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					 TurkDEX             TurkDEX-ISE 30 Futures
 ISE 30              Currently Turkey’s most liquid financial product, TurkDEX - ISE 30 Futures

 Futures             offer foreign investors an efficient way of holding equity exposure in
                     Turkey. The underlying asset of TurkDEX-ISE 30 futures is the ISE
                     National-30 Index which is one of the key benchmark indices followed by
                     international investors. The ISE-30 represents an equity index comprising
                     30 large-capitalization stocks traded at the Istanbul Stock Exchange.

                     Discover the benefits of trading TurkDEX-ISE 30 Futures!




                     Key Benefits
                       Hedging Turkish Equity Portfolios
                      The ISE-30 equity index futures provide the unique opportunity for
                      foreign investors to hedge their spot equity portfolios.


                       Liquidity
                       TurkDEX-ISE 30 index futures have become the most liquid financial
                       instrument within the overall financial system in Turkey. High trading
                       volumes ensure the efficient execution of your trades. The daily
                       average trading volume of the TurkDEX-ISE 30 futures contract
                       exceeds 1 billion USD. According to data from FIA, TurkDEX became
                       one of the fastest growing futures exchanges.
  No-Action Letter
Received from CFTC
                       Tax Advantages
                       Foreign institutional investors are neither subject to any regulatory
                       restrictions nor to any withholding tax on gains resulting from
                       transactions on TurkDEX.

                       Small Contract Size
                       The small contract size of the TurkDEX-ISE 30 index futures (about
                       USD 5,000) attracts all types of investors.

                       Leverage
                       The margin trading at TurkDEX enables investors to use leverage by
                       holding a large position with a relatively low amount of collateral, on
                       which investors also earn interest income.



                                          Akdeniz Cad. Birsel Is Mrk. No: 14 Alsancak 35210 Izmir/Turkey
                                                                                Phone: +90 232 481-1081
                                                                                  Fax: +90 232 445-6185
                                                                           E-mail: turkdex@turkdex.org.tr
                                                                                       www.turkdex.org.tr
                                                                                    www.aboutturkdex.org
                                 TurkDEX-ISE 30 Futures Yearly Total Trading Value
                                               (in millions of USD)
                                                                                                       278,475
                                                                                       202,808


                                                                      147,662



                                                       84,959                                                        93,898                          TurkDEX
                                                                                                                                                       ISE 30
                                                                                                                                                      Futures
                          433          7,348


                                                                                                                          *



              *January-April 2011


                   Safety and Regulations
                   Thanks to TurkDEX’s effective risk management implementations like
                   the real-time pre-margining system and an extensive guarantee fund,
                   market participants are protected against counterparty risks. A fair,
                   transparent and efficient market structure lies at the core of TurkDEX
                   regulations, which are adapted to market conditions on a continuous
                   basis.                                                                                                                 Investors' Share of TurkDEX ISE-30 Futures
                                                                                                                                                 (Open Interest, December 2010)

                   Surveillance
                   The newly designed and developed TurkDEX surveillance system,                                                                                          Local
                   V-OBSERVER, provides effective real-time and post-transaction                                                                      Foreign             42%
                   monitoring. V-OBSERVER detects any abnormalities in trades, orders                                                                 58%
                   or positions in order to ensure a safe and fair trading environment.

                   CFTC No-Action Letter
                   TurkDEX has applied to the No-Action Letter and is currently waiting for the approval of the
                   CFTC. Upon the approval, US Investors will be able to freely trade TurkDEX ISE-30 futures
                   contracts.

                                                                          Contract Specifications
                    Underlying Asset         ISE National-30 Index
                    Contract Size            Value calculated by dividing the index value by 1,000 and multiplying the quotient by TRY100
                                             (ISE National-30 Index/1,000)*TRY100 (Ex. 70.825*100=TRY 7,082.5)
                    Price Quotation            ISE National-30 Index value, divided by 1,000 shall be quoted significant to three decimals

                    Daily Price Limit        ±15% of the established base price for each contract with a different contract month
                    Minimum Price              0.025 (25 ISE National-30 Index points) Value of one tick corresponds to TRY 2.5
                    Fluctuation (Tick)
                                               February, April, June, August, October and December (Contracts with three different expiration months nearest to the
                    Contract Months            current month are traded. If December is not one of those three months, an extra contract with an expiration month of
                                               December shall be launched.)
                    Final Settlement           Last business day of each contract month. In case domestic markets are closed for half day due to an official holiday,
                    Day                        expiry date shall be the preceding business day.

                    Last Trading Day           Last business day of each contract month. In case domestic markets are closed for half day due to an official holiday,
                                               last trading day shall be the preceding business day.
                    Settlement Method Cash Settlement
                    Final Settlement  Arithmetic average of all ISE National-30 Index values executed at the ISE within the last 30 minutes before the close of the
                    Price             trading session of the Exchange on the last trading day shall be used as the last settlement price of the futures contract. If the
                                             ISE trading session closes before that of the Exchange, as calculation method being the same, calculations shall be made
                                             based on the ISE National-30 Index values executed during the last 30 minutes before the closing of the ISE trading session.
                                             In case there is a failure or flaw in the calculation of the index and/or import of index values by the Exchange during the last
                                             30 minutes due to technical difficulties, the last settlement price shall be calculated as the arithmetic average of the available
                                             data. The last settlement price is rounded to the nearest price tick.

                    Daily Settlement         Daily settlement price is established at the closing of each trading session as follows:
                                             1.Weighted average price of all the transactions performed within the last 10 minutes before the closing of the trading session
                    Price                    based on the quantity thereof shall be established as the daily settlement price.
                                             2.If number of transactions performed within the last 10 minutes before the closing of the trading session is less than 10,
                                             weighted average of the last 10 transactions before the closing shall be calculated instead.
                                             3. If the daily settlement price cannot be calculated using the above-explained methods, daily settlement price may be
                                             determined by using below explained methods separately or in combination.

                                               o weighted average price of all the transactions performed throughout the trading session,
                                               o previous day’s settlement price,
                                               o average of the best bid and best ask quotations at the closing of the trading session,
                                               o theoretical futures prices to be calculated using the interest rate to be determined by the Exchange for the time period until
                                               the expiration date of the contract, spot price of the underlying asset or daily settlement price valid for other contracts with
                                               different contract months.


This publication is only for information purposes and does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction.
All information and descriptions contained in this publication are for guidance purposes only, and should not be treated as definitive. TurkDEX shall not be liable (except to the extent required
by law) for the use of the information contained herein however arising in any circumstances connected with actual trading or otherwise. TurkDEX is not responsible for any errors or omissions
contained in this publication. No part of this publication may be redistributed or reproduced in any form or by any means or used to make any derivative work (such as translation, transformation,
or adoption) without written permission from TurkDEX.

				
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