Embed Size (px)
Citation preview
Q1 2015 Presentation
Derivatives Market
1
VIOP AT A GLANCE
• Borsa Istanbul Derivatives Market (VIOP) is the region’s 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
SingleStocks
EquityIndex BIST 30 Index
USD/TRY, EUR/TRY, EUR/USD
TRY Gold, USD Gold
Cotton, Wheat
Electricity
SASX 10
FBIST Bond ETF
Turkish Steel Scrap
PreciousMetals
ForeignIndex
ETF
Metal
Commodity
Energy
FX
AKBNK, EREGL, GARAN, ISCTR, SAHOL, TCELL, THYAO, TUPRS,
VAKBN, YKBNK
3
OPTIONS AT VIOP
VIOP Option
Contracts
SingleStocks
EquityIndex 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 2015All time high records (2005-2015) of monthly/daily trade volume, number of orders,USD/TRY FX open interest
27 February 2015
USD/TRY FX FuturesDaily 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 FuturesMonthly Trade Volume
8.9 billion TRY
5
RECORDS OF 2014
Records of 2014All time high records (2005-2014) of trade volume, open interest and number of orders
7 March
Open Interest in FX Futures275,986
17 March
Open Interest inBIST 30 Index Contracts
354,724
30 October
Total Open Interest669,762
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 inUSD/TRY Futures475 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)
Mill
ion
TRY
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)
Mill
ion 90
8070605040302010
5359
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 TypeTrade 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)
Mill
ion
TRY
50,00045,00040,00035,00030,00025,00020,00015,00010,000
5,0000
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
March AprilMay
June
July
August
Septem
ber
October
November
Decem
ber0
201320142015
13
FOREIGN vs DOMESTIC
Foreign investor’s share in Derivatives Market is almost doubled to28% 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 7672
DomesticForeign
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 TRYMaintenance 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 TRYMaintenance 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
PoP–LONDON 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 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)
• Redundancy provided by two separate lines to Borsa Istanbul main campus and one line to theBorsaİstanbulAnkaraDRlocation
19
HOW TO TRADE AT VIOP?
Local presence is required for membership
VIOP Members listwww.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
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 Futures–SVOA 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
Jun
e 2015
/borsaistanbulEN /borsaistanbul /borsaistanbul
Muammer ÇAKIRHead of Derivatives Market Tel : +90 212 298 25 80Mob : +90 530 067 56 [email protected]
Ali AYTENDerivatives Market Product DevelopmentTel : +90 212 298 22 [email protected]
Bayram Veli SALURDerivatives Market Product Development Tel : +90 212 298 24 19Mob : +90 553 501 30 [email protected]
Derivatives MarketTel : +90 212 298 24 [email protected]
