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Trading TurkDEX Futures Invest in Turkey; Invest in TurkDEX

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Trading TurkDEX Futures Invest in Turkey; Invest in TurkDEX Powered By Docstoc
					Trading TurkDEX Futures


Invest in Turkey;
Invest in TurkDEX
                                               Products
Financials
Equity Index Futures
ISE-30
ISE-100

Currency Futures
USD/Turkish Lira
EURO/Turkish Lira

Interest Rate Futures
3 Months Government Bond
12 Months Government Bond
T-Benchmark Government Bond

Commodities
Wheat Futures
Cotton Futures
Gold Futures




                              Trading TurkDEX Futures     2
                                                                                                                Contract Specifications
                                                   TurkDEX-ISE 30 Futures
Underlying Asset                   Value calculated based on the stock prices of the companies included in ISE National-30 equity index
                                   by using the index calculation method
Contract Size                      Value calculated by dividing the index value by 1,000 and multiplying the quotient by 100 TRY
                                   (ISE National-30 Index/1,000)*100 TRY             Example: 50.175*100= 5,017.5 TRY
Price Quotation                    ISE National-30 Index value, divided by 1,000 shall be quoted with three decimal digits.
                                   Sample quote =50.400 or 50.425
Daily Price Limit                  ±10% above or below the prior day's settlement price
Minimum Price Fluctuation (Tick)   0.025 (25 ISE National-30 Index points) Value of one tick corresponds to 2.5 TRY
Contract Months                    February, April, June, August, October and December
                                   (Contracts with three different expiry months nearest to the current month and the contract with
                                   December expiry month shall be traded concurrently)

Final Settlement Day               Last business day of each contract month
Last Trading Day                   Last business day of each contract month
Settlement Method                  Cash Settlement
Final Settlement Price             Arithmetic mean of random 10 ISE-30 Index values during the last 15 minutes of trading at TurkDEX
                                   on the last business day. When the trading at the ISE is over before TurkDEX, arithmetic mean of
                                   random 10 ISE-30 Index values during the last 15 minutes of trading at ISE (the time interval between
                                   the random values must be higher than 30 seconds).




                                                                                     Trading TurkDEX Futures                               3
                                                                                                               Contract Specifications
                                                  TurkDEX-ISE 100 Futures
Underlying Asset                   Value calculated based on the stock prices of the companies included in ISE National-100 equity
                                   index by using the index calculation method

Contract Size                      Value calculated by dividing the index value by 1,000 and multiplying the quotient by 100 TRY
                                   (ISE National-100 Index/1,000)* 100 TRY            Example: 41.775*100=4,177.5 TRY

Price Quotation                    ISE National-100 Index value, divided by 1,000 shall be quoted with to three decimal digits
                                   Sample quote =41.600 or 41.625

Daily Price Limit                  ±10% above or below the prior day's settlement price
Minimum Price Fluctuation (Tick)   0.025 (25 ISE National-100 Index points)     Value of one tick corresponds to 2.5 TRY
Contract Months                    Every month throughout the year (Current and the subsequent expiry month)
Final Settlement Day               Last business day of each contract month
Last Trading Day                   Last business day of each contract month
Settlement Method                  Cash Settlement
Final Settlement Price             Arithmetic mean of random 10 ISE-100 Index values during the last 15 minutes of trading at TurkDEX
                                   on the last business day. When the trading at the ISE is over before TurkDEX, arithmetic mean of
                                   random 10 ISE-30 Index values during the last 15 minutes of trading at ISE (the time interval between
                                   the random values must be higher than 30 seconds).




                                                                                     Trading TurkDEX Futures                               4
                                                                                                               Contract Specifications
                                               TurkDEX-TRYUSDollar Futures
Underlying Asset                   TRY/US Dollar exchange rate
Contract Size                      1,000 US Dollars
Price Quotation                    New Turkish Lira per US Dollar with four digits.
                                   Sample quote = 1.4155 TRY or 1.4160 TRY
Daily Price Limit                  +10% above or below the prior day's settlement price
Minimum Price Fluctuation (Tick)   0.0005 = 0.5 TRY
Contract Months                    February, April, June, August, October and December
                                   (Contracts with three different expiration months nearest to the current month shall be traded
                                   concurrently. If December is not one of the nearest contract months, an extra contract with an
                                   expiration month of December shall be launched.)
Final Settlement Day               Last business day of the contract month
Last Trading Day                   Last business day of the contract month
Settlement Method                  Cash Settlement
Final Settlement Price             US Dollar selling rate announced by the Central Bank of the Republic of Turkey at 3:30 PM of the last
                                   trading day




                                                                                      Trading TurkDEX Futures                              5
                                                                                                               Contract Specifications
                                                 TurkDEX-TRYEuro Futures
Underlying Asset                   TRY/Euro exchange rate
Contract Size                      1,000 Euros
Price Quotation                    New Turkish Lira per Euro with four digits.
                                   Sample quote = 1.8865 TRY or 1.8870 TRY
Daily Price Limit                  +10% above or below the prior day's settlement price
Minimum Price Fluctuation (Tick)   0.0005 = 0.5 TRY
Contract Months                    February, April, June, August, October and December (Contracts with three different expiration
                                   months nearest to the current month shall be traded concurrently. If December is not one of those
                                   three months, an extra contract with an expiration month of December shall be launched.)

Final Settlement Day               Last business day of the contract month
Last Trading Day                   Last business day of the contract month
Settlement Method                  Cash Settlement
Final Settlement Price             Euro selling rate announced by the Central Bank of the Republic of Turkey at 3:30 PM of the last
                                   trading day




                                                                                     Trading TurkDEX Futures                             6
                                                                                                                    Contract Specifications
                                                TurkDEX-91 Day T-Bill Futures
Underlying Asset                   91 day Turkish Treasury Bills having a face value at maturity of 100 TRY
Contract Size                      10,000 TRY (100 T-Bills each having a face value of 100 TRY)
                                   Contract size = 96.187*100 = 9,618.7 TRY
Price Quotation                    Quoted by per 100 TRY face value.
                                   Sample quote = 96.187 TRY

Daily Price Limit                  +2% above or below the prior day's settlement price
Minimum Price Fluctuation (Tick)   0.001 = 0.1 TRY
Contract Months                    3 nearest months out of February, April, June, August, October and December
Final Settlement Day               The next business day after the auction of the 91 day reference T-bill. If there isn't any auction on the
                                   contract month, the settlement will be made on the third Tuesday of the contract month.

Last Trading Day                   If there is a 91 day reference T-Bill auction of the Treasury on the contract month, the last trading day
                                   is the Monday of the auction week. And the trading ceases at 12:00 noon on that day. If there is no
                                   auction on that month, the last trading day is the third Monday of the contract month.
Settlement Method                  Cash Settlement
Final Settlement Price             The value of 91 day reference T-Bills issued by the Turkish Treasury on the last or the day after the last
                                   trading day of the contract month. If there is no issue on these days then the last settlement price is
                                   calculated by using the Istanbul Stock Exchange 91 day T-bill Index declared on the last trading day.




                                                                                        Trading TurkDEX Futures                                 7
                                                                                                                  Contract Specifications
                                               TurkDEX-365 Day T-Bill Futures
Underlying Asset                   365 day Turkish Treasury Bills having a face value at maturity of 100 TRY
Contract Size                      10,000 TRY (100 T-Bills each having a face value of 100 TRY)
                                   Contract size = 85.695*100 = 8,569.5 TRY
Price Quotation                    Quoted by per 100 TRY face value
                                   Sample quote=85.690 TRY or 85.695 TRY

Daily Price Limit                  +5% above or below the prior day's settlement price
Minimum Price Fluctuation (Tick)   0.005 = 0.5 TRY
Contract Months                    3 nearest months out of February, April, June, August, October and December
Final Settlement Day               The third Tuesday of the contract month
Last Trading Day                   The third Tuesday of the contract month
Settlement Method                  Cash Settlement
Final Settlement Price             The last settlement price is calculated by using the Istanbul Stock Exchange 365 day T-Bill Index declared
                                   on the last trading day.




                                                                                         Trading TurkDEX Futures                                8
                                                                                                                  Contract Specifications
                                               TurkDEX-T-Benchmark Futures
Underlying Asset                   The underlying asset of “TurkDEX-T-Benchmark” future contract is the discounted Turkish benchmark
                                   treasuries chosen by TurkDEX by analyzing trading volumes and some other criteria defined by the
                                   exchange. Maturity date of the underlying asset is specified in the contract code. The exchange might
                                   launch the contract before the underlying Turkish treasury was issued.
Contract Size                      10,000 TRY (100 T-Bills each having a face value of 100 TRY)
Price Quotation                    Quoted by per 100 TRY face value
                                   Sample quote=81.700 TRY
Daily Price Limit                  +2% above or below the prior day's settlement price
Minimum Price Fluctuation (Tick)   0.001 = 0.1 TRY
Contract Months                    The first, the third and the fifth month right after January, April, July and October when the Turkish
                                   Treasury is issuing the longer dated discounted Turkish treasuries (three contract months per underlying)
Final Settlement Day               Last business day of the contract month
Last Trading Day                   Last business day of the contract month
Settlement Method                  Cash Settlement
Final Settlement Price
                                   Daily weighted average price of the underlying benchmark treasury which is traded at the Istanbul
                                   Stock Exchange Bonds & Bills Market at the last trading day of the contract month




                                                                                       Trading TurkDEX Futures                                 9
                                                                                                                  Contract Specifications
                                              TurkDEX-Aegean Cotton Futures
Underlying Asset                   Aegean Standard 1 Cotton
Contract Size                      1 ton
Price Quotation                    New Turkish Lira (TRY) per kg with three digits.
                                   Sample quote = 2.400 or 2.405

Daily Price Limit                  +10% above or below the prior day's settlement price
Minimum Price Fluctuation (Tick)   0.005 = 5 TRY
Contract Months                    5 nearest months out of March, May, July, October and December
Final Settlement Day               Last business day of the contract month
Last Trading Day                   Last business day of the contract month
Settlement Method                  Cash Settlement
Final Settlement Price             •Weighted arithmetic mean of Aegean Standard 1 cotton prices announced by Izmir Mercantile Exchange
                                   at the last trading day of the contract month and minimum two business days prior to the last trading day.
                                   •If there are insufficient trades during these days, price quotations are taken from minimum twelve
                                   members of ‹zmir Mercantile Exchange (Price interval must be lower than 1%). After eliminating the best
                                   and the worst prices, the arithmetic mean of the available prices at the Izmir Mercantile Exchange is
                                   declared as the last settlement price. Settlement Price Committee decides whether trades at spot market
                                   is sufficient or not.




                                                                                       Trading TurkDEX Futures                                  10
                                                                                                               Contract Specifications
                                            TurkDEX-Anatolian Red Wheat Futures
Underlying Asset                   Anatolian Red Hard Wheat
Contract Size                      5 tons
Price Quotation                    New Turkish Lira (TRY) per kg with four digits.
                                   Sample quote = 0.5785 or 0.5790

Daily Price Limit                  +10% above or below the prior day's settlement price
Minimum Price Fluctuation (Tick)   0.0005 = 2.5 TRY
Contract Months                    March, May, July, September and December
                                   (Contracts with two different months nearest to the current month shall be traded concurrently)
Final Settlement Day               Last business day of the contract month
Last Trading Day                   Last business day of the contract month
Settlement Method                  Cash Settlement
Final Settlement Price             •Arithmetic mean of the prices belonging to Anatolian Red Hard Wheat announced by Polatli, Edirne,
                                   Eskisehir, Konya, Gaziantep, Karaman, Corum, Uzunkopru and Yozgat Mercantile Exchanges on the
                                   last trading day of the contract month and one business day before that day.
                                   •If there are no trades at the Exchanges mentioned above or if the Settlement Price Committee
                                   determines that the settlement price doesn't reflect the market very well at those days, the last
                                   settlement price should be calculated and declared by the committee.




                                                                                     Trading TurkDEX Futures                             11
                                                                                                                  Contract Specifications
                                                     TurkDEX-Gold Futures
Underlying Asset                   995/1000 finess refined gold
Contract Size                      100 grams
Price Quotation                    New Turkish Lira per gram with three digits.
                                   Sample quote = 37.120 TRY or 37.125 TRY

Daily Price Limit                  +10% above or below the prior day's settlement price
Minimum Price Fluctuation (Tick)   0.005 = 0.5 TRY
Contract Months                    3 nearest months out of February, April, June, August, October and December (like February, April,
                                   June or April, June, August)
Final Settlement Day               Last business day of the contract month
Last Trading Day                   Last business day of the contract month
Settlement Method                  Cash Settlement
Final Settlement Price             The price which is announced in the second gold fixing session in London is multiplied by US Dollar
                                   selling rate announced by the Central Bank of the Republic of Turkey at 3:30 pm on the last trading
                                   day. If there is no gold fixing price then the last settlement price is calculated by using international
                                   gold spot price on the last trading day (mid price of gold) at 5:00 pm local time on the last trading day
                                   (1 troy ounce = 31.1035 grams).




                                                                                       Trading TurkDEX Futures                                 12
                                                                                                                     Contract Specifications
Daily Settlement Price is Calculated by:
•The weighted average of all prices during the last 10 minutes of trading at TURKDEX
•If there are insufficient trades (less than 10) during the last 10 minutes of trading, weighted average of last 10 prices during the day.
In case the above methods fail, daily settlement price is calculated through the methods as stated below:
•Weighted average of all prices during the day,
•Prior day's settlement price,
•Mean of the best bid and ask quotations,
•Theoretical future price calculated by the Settlement Price Committee.
Margin (Collateral) Levels as of May 2008                Spread Positions
                  Initial   Maintenance Maintenance      Calendar spread (intra-commodity spread) may be used at TurkDEX. One short and
                 Margin       Margin       Level         one long position at different maturities in the same contract constitute one spread
                 (TRY)        (TRY)
                                                         position. Calendar spread is 50% off the regular margin amount.
ISE 100 Index     500          375          75%
ISE 30 Index      600          450          75%          Position Limits
T-Bill 91         300          225          75%          There are two kinds of position limits for contracts listed at TURKDEX: absolute and
T-Bill 365        500          375          75%          percentage limits.
T-Benchmark       300          225          75%          Absolute limit is determined as the number of open interest for each contract month
TRYDollar         150          112.5        75%          that one account might hold. The absolute limit for each contract month is 20.000
TRYEuro           200          150          75%          for equity and currency futures (absolute limit may be extended to 50.000 contracts
                                                         in currency futures for prop accounts of high net worth members).
Cotton            240          180          75%
Wheat             240          180          75%          If the number of open interest exceeds 20.000; then the system checks the
                                                         percentage limit which is 10% of total open interest for the related contract month.
Gold              300          225          75%




                                                                                         Trading TurkDEX Futures                                13
                                                                                              Trading Calendar
Contract Name    Contract Code        Contract Month   First Trading Day   Last Trading Day   Final Settlement Day
Equity Indices
ISE-100          101F_IX1000608       June 08             02.01.2008          30.06.2008           30.06.2008
ISE-100          101F_IX1000708       July 08             01.07.2008          31.07.2008           31.07.2008
ISE-100          101F_IX1000808       August 08           03.03.2008          29.08.2008           29.08.2008
ISE-100          101F_IX1000908       September 08        01.09.2008          29.09.2008           29.09.2008
ISE-100          101F_IX1001008       October 08          03.10.2008          31.10.2008           31.10.2008
ISE-100          101F_IX1001108       November 08         03.11.2008          28.11.2008           28.11.2008
ISE-100          101F_IX1001208       December 08         01.12.2008          31.12.2008           31.12.2008
ISE-30           111F_IX0300608       June 08             02.01.2008          30.06.2008           30.06.2008
ISE-30           111F_IX0300808       August 08           03.03.2008          29.08.2008           29.08.2008
ISE-30           111F_IX0301008       October 08          01.05.2008          31.10.2008           31.10.2008
ISE-30           111F_IX0301208       December 08         09.05.2008          31.12.2008           31.12.2008
Interest Rates
365 Day T-Bill   201F_IR3650608       June 08             18.12.2007          16.06.2008           17.06.2008
365 Day T-Bill   201F_IR3650808       August 08           19.02.2008          18.08.2008           19.08.2008
365 Day T-Bill   201F_IR3651008       October 08          22.04.2008          20.10.2008           21.10.2008
365 Day T-Bill   201F_IR3651208       December 08         17.06.2008          15.12.2008           16.12.2008
91 Day T-Bill    211F_IR0910608       June 08             18.12.2007          16.06.2008           17.06.2008
91 Day T-Bill    211F_IR0910808       August 08           19.02.2008          18.08.2008           19.08.2008
91 Day T-Bill    211F_IR0911008       October 08          22.04.2008          20.10.2008           21.10.2008
91 Day T-Bill    211F_IR0911208       December 08         17.06.2008          15.12.2008           16.12.2008
T-Benchmark      228F_IR071009B0608   June 08             15.01.2008          30.06.2008           30.06.2008
T-Benchmark      229F_IR130110B0708   July 08             09.04.2008          31.07.2008           31.07.2008
T-Benchmark      229F_IR130110B0908   September 08        09.04.2008          29.09.2008           29.09.2008



                                                                  Trading TurkDEX Futures                        14
                                                                                         Trading Calendar
Contract Name   Contract Code    Contract Month   First Trading Day   Last Trading Day   Final Settlement Day
Currencies
TRYDollar       301F_FXUSD0608   June 08             02.01.2008          30.06.2008           30.06.2008
TRYDollar       301F_FXUSD0808   August 08           03.03.2008          29.08.2008           29.08.2008
TRYDollar       301F_FXUSD1008   October 08          01.05.2008          31.10.2008           31.10.2008
TRYDollar       301F_FXUSD1208   December 08         02.01.2008          31.12.2008           31.12.2008
TRYEuro         311F_FXEUR0608   June 08             02.01.2008          30.06.2008           30.06.2008
TRYEuro         311F_FXEUR0808   August 08           03.03.2008          29.08.2008           29.08.2008
TRYEuro         311F_FXEUR1008   October 08          01.05.2008          31.10.2008           31.10.2008
TRYEuro         311F_FXEUR1208   December 08         02.01.2008          31.12.2008           31.12.2008
Cotton
Aegeancotton    401F_CMCOT0708   July 08             01.08.2007          31.07.2008           31.07.2008
Aegeancotton    401F_CMCOT1008   October 08          01.11.2007          31.10.2008           31.10.2008
Aegeancotton    401F_CMCOT1208   December 08         02.01.2008          31.12.2008           31.12.2008
Wheat
ARH Wheat       411F_CMWHT0708   July 08             01.08.2007          31.07.2008           31.07.2008
ARH Wheat       411F_CMWHT0908   September 08        02.06.2008          29.09.2008           29.09.2008
ARH Wheat       411F_CMWHT1208   December 08         01.08.2008          31.12.2008           31.12.2008
Gold
Gold            501F_CMGLD0608   June 08             02.01.2008          30.06.2008           30.06.2008
Gold            501F_CMGLD0808   August 08           03.03.2008          29.08.2008           29.08.2008
Gold            501F_CMGLD1008   October 08          01.05.2008          31.10.2008           31.10.2008
Gold            501F_CMGLD1208   December 08         03.11.2008          31.12.2008           31.12.2008




                                                             Trading TurkDEX Futures                        15
                                                             Official Holidays
Victory Day              1 Day     August 30, 2008            Saturday
Eve of Ramadan Feast     1/2 Day   September 29, 2008         Monday
Ramadan Feast            1 Day     September 30, 2008         Tuesday
Ramadan Feast            1 Day     October 1, 2008            Wednesday
Ramadan Feast            1 Day     October 2, 2008            Thursday
Republic Day             1/2 Day   October 28, 2008           Tuesday
Republic Day             1 Day     October 29, 2008           Wednesday
Eve of Sacrifice Feast   1/2 Day   December 7, 2008           Sunday
Sacrifice Feast          1 Day     December 8, 2008           Monday
Sacrifice Feast          1 Day     December 9, 2008           Tuesday
Sacrifice Feast          1 Day     December 10, 2008          Wednesday
Sacrifice Feast          1 Day     December 11, 2008          Thursday




                                           Trading TurkDEX Futures               16
                                                                                                               TurkDEX Trading Hours



The local time zone
in Turkey is
UTC/GMT +2 hours




Key Features of TurkDEX Trading Hours

The non-trading period is between 8.45 a.m. and 9.30 a.m. During this period, the system keeps running but order entries and executing
trades are not permitted.
Last 10 minutes of the normal session is called the “closing period”. Settlement prices for the regular trading day shall be announced at
5.25 p.m. Margin calls shall be published in the Takasbank Derivatives System (TV‹S) screen of the concerning members followed by the
announcement of the settlement prices.
Time period between 5.25 p.m. on the transaction day (T+0) and 2.30 p.m. on the following Exchange Day (T+1) is called “clearing
period”.




                                                                                      Trading TurkDEX Futures                               17
                                                                                   Data Vendors and Access to TurkDEX Quotes

Market depth and/or basic data of TurkDEX are broadcasted by data vendors on real time and/or delayed basis.

                                      International Data                     Vendor
                                           Vendors                           Codes

                              Reuters                                TDE/FUTEX1 <Enter>

                              Bloomberg                              CEM TKD <GO>
                                          Local Data                        Internet
                                           Vendors                          Address

                              Foreks                                 www.foreks.com

                              ‹stanbul Bilgi                         www.ibsyazilim.com

                              Matriks                                www.matriksdata.com

                              Plato                                  www.platodata.com.tr




                                                                                   Trading TurkDEX Futures                     18
                                                                                                TurkDEX Members
Banks
AKBANK INC.                  FINANSBANK INC.               MERILL LYNCH INVESTMENT      TÜRK ECONOMY BANK INC.
Phone : +90 212 270 00 44    Phone : +90 212 318 50 00     BANK INC.                    Phone : +90 212 251 21 21
Fax    : +90 212 269 73 83   Fax     : +90 212 318 59 48   Phone : +90 212 319 95 00    Fax    : +90 212 249 65 68
www.akbank.com               www.finansbank.com.tr         Fax    : +90 212 319 95 11   www.teb.com.tr
                             FORTIS BANK INC.              www.ml.com.tr
ALTERNATIF BANK INC.                                                                    VAKIFBANK INC.
Phone : +90 212 315 65 00    Phone : +90 212 274 42 80     OYAKBANK INC.                Phone : +90 312 455 87 69
Fax   : +90 212 233 15 00    Fax     : +90 212 275 44 05   Phone : +90 212 335 10 00    Fax    : +90 312 455 88 60
www.abank.com.tr             www.fortis.com.tr             Fax    : +90 212 286 61 00   www.vakifbank.com.tr
                             GARANTI BANK INC.             www.oyakbank.com.tr
ANADOLUBANK INC.                                                                        YAPI VE KRED‹ BANK INC.
Phone : +90 212 296 57 12    Phone : +90 212 444 0 333     TEKST‹L BANK INC.            Phone : +90 212 339 70 00
Fax   : +90 212 296 57 15    Fax    : +90 212 318 18 18    Phone : +90 212 335 53 35    Fax    : +90 212 339 60 00
www.anadolubank.com.tr       www.garanti.com.tr            Fax    : +90 212 276 17 40   www.yapikredi.com.tr
                             HSBC BANK INC.                www.tekstilbank.com.tr
DENIZ BANK INC.                                                                         ZIRAAT BANK INC.
Phone : +90 212 355 08 00    Phone : +90 212 336 30 00     TURKISH INDUSTRIAL           Phone : +90 212 276 59 60
Fax    : +90 212 274 79 93   Fax    : +90 212 366 33 80    DEVELOPMENT BANK INC.        Fax     : +90 212 276 93 13
www.denizbank.com            www.hsbc.com.tr               Phone : +90 212 334 50 50    www.ziraatbank.com.tr
                             ISBANK INC.                   Fax    : +90 212 243 29 75
DEUTSCHE BANK INC.
                             Phone : +90 212 316 34 00     www.tskb.com.tr
Phone : +90 212 317 01 00
Fax    : +90 212 317 01 05   Fax    : +90 212 316 08 34
www.db.com                   www.isbank.com.tr




                                                                          Trading TurkDEX Futures                     19
                                                                                                   TurkDEX Members
Brokerage Houses
ACAR INVESTMENT &             ATA INVESTMENT &              CAMIS INVESTMENT &             DENIZ SECURITIES INC.
SECURITIES INC.               SECURITIES INC.               SECURITIES INC.                Phone : +90 212 336 42 96
Phone : +90 212 216 26 61     Phone : +90 212 310 62 00     Phone : +90 212 350 30 02      Fax    : +90 212 211 83 16
Fax    : +90 212 288 92 46    Fax     : +90 212 310 62 10   Fax     : +90 212 350 51 50    www.denizturev.com
www.acar.com.tr               www.atayatirim.com.tr         www.camismenkul.com.tr
                                                                                           DEUTSCHE SECURITIES
AK INVESTMENT &               ATA ONLINE INVESTMENT &       CITI INVESTMENT &              INC.
SECURITIES INC.               SECURITIES INC.               SECURITIES INC.                Phone : +90 212 252 20 00
Phone : +90 212 334 94 94     Phone : +90 212 310 60 60     Phone : +90 212 385 01 00      Fax     : +90 212 293 34 90
Fax    : +90 212 249 12 87    Fax     : +90 212 259 07 64   Fax      : +90 212 385 01 99   www.db.com/dst/
www.akyatirim.com.tr          www.ataonline.com.tr          www.opusmenkul.com
                                                                                           ECZACIBASI INVESTMENT &
AKDENIZ INVESTMENT &          BASKENT INVESTMENT &          CREDIT AGRICOLE CHEUVREUX      SECURITIES INC.
SECURITIES INC.               SECURITIES INC.               INVESTMENT & SECURITIES INC.   Phone : +90 212 319 59 99
Phone : +90 212 233 11 02     Phone : +90 212 291 21 21     Phone : +90 212 284 84 95      Fax    : +90 212 319 59 69
Fax    : +90 212 234 41 01    Fax    : +90 212 224 07 00    Fax     : +90 212 284 84 92    www.emdas.com.tr
www.akdenizmenkul.com.tr      www.baskentyatirim.com.tr
                                                            DELTA INVESTMENT &             EFG ‹STANBUL INVESTMENT
ALAN INVESTMENT &             BGC PARTNERS INVESTMENT &     SECURITIES INC.                & SECURITIES INC.
SECURITIES INC.               SECURITIES INC.               Phone : +90 212 236 42 74      Phone : +90 212 317 27 27
Phone : +90 212 381 20 00     Phone : +90 212 339 42 00     Fax     : +90 212 236 65 67    Fax     : +90 212 317 27 26
Fax     : +90 212 236 72 93   Fax    : +90 212 353 13 01    www.deltamenkul.com.tr         www.hcistanbul.com
www.alanyatirim.com.tr        www.bgcpartners.com
                                                            DENIZ INVESTMENT &             EGEMEN INVESTMENT &
ALTERNATIF INVESTMENT &       BIZIM INVESTMENT &            SECURITIES INC.                SECURITIES INC.
INC.                          SECURITIES INC.               Phone : +90 212 336 40 00      Phone : +90 232 489 46 30
Phone : +90 212 315 58 00     Phone : +90 216 452 90 90     Fax     : +90 212 212 54 12    Fax    : +90 232 489 61 30
Fax     : +90 212 296 88 31   Fax     : +90 216 452 90 93   www.denizyatirim.com           www.egemen.com
www.ayatirim.com.tr           www.bmd.com.tr



                                                                       Trading TurkDEX Futures                           20
                                                                                                   TurkDEX Members
Brokerage Houses
EKINCILER INVESTMENT &        FINANS INVESTMENT &            GFC GENERAL FINANS            HEDEF INVESTMENT &
SECURITIES INC.               SECURITIES INC.                SECURITIES INC.               SECURITIES INC.
Phone : +90 212 266 27 66     Phone : +90 212 282 17 00      Phone : +90 212 233 10 10     Phone : +90 212 310 27 00
Fax     : +90 212 266 16 07   Fax     : +90 212 282 22 50    Fax     : +90 212 296 85 75   Fax    : +90 212 227 83 33
www.ekinvest.com              www.finansonline.com           www.gfc.com.tr                www.hedefmenkul.com
EKSPRES INVESTMENT &          FORTIS INVESTMENT &            GLOBAL INVESTMENT &           HSBC INVESTMENT &
SECURITIES INC.               SECURITIES INC.                SECURITIES INC.               SECURITIES INC.
Phone : +90 212 336 51 00     Phone : +90 212 358 07 70      Phone : +90 212 244 55 66     Phone : +90 212 366 17 00
Fax    : +90 212 336 51 01    Fax      : +90 212 358 08 07   Fax     : +90 212 244 55 67   Fax    : +90 212 336 24 72
www.ekspresinvest.com         www.fortisyatirim.com.tr       www.global.com.tr             www.hsbc.com.tr
ENTEZ INVESTMENT &            GALATA INVESTMENT &            GUVEN INVESTMENT &            INFO INVESTMENT &
SECURITIES INC.               SECURITIES INC.                SECURITIES INC.               SECURITIES INC.
Phone : +90 216 347 70 35     Phone : +90 212 393 39 00      Phone : +90 212 212 32 70     Phone : +90 212 319 26 00
Fax     : +90 216 346 63 43   Fax     : +90 212 293 10 10    Fax    : +90 212 288 50 38    Fax     : +90 212 324 84 25
www.entezmenkul.com.tr        www.galatamenkul.com           www.guvenmenkul.com           www.infomenkul.com.tr
EURO INVESTMENT &             GARANTI YATIRIM &              HAK INVESTMENT &              IS INVESTMENT &
SECURITIES INC.               INVESTMENT SECURITIES INC.     SECURITIES INC.               SECURITIES INC.
Phone : +90 212 354 07 00     Phone : +90 212 318 28 38      Phone : +90 212 296 84 84     Phone : +90 212 350 20 00
Fax     : +90 212 356 20 76   Fax     : +90 212 217 84 70    Fax    : +90 212 233 69 29    Fax     : +90 212 350 20 01
www.euroyatirim.com.tr        www.garantiyatirim.com.tr      www.hakmenkul.com.tr          www.isyatirim.com.tr
EVGIN INVESTMENT &            GEDIK INVESTMENT &             HALK INVESTMENT &             KALKINMA INVESTMENT &
SECURITIES INC.               SECURITIES INC.                SECURITIES INC.               SECURITIES INC.
Phone : +90 212 270 10 46     Phone : +90 216 453 00 00      Phone : +90 212 393 03 03     Phone : +90 212 211 97 97
Fax     : +90 212 282 88 20   Fax     : +90 216 451 63 64    Fax     : +90 212 292 99 46   Fax    : +90 212 211 97 98
www.evgin.com.tr              www.gedik.com                  www.halkyatirim.com.tr        www.kymd.com.tr



                                                                        Trading TurkDEX Futures                          21
                                                                                                    TurkDEX Members
Brokerage Houses
MARBAS INVESTMENT             ORION INVESTMENT               PRIM INVESTMENT &              STANDARD INVESTMENT &
SECURITIES INC.               SECURITIES INC.                SECURITIES INC.                SECURITIES INC.
Phone : +90 212 286 30 00     Phone : +90 212 319 98 00      Phone : +90 212 283 88 88      Phone : +90 212 323 48 88
Fax    : +90 212 286 30 50    Fax      : +90 212 344 15 77   Fax     : +90 212 283 88 90    Fax    : +90 212 323 48 50
www.marbas.com.tr             www.iktisatyatirim.com.tr      www.prim.com.tr
                                                                                            STANDARD UNLU
MEKSA INVESTMENT &            OYAK INVESTMENT &              RAYMOND JAMES                  INVESTMENT & SECURITIES
SECURITIES INC.               SECURITIES INC.                INVESTMENT & SECURITIES INC.   INC.
Phone : +90 212 344 11 11     Phone : +90 212 319 12 00      Phone : +90 212 287 40 04      Phone : +90 212 330 02 02
Fax    : +90 212 344 11 21    Fax    : +90 212 351 05 99     Fax      : +90 212 287 59 10   Fax     : +90 212 330 01 78
www.meksayatirim.com.tr       www.oyakyatirim.com.tr         www.rj.com.tr                  www.standardunlu.com.tr
NUROL INVESTMENT &            PAY INVESTMENT &               SANKO INVESTMENT &             STRATEJI SECURITIES INC.
SECURITIES INC.               SECURITIES INC.                SECURITIES INC.                Phone : +90 212 354 79 00
Phone : +90 212 286 80 00     Phone : +90 212 275 17 08      Phone : +90 212 410 05 00      Fax      : +90 212 275 85 20
Fax     : +90 212 286 80 01   Fax    : +90 212 275 01 85     Fax    : +90 212 410 05 05     www.strateji.com.tr
www.nurolonline.com           www.paymenkul.com.tr           www.sankomenkul.com
                                                                                            TACIRLER INVESTMENT &
ONCU INVESTMENT &             POZITIF INVESTMENT &           SEKER INVESTMENT &             SECURITIES INC.
SECURITIES INC.               SECURITIES INC..               SECURITIES INC.                Phone : +90 212 355 46 46
Phone : +90 212 251 83 80     Phone : +90 216 681 30 30      Phone : +90 212 213 43 70      Fax      : +90 212 282 20 65
Fax    : +90 212 251 90 12    Fax      : +90 216 681 30 01   Fax    : +90 212 213 43 90     www.tacirler.com.tr
www.oncumenkul.com.tr         www.pozitifmenkul.com.tr       www.sekeryatirim.com




                                                                         Trading TurkDEX Futures                           22
                                                                                                  TurkDEX Members
Brokerage Houses
TAKSIM INVESTMENT &           TERA INVESTMENT &              VAKIF INVESTMENT &            ZIRAAT INVESTMENT &
SECURITIES INC.               SECURITIES INC.                SECURITIES INC.               SECURITIES INC.
Phone : +90 212 251 71 16     Phone : +90 212 365 10 00      Phone : +90 212 352 35 77     Phone : +90 212 366 98 98
Fax     : +90 212 249 74 83   Fax     : +90 212 290 69 95    Fax     : +90 212 352 36 20   Fax     : +90 212 285 16 61
www.taksimmenkul.com.tr       www.teramenkul.com             www.vakifyatirim.com.tr       www.ziraatyatirim.com.tr
TEB INVESTMENT &              TICARET INVESTMENT &           YAPI KREDI INVESTMENT
SECURITIES INC.               SECURITIES INC.                & SECURITIES INC.
Phone : +90 212 345 11 11     Phone : +90 212 251 51 21      Phone : +90 212 280 10 30
Fax     : +90 212 345 07 14   Fax      : +90 212 251 49 21   Fax     : +90 212 264 14 09
www.tebyatirim.com.tr         www.ticaretmenkul.com.tr       www.yky.com
TEKSTIL INVESTMENT &          TURKISH INVESTMENT INC.        YATIRIM FINANSMAN
SECURITIES INC.               Phone : +90 212 233 48 48      INVESTMENT &
Phone : +90 212 276 27 27     Fax      : +90 212 240 88 85   SECURITIES INC.
Fax     : +90 212 276 29 00   www.turkishyatirim.com         Phone :+90 212 317 69 00
www.tekstilmenkul.com.tr                                     Fax     :+90 212 282 15 50
                                                             www.yfas.com.tr




                                                                         Trading TurkDEX Futures                         23
For more information to help you get started trading TurkDEX products, please visit our web site
at www.turkdex.org.tr

Address : Akdeniz Cad. No:14 Birsel ‹fl Merkezi
          Daire: 601 35210 Alsancak / Izmir / TURKEY
Phone   : +90-232-481 1081
Fax     : +90-232-445 6185
E-mail  : turkdex@turkdex.org.tr
Web     : www.tukdex.org.tr



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                                                   Trading TurkDEX Futures                            24

				
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