It is the organised market within Borsa Istanbul where derivative instruments — futures and options contracts — are traded.

Contracts whose value depends on the performance of another underlying asset (equity, index, currency, commodity).

The asset that is the subject of the contract; it may be an equity, gold, a currency or an index.

A contract that creates an obligation to buy or sell a given asset at a future date at a price agreed today.

A contract that grants the right, but not the obligation, to buy or sell a given asset.

The number of units of the underlying asset represented by one contract. For example, one silver ounce contract represents 10 ounces of silver, and one single-stock futures contract represents 100 shares.

It indicates the month in which the contract expires.

It is preferred for the ability to trade large volumes with low margin (leverage) and to take positions in both directions.

The ability to open a large position with a small amount of capital.

Yes, but the same mechanism also magnifies losses. Leverage multiplies profits and losses symmetrically.

The regular session runs from 09:30 to 18:15. An evening session runs from 19:00 to 23:00 for certain contracts.

A position opened on the buy side in expectation of a price increase.

A position opened on the sell side, without holding the asset, in expectation of a price decline.

It is closed by trading in the opposite direction: a long position is closed by selling, a short position by buying.

The total number of contracts not yet closed; it indicates market depth.

An order type in which the desired execution price is entered manually.

An order executed immediately at the best available price.

On VIOP, a “conditional order” is used so that the position is closed automatically when the price reaches a specified level.

An order that stays in the system until expiry unless cancelled.

The weighted average price used as the basis for margin and profit/loss calculations at the end of the session.

At expiry, positions are closed at the final settlement price.

The minimum amount of cash required to open a position.

The minimum level your balance must not fall below if the market moves against you.

A notice to deposit additional margin, sent when your balance falls below the maintenance margin.

The position is partially or fully closed out by the brokerage firm.

TRY, foreign currency (USD/EUR), and equities and government bonds at specified haircuts are accepted as collateral.

The ratio that determines how much of the market value of non-cash collateral (equities, etc.) counts as margin. For example, 80%.

Idle cash in the VIOP account is automatically invested in overnight repo every night.

When you make a profit on VIOP, the amount is credited to your account on the same day.

It is reflected in accounts through the daily settlement carried out at the end of each session.

You can withdraw your free margin on the same day.

As the guarantor of transactions, it manages clearing and settlement between the parties.

Offsetting the downside risk in the spot market by opening a short position on VIOP.

Earning a risk-free profit from the price difference between the spot market and VIOP.

Opening positions and taking risk with the aim of profiting from price movements.

Taking opposite positions across different expiries or different products. For example, going short the near-month index contract and long the next month.

The risk that the difference between the spot and futures prices does not move as expected. For example, the spot price rising above the futures price (backwardation).

Delivery of the underlying asset (the shares) itself at expiry instead of cash.

Termination of the contract at expiry by crediting or debiting only the profit/loss.

Hedging stocks that are more volatile than the index requires selling more index contracts; the beta coefficient determines this ratio.

It is managed by posting only 10–20% of total capital as margin and keeping the rest free.

A sharp and rapid price move caused by investors positioned in one direction in futures being forced to close their positions.

Determined per mille or per ten thousand of trading volume, according to the agreement with the brokerage firm.

Withholding tax on gains from single-stock and index futures is 0%.

A 10% withholding tax is applied to returns.

The expected dividend is reflected directly as a discount to the futures price.

An option that yields a profit when exercised.

An option that is worthless and would not be rational to exercise.

The loss of an option's time value as it approaches expiry.

The spread incurred when closing the current contract and opening a contract in the next expiry.

The fair futures price calculated using a financial formula (the Cost of Carry Model).

It is opened through a brokerage firm. At PhillipCapital, you can start trading VIOP by completing the account opening steps.

Yes. You can submit your VIOP orders via Phillip MobilG+.

Speculative trading is preferred by investors with a high risk tolerance. Hedging, by contrast, is preferred by risk-averse investors.

It requires training and risk management knowledge. Before trading leveraged products, it is recommended that you fully understand the product mechanics and margin structure.