“Base Price” is the price which constitutes a base for determining the upper and the lower price limits of a stock between which a stock can be traded during a session. The “Base Price” is calculated by rounding the "Weighted Average Price” of the previous session to the nearest price tick.

"Price Tick" is the least price variation that may occur once at a time for each stock.

The lowest and the highest prices which may be offered for a stock within the session constitute the "Price Margin/Price Range" of that stock.  The price margin is automatically calculated  by the System to be 10% above and below the base price in every session.  The upper limit is determined by rounding to the appropriate upper price tick whereas the lower limit is determined by rounding to the lower price tick.  In the rights issue coupon market, the price margin is 25%

Short selling is the sale of capital market instruments that the seller does not own, or placing an order for such a sale. Any sale that is completed by using borrowed capital market instruments to fulfill the settlement obligation relating to the sale is also deemed a short sale.

In order to conduct short selling, the order should be entered as a short selling order at the beginning.  Short selling transactions are announced on the Daily Bulleting on a stock basis, stating amount and contract quantity at each price level.

“List of Securities Subject to Margin Trading and Short Selling” has been formed to cover all stocks and ETFs traded on ISE markets except the Watchlist Companies Market. Therefore, stocks and ETFs traded on ISE National, Collective Products, Second National and New Economy Markets may be subject to margin trading and short selling transactions. However, with regard to the principles of application of the decision of the CMB dated 23.07.2010 governing classification of the stocks traded on the markets of the ISE under groups, A, B, and C;
B and C group stocks cannot be involved in margin trading and short selling.

 

 

 

Settlement of securities traded is realized by the ISE Settlement and Custody Bank Inc. (Takasbank), which is the sole and exclusive central depository in Turkey.

General settlement principles are as follows: