Equity Market - Edelweiss Capital

Equity Market
Basics
•Time Zone: GMT +2
•Currency: Turkish Lira
•Equities, ETFs, warrants and certificates are traded on the Equity Market.
•Currently 372 companies, 17 exchange traded funds (8 of them managed by Finansinvest) trading at Borsa
Istanbul.
•Total market capitalization: USD235bn as of 2013 year-end.
•Settlement Cycle : T+2
•The average daily equity market volume: USD1.8bn in 2013, Foreigners` share ~20%
•The foreign investors’ share in total market capitalization was at also 62.5% at 2013 year-end.
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Trading Summary
•
There are two sessions during the day (morning and afternoon sessions) and 1.5 hours of mid day break between two
sessions
•
Each trading session starts with a blind opening auction.
•
Orders can be cancelled anytime during the trading day (the cancel msg can be sent during the break but the
acknowledgement will be sent when the session starts).
•
Limit up/down range is ±10% from the last session’s VWAP.
•
Limit up/down is applied for each session, so that a stock can move approximately ±20% each day max.
•
Short sell is allowed for the A type of stocks except for the opening sessions. B & C Group stocks may not be involved
in margin trading and short selling (see page 4-5). Cost of borrowing: ~10%
•
No Darkpools
•
No available ATS
CIRCUIT BREAKERS: Trading is suspended when an “abnormal price or quantity movement” on a stock
occurs, as determined by the exchange. The suspension lasts for 15 minutes generally.
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Equity Market Trading Hours
First Session
09:15-12:30
Opening Session / Order Collection
09:15-09:30
Price Determination Phase and Opening Transactions
09:30-09:35
Continuous Session
09:35-12:30
Second Session
14:00-17:40
Order Collection
14:00-14:10
Price Determination Phase and Opening Transactions
14:00-14:15
Continuous Session
14:15-17:30
Order Collection for Closing Auction
17:33-17:36
Closing Price Determination Phase
17:36-17:38
Trading at Closing Price/Single Price
17:38-17:40
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Auction – Closing Session Mechanisms
Closing Session
17:30-17:40
Order Collection for Closing Auction
17:30-17:33
Closing Price Determination Phase
17:36-17:38
Trading at Closing Price/Single Price
17:38-17:40
Closing Session:
Order Transfer Phase (17:30 - 17:33)
• Pending closing orders from continuous trading are transferred into the closing trading system
• No new orders will be accepted / pending closing orders cannot be amended or cancelled
Order Collection Phase (17:33 - 17:36)
• New closing orders accepted
• Existing orders can be amended or cancelled
Closing Price Determination Phase (17:36 – 17:38)
• Orders will be matched at the determined closing price
Trading at Closing Price – Single Price Phase (17:38 – 17:40)
• Orders may be entered only for securities that have been traded in the closing session
• Orders may be entered from only determined closing price level
• Orders can be cancelled
NOTE: The prices for the orders entered during the closing session must be within the ±3% of the last print in the
continuous auction phase.
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Order Types
1) Market Orders
2) Limit Orders
3) Immediate or Cancel Orders (Fill or Kill): Price and amount are specified, the unfulfilled part of the order is cancelled
immediately.
4) Market On Close Order: Can only be sent during the closing session order collection phase (17:33-17:36). The closing
price is fixed at 17:36, and the system sends the MoC orders with the fixed price at 17:38. In terms of priority, MoC
orders are placed after the orders which are sent with better price (with limit order). Any residual MoC order volume
will be cancelled by the System.
Note: There is no guarantee to be filled in Market On close Orders, that’s why we recommend to send `limit order` at
the closing session phase. The only way to have a guaranteed closing price is sending the order ±3% from the closing
price which is the limit up/down level for the closing auction.
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Price & Tick Size – Cancellation Fees
Price Ticks for Equities and ETFs: The “price tick” for each security is determined according to the base price of
that security calculated with reference to the weighted average price prevailing during the previous session
Pr ic e tic ks fo r ETFs
Pr ic e tic ks fo r Equ ities an d Righ ts C o u po n s
Base Price Range (TRY)
Price Tick (TRY)
0.01
0.01 - 10.00
0.01
10.05 - 100.00
0.05
10.02 - 100.00
0.02
100.50 and over
0.5
100.25 and over
0.2
Base Price Range (TRY)
Price Tick (TRY)
0.01 - 10.00
Cancellation Fees
Fee Descriptions
Exchange Fee
1 - For Orders at the Best Bid and Offer Price Level
2 - For Normal Orders
Up to 30 seconds (excluding 30th second)
0.00004
Between 30 seconds and 1 minute (excluding 60th second)
0.00002
After 1 minute
0.00001
0.0000025
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LIST OF GROUP A SECURITIES (AVAILABLE TO SHORT)
LIST OF GROUP A
ACSEL
ADANA
ADBGR
ADEL
ADESE
ADNAC
AEFES
AFMAS
AFYON
AGYO
AKBNK
AKCNS
AKENR
AKFEN
AKFGY
AKGRT
AKGUV
AKPAZ
AKSA
AKSEL
AKSEN
AKSGY
AKSUE
ALARK
ALBRK
ALCAR
ALCTL
ALGYO
ALKA
ALKIM
ALTIN
ALYAG
ANACM
ANELE
ANELT
ANHYT
ANSGR
ARCLK
ARENA
ARFYO
ARMDA
ARSAN
ARTOG
ASELS
ASLAN
ASUZU
ASYAB
ATAC
ATAGY
ATEKS
ATLAS
ATPET
AVGYO
AVOD
AYEN
AYGAZ
BAGFS
BAKAB
BANVT
BAYRD
BFREN
BIMAS
BIZIM
BJKAS
BLCYT
BMEKS
BOLUC
BOSSA
BRISA
BRKO
BRKSN
BRSAN
BRYAT
BSHEV
BSOKE
BTCIM
BUCIM
BURCE
CCOLA
CEMAS
CEMTS
CIMSA
CLEBI
CLKHO
CMBTN
COMDO
CRDFA
DAGI
DENCM
DERIM
DESA
DESPC
DEVA
DGGYO
DGKLB
DMSAS
DOAS
DOCO
DOGUB
DOHOL
DURDO
DYHOL
DYOBY
DZGYO
ECBYO
ECILC
ECZYT
EDIP
EGCYH
EGCYO
EGEEN
EGGUB
EGSER
EKGYO
EMBYO
EMKEL
ENKAI
ERBOS
EREGL
ERICO
ERSU
ESCOM
ETYAT
EUKYO
EUROM
FENER
FINBN
FLAP
FMIZP
FNSYO
FROTO
FVORI
GARAN
GARFA
GDKYO
GENTS
GEREL
GLYHO
GOLTS
GOODY
GOZDE
GRNYO
GSDDE
GSDHO
GSRAY
GUBRF
GUSGR
HALKB
HATEK
HEKTS
HITIT
HLGYO
HURGZ
IEYHO
IHEVA
IHGZT
IHLAS
IHMAD
IHYAY
INDES
INTEM
IPEKE
ISCTR
ISFIN
ISGSY
ISGYO
ISMEN
ISYAT
ISYHO
ITTFH
IZMDC
IZTAR
JANTS
KAPLM
KAREL
KARSN
KARTN
KATMR
KCHOL
KERVN
KERVT
KILER
KLGYO
KLMSN
KNFRT
KOMHL
KONYA
KORDS
KOZAA
KOZAL
KRATL
KRDMA
KRDMB
KRDMD
KRSAN
KRSTL
KUTPO
KUYAS
LATEK
LKMNH
LOGO
LTHOL
MAALT
MAKTK
MARTI
MEMSA
MEPET
MERKO
METRO
MGROS
MIPAZ
MMCAS
MNDRS
MRDIN
MRGYO
MRSHL
MRTGG
MUTGG
MUTLU
NETAS
NIBAS
NTHOL
NTTUR
NUGYO
NUHCM
ODAS
OLMIP
ORGE
OSTIM
OTKAR
OYAYO
OZGYO
PAGYO
PARSN
PEGYO
PENGD
PETKM
PETUN
PGSUS
PIMAS
PINSU
PKART
PNSUT
POLHO
PRKAB
PRKME
PRZMA
PTOFS
RHEAG
ROYAL
RYGYO
RYSAS
SAFGY
SAHOL
SAMAT
SANEL
SANKO
SARKY
SASA
SAYAS
SEKUR
SELEC
SILVR
SISE
SKBNK
SKTAS
SNGYO
SODA
SONME
SRVGY
TARAF
TATGD
TAVHL
TBORG
TCELL
TEBNK
TEKST
TEKTU
TGSAS
THYAO
TIRE
TKFEN
TKNSA
TMPOL
TMSN
TOASO
TRCAS
TRGYO
TRKCM
TSGYO
TSKB
TSPOR
TTKOM
TTRAK
TUKAS
TUPRS
UCAK
ULKER
UNYEC
USAK
UTPYA
UYUM
VAKBN
VAKFN
VAKKO
VERUS
VESBE
VESTL
VKBYO
VKGYO
VKING
YATAS
YAYLA
YAZIC
YGGYO
YGYO
YKBNK
YKGYO
YUNSA
YYAPI
ZOREN
TOTAL GROUP A
321
*BIST 30 companies (flagged in red) are easier to borrow compare to other List A companies
** Ask for availability before shorting the stocks
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GROUP B AND GROUP C SECURITIES (CANT SHORT)
LIST OF GROUP B
AKMGY
ALNTF
ATSYH
AVIVA
AVTUR
AYCES
BAKAN
BEYAZ
BISAS
BOYNR
BRMEN
BURVA
CARFA
CARFB
CELHA
CMENT
DAGHL
DENGE
DENIZ
DENTA
DGATE
DGZTE
DIRIT
DITAS
DOBUR
ECYAP
EGLYO
EGPRO
EMNIS
ETILR
FFKRL
FONFK
GDKGS
GEDIK
GLBMD
GLRYH
HZNDR
IDGYO
INFO
IZOCM
KIPA
KLNMA
KRONT
KRTEK
LINK
LUKSK
MCTAS
MEGAP
METUR
OSMEN
TOTAL GROUP B
LIST OF GROUP C
OYLUM
OZBAL
OZKGY
RAYSG
RODRG
SANFM
SEKFK
SERVE
SNPAM
TACTR
TEPAS
TUDDF
ULAS
VANGD
YAPRK
YKSGR
66
ANSA
ARTI
COSMO
DARDL
EGYO
EKIZ
EPLAS
ESEMS
FENIS
FRIGO
GEDIZ
ICGYH
IDAS
ISATR
ISBTR
ISKUR
KENT
KPHOL
MANGO
METAL
MZHLD
PKENT
RANLO
SELGD
SKPLC
TCHOL
TKURU
TRNSK
YESIL
TOTAL GROUP C
29
9
Most Liquid Stocks: BIST 30 Index
•
•
BIST 30 Index consists of 30 stocks selected among the stocks of companies traded on the Market and the
stocks of real estate investment trusts and venture capital investment trusts traded on the Collective Products
Market.
The review period covers the last 6 months as of the last trading day of November, February, May and August
for traded value.
BIST 30 Index Members & Weights
GARAN (12.35%)
ISCTR (5.70%)
YKBNK (2.68%)
ULKER (1.74%)
KRDMD (0.74%)
AKBNK (9.69%)
TUPRS (5.00%)
TTKOM (2.67%)
TOASO (1.29%)
ASELS (0.59%)
BIMAS (7.75%)
KCHOL (4.58%)
ENKAI (2.31%)
SISE (1.00%)
TKFEN (0.55%)
SAHOL (6.93%)
THYAO (4.31%)
TAVHL (2.29%)
PGSUS (0.98%)
ASYAB (0.53%)
HALKB (6.70%)
EKGYO (4.28%)
VAKBN (2.06%)
PETKM (0.83%)
MGROS (0.50%)
TCELL (5.98%)
EREGL (2.81%)
ARCLK (1.96%)
KOZAL (0.80%)
KOZAA (0.39%)
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Settlement Principles
Takasbank (Istanbul Settlement & Custody Bank) is authorized to provide cash and securities settlement transactions as
the central clearing and settlement institution to securities traded on Borsa İstanbul.
General settlement principles are as follows:
1)Settlement day is T+2, i.e. the second business day following the transaction.
2)Multilateral netting system is applied.
3)Payments are cleared by same day funds.
4)Delivery Versus Payment (DVP) principle applies.
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Exchange Traded Funds
•
•
Finans Asset Mgmt is the first company to launch ETFs and currently the market leader, manages 8 ETFs.
Equity ETFs – DJIST, IST30, BNKTR
DJIST allows investors to gain direct exposure to the largest and most liquid 20
blue-chips listed on the BIST.
IST 30 provides exposure to the BIST National 30 Index with a single
transaction. IST30 Exchange Traded Fund consists of the top 30 publicly listed
stocks on the Borsa Istanbul and can be bought and sold like a stock in a quick
and low cost manner.
Bank ETF (BNKTR) allows you to invest in the stocks of the 6 publicly traded
banks in Turkey with the highest market capitalization in a single transaction.
You can invest in the performance of 6 banks at the same time by purchasing 1
share of Banks ETF.
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