Derivatives in Turkey: Borsa Istanbul’s Futures and Options Market (VİOP), OTC Derivatives and Leveraged Transactions under the Capital Markets Law, Communiqué III-37.1 and Takasbank Rules

Derivatives are capital market instruments under Turkish law. The Capital Markets Law defines them broadly, including leveraged transactions on foreign currency and precious metals (Art. 3(1)(u)). The rules on insider dealing, market manipulation and SPK’s measures therefore apply to them as they do to shares. Exchange-traded derivatives are traded on Borsa Istanbul’s Futures and Options Market (VİOP). VİOP is governed by the VİOP Directive and by the VİOP Procedure, revision 70 of 1 July 2026, and Takasbank acts as central counterparty. Single-stock futures are physically settled and their final settlement price is the closing price of the share in the spot market. BIST 30 index futures are cash-settled against a weighted average of index values in the last thirty minutes of the session and the closing value. Since 12 March 2020, daily price limits on share and share-index futures have been ±10%, in place of the standard ±20% and ±15%, until further notice. In extraordinary situations, Borsa Istanbul may require trades only to close positions, require open positions to be closed at a settlement price it determines, and change price limits or halt trading (VİOP Directive Art. 30). Over-the-counter derivatives with Turkish brokers are governed by Communiqué III-37.1, which requires a collateral policy, position limits and initial and maintenance margin. Leveraged foreign exchange trading is restricted to a maximum leverage of 10:1, and Turkish firms may not route such trades to foreign entities. This guide explains the framework for foreign institutional investors. It reflects the rules in force as at 26 October 2026.

Why derivatives rules matter in the 2026 crisis

Foreign institutions use Turkish derivatives for several purposes. They hedge equity exposure with BIST 30 index futures. They manage lira exposure with currency futures. Some also use single-stock futures and options. Derivatives are also relevant to market integrity. Because single-stock futures settle at the share’s closing price and index futures settle against index values near the close, prices in the spot market at the end of the session directly affect derivative positions. A manipulation case may therefore involve both the share and its derivatives.

In periods of market stress, the derivatives market has its own crisis tools. Borsa Istanbul may change price limits, restrict trading to the closing of positions, or require positions to be closed at a price it determines. Takasbank may call for additional margin and manage defaults through its guarantee fund. SPK may impose position limits on persons reasonably suspected of market abuse. An institution with derivative positions needs to know how these tools work and what legal recourse exists.

This guide sets out the statutory framework, the exchange and clearing rules and the rules for over-the-counter and leveraged transactions. It does not cover the tax treatment of derivative gains, and it does not assess any trading.

The legal framework

Definition. Capital market instruments include securities, derivatives and investment contracts (Capital Markets Law Art. 3(1)(ş)). Derivatives are defined to include instruments giving the right to buy, sell or exchange securities, and instruments whose value depends on securities prices, exchange rates, interest rates, precious metals, commodities, statistics, credit risk, energy prices, climate variables or indices of these. Leveraged transactions on foreign currency, precious metals and other assets SPK designates are also derivatives (Art. 3(1)(u)). For the purposes of Communiqué III-37.1, contracts for difference, warrants and certificates are also treated as derivatives (Communiqué III-37.1 Art. 25/A(2)).

How VİOP works

Contracts. SPK decides, on the proposal of Borsa Istanbul’s board, on which underlying assets derivatives may be traded and on their minimum elements. The board determines the other contract terms (VİOP Directive Art. 5). The contract terms are announced by the General Manager and bind all parties trading without further notice (Art. 6(1)). The contracts currently listed include single-stock options and futures; BIST 30 index options and futures; futures on the BIST Liquid Banks, BIST Non-Bank Liquid 10 and BIST Sustainability 25 indices; currency options and futures on USD/TL, EUR/TL and other pairs; and precious metal futures (VİOP Procedure Annex 1).

No transfer outside the market. Rights and obligations from open positions end when positions are closed by an opposite trade, on maturity, on exercise, by transfer to other contracts under exchange rules, or by methods in the clearing rules. Contracts and positions may not otherwise be sold or transferred, in the market or outside it (Directive Art. 6(2)).

Access and segregation. Orders are transmitted to the trading system by institutions authorised to trade on Borsa Istanbul (Directive Art. 9). A foreign institution therefore trades through a Turkish member. Members must monitor in their books the rights, obligations and assets of each client separately from their own and those of other clients (Art. 23). Borsa Istanbul may require members to report their own and their clients’ positions (Art. 24).

Limits and sessions. To control risk, limits may be placed on contracts, orders and trades by capacity, quantity or amount, and the General Manager may change risk limits for members, their representatives or contracts in unusual market conditions (Art. 16(1)). VİOP has an evening session, in which BIST 30 and other index futures and certain precious metal futures trade (Procedure Section 7). Trading generally uses continuous matching, and the single-price method may be used under board principles (Directive Art. 11).

Trade cancellation. Trades resulting from erroneous orders may be cancelled if at least one member entered an erroneous order and the request meets the Procedure’s conditions. These include an application within thirty minutes of the trade and a price outside the permitted range around a reference price (Procedure Section 19). The exchange records prevail in disputes over trade information (Directive Art. 14).

Equity and index contracts: settlement and price limits

Settlement prices. The daily settlement price is used to update accounts at the end of the session. For single-stock and BIST 30 futures, it is the volume-weighted average price of trades in the last ten minutes of the session. If there were fewer than ten trades in that period, the last ten trades are used. If there were fewer than ten trades in the session, all trades are used. If there were none, the previous day’s settlement price applies. Where the price cannot be calculated or does not reflect the market, the average of the best bid and offer or a theoretical price may be used (Procedure Annex 1, B and D). The Settlement Price Committee may change the calculated daily settlement price where it considers it necessary (Directive Art. 18(2)).

The source for these features is the VİOP Procedure, Annex 1, B and D. The base price for daily limits is set by the Settlement Price Committee on the first trading day and is otherwise the previous day’s settlement price (Directive Art. 21(1)). If a final settlement price cannot be determined because the spot session is closed or no price forms, the Settlement Price Committee determines it (Procedure Annex 1).

Corporate actions. Where dividends, capital increases, reductions, mergers or similar events affect the value or number of shares, the Corporate Actions Committee adjusts contract terms and base prices so that the effect is taken into account reasonably and fairly (Directive Arts. 19–21(2)).

Halts. If trading in an underlying asset is halted, trading in contracts on it may be halted by the General Manager (Directive Art. 31(1)). The General Manager may halt contracts for up to one month. Longer halts require a board decision, and halts and reopenings are announced on KAP with reasons (Procedure Section 16). When the index circuit breaker in the equity market is triggered, share and share-index futures and options on the affected underlyings are halted for 20 minutes (Procedure Section 16.1). Contracts may be delisted if the underlying stops trading in the spot market, if a licence agreement ends, if there is no trading or open interest for at least three months, or if other circumstances prevent proper trading (Directive Art. 32; Procedure Section 17). Trading halts in the equity market are explained in our guide to trading halts, the Watchlist Market and delisting.

Clearing, margin and default at Takasbank

Central counterparty. Obligations from VİOP trades are settled through the clearing centre under SPK’s rules and the clearing legislation (Directive Art. 26). Takasbank acts as central counterparty. Risk management is carried out on clearing positions. A member’s own trades are monitored in portfolio accounts and its clients’ trades in client accounts (Takasbank Directive Art. 5(1)–(2)). Margin is calculated with a confidence level of at least 99% and a holding period of at least two business days (Art. 5(4)).

Position limits. Three types of position limit may be applied on VİOP. A limit per account holder (sicil) caps the same-direction positions in all contracts on the same underlying across all accounts of one holder. A market-wide limit caps total open interest on the same underlying. A member limit caps the same-direction positions across all accounts of one member (Takasbank Directive Art. 6(1)–(4)). The amounts and the consequences of exceeding them are set in the market procedure (Art. 6(5)). If a limit is exceeded, the pre-trade risk system may allow only orders that reduce positions (VİOP Procedure, Annex on pre-trade risk management, Section 4).

Margin calls. A member whose margin falls below the required level, or whose cash collateral account is in deficit, receives a margin call. A call sent through the system is deemed received without further notice. A member in margin call or default can leave that status only by depositing collateral or by risk-reducing trades (Art. 16(1), (3) and (4)).

Ownership and segregation of collateral. Under Capital Markets Law Art. 78, ownership of book-entry instruments given as collateral to Takasbank as central counterparty passes to Takasbank. Takasbank may realise them without notice, court permission or auction (Takasbank Directive Art. 13). Collateral linked to client positions may not be used to cover the member’s own deficits. In individual (tekil) accounts, margin is calculated on a net portfolio basis. In omnibus (çoklu) accounts, gross margining per client applies. Collateral in an individual client account may not be used for other clients’ deficits (Art. 14(1)–(2)). Concordat, bankruptcy, enforcement proceedings or gradual liquidation of the collateral giver cannot limit Takasbank’s rights over collateral (Art. 14(4)). Central counterparty clearing is explained in more detail in our guide to clearing and settlement.

Guarantee fund and default. Members contribute to a guarantee fund used for losses exceeding a defaulting member’s margin. The fund must be at least the larger of the resources needed if the member with the largest open position defaults under stress, or if the second and third largest default together (Takasbank Directive Arts. 17(1) and 18(1)). Other members’ contributions may be used only after the defaulting member’s margin, its guarantee fund contribution, any insurance and Takasbank’s capital allocated to the market are exhausted (Art. 17(4)). For physically settled VİOP contracts, Takasbank’s liability is primarily to deliver the asset. If the asset cannot be obtained within two business days of settlement, the creditor is paid its value. The creditor may also claim the value in writing on the settlement day or the next business day (Art. 32(1)–(5)).

Powers of Borsa Istanbul, Takasbank and SPK in stressed markets

Extraordinary situations under the Directive. All transactions and developments arising from market conditions or infrastructure that prevent, or may prevent, honest and reliable trading, and other unexpected events, are extraordinary situations (VİOP Directive Art. 30(1)). In such situations the General Manager may take one or more of the following measures, without being limited to them (Art. 30(2)):

1. 1. change the conditions on members’ financial obligations;
2. 2. require trading only to close existing positions;
3. 3. change the maturity dates of contracts;
4. 4. change the settlement method and conditions;
5. 5. change daily price limits;
6. 6. require open positions to be closed and determine the settlement price; and
7. 7. change session opening and closing times, or halt or restrict trading.

If a member or a member’s client does not carry out a required transaction within the time given, Borsa Istanbul or the clearing centre may carry it out ex officio without further notice (Art. 30(4)). Takasbank may also determine and apply any measure where it foresees that clearing will be adversely affected by extraordinary situations (Takasbank Directive Art. 42).

Ordinary market powers. To ensure efficient, honest and reliable trading, or in cases of extraordinary price and volume movements, artificial price formation and similar effects, the General Manager may impose different trading methods including single-price trading, pause the session, refuse special trade reports, restrict order methods and types, cancel pending orders, restrict members’ access protocols, change data publication and change session times, without prior notice (Procedure Section 51). Daily price limits may be changed temporarily for sessions or contracts, and doubled per contract by a deputy general manager or the market director (Directive Art. 22; Procedure Section 49).

Review. Measures taken by Borsa Istanbul and Takasbank are taken under rules approved by or issued under SPK’s supervision. Disputes between members, and between members and their clients on the client’s application, about exchange transactions may be resolved by Borsa Istanbul’s board (Borsa Istanbul Regulation Art. 47). SPK decisions are reviewed by the administrative courts (Capital Markets Law Art. 134). Disputes between a client and its broker about a close-out or a margin call are governed by the client agreement and general law. They are discussed in our guide to claims against brokers, custodians and portfolio managers.

Market abuse involving derivatives

Manipulation. Buying or selling, giving, cancelling or changing orders, or account movements intended to create a false or misleading impression of the prices, price changes, supply or demand of capital market instruments are punishable by three to five years’ imprisonment and a judicial fine of five thousand to ten thousand days, not less than the benefit obtained (Capital Markets Law Art. 107(1)). Because derivatives are capital market instruments, this applies to trading in derivatives. It also applies to trading in shares intended to affect derivative prices.

The settlement rules make certain periods sensitive. The daily settlement price of single-stock and BIST 30 futures is based on trades in the last ten minutes of the VİOP session. The final settlement price of single-stock futures is the share’s closing price. The final settlement price of BIST 30 futures is based on index values in the last thirty minutes and on the close (Procedure Annex 1). Trading in either market around these times may affect positions in the other. Whether particular trading is lawful depends on its purpose and effect in each case. The manipulation offence and SPK’s measures are explained in our guide to market manipulation under Turkish law.

Insider dealing. Using inside information to trade in derivatives on a company’s shares is within the insider dealing offence, which applies to capital market instruments generally (Art. 106). See our guide to insider dealing.

Market-disrupting acts. Conduct that cannot be explained by a reasonable economic or financial justification and that disrupts the reliable, open and stable operation of markets may be a market-disrupting act subject to administrative fines (Art. 104). See our guide to market-disrupting acts under Art. 104.

Exchange surveillance. Borsa Istanbul’s surveillance covers its markets, including VİOP. It may take preventive measures and reports suspected abuse to SPK (Borsa Istanbul Regulation Arts. 43 and 44). How SPK investigates is explained in our guide to SPK investigations.

OTC derivatives with Turkish brokers

Where derivatives may be traded. Order transmission, execution and dealing in derivatives other than leveraged transactions may take place on exchanges and other organised markets or over the counter, depending on the nature of the transactions (Communiqué III-37.1 Art. 25(1)). Banks other than investment and development banks may not provide execution services in shares, leveraged transactions or derivatives on shares or share indices (Art. 17(1)(c)), and similar limits apply to dealing (Art. 22(1)(c)).

Product list. Investment firms dealing in OTC derivatives must draw up, publish on their websites and send to the Turkish Capital Markets Association a list of the derivative types and underlyings in which they deal (Art. 25/A(1)). Contracts for difference traded over the counter are subject to the rules on leveraged transactions (Art. 25/A(3)).

Collateral policy and position limits. Brokers must adopt, by board decision, a collateral policy for each type of derivative and underlying. It must take into account whether they assume direct financial obligations to clients, clients’ risk profiles, adverse market conditions and hedging strategies, and follow internationally accepted methods (Art. 25/B(1)). The risk models used must be back-tested under stress at least every six months (Art. 25/B(3)). As part of the policy, brokers must set limits on the position each client may take, so that the default of the largest clients in extreme conditions does not prevent the broker from meeting its capital adequacy requirements (Art. 25/C).

Initial and maintenance margin. Brokers must require collateral before OTC derivative transactions begin, structured at least as initial and maintenance margin (Art. 25/Ç(1)). If the maintenance ratio falls below the set level, a margin call is made as provided in the framework agreement to restore the initial ratio (Art. 25/Ç(3)). A client who does not meet a margin call in time is in default without further notice. Its positions may be closed automatically, and orders increasing its risk are not accepted. Brokers may set a close-out ratio below the maintenance ratio at which positions are closed automatically (Art. 25/Ç(4)). The amounts, valuation, monitoring, close-out and pricing rules must be set by the broker and included in the framework agreement (Art. 25/Ç(5)).

Payment. Clients’ finalised cash receivables from OTC derivative transactions must be paid in full and in cash within three business days of the client’s request (Art. 19(1)(ç)).

Exclusions. Physical purchases and sales of currencies, precious metals and other assets, and derivative trades between persons without the intermediation of an investment firm that do not amount to commercial or professional activity, are not derivative transactions under the Communiqué (Art. 26). The investment services rules are covered more generally in our guide to investment services rules under Communiqué III-37.1.

Leveraged transactions

What they are. Leveraged transactions are purchases and sales, on an electronic platform and on a leveraged basis against collateral, of foreign currency, precious metals and other assets designated by SPK (Communiqué III-37.1 Art. 3(1)(g)). They are mainly a retail product, but the rules also affect professional clients and foreign investors using Turkish firms.

Main restrictions. The leverage ratio when a position is first opened may not exceed 10:1, and SPK may change ratios or set them by asset (Art. 27(1)–(2)). An initial deposit of at least TL 50,000 or the equivalent in foreign currency is required (Art. 27(3)). Only cash in Turkish lira or in currencies for which the Central Bank announces daily rates is accepted as collateral (Art. 27(6)). Collateral must be monitored per client, reported and held at Takasbank (Art. 27/A(1)–(2)). Brokers offering leveraged transactions may not provide portfolio management or investment advice to the same clients for these transactions (Art. 27/B). Retail clients must first use a demonstration account for at least six business days and at least fifty trades (Art. 27/C). They must also sign a statement acknowledging the risks, including that the whole collateral may be lost (Art. 27/Ç). Retail clients and elective professional clients may not be made to lose more than their collateral, unless an elective professional client waives this protection in writing (Arts. 19(1)(d)–(e) and 24(1)(c)–(ç)).

Cross-border limits. Investment firms may not transmit orders for leveraged transactions to foreign entities, and may not execute such transactions in foreign markets (Arts. 15(4) and 20(4)). Where SPK learns that leveraged transactions, or derivative transactions subject to the same rules, are offered over the internet from abroad to persons resident in Turkey without authorisation, it orders the removal of the content or the blocking of access, implemented through the Association of Access Providers (Capital Markets Law Art. 99(4)).

Cancellation. Executed client orders may not be cancelled by the broker. The exceptions are an improvement in the client’s favour following a complaint, remedying client harm caused by a technical problem on the platform, and certain cancellations by the counterparty of professional client orders routed automatically (Art. 29(1)).

Points for foreign institutional investors

Account structure. Whether positions are held in an individual or an omnibus account at Takasbank affects margining and protection. Individual accounts are margined on a net portfolio basis, and their collateral cannot be used for other clients’ deficits. Omnibus accounts are margined gross per client (Takasbank Directive Art. 14). The choice should be discussed with the executing and clearing member.

Crisis provisions. The VİOP Directive allows close-out-only trading, forced closing of positions at a settlement price set by the exchange, and changes to price limits and settlement methods (Art. 30(2)). Hedging strategies should take into account that a hedge may be closed or restricted at the same time as the underlying market is under stress.

Price limits. The ±10% limits in force since 2020 apply to share and share-index futures until Borsa Istanbul announces otherwise. In a sharp market move, a futures contract may reach its limit while the underlying continues to trade, which affects hedge effectiveness.

Records. Exchange records prevail in disputes over trade information (Directive Art. 14). An institution should keep its own records of orders, confirmations, margin calls and close-outs, and obtain its broker’s records promptly if a dispute arises.

Frequently asked questions

Are derivatives capital market instruments under Turkish law?

Yes. Capital market instruments include securities and derivatives, and derivatives include leveraged transactions on foreign currency and precious metals (Capital Markets Law Art. 3(1)(ş) and (u)).

Where are exchange-traded derivatives traded in Turkey?

On Borsa Istanbul’s Futures and Options Market (VİOP), with Takasbank as central counterparty (VİOP Directive Art. 26).

How are single-stock futures settled?

By physical delivery, settled T+2. The final settlement price is the share’s closing price in the spot market on the last trading day (VİOP Procedure Annex 1, B).

How is the BIST 30 futures final settlement price calculated?

As 80% of the time-weighted average of index values in the last thirty minutes of continuous trading and 20% of the closing value, rounded to the nearest price step (Procedure Annex 1, D).

What daily price limits apply to equity futures?

The Procedure provides ±20% for single-stock futures and ±15% for index futures in the normal session. Since 12 March 2020, both have been applied at ±10% until further announcement.

Can Borsa Istanbul force positions to be closed?

Yes. In extraordinary situations it may require open positions to be closed and determine the settlement price, and may carry out transactions ex officio if members or clients do not (VİOP Directive Art. 30(2)(e) and (4)).

Are there position limits on VİOP?

Yes. Limits may be applied per account holder, market-wide and per member. Once a limit is exceeded, only position-reducing orders may be allowed (Takasbank Directive Art. 6; VİOP Procedure pre-trade risk annex).

Can VİOP positions be transferred outside the market?

No. Rights and obligations from open positions may not be sold or transferred, in or outside the market, except as the rules provide (VİOP Directive Art. 6(2)).

What happens to VİOP contracts when the underlying share is halted?

Trading in the related contracts may be halted (Directive Art. 31(1)). When the index circuit breaker is triggered, related share and index derivatives are halted for 20 minutes (Procedure Section 16.1).

Who owns collateral given to Takasbank?

Ownership of book-entry instruments given as collateral passes to Takasbank under Capital Markets Law Art. 78, and Takasbank may realise them without notice or court permission (Takasbank Directive Art. 13).

Does the market manipulation offence apply to derivatives?

Yes. Art. 107(1) applies to capital market instruments, which include derivatives.

Can SPK impose position limits?

Yes, on persons reasonably suspected of market abuse (Capital Markets Law Art. 101(1)(f)).

What rules apply to OTC derivatives with a Turkish broker?

Communiqué III-37.1 Arts. 25–26: product lists, a collateral policy, client position limits, initial and maintenance margin, and default and close-out rules set out in the framework agreement.

What is the maximum leverage for leveraged FX trading?

10:1 when a position is opened, unless SPK sets a different ratio (Communiqué III-37.1 Art. 27(1)–(2)).

Can a Turkish broker route leveraged trades to a foreign firm?

No. Investment firms may not transmit leveraged orders to foreign entities or execute them in foreign markets (Arts. 15(4) and 20(4)).

Related guides

• Turkey’s 2026 Fund and Market Manipulation Crisis: Legal Guide for Foreign Institutional Investors — the entry point to this series
• MSCI’s Turkey Index Freeze and the Legal Response
• Lease Certificates (Sukuk) in Turkey
• Inflation Accounting in Turkey: TMS 29 and the Tax Books
• Individual Application to Turkey’s Constitutional Court and the ECHR
• Privileged Shares in Turkish Listed Companies
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• Clearing and Settlement: Takasbank as Central Counterparty
• Short Selling, Margin Trading and Securities Lending in Turkey
• Market Manipulation under Turkish Law
• Market-Disrupting Acts in Turkey: Capital Markets Law Art. 104
• Insider Dealing in Turkey: Capital Markets Law Article 106
• Investment Services Rules in Turkey
• Claims Against Brokers, Custodians and Portfolio Managers in Turkey
• SPK Investigations in Turkey