On Nov. 30, TUR EXC updated futures/options operating principles.
TUR EXC issued notification of changes to market making rules and other operating principles within the futures and options market, effective from Jan. 2, 2023.
Follows TUR EXC Jun. 2022 issued changes to cancellation requests, see #139702.
Amendments
Updates market maker spread and minimum order size obligations in share, index, precious metal, foreign exchange and electricity futures/index option contracts.
Amends grouping of market-making rights and obligations in share future contracts.
Determines transaction volume coefficient used in calculating revenue sharing within scope of market making program at 0.60, coefficient of market presence rate at 0.40.
Failure to collect revenue sharing amounts of last three years in cancellation of market making authorization; evaluation of market making performances every 6 months.
Updates to usage price steps of index and foreign exchange option contracts.
Share futures/options contracts min/max special transaction notification decided daily.
Changes to current VIOP procedure are included in the comparison table in annex 1.
Effectiveness
Changes come into effect on Jan. 2, 2023.
May 2023 Rule Changes
On May 31, 2023, TUR EXC issued changes to Market Making Rules Futures, Options.
In primary dealer program of Exchange Futures and Options Market (VIOP); Market maker rights and obligations in futures contracts have been updated.
Re share futures contracts in Group 3 revenue sharing rate is 30%; re transaction volume data used in calculation of revenue sharing amounts, market makers cannot include special transaction notifications they made; changes valid as of Jul. 3, 2023.
Aug. 2023 Rule Changes
On Aug. 7, 2023, TUR EXC announced upcoming changes to the VIOP procedure.
Due to BISTECH 3.0 transition, TUR EXC to make changes to Annex 1 VIOP procedure.
Current version can be found on website in Procedures page, Legislation section under Institutional heading; announcement includes tracked-changes; has no in force date.
Nov. 2024 VIOP Market Making Rules
On Nov. 29, 2024, TUR EXC announced new changes in VIOP market making rules.
TUR EXC's VIOP market making program will be effective as of Jan. 2, 2025.
It has been decided that the market maker rights and obligations in equity futures contracts will be determined as in annex 1, and maximum spread values updated.
Specifically, for contracts in market making program, as updated in comparison table.
Updates in this context in VIOP procedure and other changes are included in annex 2.
The current version of the procedure can be accessed on the Procedures page under the Legislation sub-heading under the Corporate heading on TUR EXC's website.
