YF Securities offers reliable, high-quality capital market brokerage services to institutional investors
Holding the full range of capital market authorization certificates, YF Securities offers reliable, high-quality capital market brokerage services to institutional investors in Turkey and around the world. Our institutional sales team currently serves wide range of active international isnstitutional investors based primarily in the UK, the US, Continental Europe and the Gulf region, representing the world's leading institutions. YF Securities has become an indispensable strategic partner in block sales, providing easy access to local and foreign institutional investors thanks to a large investor portfolio.
DMA (Direct Markets Access)
YF Securities prides itself as one of the pioneers and becoming a market leader of the DMA business in Turkey, and has a highly skilled IT professionals who maintain its infrastructure. Having a dedicated in-house team separates YF Securities DMA service from those of its competitors, who mostly rely on out-sourced programming and support. YF Securities has the ability to monitor and update systems in live time, as well as fix any issues that may arise in the real trading environment within minutes rather than hours. This speed and dedication is supported by the trading team, who are ready to step in to advice.
TurkDex (Derivative)
TurkDEX (Futures and Options Exchange) started operations in February 2005 and the trading volume has expanded rapidly. As a founding member of TurkDEX, YF Securities is an active player in the derivatives market for its individual and asset management clients. As the new decree regarding the give up issue progresses, YF Securities intends to expand derivative services on a institutional client scale as well.
Trading Hours
The ISE is open from Monday to Friday and it has two trading sessions. In the morning session, there is an auction period which starts at 09:30 and finishes at 09:45. The auction orders that are sent to the ISE are matched between 09:45-09:50. The regular session begins at 09:50 and finishes at 12:30.
In the afternoon session there is an auction period similar to the morning session. The auction starts at 14:00 and ends at 14:15. The matching period takes place between 14:15-14:20 and the continuous session begins at 14:20 and finishes at 17:30.
Public Holiday
The ISE does not trade during announced public holidays within Turkey. These dates include:
January 1: New Year's Day
April 23: National Independence and Children's Day
May 1: Labor and Solidarity Day
May 19: Atatürk Commemoration and Youth Day
August 30: Victory Day
October 29: Republic Day
Ramadan and Kurban religious holidays are also celebrated. These are floating holidays that are normally 3-4 days in length.
Basic Concepts, Trading Rules & Order Types
Weighted Average Price: The base price of a stock is calculated for the next session based on the volume weighted price. For calculation of the base price, the orders executed and registered with different prices and quantities during the session are taken into account. The weighted average price is calculated automatically by the system as an integer.
Base Price: The base price of a stock is the price which is taken as a base to determine the upper and lower price limits and price ticks by which that stock can be traded during a session. This price is obtained by rounding the weighed average price of that stock prevailing during the previous session to the nearest price tick. In case of dividend payment or capital increase, the base price is determined by the ISE and entered into the system.
Reference Price: This is the price which is not taken as a base for determination of the upper and the lower limits by which a stock or a rights coupon can be traded. Instead, it is intended to be used as a reference value by the members until the registration of the price.
Price Margins: The prices traded for each stock on the secondary market according to the multiple price method during a session cannot be different than ±10% of the base price of that stock. This price range sets the price variance limits of the stock. When calculating the price variance limits, the values found by applying ±10% to the base price are rounded to the nearest lower price tick for the lower limit and to the nearest upper price tick for the upper limit. However, in the rights issue market, the margin is 25%.
Price Ticks: The bid and ask orders sent to the stock market of the exchange are matched only by the prices given as price ticks determined by the Executive Council based on the unit of trading of the stocks. The "price tick" of each stock is determined based on the base price of that stock calculated with reference to the weighed average price prevailing during the previous session.
| Base Price Range (TRY) |
Relevant Price Tick (TRY) |
| 0.01 - 2.50 |
0.01 |
| 2.52 - 5.00 |
0.02 |
| 5.05 - 10.00 |
0.05 |
| 10.10 - 25.00 |
0.10 |
| 25.25 - 50.00 |
0.25 |
| 50.50 - 100.00 |
0.50 |
| 101.00 - 250.00 |
1.00 |
| 252.50 - 500.00 |
2.50 |
| 505.00 and over |
5.00 |
Cancellation of Order
If the ISE receives information about a company during a session and trading of the stock of that company is suspended concurrently with the disclosure of such information, unexecuted orders sent for that stock may be cancelled by the members at the time of suspension of trading if permitted by the ISE. Except for the aforesaid case, only the last order entered into the system by the member can be cancelled, when not executed. Special orders can be cancelled at any time.
Validity of Orders
Unless otherwise specified, all other orders are valid during the relevant session. However, orders can be given as "good till date", which are valid for the whole day trading unless cancelled.
Order Types
Limit orders: Limit orders are traded in lots within price limits. ?Limit Price Orders? are orders for which prices and amounts are entered. The orders can be traded, partially or totally. If they are not traded they will be displayed as pending orders on the screens. ?Immediate or Cancel? (IOC) orders can be brought requiring that all or part of the order be executed immediately after it has been brought to the market. Any portions not executed immediately are automatically cancelled. ?Special Limit Price Orders? are entered with the volume ?zero? and a specific price. The aim is to meet all the orders up to a given price.
Good till date: Orders are valid for the whole day trading unless cancelled.
Special orders: Orders are designated depending on the base price and the maximum amount of lots allowed for bidding or offering for each stock. The ISE Executive Council sets the minimum volume of special orders.