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Derivatives MarketNovember 2015
1
AT A GLANCE
Borsa Istanbul Derivatives Market (VIOP) is the region’s leading and most liquid derivatives marketplace, offering futures & option contracts based on equity, equity index, currency, precious metals, commodity, interest rate and ETF Takasbank provides Central Counterparty (CCP) clearing services for all VIOP contracts
NASDAQ Technology to be implemented at VIOP in 2016
Strategic partnership agreement with London Stock Exchange Quick facts 64% retail flow with 100,000 accounts
32% increase in trade volume in Jan-Sep 2015
~1 billion USD daily turnover
Exchange Hosting Service
PoP London Equinix LD5
66 active members
FIX Protocol
2
FUTURES AT
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
Overnight Repo RateInterest Rate
Commodity
Energy
FX
AKBNK, EREGL, GARAN, ISCTR, SAHOL, TCELL, THYAO, TUPRS, VAKBN, YKBNK
3
OPTIONS AT
SingleStocks
EquityIndex BIST 30 Index, Mini BIST 30 Index
FX USD/TRY
AKBNK, EREGL, GARAN, ISCTR, SAHOL, TCELL, THYAO, TUPRS, VAKBN, YKBNK
VIOP Option
Contracts
4
RECORDS OF 2015
VIOP keeps on setting new records in 2015All time high records (2005-2015) of monthly/daily trade volume, number of orders,USD/TRY FX open interest
August 2015
Monthly Total Trade Volume 53 billion TRY
13 August 2015
# of Orders Entered in a Day 747,690
27 February 2015
USD/TRY FX Futures DailyTrade Volume 1 billion TRY
25 February 2015
Daily Trade Volume 5 billion TRY
25 May 2015
Open Interest in FX Futures 408,735
June 2015
FX Futures Monthly TradeVolume
8.9 billion TRY
5
TRADE VOLUME
In Jan-Sep 2015, trade volume went up by 32% compared to the same period last year
* Figure includes the first nine months of 2015.
Trade Volume (bln TRY)
Bill
ion
TRY
700
403.9
2012 2013 2014 2015* 2015E
416.6 435.7416.7
576.3
32%600
500
400
300
200
100
0
6
TOTAL NUMBER OF CONTRACTS TRADED
In Jan-Sep 2015, total number of contracts traded went up by 49% compared to the same period last year. In 2014, it increased by 11%
Number of Contracts Traded (mln)
Mill
ion 90
80
100
70605040302010
53.559.5 64.6
88.1
2013 2014 2015* 2015E
49%
0
* Figure includes the first nine months of 2015.
7
HIGH RETAIL LIQUIDITY
64% of daily trade volume is executed by retail investor base
Retail
Institutional
* Figure includes the first nine months of 2015.
64%
36%2015*
8
2015* TRADE VOLUME
32% increase in total trade volume in 2015
* The first nine months data of 2014 and 2015
Contract TypeTrade Volume (TRY)
2014*Trade Volume (TRY)
2015*Change
(2014-2015*)
Index Futures 290,028,466,468 337,273,705,285 16%
Index Options 643,602,000 2,016,901,600 213%
Single Stock Futures 10,689,109 1,260,031,375 11,688%
Single Stock Options 19,398,950 306,590,275 1,480%
FX Futures 22,968,314,653 73,356,426,459 219%
FX Options 7,338,100 1,302,457,725 17,649%
Precious Metals Futures 1,394,156,065 1,141,187,075 -18%
Energy Futures 398,692 60,165,736 14,991%
Total 315,072,364,037 416,728,261,280 32%
9
2015* TRADE QUANTITY
49% increase in total trade quantity in 2015
* The first nine months data of 2014 and 2015
Contract TypeTrade Quantity
2014*Trade Quantity
2015*Change
(2014-2015*)
Index Futures 32,272,416 33,586,853 4%
Index Options 72,549 204,463 182%
Single Stock Futures 16,003 1,866,040 11,561%
Single Stock Options 25,691 492,687 1,818%
FX Futures 10,169,300 26,762,155 163%
FX Options 3,411 471,008 13,709%
Precious Metals Futures 951,588 1,230,091 29%
Energy Futures 31 5,395 17,303%
Total 43,510,979 64,623,339 49%
10
2015* FUTURES vs OPTIONS
* The first nine months data of 2014 and 2015
Contract TypeTrade Volume (TRY)
2014*Trade Volume (TRY)
2015*Change
(2014-2015*)
Futures 314,402,024,987 413,102,311,575 31%
Options 670,339,050 3,625,949,705 441%
Total 315,072,364,037 416,728,261,280 32%
Contract TypeTrade Quantity
2014*Trade Quantity
2015*Change
(2014-2015*)
Futures 43,409,328 63,455,181 46%
Options 101,651 1,168,158 1,049%
Total 43,510,979 64,623,339 49%
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FX FUTURES
* Figure includes the first nine months of 2015.
2013 2014 2015* 2015E
FX Futures Trade Volume (mln TRY)
Mill
ion
TRY 120.000
100.00080.00060.00040.00020.000
0
22.72731.986
73.356
102.158219%
41%
In Jan-Sep 2015, trade volume went up by 219% and reached to 73 billion TRY. In 2014, total trade volume in FX futures went up by 41% and reached to 32 billion TRY compared to 2013
12
PRODUCT BREAKDOWN
*Includes the first nine months of 2015
Breakdown of Trade Volume in 2015* Breakdown of Trade Volume in 2014
80.93% 91.94%
17.60%0.30%
0.31%0.48%
0.07%0.27%
7.34%0.01%
0.23%0.43%
003%0.01%
Index Futures-80.93%Currency Futures-17.60%
Index Options-0.48%Precious Metals Futures-0.27%Currency Options-0.31%Single Stock Futures-0.30%
Single Stock Options-0.07% Currency Options-0.01%
Index Futures-91.94%Currency Futures-7.34%
Index Options-0.23%
Single Stock Futures-0.03%Precious Metals Futures-0.43%Single Stock Options-0.01%
13
OPEN INTEREST
In Jan-Sep 2015, total open interest went up by 79% compared to the same period last year and reached to 800,000 contracts. In 2014, total open interest went up by 23% compared to the last year and reached to 479,000 contracts
January
February
March AprilMay
June
July
August
Septem
ber
October
November
Decem
ber0
201320142015
1,200,000
1,000,000
800,000
600,000
400,000
200,000
14
FOREIGN vs DOMESTIC
Foreign investor’s share in Derivatives Market is almost doubled to29% in 2015
* Figure includes the first nine months of 2015.
2011 201420132012 2015*
90
80
70
60
50
40
30
20
10
0
% 85
15 16
25 24
84
75 7671
DomesticForeign
29
15
BREAKDOWN OF TRADE VOLUME BY RESIDENCE*
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.
* Trade volume (TRY) of foreign institutional investors based on country of residence excluding Turkey between January 1, 2015 and September 30, 2015.
Australia%2
S. Africa%1
Netherlands%28
UK%55
Ireland%1
Austria%1
Malta%11
16
TOP 10 BROKERS
By the end of Sep 2015, 66 members are active in trading every month
Rank MemberJan-Sep 2015
Trade Volume (TRY)Share (%)
1 TEB INVESTMENT SECURITIES 119,843,508,986 14.50
2 IS INVESTMENT 72,989,027,419 8.83
3 GARANTI INVESTMENT 71,808,235,759 8.69
4 SANKO SECURITIES 56,021,187,773 6.78
5 YAPI KREDI INVEST 42,370,897,796 5.13
6 YATIRIM FINANSMAN SECURITIES 32,336,114,030 3.91
7 GEDIK INVESTMENT 31,898,787,889 3.86
8 CREDIT SUISSE ISTANBUL SECURITIES 28,129,675,504 3.40
9 AK INVESTMENT 27,841,820,715 3.37
10 A1 CAPITAL SECURITIES 25,787,003,705 3.12
17
BIST 30 INDEX FUTURES
Underlying Asset BIST 30 Index
Price Quotation 1/1000 of the BIST 30 Index value
Contract Size BIST30 Index is divided by 10 TRY (i.e. TRY 9,757 - ~ USD 3,307)
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 0.84) 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: 895 TRYMaintenance margin: 75% of the initial margin
18
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 3.4 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 announced 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: 145 TRYMaintenance margin: 75% of the initial margin
19
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
The program includes
Single Stock Futures & Options
BIST 30 Index & Mini BIST 30 Index Options
USD/TRY FX Options
Electricity Futures
Steel Scrap Futures
ETF Futures
Wheat Futures
20
PARTNERSHIP WITH LONDON STOCK EXCHANGE
Vendor Code
Reuters RIC Codes for Futures 0#BIST30II:
Reuters RIC Codes for Options 0#BIST30*.LL
Bloomberg (LSEDM BIST30 Index futures)
BFLA Index CT <GO>
Bloomberg (BIST National 30 Scaled for LSE Options)
XU030XF Index OMON <GO>
Borsa Istanbul signed a partnership agreement with London Stock Exchange (LSE)
BIST 30 Index futures and options are listed on LSE Derivatives Market
Trades to be cleared by LCH.Clearnet
Initial contract margin in USD/GBP/EUR
Variation margin and trading in Turkish Lira
21
PoP–LONDON EQUINIX LD5
Borsa Istanbul launched 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 Istanbul’s 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)
22
HOW TO TRADE AT ?
For membership local presence is required
For VIOP Members list, http://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® algorithm
*Please get advice from your tax advisor
23
HOW TO REACH 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 Futures–SVOA Comdty
24
HOW TO REACH DATA ON REUTERS?
Reuters
All Futures-0#ISTFUT:
All Options-0#ISTOPT:
25
SOFTWARE DEVELOPERS AND DATA VENDORS
THANK YOU
/borsaistanbulEN /borsaistanbul /borsaistanbul
Muammer ÇAKIRHead of Derivatives Market Tel : +90 212 298 25 80Mob : +90 530 067 56 [email protected]
Derivatives MarketTel : +90 212 298 24 [email protected]