2015 deĞerlendİrme toplantisi - borsa istanbul · 29.01.2016 4 executive summary - ii in 2015,...
TRANSCRIPT
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
December 30 Open Interest in
Index Options 26,382
December 30 Open Interest in
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
TRADING VOLUME - 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
TRADING VOLUME - DOMESTIC/FOREIGN
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
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.
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
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% Domestic
Foreign
29.01.2016 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
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
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% Retail
Institutional
29.01.2016 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.
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
BREAKDOWN OF TRADING VOLUME - RETAIL/INSTITUTIONAL
2014 2015
39%
13%
61%
87%
Breakdown Of Trading Volume - Retail/Institutional
Retail
Institutional
29.01.2016 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.
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
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
29.01.2016 68
BREAKDOWN OF TRADING VOLUME - RETAIL/INSTITUTIONAL
2013 2014 2015
61% 64% 66%
39% 36% 34%
Breakdown Of Trading Volume - Retail/Institutional
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
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;
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
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%
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
BREAKDOWN OF TRADING VOLUME - RETAIL/INSTITUTIONAL
2013 2014 2015
65%
39% 38% 35%
61% 62%
Breakdown Of Trading Volume - Retail/Institutional
Retail
Institutional
29.01.2016 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%
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
BREAKDOWN OF TRADING VOLUME - RETAIL/INSTITUTIONAL
2013 2014 2015
51%
27%
43% 49%
73%
57%
Breakdown Of Trading Volume - Retail/Institutional
Retail
Institutional
29.01.2016 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%
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%.
BREAKDOWN OF TRADING VOLUME - DOMESTIC/FOREIGN
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%.
BREAKDOWN OF OPEN INTEREST - DOMESTIC/FOREIGN
2013 2014 2015
100%
73%
60%
0%
27%
40% Domestic
Foreign
29.01.2016 98
BREAKDOWN OF TRADING VOLUME - RETAIL/INSTITUTIONAL
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
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%
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
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%
Domestic
Foreign
29.01.2016 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%
Domestic
Foreign
29.01.2016 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% Retail
Institutional
29.01.2016 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%
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
BREAKDOWN OF OPEN INTEREST - DOMESTIC/FOREIGN
29.01.2016 111
BREAKDOWN OF TRADING VOLUME - DOMESTIC/FOREIGN
2013 2014 2015
100% 98% 100%
0% 2% 0%
Breakdown Of Trading Volume - Domestic/Foreign
Domestic
Foreign
29.01.2016 112
BREAKDOWN OF TRADING VOLUME - RETAIL/INSTITUTIONAL
2013 2014 2015
93% 88%
98%
7% 12% 2%
Breakdown Of Trading Volume - Retail/Institutional
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