borsa istanbul derivatives market viop 2015
TRANSCRIPT
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
December 30Open Interest in
Index Options26,382
December 30Open Interest in
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%
Index Options - 0.49%
Precious Metals Futures - 0.25%
Index Options - 0.73%
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
TRADING VOLUME - DOMESTIC/FOREIGN
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
TRADING VOLUME - DOMESTIC/FOREIGN
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%
Rank Member Trading Volume (TRY)* Share (%)
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;
Top 3 members in trading volume in 2015;
*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
BREAKDOWN OF TRADING VOLUME - DOMESTIC/FOREIGN
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
BREAKDOWN OF TRADING VOLUME - DOMESTIC/FOREIGN
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
BREAKDOWN OF TRADING VOLUME - RETAIL/INSTITUTIONAL
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
Rank Member Trading Volume (TRY)* Share (%)
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%
Top 3 members in trading volume in 2014;
Top 3 members in trading volume in 2015;
Rank Member Trading Volume (TRY)* Share (%)
1 TEB INVESTMENT 43,847,213,280 21.16%
2 SANKO INVESTMENT 40,238,942,959 19.42%
3 GARANTI INVESTMENT 29,868,434,004 14.41%
*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
BREAKDOWN OF TRADING VOLUME - RETAIL/INSTITUTIONAL
2014 2015
39%
13%
61%
87%
Breakdown Of Trading Volume - Retail/Institutional
RetailInstitutional
01.05.2023 61
MEMBER RANKING IN FX OPTIONS
Rank Member Trading Volume (TRY)* Share (%)
1 IS INVESTMENT 95,193,150 83.11%
2 GARANTI BANK 9,646,675 8.42%
3 GARANTI INVESTMENT 3,177,150 2.77%
Top 3 members in trading volume in 2015;
Top 3 members in trading volume in 2014;
Rank Member Trading Volume (TRY)* Share (%)
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%
*Member based trading volume is given two sided.
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
BREAKDOWN OF TRADING VOLUME - DOMESTIC/FOREIGN
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
BREAKDOWN OF TRADING VOLUME - RETAIL/INSTITUTIONAL
2013 2014 2015
61% 64%66%
39% 36% 34%
Breakdown Of Trading Volume - Retail/Institutional
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
Rank Member Trading Volume (TRY)* Share (%)
1 IS INVESTMENT 92,806,313,735 11.58%
2 TEB INVESTMENT 88,569,635,783 11.05%
3 GARANTI INVESTMENT 51,133,307,713 6.38%
*Member based trading volume is given two sided.
Rank Member Trading Volume (TRY)* Share (%)
1 TEB INVESTMENT 121,312,159,738 13.18%
2 IS INVESTMENT 90,015,367,163 9.78%
3 GARANTI INVESTMENT 67,663,891,323 7.35%
Top 3 members in trading volume in 2014;
Top 3 members in trading volume in 2015;
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
BREAKDOWN OF TRADING VOLUME - DOMESTIC/FOREIGN
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
BREAKDOWN OF TRADING VOLUME - RETAIL/INSTITUTIONAL
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
Rank Member Trading Volume (TRY)* Share (%)
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.
Top 3 members in trading volume in 2014;
Top 3 members in trading volume in 2015;
Rank Member Trading Volume (TRY)* Share (%)
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
BREAKDOWN OF TRADING VOLUME - RETAIL/INSTITUTIONAL
2013 2014 2015
51%
27%
43%49%
73%
57%
Breakdown Of Trading Volume - Retail/Institutional
RetailInstitutional
01.05.2023 90
MEMBER RANKING IN SINGLE STOCK FUTURES
Rank Member Trading Volume (TRY)* Share (%)
1 DEUTSCHE SECURITIES 171,832,435 63.67%
2 OSMANLI SECURITIES 41,796,703 15.49%
3 BURGAN INVESTMENT 11,486,129 4.26%
*Member based trading volume is given two sided.
Top 3 members in trading volume in 2014;
Top 3 members in trading volume in 2015;
Rank Member Trading Volume (TRY)* Share (%)
1 DEUTSCHE SECURITIES 1,287,676,658 36.75%
2 OSMANLI SECURITIES 794,313,736 22.67%
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%.
BREAKDOWN OF TRADING VOLUME - DOMESTIC/FOREIGN
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%.
BREAKDOWN OF OPEN INTEREST - DOMESTIC/FOREIGN
2013 2014 2015
100%
73%
60%
0%
27%
40% DomesticForeign
01.05.2023 98
BREAKDOWN OF TRADING VOLUME - RETAIL/INSTITUTIONAL
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
Rank Member Trading Volume (TRY)* Share (%)
1 IS INVESTMENT 43,689,400 34.20%
2 DEUTSCHE SECURITIES 31,959,250 25.02%
3 OSMANLI SECURITIES 16,076,250 12.59%
*Member based trading volume is given two sided.
Top 3 members in trading volume in 2014;
Top 3 members in trading volume in 2015;
Rank Member Trading Volume (TRY)* Share (%)
1 DEUTSCHE SECURITIES 294,500,150 27.93%
2 DENIZ INVESTMENT 187,119,800 17.74%
3 OSMANLI SECURITIES 168,149,150 15.95%
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
BREAKDOWN OF TRADING VOLUME - DOMESTIC/FOREIGN
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
BREAKDOWN OF OPEN INTEREST - DOMESTIC/FOREIGN
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
BREAKDOWN OF TRADING VOLUME - RETAIL/INSTITUTIONAL
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
Rank Member Trading Volume (TRY)* Share (%)
1 DENIZ INVESTMENT 734,246,598 19.66%
2 TERA SECURITIES 520,113,622 13.92%
3 GARANTI INVESTMENT 358,317,246 9.59%
*Member based trading volume is given two-sided.
Top 3 members in trading volume in 2014;
Top 3 members in trading volume in 2015;
Rank Member Trading Volume (TRY)* Share (%)
1 TEB INVESTMENT 555,804,122 18.99%
2 DENIZ INVESTMENT 396,779,212 13.56%
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
BREAKDOWN OF OPEN INTEREST - DOMESTIC/FOREIGN
01.05.2023 111
BREAKDOWN OF TRADING VOLUME - DOMESTIC/FOREIGN
2013 2014 2015
100% 98% 100%
0% 2% 0%
Breakdown Of Trading Volume - Domestic/Foreign
DomesticForeign
01.05.2023 112
BREAKDOWN OF TRADING VOLUME - RETAIL/INSTITUTIONAL
2013 2014 2015
93%88%
98%
7% 12%2%
Breakdown Of Trading Volume - Retail/Institutional
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