The VIOP (Borsa Istanbul Derivatives Market) saw significant growth in Q1 2015, with trade volume up 41% and total contracts traded up 36% compared to the same period in 2014. VIOP offers futures and options on equities, indexes, currencies, commodities, and ETFs, and saw particularly strong growth in FX futures which were up 216%. Retail investors account for 64% of daily volume. Open interest was up 33% in Q1 2015 compared to the previous year. Foreign participation in the market has nearly doubled to 28%.

1. Q1 2015 Presentation
Derivatives Market

3. 1
VIOP AT A GLANCE
• Borsa Istanbul Derivatives Market (VIOP) is the region’s leading and most liquid
derivatives marketplace
• VIOP offers futures & option contracts based on equity, equity index, currency,
precious metals, commodity and ETF
• Takasbank provides Central Counterparty (CCP) clearing services for all VIOP contracts
• NASDAQ Trading Technology to be implemented at VIOP in 2016
• Quick facts about VIOP:
• 64% retail flow with 100,000 accounts
• 41% increase in volume in 2015 Q1
• ~1 billion USD daily turnover
• PoP London Equinix LD5
• 68 active members
• FIX Protocol Connection

4. 2
FUTURES AT VIOP
VIOP
Futures
Contracts
Single
Stocks
Equity
Index
BIST 30 Index
USD/TRY, EUR/TRY, EUR/USD
TRY Gold, USD Gold
Cotton, Wheat
Electricity
SASX 10
FBIST Bond ETF
Turkish Steel Scrap
Precious
Metals
Foreign
Index
ETF
Metal
Commodity
Energy
FX
AKBNK, EREGL, GARAN, ISCTR,
SAHOL, TCELL, THYAO, TUPRS,
VAKBN, YKBNK

5. 3
OPTIONS AT VIOP
VIOP
Option
Contracts
Single
Stocks
Equity
Index
BIST 30 Index, Mini BIST 30 Index
FX USD/TRY
AKBNK, EREGL, GARAN, ISCTR, SAHOL,
TCELL, THYAO, TUPRS, VAKBN, YKBNK

6. 4
RECORDS OF 2015
VIOP keeps on setting new records in 2015
All time high records (2005-2015) of monthly/daily trade volume, number of orders,
USD/TRY FX open interest
27 February 2015
USD/TRY FX Futures
Daily Trade Volume
1 billion TRY
March 2015
Monthly Total Trade Volume
53 billion TRY
8 May 2015
# of Orders Entered in a Day
691,250
20 May 2015
Open Interest in FX Futures
405,502
25 February 2015
Daily Trade Volume
5 billion TRY
March 2015
FX Futures
Monthly Trade Volume
8.9 billion TRY

7. 5
RECORDS OF 2014
Records of 2014
All time high records (2005-2014) of trade volume, open interest and number of orders
7 March
Open Interest in FX Futures
275,986
17 March
Open Interest in
BIST 30 Index Contracts
354,724
30 October
Total Open Interest
669,762
27 August
Daily Trade Volume
Record
4.3 billion TRY
28 April
Daily Trade Volume Record
3.8 billion TRY
16 December
Trade Volume Record in
USD/TRY Futures
475 million TRY
16 December
Total Number of Orders
265,405

8. 6
TRADE VOLUME
In Q1 2015, trade volume went up by 41% compared to the same period
last year
* Figure includes the first quarter data of 2015.
Trade Volume (mln TRY)
MillionTRY
700,000
403,933
2012 2013 2014 2015 2015E
416,609 435,722
139,590
610,011
41%600,000
500,000
400,000
300,000
200,000
100,000
0

9. 7
TOTAL NUMBER OF CONTRACTS TRADED
In Q1 2015, total number of contracts traded went up by 36% compared
to the same period last year. In 2014, it increased by 11% and reached to
59.5 million.
* Figure includes the first quarter data of 2015.
Number of Contracts Traded (mln)
Million
90
80
70
60
50
40
30
20
10
53
59
21
83
2013 2014 2015* 2015E
36%
0

10. 8
HIGH RETAIL LIQUIDITY
64% of daily trade volume is executed by retail investor base
* Figure includes the first quarter data of 2015.
Retail
Institutional
64% 36%
2015*

11. 9
2015* TRADE VOLUME
41% increase in total trade volume in 2015
* Figure includes the first quarter data of 2015.
Contract Type
Trade Volume (TRY)
2014*
Trade Volume (TRY)
2015*
Change
(2014-2015*)
Index Futures 88,380,576,790 116,619,164,958 32%
Index Options 119,857,800 517,873,800 432%
Single Stock Futures 2,556,342 687,236,309 26,883%
Single Stock Options 1,150 63,462,875 5,518,434%
FX Futures 9,778,598,730 21,149,455,981 216%
FX Options - 231,169,075 -
Precious Metals Futures 704,910,499 434,891,038 -38%
Total 98,986,873,211 139,703,291,601 41%

12. 10
FX FUTURES
* Figure includes the first quarter data of 2015.
2013 2014 2015* 2015E
FX Futures Trade Volume (mln TRY)
MillionTRY
50,000
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
22,727
31,986
21,149
44,781
216%
41%
In the first quarter of 2015, trade volume went up by 216% and reached to
21.1 billion TRY. Compared to 2013, total trade volume in FX futures went
up by 41% and reached to 32 billion TRY in 2014.

13. 11
PRODUCT BREAKDOWN
*Includes 2015 first quarter data.
Breakdown of Trade Volume 2015* Breakdown of Trade Volume in 2014
83.48% 91.94%
15.14%
0.37%
0.49%
0.31%
0.17%
0.05%
7.34%
0.01%
0.43%
0.23%
003%
0.01%
Index Futures-83.48%
FX Futures-15.14%
Index Options-0.37%
Precious Metals Futures-0.31%
Single Stock Futures-0.49% FX Options-0.17%
Index Futures-91.94%
FX Futures-7.34%
Index Options-0.23%
Single Stock Options-0.01%Precious Metals Futures-0.43%
FX Options-0.03%

14. 12
OPEN INTEREST
In the first quarter of 2015, total open interest went up by 33% compared
to the same period last year and reached to 800,000 contracts.
* Figure includes the first quarter data of 2015.
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
January
February
M
arch
April
M
ay
June
July
August
Septem
ber
O
ctober
Novem
ber
Decem
ber
0
2013
2014
2015

15. 13
FOREIGN vs DOMESTIC
Foreign investor’s share in Derivatives Market is almost doubled to
28% in 2015.
* Figure includes the first quarter data of 2015.
2011 201420132012 2015*
90
80
70
60
50
40
30
20
10
0
% 85
15 16
25 24
84
75 76
72
Domestic
Foreign
28

16. 14
TOP 10 BROKERS
As of the end of March 2015, 68 members are active in trading.
Rank Member 2014 Trade Volume (TRY) Share (%)
1 IS INVESTMENT 96,823,951,698 11.14
2 TEB INVESTMENT SECURITIES 94,678,825,663 10.89
3 GARANTI SECURITIES 57,433,300,719 6.61
4 YAPI KREDI INVEST 43,422,847,997 5.00
5 SANKO SECURITIES 38,272,232,751 4.40
6 DENIZ INVESTMENT 35,213,146,330 4.05
7 GEDIK INVESTMENT 33,748,492,575 3.88
8 YATIRIM FINANSMAN SECURITIES 33,664,634,027 3.87
9 DEUTSCHE SECURITIES 30,663,792,359 3.53
10 AK INVESTMENT 28,747,294,390 3.31

17. 15
BIST 30 INDEX FUTURES
Underlying Asset BIST 30 Index
Contract Size BIST30 Index is divided by 10 TRY (i.e. TRY 10,187 - ~ USD 3,830)
Contract Months 3 nearest months in February, April, June, August, October cycle and December
Tick Size 25 Index Points
Value of Tick Size TRY 2.5 (USD 0.94) per contract
Last Trading Day Last business day of each contract month.
Settlement Method Cash Settlement
Final Settlement Price
20% of closing price of BIST 30 Index and 80% of time weighted average
(TWAP) of the last 30 minutes of the trading session of the underlying index.
Trading Hours
09:10 - 17:45, session break at 12:30-13:55 Istanbul time (GMT+2)
07:10 - 15:45 London time
CCP Takasbank
Settlement Period T+1
Margins
Initial margin: 1,010 TRY
Maintenance margin: 75% of the initial margin.

18. 16
USD/TRY FX FUTURES
Underlying Asset USD/TRY
Contract Size 1,000 USD
Contract Months
The current month, the next calendar month, the next cycle month and December
(Cycle months are February, April, June, August, October and December).
Tick Size 0.0001 TRY per USD increments
Value of Tick Size TRY 0.10 (USD 3.8 cents) per contract
Last Trading Day Last business day of each contract month.
Settlement Method Cash Settlement
Final Settlement Price CBRT USD/TRY offer price fixing released at 15:30 on the last trading day.
Trading Hours
09:10 - 17:45 Istanbul time (GMT+2)
07:10 - 15:45 London time
CCP Takasbank
Margins
Initial margin: 125 TRY
Maintenance margin: 75% of the initial margin.

19. 17
REVENUE SHARING MARKET MAKING PROGRAM
• Zero exchange fee for market makers
• 50% of the total exhange revenue is shared with market makers
• Free connectivity
• No need to be a member in order to serve as a market maker
• Individual or institutional clients can be market maker at VIOP
• The program includes:
• Single Stock Futures
• Single Stock Options
• BIST30 Index Options
• USD/TRY Options

20. 18
PoP–LONDON EQUINIX LD5
Borsa Istanbul launches its Point of Presence (PoP) service to extend its market data
infrastructure worldwide via London Equinix LD5.
Borsa Istanbul PoP service offers:
• Access to real-time data of all Borsa Istanbul’s markets and of EDDN members
• A secure Fiber Optic Network connectivity option to Borsa Istanbul, with a maximum delay of
50 msec (roundtrip max. 100 msec)
• Redundancy provided by two separate lines to Borsa Istanbul main campus and one line to
the Borsa İstanbul Ankara DR location

21. 19
HOW TO TRADE AT VIOP?
Local presence is required for membership
VIOP Members list
www.borsaistanbul.com/en/members/members-list?y=21
0% withholding tax for corporate investors*
Takasbank is the CCP for derivatives market VIOP
Portfolio based risk management with SPAN®
algorithm
*Please get advice from your tax advisor

22. 20
HOW TO REACH VIOP DATA ON BLOOMBERG?
Bloomberg
• Index Futures-XU030 Index CT
• Single Stock Futures-SFUT TI
• FX Futures-A1A Curncy CT (A2A, B2A)
• Gold Futures-XLA Comdty (XLTA)
• Index Options-XU030X Index OMON
• Single Stock Options-GARANTI Equity OMON,…
• USD/TRY Options-TYX Curncy OMON
• Steel Scrap Futures–SVOA Comdty

23. 21
HOW TO REACH VIOP DATA ON REUTERS?
Reuters
• All Futures-0#ISTFUT:
• All Options-0#ISTOPT:

24. THANK YOU
To visit VIOP on the web
June2015
/borsaistanbulEN /borsaistanbul /borsaistanbul
Muammer ÇAKIR
Head of Derivatives Market
Tel : +90 212 298 25 80
Mob : +90 530 067 56 60
muammer.cakir@borsaistanbul.com
Ali AYTEN
Derivatives Market Product Development
Tel : +90 212 298 22 19
ali.ayten@borsaistanbul.com
Bayram Veli SALUR
Derivatives Market Product Development
Tel : +90 212 298 24 19
Mob : +90 553 501 30 03
bayram.salur@borsaistanbul.com
Derivatives Market
Tel : +90 212 298 24 27-3
viop@borsaistanbul.com