2015 deĞerlendİrme toplantisi - borsa istanbul · 29.01.2016 4 executive summary - ii in 2015,...

29.01.2016 1

2015 DEĞERLENDİRME TOPLANTISI 7 Ocak 2016

Derivatives Market 2015

29.01.2016 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

29.01.2016 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.

29.01.2016 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.

29.01.2016 5

2015: YEAR OF RECORDS

February 25 Index Futures

Daily Trade Volume TRY 4.6 billion

May 25 Open Interest in

USD/TRY FX Futures 357,696

August 28 Single Stock Futures Daily Trade Volume

308,417

August 28 Single Stock Futures Daily Trade Volume

TRY 136 million

August 31 Open Interest in

Index Futures 399,568

October 15 FX Options

Daily Trade Volume TRY 276 million

October 26 Open Interest in FX

Futures 427,800

October 30 USD/TRY FX Futures Daily Trade Volume

TRY 1.2 billion

October 30 Single Stock Options Daily Trade Volume

TRY 31 million

October 30 Single Stock Options Daily Trade Voulme

68,400

October 30 Daily Trade Volume

1,097,483

October 30 Daily Trade Volume

TRY 5.1 billion

October 30 FX Futures

Daily Trade Volume TRY 1.3 billion

October 2015 Monthly Trade

Volume TRY 55.7 billion

November 24 Daily Number of

Orders 1,040,690

November 24 Open Interest in FX

Options 172,103

November 2015 FX Options Monthly

Trade Volume TRY 1.5 billion

November 2015 FX Options Monthly

Trade Volume 538,837

December 8 Power Futures Daily

Trade Volume TRY 17.2 million

December 8 Power Futures Daily

Trade Volume 1,449

December 25 Open Interest in

Single Stock Futures 230,079

December 31 Open Interest in Power Futures

4,682

December 31 Single Stock Futures Daily Trade Volume TRY 150.7 million


Index Options 26,382


Single Stock Options 169,034

29.01.2016 6

2015 IMPORTANT DEVELOPMENTS - I

January 2015 Launch 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 19 New Erroneous Trade Policy was announced

April 2 Launch of Scrap Steel

futures

April 1 Level 1 data of FX and gold

contracts offered free of charge

April 16 Final settlement price of

gold contracts is changed.

29.01.2016 7

2015 IMPORTANT DEVELOPMENTS - II

April 3 – 30 3rd VIOP Virtual Portfolio

Competition

May 5 Launch of FBIST ETF

Futures

June 1 Ak Investment became

market maker for BIST 30 Index Options

September 1 Ak Investment became market maker for Single

Stock Futures.

September 14 Listing of BIST30 Index derivatives at London

Stock Exchange Derivatives Market

(LSEDM)

October 1 Finans Invest and Deniz

Investment became market makers for Power

Futures

October 5 – 30 4th VIOP Virtual Portfolio

Competition

October 21 Launch of Overnight Repo

Rate futures

October 21 The first webinar about options was organized

November 2 Is Investment and Ak Investment became

market makers for Power Futures

November 13 VIOP and ICBC Tekstil

Investment announced collaboration on Chinese

Renminbi futures

November 30 Single session era for

Single Stock and Index Futures started

December 10 Second webinar about FX

options was organized

December 16 Establishment of Steel and Energy Markets Advisory

Committees

29.01.2016 8

VIOP Statistics

29.01.2016 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

29.01.2016 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

29.01.2016 11

TOTAL TRADING VOLUME

In 2015, total trading volume increased by 52% and reached 90.3 million contracts.

0

20

40

60

80

100

2011 2012 2013 2014 2015

74.3 62.5

53.5 59.5

90.3

Total Trading Volume (contracts)

52% 11%

-16% -14%

Mill

ions

29.01.2016 12

TOTAL TRADING VOLUME

In 2015, total trading volume increased by 32% and reached TRY 575 billion.

0

100

200

300

400

500

600

2011 2012 2013 2014 2015

439.8 403.9 416.6 435.7

575.0

Total Trading Volume (TRY)

32% -8% 3%

TRY

Billi

ons 5%

29.01.2016 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%

29.01.2016 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%

29.01.2016 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%

29.01.2016 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%

29.01.2016 17

UK 49%

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.

Poland 31

Netherlands 29 %

Malta 13% Austria

1%

Australia 2 %

S. Africa 1 %

BREAKDOWN OF FOREIGN TRADING VOLUME BY COUNTRY

N. Cyprus

3 %

29.01.2016 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%

29.01.2016 19

USD/TRY OPTIONS VOLATILITY (MONTHLY)

29.01.2016 20

FX FUTURES

In 2015, trading volume of FX futures increased by 224% and reached TRY 104 billion.

0

20

40

60

80

100

120

2013 2014 2015

22.73 31.99

103.61

FX Futures Trading Volume (TRY billion)

41%

224%

29.01.2016 21

MONTHLY TOTAL TRADING VOLUME

Record monthly total trading volume of TRY 56 billion in October 2015.

0

10

20

30

40

50

60

36

51 53 48

42

52

42

53

41

56 48

54

TRY

Billi

ons

2013

2014

2015

29.01.2016 22

AVERAGE DAILY TRADING VOLUME

In 2015, average daily trading volume increased by 32% and reached TRY 2.3 billion.

0

500

1.000

1.500

2.000

2.500

3.000

1,692

2,553 2,415

2,278 2,196 2,349

1,956

2,534

2,078

2,720

2,302 2,462

TRY

Mill

ion

2014

2015

29.01.2016 23

OPEN INTEREST

In 2015, daily average number of open interest increased by 83% and reached 875,314 contracts.

83%

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

2013

2014

2015

29.01.2016 24

OPEN INTEREST

In the last two years, daily average number of open interest is more than doubled.

0100000200000300000400000500000600000700000800000900000

2011 2012 2013 2014 2015

340,160 356,810 390,501 478,849

875,314

Daily Average Number of Open Interest

5% 9% 23%

83%

29.01.2016 25

TRADING VOLUME OF FOREIGN INVESTORS

0

10

20

30

40

50

60

2013 2014 2015

22 24

54

Mill

ion

Cont

ract

s

11%

122%

Trading Volume of Foreign Investors (contracts)

29.01.2016 26

TRADING VOLUME - DOMESTIC/FOREIGN

0

20

40

60

80

100

120

140

2013 2014 2015

85 93

124

22 24

54

Mill

ion

Con

trac

ts

Trading Volume - Domestic/Foreign (contracts)

Domestic

Foreign122%

33% 9%

11%

29.01.2016 27

2013 2014 2015

79% 79%

70%

21% 21%

30%

Trading Volume - Domestic/Foreign (contracts)

Domestic

Foreign


29.01.2016 28

TRADING VOLUME OF FOREIGN INVESTORS

0

50000

100000

150000

200000

250000

300000

350000

2011 2012 2013 2014 2015

133,083 128,774

205,638 206,619

320,658

TRY

Mill

ion

Trading Volume of Foreign Investors (TRY)

55%

-3% 60%

0.5%

29.01.2016 29

BREAKDOWN OF TRADING VOLUME - DOMESTIC/FOREIGN

0

100000

200000

300000

400000

500000

600000

700000

800000

900000

2011 2012 2013 2014 2015

746,515 679,092

627,580 664,824

816,088

133,083 128,774

205,638 206,619

320,658

TRY

Mill

ion

Breakdown Of Trading Volume - Domestic/Foreign (TRY)

-9% 23% -8% 6%

-3% 60% 0.5%

55%

29.01.2016 30


2011 2012 2013 2014 2015

85% 84%

75% 76% 72%

15% 16%

25% 24% 28%

Trading Volume - Domestic/Foreign (TRY)

Domestic

Foreign

29.01.2016 31

TRADING VOLUME - DOMESTIC/FOREIGN (TRY)

In 2015, share of foreign investors in total trading volume increased to 28% from 24%.

72%

28%

2015

Domestic

Foreign

76%

24%

2014

Domestic

Foreign

29.01.2016 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

Retail

Institutional 64%

36%

Total Trading Volume 2014

Retail

Institutional

29.01.2016 33

NUMBER OF ACCOUNTS

The number of accounts increased by 14% and reach a record 107,274 end-December 2015.

0

20000

40000

60000

80000

100000

120000

2011 2012 2013 2014 2015

72,226 81,192

88,227 94,430 107,274

Number of Accounts

14% 9% 7%

12%

29.01.2016 34

NUMBER OF ACTIVE TRADING ACCOUNT

5600

5800

6000

6200

6400

6600

6800

7000

7200

7400

7600

2013 2014 2015

6,229 6,345

7,437

2%

17%

The number of active trading account increased by 17% and reach 7,437 end-December 2015.

29.01.2016 35

NUMBER OF ACTIVE TRADING ACCOUNT

In 2015, the average number of active trading account increased by 17% and reached 7,437.

6724 6430

6076 6385

6736 7009

6183 6004 6102

5258 5536

6300 6450 6334

6681 6776

5982 6234

5740

6197 6280 6428

6288

6754 6742

7092

7605 7386 7293

7680

7212

7579 7269

7888 7775 7728

4500

5000

5500

6000

6500

7000

7500

8000

8500

Number of Trading Account- 2013 Number of Trading Account- 2014

Number of Trading Account- 2015

29.01.2016 36

TOP TEN MEMBERS IN TRADING VOLUME

Rank Member Trading Volume

(TRY billion) 2014

Trading Volume (TRY billion)

2015

Change (%)

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%

29.01.2016 37

MARKET MAKERS

Products Members

Single Stock Futures Is Investment Finansinvest Ak Investment

BIST30 Index Options Is Investment Ak 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 Members FX Futures Garanti Bank Gold Futures Garanti Bank

Classic Market Making Program

29.01.2016 38

Power Futures

29.01.2016 39

POWER FUTURES

29.01.2016 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

29.01.2016 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.

0

20

40

60

80

100

120

140

160

29

6 8 17

25

69

147

TRY

Mill

ion

2011

2012

2013

2014

2015

29.01.2016 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

0

500

1000

1500

2000

2500

3000

3500

4000

4500

4 18 112 146 225 407 645

1,624

4,127

2013

2014

2015

29.01.2016 43

POWER FUTURES

Power Futures trading grew exponentially in 2015.

Trading Volume of Power Futures (TRY)

0

50

100

150

200

250

300

350

2011 2012 2013 2014 2015

3 13 0.5 0.4

301

TRY

Mill

ion

287% -96% -18%

67,102%

29.01.2016 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)

0

5000

10000

15000

20000

25000

30000

2013 2014 2015

160 35

25,934

741 fold

-78%

29.01.2016 45

MEMBER RANKING IN POWER FUTURES


(TRY)* Share (%)

1 AK INVESTMENT 579,442 64.65%

2 TEB INVESTMENT 101,421 11.32%

3 HALK INVESTMENT 70,306 7.84%


(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;


*Member based trading volume is given two sided.

29.01.2016 46

FX Futures

29.01.2016 47

FX FUTURES

In 2015, trading volume of FX Futures increased by 224% and reached TRY 104 billion.

0

20000

40000

60000

80000

100000

120000

2013 2014 2015

22,727 31,986

103,609

TRY

Mill

ion

Trading Volume of FX Futures (TRY)

41%

224%

29.01.2016 48

FX FUTURES

Trading Volume of FX Futures (contracts)

0

5

10

15

20

25

30

35

40

2013 2014 2015

11 14

37

Mill

ion

Cont

ract

s

163%

27%

In 2015, trading volume of FX Futures increased by 163% and reached 37 million contracts.

29.01.2016 49

FX FUTURES

In every month of 2015, trading volume of FX Futures passed the amount traded in the corresponding month of 2014.

0

2000

4000

6000

8000

10000

12000

4,781

7,509

8,859 8,685

6,649

8,891 7,940

10,183 9,859

11,490

9,459 9,303

TRY

Mill

ion

2013

2014

2015

29.01.2016 50

OPEN INTEREST OF FX FUTURES

Average number of open interest in FX Futures increased by 78% and reached 322,815 contracts.

0

50000

100000

150000

200000

250000

300000

350000

400000

211,237

271,815 304,049

332,978 356,285

336,076

290,829 331,982

343,035

393,238

343,541 344,764

2013

2014

2015

29.01.2016 51


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% Domestic

Foreign

29.01.2016 52


In 2015, trading volume of foreign investors increased by 14 fold and reached TRY 73.8 billion.

%1260

%298

0

20000

40000

60000

80000

100000

120000

140000

2013 2014 2015

44,091 57,064

129,211

1,364 5,425

73,791

TRY

Mill

ion

Domestic

Foreign

29.01.2016 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%

Domestic

Foreign

29.01.2016 54


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% Retail

Institutional

29.01.2016 55

MEMBER RANKING IN FX FUTURES


(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%




(TRY)* Share (%)

1 TEB INVESTMENT 43,847,213,280 21.16%

2 SANKO INVESTMENT 40,238,942,959 19.42%


*Member based trade volume is given two sided.

29.01.2016 56

FX Options

29.01.2016 57

FX OPTIONS

In 2015, trade volume of FX options increased 70 fold and reached TRY 4.2 billion

70 fold

0

200

400

600

800

1000

1200

1400

16001,556

TRY

Mill

ion

2014

2015

Trading Volume of FX Options (TRY)

29.01.2016 58

Trading Volume of FX Options (contracts)

FX OPTIONS

0

200000

400000

600000

800000

1000000

1200000

1400000

1600000

2014 2015

26,801

1,462,346

55 fold

29.01.2016 59

OPEN INTEREST OF FX OPTIONS

0

50

100

150

200

250

300

350

400

0.2 0.3 1.0 4.2 5.4 0.1 0.6 17.2 50.5

30.6 53.1

81.9 41.8

68.6 51.1 65.2 75.3

96.9

344.7

384.8

TRY

Mill

ion

Open Interest of FX Options

1665 fold

29.01.2016 60


2014 2015

39%

13%

61%

87%

Breakdown Of Trading Volume - Retail/Institutional

Retail

Institutional

29.01.2016 61

MEMBER RANKING IN FX OPTIONS


(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%




(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%


29.01.2016 62

Index Futures

29.01.2016 63

INDEX FUTURES

In 2015, trading volume of Index Futures increased by 15% and reached TRY 460 billion.

Trading Volume of Index Futures (TRY)

340000

360000

380000

400000

420000

440000

460000

480000

2013 2014 2015

388,991 400,624

460,307

TRY

Mill

ons

3%

15%

29.01.2016 64

INDEX FUTURES

In 2015, trading volume of Index Futures increased by 7.12% and reached 46.5 million contracts.

3738394041424344454647

2013 2014 2015

40.59

43.37

46.46

Mill

ion

cont

ract

s 7.12%

6.85%

Trading Volume of Index Futures (contracts)

29.01.2016 65

INDEX FUTURES

Monthly Trading Volume of Index Futures

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

30,318

42,970 43,331 38,602

34,652

42,035

33,579

41,944

29,843

43,062

36,784

43,187

TRY

Mill

on

2013

2014

2015

29.01.2016 66

OPEN INTEREST OF INDEX FUTURES

In 2015, the number of average open interest increased by 6% and reached 263,313 contracts.

0

50000

100000

150000

200000

250000

300000

350000

242,555

236,750

207,809 218,708

214,457 226,208

246,011

324,825 312,415

333,774

268,538 281,313

2013

2014

2015

29.01.2016 67


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

29.01.2016 68


2013 2014 2015

61% 64% 66%

39% 36% 34%


Retail

Institutional

29.01.2016 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

29.01.2016 70

MEMBER RANKING IN INDEX FUTURES


(TRY)* Share (%)

1 IS INVESTMENT 92,806,313,735 11.58%

2 TEB INVESTMENT 88,569,635,783 11.05%




(TRY)* Share (%)

1 TEB INVESTMENT 121,312,159,738 13.18%

2 IS INVESTMENT 90,015,367,163 9.78%




29.01.2016 71

Index Options

29.01.2016 72

INDEX OPTIONS

In 2015, trading volume of Index Options increased by 188% and reached TRY 2.8 billion.

0

500

1000

1500

2000

2500

3000

2013 2014 2015

95

985

2,836

TRY

Mill

ion

Trading Volume of Index Options (TRY)

188%

984%

29.01.2016 73

INDEX OPTIONS

0

50000

100000

150000

200000

250000

300000

2013 2014 2015

10,352

107,344

290,856

937%

171%

Trading Volume of Index Options (contracts)

29.01.2016 74

MONTHLY TRADING VOLUME OF INDEX OPTIONS

0

50

100

150

200

250

300

350

400

150

209

159 157 148

349

217

398

230 218 214

388

TRY

Mill

ion

Monthly Trading Volume of Index Options

2013

2014

2015

29.01.2016 75

In 2015, average number of open interest of Index Options increased by 81% and reached 13,341 contracts.

OPEN INTEREST OF INDEX OPTIONS

0

5

10

15

20

25

8

15

9

14

5

14

10

19

11

18

12

22

Thou

sand

Con

trac

ts

2013

2014

2015

Open Interest of Index Options (contracts)

29.01.2016 76

OPEN INTEREST OF INDEX OPTIONS

84

166

97

143

48

135

94

183

96

162

123

220

0

50

100

150

200

250

TRY

Mill

ion

Open Interest of Index Options (TRY)

2013

2014

2015

29.01.2016 77


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%

Domestic

Foreign

29.01.2016 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%

Domestic

Foreign

29.01.2016 79


2013 2014 2015

65%

39% 38% 35%

61% 62%


Retail

Institutional

29.01.2016 80

MEMBER RANKING IN INDEX OPTIONS


(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.




(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%

29.01.2016 81

Single Stock Futures

29.01.2016 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.

29.01.2016 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.

0200400600800

10001200140016001800

2013 2014 2015

21 135

1,752

TRY

Mill

ion

Trading Volume of Single Stock Futures (TRY)

556%

1,198%

29.01.2016 84

TRADING VOLUME OF SINGLE STOCK FUTURES

0

500000

1000000

1500000

2000000

2500000

3000000

2013 2014 2015

24,073 194,377

2,743,457

707%

1311%

Trading Volume of Single Stock Futures (contracts)

29.01.2016 85

MONTHLY TRADING VOLUME OF SINGLE STOCK FUTURES

0

50

100

150

200

250

300

350

400

450

500

31

182

474

69 62 113

51

193

86

176

60

256

TRY

Mili

on

Monthly Trading Volume of Single Stock Futures (TRY)

2013

2014

2015

29.01.2016 86

MONTHLY OPEN INTEREST OF SINGLE STOCK FUTURES

0

50

100

150

200

250

12

71

160

73

39 68

153 183 177 177 183

225

Thou

sand

s Monthly Open Interest of Single Stock Futures

(contracts)

2013

2014

2015

29.01.2016 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% Domestic

Foreign

29.01.2016 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% Domestic

Foreign

29.01.2016 89


2013 2014 2015

51%

27%

43% 49%

73%

57%


Retail

Institutional

29.01.2016 90

MEMBER RANKING IN SINGLE STOCK FUTURES


(TRY)* Share (%)


2 OSMANLI SECURITIES 41,796,703 15.49%

3 BURGAN INVESTMENT 11,486,129 4.26%





(TRY)* Share (%)

1 DEUTSCHE SECURITIES 1,287,676,658 36.75%


3 DENIZ INVESTMENT 383,590,721 10.95%

29.01.2016 91

Single Stock Options

29.01.2016 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.

0

100

200

300

400

500

600

2013 2014 2015

26 64

527

TRY

Mill

İon

2.5 fold

7.25 fold

29.01.2016 93

TRADING VOLUME OF SINGLE STOCK OPTIONS

0

100000

200000

300000

400000

500000

600000

700000

800000

900000

2013 2014 2015

45,806 88,919

847,500

Trading Volume Of Single Stock Options (contracts)

94%

853%

29.01.2016 94

MONTHLY TRADING VOLUME OF SINGLE STOCK OPTIONS

0

20

40

60

80

100

120

9 18

37

10 19

31 44

85

54 50

105

65

TRY

Mill

İon

Monthly Trading Volume of Single Stock Options (TRY)

2013

2014

2015

29.01.2016 95

OPEN INTEREST OF SINGLE STOCK OPTIONS

0

20

40

60

80

100

120

11 16 28

46 34

58 52

80

62

92

55

102

TRY

Mill

İon

Open Interest of Single Stock Options (TRY)

2013

2014

2015

29.01.2016 96

In 2015, share of foreign investors in trading volume of Single Stock Options reached 34%.


2013 2014 2015

100%

75% 66%

0%

25% 34%

Domestic

Foreign

29.01.2016 97

In 2015, share of foreign investors in open interest of Single Stock Options reached 40%.


2013 2014 2015

100%

73%

60%

0%

27%

40% Domestic

Foreign

29.01.2016 98


2013 2014 2015

6%

41% 45%

94%

59% 55%

Breakdown of Trading Volume – Retail/Institutional

Retail

Institutional

29.01.2016 99

MEMBER RANKING IN SINGLE STOCK OPTIONS


(TRY)* Share (%)

1 IS INVESTMENT 43,689,400 34.20%







(TRY)* Share (%)




29.01.2016 100

Gold Futures (USD/Ounce)

29.01.2016 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.

0

100

200

300

400

500

600

166 129

92 153

67 88 113 156

87 133 83 90

TRY

Mill

ion

2013

2014

2015

29.01.2016 102

OPEN INTEREST OF GOLD FUTURES (USD/OUNCE)

0

2000

4000

6000

8000

10000

12000

14000

4,956 5,413 4,829 6,314

3,681 4,779

7,034 7,323

4,358 5,939 5,650 5,975

Open Interest of Gold Futures (USD/Ounce)

2013

2014

2015

29.01.2016 103


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%

Domestic

Foreign

29.01.2016 104


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%

Domestic

Foreign

29.01.2016 105


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% Retail

Institutional

29.01.2016 106

MEMBER RANKING IN PRECIOUS METALS FUTURES


(TRY)* Share (%)


2 TERA SECURITIES 520,113,622 13.92%

3 GARANTI INVESTMENT 358,317,246 9.59%

*Member based trading volume is given two-sided.




(TRY)* Share (%)

1 TEB INVESTMENT 555,804,122 18.99%


3 SANKO SECURITIES 355,997,673 12.16%

29.01.2016 107

Gold Futures (TRY/Gr)

29.01.2016 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.

0

5

10

15

20

25

30

35

40

45

50

14 18 16 14

3 9

4 8

4 6 6 4

Mill

on T

RY

2013

2014

2015

29.01.2016 109

OPEN INTEREST OF GOLD FUTURES (TRY/GR)

0

10

20

30

40

50

60

70

31

49

34 43

32 31

12 19 20 18

9 11

Thou

sand

s Open Interest of Gold Futures (TRY/Gr)

2014

2015

29.01.2016 110

2013 2014 2015

100% 98% 100%

0% 2% 0%

Breakdown Of Open Interest - Domestic/Foreign

Domestic

Foreign


29.01.2016 111


2013 2014 2015

100% 98% 100%

0% 2% 0%

Breakdown Of Trading Volume - Domestic/Foreign

Domestic

Foreign

29.01.2016 112


2013 2014 2015

93% 88%

98%

7% 12% 2%


Retail

Institutional

29.01.2016 113

Other

29.01.2016 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)

29.01.2016 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

29.01.2016 116

CONFERENCES

29.01.2016 117

CONFERENCES

29.01.2016 118

WORKSHOPS

29.01.2016 119

WORKSHOPS

29.01.2016 120

PERISCOPE BROADCASTS

Daily data sharing broadcast is held at 09:15am via Periscope.

29.01.2016 121

THANK YOU

Muammer CAKIR Head of Derivatives Market Phone: +90 212 298 25 80 [email protected] Kamil GUZEL Director of Financial Derivatives Market Phone: +90 212 298 25 65 [email protected] Ali AYTEN Arif Onur ÖZYILDIRIM Bayram Veli SALUR Bora AKDENİZ Ceyda ÜSTÜN Çiğdem ERKEN Gizem NAYİR Hakan KAYA Kemal Burçak KAPLAN Kenan YÜCESOY Onur OLGUN Onur ÜSTÜNDAĞ Tuğçe TOKEM GÜRSÖZ Sedat UĞUR Yaprak TURAN

mailto:[email protected]

mailto:[email protected]

2015 deĞerlendİrme toplantisi - borsa istanbul · 29.01.2016 4 executive summary - ii in 2015,...

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