Launch of Scrap Steel

futures

April 1Level 1 data of FX and gold

contracts offered free of charge

April 16Final settlement price of

gold contracts is changed.

01.05.2023 7

2015 IMPORTANT DEVELOPMENTS - II

April 3 – 30 3rd VIOP Virtual Portfolio

Competition

May 5Launch of FBIST ETF

Futures

June 1Ak Investment became

market maker for BIST 30 Index Options

September 1Ak Investment became market maker for Single

Stock Futures.

September 14 Listing of BIST30 Index derivatives at London

Stock Exchange Derivatives Market

(LSEDM)

October 1Finans Invest and Deniz

Investment became market makers for Power

Futures

October 5 – 304th VIOP Virtual Portfolio

Competition

October 21Launch of Overnight Repo

Rate futures

October 21The first webinar about options was organized

November 2Is Investment and Ak Investment became

market makers for Power Futures

November 13VIOP and ICBC Tekstil

Investment announced collaboration on Chinese

Renminbi futures

November 30 Single session era for

Single Stock and Index Futures started

December 10Second webinar about FX

options was organized

December 16Establishment of Steel and Energy Markets Advisory

Committees

01.05.2023 8

VIOP Statistics

01.05.2023 9

FUTURES AT VIOP

VIOP Futures

Contracts

Single Stocks AKBNK, EREGL, GARAN, ISCTR, SAHOL, TCELL, THYAO, TUPRS, VAKBN, YKBNK

Equity Index BIST 30 Index

FX USD/TRY, EUR/TRY, EUR/USD

Precious Metals Gold (USD/Ounce, TRY/Gr)

Commodity Cotton, Wheat

Energy Electricity

Foreign Index SASX 10

ETF FBIST Bond ETF

Metal Turkish Scrap Steel

Interest Rate Overnight Repo Rate

01.05.2023 10

OPTIONS AT VIOP

VIOP Options

Contracts

Single Stocks AKBNK, EREGL, GARAN, ISCTR, SAHOL, TCELL, THYAO, TUPRS, VAKBN, YKBNK

Equity Index BIST 30 Index, Mini BIST 30 Index

FX USD/TRY

01.05.2023 11

TOTAL TRADING VOLUME

In 2015, total trading volume increased by 52% and reached 90.3 million contracts.

2011 2012 2013 2014 20150

102030405060708090

100 74.362.5

53.5 59.5

90.3

Total Trading Volume (contracts)

52%11%

-16%-14%M

illio

ns

01.05.2023 12

TOTAL TRADING VOLUME

In 2015, total trading volume increased by 32% and reached TRY 575 billion.

2011 2012 2013 2014 20150

100

200

300

400

500

600 439.8403.9 416.6 435.7

575.0Total Trading Volume (TRY)

32%-8% 3%

TRY

Billi

ons

5%

01.05.2023 13

TRADING VOLUME BY PRODUCT

Product Line Trading Volume 2014

Trading Volume 2015

Change (2014-2015)

Index Futures 43,368,269 46,457,606 7%

Index Options 107,344 290,856 171%

Single Stock Futures 194,377 2,743,457 1,311%

Single Stock Options 88,919 847,500 853%

FX Futures 14,068,406 36,944,429 163%

FX Options 26,801 1,462,346 5,356%

Precious Metals Futures 1,597,961 1,475,998 -8%

Power Futures 35 25,934 73,997%

ETF Futures - 6,087 -

Total 59,452,112 90,254,213 52%

01.05.2023 14

TRADING VOLUME BY PRODUCT

Product Line Trading Volume (TRY)2014

Trading Volume (TRY)2015

Change(2014-2015)

Index Futures 400,623,922,570 460,307,059,375 15%

Index Options 984,914,140 2,836,368,995 188%

Single Stock Futures 134,940,357 1,751,850,335 1,198%

Single Stock Options 63,870,150 527,253,250 726%

FX Futures 31,986,126,488 103,608,640,569 224%

FX Options 60,005,550 4,196,083,225 6,893%

Precious Metals Futures 1,867,597,277 1,463,283,349 -22%

Power Futures 448,116 301,141,309 67,102%

ETF Futures - 14,194,835 -

Total 435,721,826,048 575,005,895,535 32%

01.05.2023 15

TRADING VOLUME FUTURES vs OPTIONS

Trading Volume (TRY) 2014 2015 Change

(2014-2015)

Futures 434,613,036,208 567,446,190,061 31%

Options 1,108,789,840 7,559,705,470 582%

Trading Volume 2014 2015 Change (2014-2015)

Futures 59,229,050 87,653,514 48%

Options 223,064 2,600,702 1,066%

01.05.2023 16

PRODUCT BREAKDOWN OF TRADING VOLUME

91.94%

7.34%

0.43%

0.23%

0.01%

0.03%

0.01%

Trading Volume 2014

Index Futures - 91.94%

FX Futures - 7.4%

Precious Metals Futures - 0,.3%

Index Options - 0.23%

Single Stock Options- 0.01%

Single Stock Futures - 0.03%

FX Options - 0.01%

80.05%

18.02%0.30%

0.49%

0.25%

0.73%

0.09%

Trading Volume 2015

Index Futures - 80.05%

FX Futures - 18.02%

Single Stock Futures - 0.3%


Precious Metals Futures - 0.25%


Single Stock Options - %0.09

01.05.2023 17

UK49%

Other Countries (stated with « » ): Switzerland, Iceland, Germany, Belize, Panama, Singapore, The Bahamas, Bulgaria, Croatia, Canada, Liechtenstein, Marshall Islands, Romania, Iran, Poland, Sweden, Luxemburg, France, Azerbaijan, Greece, North Cyprus, the USA and Spain.

Poland31

Netherlands29 %

Malta13%Austria

1%

Australia2 %

S. Africa1 %

BREAKDOWN OF FOREIGN TRADING VOLUME BY COUNTRY

N. Cyprus

3 %

01.05.2023 18

BREAKDOWN OF FOREIGN TRADING VOLUME BY COUNTRY

2015 2014 2013

COUNTRY TRADING VOLUME

(TRY billions) % COUNTRY

TRADING VOLUME (TRY

billions) % COUNTRY

TRADING VOLUME

(TRY billions) %

United Kingdom 144.7 49% United Kingdom 136.0 75% United Kingdom 49.1 78%

Netherlands 85.7 29% Netherlands 28.1 15% Netherlands 7.6 12%

Malta 37.6 13% Australia 7.8 4% Australia 2.4 4%

N. Cyprus 9.2 3% Poland 2.1 1% Cayman Islands 1.2 2%

Australia 7.4 2% Cayman Islands 1.6 1% Sweden 0.7 1%

S. Africa 3.0 1% Germany 1.2 1% Ireland 0.7 1%

Austria 2.5 1% Ireland 1.1 1% France 0.6 1%

01.05.2023 19

USD/TRY OPTIONS VOLATILITY (MONTHLY)

01.05.2023 20

FX FUTURES

In 2015, trading volume of FX futures increased by 224% and reached TRY 104 billion.

2013 2014 20150

20

40

60

80

100

120

22.7331.99

103.61

FX Futures Trading Volume (TRY billion)

41%

224%

01.05.2023 21

MONTHLY TOTAL TRADING VOLUME

Record monthly total trading volume of TRY 56 billion in October 2015.

0

10,000,000,000

20,000,000,000

30,000,000,000

40,000,000,000

50,000,000,000

60,000,000,000

35,524,222,172

51,052,171,76453,126,652,66

547,845,090,61541,724,015,12

1

51,671,248,53042,056,033,92

0

53,214,653,744

40,514,172,751

55,765,444,29148,337,227,98

7

54,174,961,975

201320142015

01.05.2023 22

AVERAGE DAILY TRADING VOLUME

In 2015, average daily trading volume increased by 32% and reached TRY 2.3 billion.

January

February

March

AprilMay June

July

August

Septem

ber

October

November

December

0

500,000,000

1,000,000,000

1,500,000,000

2,000,000,000

2,500,000,000

3,000,000,000

1,692

2,553 2,415

2,278 2,196 2,349

1,956

2,534

2,078

2,720

2,302 2,462

20142015

01.05.2023 23

OPEN INTEREST

In 2015, daily average number of open interest increased by 83% and reached 875,314 contracts.

83%

Ocak Şubat Mart Nisan Mayıs Haziran Temmuz Ağustos Eylül Ekim Kasım Aralık

542,941

680,712 783,932 787,728

714,567 788,999

819,698

1,030,790 992,493

1,121,381 1,026,978

1,163,779

201320142015

01.05.2023 24

OPEN INTEREST

In the last two years, daily average number of open interest is more than doubled.

2011 2012 2013 2014 20150

100000200000300000400000500000600000700000800000900000

340,160 356,810 390,501478,849

875,314

Daily Average Number of Open Interest

5%

9%23%

83%

01.05.2023 25

TRADING VOLUME OF FOREIGN INVESTORS

2013 2014 20150

10000000

20000000

30000000

40000000

50000000

60000000

22,000,000 24,381,985

54,190,294

11%

122%

Trading Volume of Foreign Investors (contracts)

01.05.2023 26

TRADING VOLUME - DOMESTIC/FOREIGN

2013 2014 20150

20000000

40000000

60000000

80000000

100000000

120000000

140000000

84,986,78692,818,571

123,582,186

22,013,213 24,381,985

54,190,294

Trading Volume - Domestic/Foreign (contracts)

DomesticForeign

122%

33%9%

11%

01.05.2023 27

2013 2014 2015

79% 79%

70%

21% 21%

30%

Trading Volume - Domestic/Foreign (contracts)

DomesticForeign


01.05.2023 28

TRADING VOLUME OF FOREIGN INVESTORS

2011 2012 2013 2014 20150

50000000000

100000000000

150000000000

200000000000

250000000000

300000000000

350000000000

133,083 128,774

205,638 206,619

320,658Trading Volume of Foreign Investors (TRY)

55%

-3%60%

0.5%

01.05.2023 29

BREAKDOWN OF TRADING VOLUME - DOMESTIC/FOREIGN

2011 2012 2013 2014 20150

100000000000

200000000000

300000000000

400000000000

500000000000

600000000000

700000000000

800000000000

900000000000

746,515679,092

627,580 664,824

816,088

133,083 128,774

205,638 206,619

320,658

Breakdown Of Trading Volume - Domestic/Foreign (TRY)

-9% 23%-8% 6

%

-3%

60%0.5%

55%

01.05.2023 30


2011 2012 2013 2014 2015

85% 84%

75% 76%72%

15% 16%25% 24% 28%

Trading Volume - Domestic/Foreign (TRY)

DomesticForeign

01.05.2023 31

TRADING VOLUME - DOMESTIC/FOREIGN (TRY)

In 2015, share of foreign investors in total trading volume increased to 28% from 24%.

72%

28%

2015

DomesticForeign

76%

24%

2014

DomesticForeign

01.05.2023 32

BREAKDOWN OF TRADING VOLUME - RETAIL/INSTITUTIONAL

In 2015, retail investors still accounts for 63% of the total trade volume.

63%

37%

Total Trading Volume 2015

RetailInstitutional

64%

36%

Total Trading Volume 2014

Retail

Institutional

01.05.2023 33

NUMBER OF ACCOUNTS

The number of accounts increased by 14% and reach a record 107,274 end-December 2015.

2011 2012 2013 2014 20150

20000

40000

60000

80000

100000

120000

72,22681,192

88,227 94,430107,274

Number of Accounts

14%9% 7%

12%

01.05.2023 34

NUMBER OF ACTIVE TRADING ACCOUNT

2013 2014 20155600

5800

6000

6200

6400

6600

6800

7000

7200

7400

7600

6,2296,345

7,437

2%

17%

The number of active trading account increased by 17% and reach 7,437 end-December 2015.

01.05.2023 35

NUMBER OF ACTIVE TRADING ACCOUNT

In 2015, the average number of active trading account increased by 17% and reached 7,437.

January

February

March

April May JuneJuly

August

Septem

ber

October

November

December

4500

5000

5500

6000

6500

7000

7500

8000

8500

6724 6430

6076

6385

67367009

61836004 6102

52585536

63006450 6334

6681 6776

59826234

5740

6197 62806428

6288

67546742

7092

76057386 7293

7680

7212

7579

7269

7888 7775 7728

Number of Trading Account- 2013 Number of Trading Account- 2014 Number of Trading Account- 2015

01.05.2023 36

TOP TEN MEMBERS IN TRADING VOLUME

Rank MemberTrading Volume

(TRY billion) 2014

Trading Volume (TRY billion)

2015Change

(%)Share of Trading Volume in 2015

(%)

1 TEB INVESTMENT 94.7 165.7 75% 14.60%

2 IS INVESTMENT 96.8 100.3 4% 8.83%

3 GARANTI INVESTMENT 57.4 97.8 70% 8.62%

4 SANKO SECURITIES 38.3 75.6 98% 6.66%

5 YAPI KREDI INVESTMENT 43.4 59.8 38% 5.26%

6 GEDIK INVESTMENT 33.8 51.5 52% 4.53%

7 YATIRIM FINANSMAN SECURITIES 33.7 43.3 28% 3.81%

8 AK INVESTMENT 28.7 40.2 40% 3.55%

9 CREDIT SUISSE 27.7 38.3 38% 3.37%

10 DENIZ INVESTMENT 35.1 35.0 -1% 3.09%

01.05.2023 37

MARKET MAKERS

Products Members

Single Stock FuturesIs InvestmentFinansinvestAk Investment

BIST30 Index OptionsIs InvestmentAk Investment

FX Options Garanti Bank

Power Futures

Deniz Investment– Zorlu Finansinvest– Fina Is Investment– Naksan, Aksa, Odas Ak Investment- Enerjisa

ETF Futures Finansinvest

Revenue Sharing Market Making Program

Products MembersFX Futures Garanti BankGold Futures Garanti Bank

Classic Market Making Program

01.05.2023 38

Power Futures

01.05.2023 39

POWER FUTURES

01.05.2023 40

September 2011 – Launch of Power futures April 16, 2015 – ETA Members Power Trading Seminar June 2015 – Trading volume record with TRY 29 million June 16, 2015 – VIOP – ETA Power Futures Seminar June 30, 2015 – Energy companies and brokerage industry meeting July 9, 2015 – Power Futures Trading Seminar September 2, 2015 – Spot Energy Market Training October, 2015 – Launch of Revenue Sharing Market Making Program for

Power Futures December 16, 2015 – Energy Market Advisory Committee was established Currently, 6 energy companies via 4 broker/members serve as a market

maker in Power Futures

POWER FUTURES

01.05.2023 41

POWER FUTURES

Trading Volume of Power Futures (TRY)

672 fold

In 2015, trading volume of Power Futures increased 672 fold and reached TRY 301 million.

January

February

March

AprilMay June

July

August

Septem

ber

October

November

December

0

20000000

40000000

60000000

80000000

100000000

120000000

140000000

160000000

29,239,820

5,830,9978,035,95116,645,621

25,032,721

69,258,710

146,684,143

20112012201320142015

TRY

Mill

ion

01.05.2023 42

POWER FUTURES

Open Interest of Power Futures

End of December 2015, open interest of Power Futures increased 715 fold and reached 4,127 contracts.

715 fold

Ocak Şubat Mart Nisan Mayıs Haziran TemmuzAğustos Eylül Ekim Kasım Aralık0

500

1000

1500

2000

2500

3000

3500

4000

4500

4 18 112 146 225 407645

1,624

4,127

201320142015

01.05.2023 43

POWER FUTURES

Power Futures trading grew exponentially in 2015.

Trading Volume of Power Futures (TRY)

2011 2012 2013 2014 20150

50000000

100000000

150000000

200000000

250000000

300000000

350000000

3 13 0.5 0.4

301

287% -96% -18%

67,102%

01.05.2023 44

POWER FUTURES

In 2015, trading volume of Power Futures increased by 741 times and reached trading notional volume of 2.593 MWh.

Trading Volume of Power Futures (contracts)

2013 2014 20150

5000

10000

15000

20000

25000

30000

160 35

25,934

741 fold

-78%

01.05.2023 45

MEMBER RANKING IN POWER FUTURES

Rank Member Trading Volume (TRY)* Share (%)

1 AK INVESTMENT 579,442 64.65%

2 TEB INVESTMENT 101,421 11.32%

3 HALK INVESTMENT 70,306 7.84%


1 FINANSINVEST 183,593,139 30.48%

2 IS INVESTMENT 145,116,955 24.09%

3 AK INVESTMENT 128,681,559 21.37%

Top 3 members in trading volume in 2014;


*Member based trading volume is given two sided.

01.05.2023 46

FX Futures

01.05.2023 47

FX FUTURES

In 2015, trading volume of FX Futures increased by 224% and reached TRY 104 billion.

2013 2014 20150

20000000000

40000000000

60000000000

80000000000

100000000000

120000000000

22,72731,986

103,609

Trading Volume of FX Futures (TRY)

41%

224%

01.05.2023 48

FX FUTURES

Trading Volume of FX Futures (contracts)

2013 2014 20150

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

40,000,000

11,080,42614,068,406

36,944,429

163%

27%

In 2015, trading volume of FX Futures increased by 163% and reached 37 million contracts.

01.05.2023 49

FX FUTURES

In every month of 2015, trading volume of FX Futures passed the amount traded in the corresponding month of 2014.

0

2000000000

4000000000

6000000000

8000000000

10000000000

12000000000

4,781

7,509

8,859 8,685

6,649

8,8917,940

10,183 9,859

11,490

9,459 9,303

201320142015

01.05.2023 50

OPEN INTEREST OF FX FUTURES

Average number of open interest in FX Futures increased by 78% and reached 322,815 contracts.

Ocak Şubat Mart Nisan Mayıs Haziran Temmuz Ağustos Eylül Ekim Kasım Aralık0

50000

100000

150000

200000

250000

300000

350000

400000

211,237

271,815304,049

332,978356,285

336,076

290,829331,982

343,035

393,238

343,541344,764

201320142015

01.05.2023 51


In 2015, share of foreign investors in FX Futures trading volume increased to 36% from 9% in 2014.

2013 2014 2015

97%91%

64%

3%9%

36%DomesticForeign

01.05.2023 52


In 2015, trading volume of foreign investors increased by 14 fold and reached TRY 73.8 billion.

%1260

%298

2013 2014 20150

20000000000

40000000000

60000000000

80000000000

100000000000

120000000000

140000000000

44,09157,064

129,211

1,364 5,425

73,791DomesticForeign

01.05.2023 53

In 2015, share of foreign investors in number of open interest of FX Futures increased to 25%.

BREAKDOWN OF OPEN INTEREST- DOMESTIC/FOREIGN

2013 2014 2015

96% 94%

75%

4% 6%

25%

DomesticForeign

01.05.2023 54


In 2015, share of institutional investors in trading volume of FX futures increased to 44% from 27%.

2013 2014 2015

73% 73%

56%

27% 27%

44%

RetailInstitutional

01.05.2023 55

MEMBER RANKING IN FX FUTURES


1 TERA INVESTMENT 11,097,574,414 17.35%

2 GARANTI INVESTMENT 5,941,153,913 9.29%

3 TEB INVESTMENT 5,784,842,511 9.04%




1 TEB INVESTMENT 43,847,213,280 21.16%

2 SANKO INVESTMENT 40,238,942,959 19.42%


*Member based trade volume is given two sided.

01.05.2023 56

FX Options

01.05.2023 57

FX OPTIONS

In 2015, trade volume of FX options increased 70 fold and reached TRY 4.2 billion

70 fold

0

200000000

400000000

600000000

800000000

1000000000

1200000000

1400000000

16000000001,556

20142015

Trading Volume of FX Options (TRY)

01.05.2023 58

Trading Volume of FX Options (contracts)

FX OPTIONS

2014 20150

200000

400000

600000

800000

1000000

1200000

1400000

1600000

26,801

1,462,346

55 fold

01.05.2023 59

OPEN INTEREST OF FX OPTIONS

2014/5

2014/6

2014/7

2014/8

2014/9

2014/10

2014/11

2014/12

2015/1

2015/2

2015/3

2015/4

2015/5

2015/6

2015/7

2015/8

2015/9

2015/10

2015/11

2015/120

50,000,000

100,000,000

150,000,000

200,000,000

250,000,000

300,000,000

350,000,000

400,000,000

0.2 0.3 1.0 4.2 5.4 0.1 0.6 17.250.5

30.653.1

81.941.8

68.651.165.275.3

96.9

344.7

384.8Open Interest of FX Options

1665 fold

01.05.2023 60


2014 2015

39%

13%

61%

87%

Breakdown Of Trading Volume - Retail/Institutional

RetailInstitutional

01.05.2023 61

MEMBER RANKING IN FX OPTIONS


1 IS INVESTMENT 95,193,150 83.11%

2 GARANTI BANK 9,646,675 8.42%

3 GARANTI INVESTMENT 3,177,150 2.77%




1 GARANTI BANK 4,470,295,350 58.78%

2 IS INVESTMENT 1,659,909,600 21.83%

3 GEDIK INVESTMENT 401,228,175 5.28%


01.05.2023 62

Index Futures

01.05.2023 63

INDEX FUTURES

In 2015, trading volume of Index Futures increased by 15% and reached TRY 460 billion.

Trading Volume of Index Futures (TRY)

2013 2014 2015340000000000

360000000000

380000000000

400000000000

420000000000

440000000000

460000000000

480000000000

388,991400,624

460,307

3%

15%

01.05.2023 64

INDEX FUTURES

In 2015, trading volume of Index Futures increased by 7.12% and reached 46.5 million contracts.

2013 2014 20153700000038000000390000004000000041000000420000004300000044000000450000004600000047000000

40.59

43.37

46.46

7.12%

6.85%

Trading Volume of Index Futures (contracts)

01.05.2023 65

INDEX FUTURES

Monthly Trading Volume of Index Futures

0

5000000000

10000000000

15000000000

20000000000

25000000000

30000000000

35000000000

40000000000

45000000000

30,318

42,970 43,331

38,60234,652

42,035

33,579

41,944

29,843

43,062

36,784

43,187

201320142015

01.05.2023 66

OPEN INTEREST OF INDEX FUTURES

In 2015, the number of average open interest increased by 6% and reached 263,313 contracts.

January

February

March

AprilMay June

July

August

Septem

ber

October

November

December

0

50000

100000

150000

200000

250000

300000

350000

242,555

236,750

207,809218,708

214,457226,208

246,011

324,825312,415

333,774

268,538 281,313

201320142015

01.05.2023 67


In 2015, share of foreign investors in the trading volume of Index Futures increased to 27%.

2013 2014 2015

73% 75% 73%

27% 25% 27%

Domestic Foreign

01.05.2023 68


2013 2014 2015

61% 64%66%

39% 36% 34%


RetailInstitutional

01.05.2023 69

BREAKDOWN OF OPEN POSITION - DOMESTIC/FOREIGN

In 2015, shares of foreign investors in open interest of Index Futures reached 61%.

2013 2014 2015

38%33%

39%

62%67%

61%

Domestic Foreign

01.05.2023 70

MEMBER RANKING IN INDEX FUTURES


1 IS INVESTMENT 92,806,313,735 11.58%

2 TEB INVESTMENT 88,569,635,783 11.05%




1 TEB INVESTMENT 121,312,159,738 13.18%

2 IS INVESTMENT 90,015,367,163 9.78%




01.05.2023 71

Index Options

01.05.2023 72

INDEX OPTIONS

In 2015, trading volume of Index Options increased by 188% and reached TRY 2.8 billion.

2013 2014 20150

500000000

1000000000

1500000000

2000000000

2500000000

3000000000

94,614,200

984,914,140

2,836

Trading Volume of Index Options (TRY)

188%

984%

01.05.2023 73

INDEX OPTIONS

2013 2014 20150

50000

100000

150000

200000

250000

300000

10,352

107,344

290,856

937%

171%

Trading Volume of Index Options (contracts)

01.05.2023 74

MONTHLY TRADING VOLUME OF INDEX OPTIONS

January

February

March

AprilMay June

July

August

Septem

ber

October

November

December

0

50,000,000

100,000,000

150,000,000

200,000,000

250,000,000

300,000,000

350,000,000

400,000,000

150,087,000

209,245,200

158,541,600157,120,800148,404,400

348,718,200

216,714,200

397,827,800

230,242,505217,573,600214,008,600

387,885,090

Monthly Trading Volume of Index Options

201320142015

01.05.2023 75

In 2015, average number of open interest of Index Options increased by 81% and reached 13,341 contracts.

OPEN INTEREST OF INDEX OPTIONS

January

February

March

April May JuneJuly

August

Septem

ber

October

November

December

0

5000

10000

15000

20000

25000

7,858

15,445

9,496

14,159

4,653

13,586

9,519

18,812

10,609

17,612

12,330

21,759

201320142015

Open Interest of Index Options (contracts)

01.05.2023 76

OPEN INTEREST OF INDEX OPTIONS

January

February

March

April May JuneJuly

August

Septem

ber

October

November

December

0

50000000

100000000

150000000

200000000

250000000

84,219,514

165,806,830

96,662,082

142,995,714

47,663,821

135,453,473

94,461,145

182,559,105

96,107,530

161,756,381

123,423,762

219,802,582

Open Interest of Index Options (TRY)

201320142015

01.05.2023 77


Shares of foreign and domestic investors in trading volumes of Index Options were 20% and 80% respectively in 2015.

2013 2014 2015

84%

67%80%

16%

33%

20%

DomesticForeign

01.05.2023 78

Shares of foreign and domestic investors in open interest of Index Options were 29% and 71% respectively in 2015.

BREAKDOWN OF OPEN INTEREST - DOMESTIC/FOREIGN

2013 2014 2015

90%

57%

71%

10%

43%

29%

DomesticForeign

01.05.2023 79


2013 2014 2015

65%

39% 38%35%

61% 62%

Breakdown Of Trading Volume - Retail/Insti-tutional

Retail Institutional

01.05.2023 80

MEMBER RANKING IN INDEX OPTIONS


1 IS INVESTMENT 476,032,400 27.50%

2 DEUTSCHE SECURITIES 439,034,200 25.36%

3 GEDIK INVESTMENT 426,051,600 24.61%

*Member based trade volume is given two sided.




1 GEDIK INVESTMENT 1,766,181,200 33.98%

2 DEUTSCHE SECURITIES 1,011,681,400 19.46%

3 IS INVESTMENT 935,430,795 18.00%

01.05.2023 81

Single Stock Futures

01.05.2023 82

LAUNCH OF NEW UNDERLYINGS

Current Single Stock Futures & Options Underlyings

To be launched Single Stock Futures & Options Underlyings

AKBNK ARCLK

EREGL EKGYO

GARAN HALKB

ISCTR KCHOL

SAHOL KRDMD

TCELL PETKM

THYAO PGSUS

TUPRS SISE

VAKBN TOASO

YKBNK TTKOM

The number of single stocks futures & options underlying will increase from 10 to 20.

01.05.2023 83

TRADING VOLUME OF SINGLE STOCK FUTURES

In 2015, trading volume of Single Stock Futures increased by 1,198% and reached to TRY 1.8 billion.

2013 2014 20150

200000000400000000600000000800000000

10000000001200000000140000000016000000001800000000

20,555,304 134,940,357

1,752

Trading Volume of Single Stock Futures (TRY)

556%

1,198%

01.05.2023 84

TRADING VOLUME OF SINGLE STOCK FUTURES

2013 2014 20150

500000

1000000

1500000

2000000

2500000

3000000

24,073194,377

2,743,457

707%

1311%

Trading Volume of Single Stock Futures (contracts)

01.05.2023 85

MONTHLY TRADING VOLUME OF SINGLE STOCK FUTURES

January

February

March

AprilMay June

July

August

Septem

ber

October

November

December

0

50000000

100000000

150000000

200000000

250000000

300000000

350000000

400000000

450000000

500000000

31,236,842

181,813,532

473,940,935

68,580,09761,889,881112,831,917

50,647,087

192,648,400

86,442,683

176,223,177

60,069,040

255,526,743

Monthly Trading Volume of Single Stock Futures (TRY)

201320142015

01.05.2023 86

MONTHLY OPEN INTEREST OF SINGLE STOCK FUTURES

January

February

March

AprilMay June

July

August

Septem

ber

October

November

December

0

50000

100000

150000

200000

250000

11,709

70,520

160,374

73,190

39,037 68,213

153,157 182,518 176,718 177,177 183,036

225,319

Monthly Open Interest of Single Stock Futures (contracts)

201320142015

01.05.2023 87

Shares of foreign and domestic investors in trading volume of Single Stock Futures were 57% and 43% respectively in 2015.

BREAKDOWN OF TRADE VOLUME - DOMESTIC/FOREIGN

2013 2014 2015

100%

36%

57%

0%

64%

43% DomesticForeign

01.05.2023 88

Shares of foreign and domestic investors in the open interest of Single Stock Futures were 56% and 44% respectively in 2015.

BREAKDOWN OF OPEN INTEREST- DOMESTIC/FOREIGN

2013 2014 2015

100%

35%

56%

0%

65%

44% DomesticForeign

01.05.2023 89


2013 2014 2015

51%

27%

43%49%

73%

57%


RetailInstitutional

01.05.2023 90

MEMBER RANKING IN SINGLE STOCK FUTURES



2 OSMANLI SECURITIES 41,796,703 15.49%

3 BURGAN INVESTMENT 11,486,129 4.26%





1 DEUTSCHE SECURITIES 1,287,676,658 36.75%


3 DENIZ INVESTMENT 383,590,721 10.95%

01.05.2023 91

Single Stock Options

01.05.2023 92

TRADING VOLUME OF SINGLE STOCK OPTIONS

In 2015, trading volume of Single Stock Options increased by 7.25 fold and reached TRY 527 million.

2013 2014 20150

100,000,000

200,000,000

300,000,000

400,000,000

500,000,000

600,000,000

26,179,54463,870,150

527,253,250

2.5 fold

7.25 fold

01.05.2023 93

TRADING VOLUME OF SINGLE STOCK OPTIONS

2013 2014 20150

100000

200000

300000

400000

500000

600000

700000

800000

900000

45,806 88,919

847,500

Trading Volume Of Single Stock Options (contracts)

94%

853%

01.05.2023 94

MONTHLY TRADING VOLUME OF SINGLE STOCK OPTIONS

January

February

March

AprilMay June

July

August

Septem

ber

October

November

December

0

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

8,999,17517,526,475

36,937,225

9,795,72518,577,375

31,290,95044,269,850

85,186,050

54,007,45049,842,125

105,459,675

65,361,175

Monthly Trading Volume of Single Stock Options (TRY)

201320142015

01.05.2023 95

OPEN INTEREST OF SINGLE STOCK OPTIONS

January

February

March

AprilMay June

July

August

Septem

ber

October

November

December

0

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

10,513,20216,126,22428,297,484

45,750,38034,185,655

58,131,00052,192,223

79,562,985

62,169,813

92,133,954

54,933,552

101,873,901

Open Interest of Single Stock Options (TRY)

201320142015

01.05.2023 96

In 2015, share of foreign investors in trading volume of Single Stock Options reached 34%.


2013 2014 2015

100%

75%66%

0%

25%34%

DomesticForeign

01.05.2023 97

In 2015, share of foreign investors in open interest of Single Stock Options reached 40%.


2013 2014 2015

100%

73%

60%

0%

27%

40% DomesticForeign

01.05.2023 98


2013 2014 2015

6%

41% 45%

94%

59% 55%

Breakdown of Trading Volume – Retail/Institutional

RetailInstitutional

01.05.2023 99

MEMBER RANKING IN SINGLE STOCK OPTIONS


1 IS INVESTMENT 43,689,400 34.20%










01.05.2023 100

Gold Futures (USD/Ounce)

01.05.2023 101

TRADING VOLUME OF GOLD FUTURES (USD/OUNCE)

In 2015, trading volume of Gold Futures (USD/Ounce) decreased by 1% and reached TRY 1.36 billion.

January

February

March

AprilMay June

July

August

Septem

ber

October

November

December

0

100,000,000

200,000,000

300,000,000

400,000,000

500,000,000

600,000,000

166,476,255128,609,096

91,811,306153,417,118

67,326,05487,737,161112,623,685155,677,509

87,219,441133,372,277

82,582,84190,278,037

201320142015

01.05.2023 102

OPEN INTEREST OF GOLD FUTURES (USD/OUNCE)

January

February

March

AprilMay June

July

August

Septem

ber

October

November

December

0

2000

4000

6000

8000

10000

12000

14000

4,9565,413 4,829 6,314

3,6814,779

7,034 7,323

4,358 5,939 5,650 5,975

Open Interest of Gold Futures (USD/Ounce)

201320142015

01.05.2023 103


The share of foreign investors in trading volume of Gold Futures (USD/Ounce) increased to 23% from 5%.

2013 2014 2015

97% 95%

77%

3% 5%

23%

DomesticForeign

01.05.2023 104


The share of foreign investors in open interest of Gold Futures (USD/Ounce) increased to 15% from 5%.

2013 2014 2015

95% 95%85%

5% 5%15%

DomesticForeign

01.05.2023 105


In 2015, the share of institutional investors in trading volume of Gold Futures (USD/Ounce) increased to 31% from 18%.

2013 2014 2015

74%82%

69%

26%18%

31%RetailInstitutional

01.05.2023 106

MEMBER RANKING IN PRECIOUS METALS FUTURES



2 TERA SECURITIES 520,113,622 13.92%

3 GARANTI INVESTMENT 358,317,246 9.59%

*Member based trading volume is given two-sided.




1 TEB INVESTMENT 555,804,122 18.99%


3 SANKO SECURITIES 355,997,673 12.16%

01.05.2023 107

Gold Futures (TRY/Gr)

01.05.2023 108

TRADING VOLUME OF GOLD FUTURES (TRY/GR)

In 2015, trading volume of Gold Futures (TRY/Gr) decreased by 50% and reached TRY 106 million.

January

February

March

AprilMay June

July

August

Septem

ber

October

November

December

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

40,000,000

45,000,000

50,000,000

14,323,57017,781,54715,889,26513,961,627

2,953,2728,665,123

4,226,0538,434,964

4,054,0306,308,1195,668,0663,886,933

201320142015

01.05.2023 109

OPEN INTEREST OF GOLD FUTURES (TRY/GR)

January

February

March

AprilMay June

July

August

Septem

ber

October

November

December

0

10000

20000

30000

40000

50000

60000

70000

31,140

48,572

34,115

42,792

32,48731,306

12,36518,68420,37718,309

8,72711,274

Open Interest of Gold Futures (TRY/Gr)

20142015

01.05.2023 110

2013 2014 2015

100% 98% 100%

0% 2% 0%

Breakdown Of Open Interest - Domestic/Foreign

DomesticForeign


01.05.2023 111


2013 2014 2015

100% 98% 100%

0% 2% 0%

Breakdown Of Trading Volume - Domestic/Foreign

DomesticForeign

01.05.2023 112


2013 2014 2015

93%88%

98%

7% 12%2%


RetailInstitutional

01.05.2023 113

Other

01.05.2023 114

RISK MANAGEMENT AT VIOP

In 2015, total collateral held in accounts increased by 18% and reached TRY 2 billion. Total value of guarantee fund increased by 17% and reached TRY 185 million.

1,824,418,369

173,010,141

Collateral Held

Cash (TRY)Non Cash (TRY)

112,627,325

72,227,209

Guarantee Fund

Cash (TRY)Non Cash (TRY)

01.05.2023 115

TRAININGS/SEMINARS/WORKSHOPS

38 trainings/seminars/workshops were organized in 2015. Total number of events reached 142 at the end of 2015.

II. VIOP Risk Management Conference Seminars with data vendors VIOP Trading System Workshops Spot Energy Market Seminars Webinars VIOP Academy Introduction to VIOP Trainings Seminars organized with members

01.05.2023 116

CONFERENCES

01.05.2023 117

CONFERENCES

01.05.2023 118

WORKSHOPS

01.05.2023 119

WORKSHOPS

01.05.2023 120

PERISCOPE BROADCASTS

Daily data sharing broadcast is held at 09:15am via Periscope.

01.05.2023 121

THANK YOU

Muammer CAKIRHead of Derivatives MarketPhone: +90 212 298 25 [email protected]

Kamil GUZELDirector of Financial Derivatives MarketPhone: +90 212 298 25 [email protected]

Ali AYTENArif Onur ÖZYILDIRIMBayram Veli SALURBora AKDENİZCeyda ÜSTÜNÇiğdem ERKENGizem NAYİRHakan KAYAKemal Burçak KAPLANKenan YÜCESOYOnur OLGUNOnur ÜSTÜNDAĞTuğçe TOKEM GÜRSÖZSedat UĞURYaprak TURAN

mailto:[email protected]

mailto:[email protected]

Date post:	11-Feb-2017
Category:	Economy & Finance
Upload:	muammer-cakir
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Borsa Istanbul Derivatives Market VIOP 2015

Economy & Finance