Derivatives Market (VİOP)

• Transactions are conducted on the Istanbul Stock Exchange (ISE) Derivatives Market, an organised exchange. The transactions are secured by a margin system and guaranteed by Takasbank.
• In order to commence trading, it is necessary to deposit an initial margin into your VIOP account. This margin is based on the contract-specific PSR ratios announced by Takasbank.
• Regular trading sessions on VIOP take place from 09:30 to 18:10, with an evening session from 19:00 to 23:00.
• During the evening session, all Precious Metals Futures Contracts are traded, except for Index Futures Contracts (ISE 30, ISE Sustainability 25, ISE Liquid Banks, and ISE Non-Bank Liquid 10) and TRY/Gram Gold Futures Contracts.
• Profits or loss is calculated daily basis and reflected in accounts at the end of the day.
• All contracts traded have a pre-determined expiration date.
• Positions which have not been closed by the expiration date will be automatically closed on the last trading day through physical or cash settlement.

Leverage Effect

Leveraged transactions involve taking a position with an initial margin that is smaller than the position size.

Arbitrage

Investors can generate risk-free profits by capitalising on the discrepancies between spot and forward prices through forward transactions executed for arbitrage purposes.

Hedging

Futures and option contracts provide protection against price fluctuations in the underlying asset. An investor with a foreign currency receivable or payable can take a position in futures and option contracts to hedge against the risk.

Interest Accrual

TRY collateral deposited with Takasbank is accrued daily by Takasbank.

Portfolio Diversification

Portfolio diversification is an important strategy for risk management. In VIOP, it is possible to achieve portfolio diversification using both futures and options contracts.

Two-Way Trading

In VIOP, it is possible to generate trading profits by taking positions in both the upward and downward directions.

Tax Advantage

Gains from equity and equity-indexed contracts in VIOP are subject to a 0% withholding tax. Gains from other contracts (foreign exchange, gold, energy, etc.) are subject to a 10% withholding tax. Please be advised that all gains from contracts for institutional investors are tax-exempt.
For detailed information click here. 

For detailed information about the VİOP account opening process and margin transfer transactions, please click here.

The BISTECH Risk Parameters, which serve as the basis for risk management and the calculation of initial margin in VIOP, are determined by Takasbank. For detailed information, please click here.

The commission rate for VIOP transactions is 0.1% (one thousandth) + BITT.

Every business day, following the close of the session, all accounts are updated in accordance with the end-of-day settlement prices determined by the Istanbul Stock Exchange for futures and options contracts. Profits and losses arising from open positions are reflected in the margin account on a daily basis.

Should the margin in the account fall below the required 'Initial Margin' level after the update, Ak Investment will request that the margin be brought back to the 'Initial Margin' level.

The margin call obligation must be fulfilled by 2:00 PM on the next business day. Accounts with margin calls can fulfil their obligation by taking risk-reducing actions (closing positions) or depositing cash margin.

Investors with a cash deficit obligation must fulfil their obligations by 10:30 a.m. on the next business day.

For detailed information about the Automatic Position Closure (Stop-Out) application, please click here.

All capital market transactions that investors initiate with our institution and execute through these accounts are subject to the regulations of the Capital Markets Board and all relevant administrative regulations.

For VIOP Risk Disclosure Form please click here.
For current legal procedures please click here.

In order to enhance the effectiveness of risk, collateral, and default management in market procedures where Central Counterparty (CCP) services are provided, certain amendments have been made pursuant to the General Letter No. 1889 dated June 19, 2023, published by TAKASBANK. For details of the relevant announcement, pleaseclick here.

For information about Takasbank's registry-based collateral limits please click here.