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Maximum Order Value Limit for Instruments Traded in Borsa İstanbul

05.07.2017

There is a maximum order value rule for the instruments traded in Borsa İstanbul Equity Market. This rule, including limit orders, market orders, market to limit orders, imbalance orders, iceberg orders and quotations, states that the size of an order or quotation sent at once to any instrument cannot exceed the specified limits.

Maximum order value limit for orders and quotations, which is currently 3 million TRL for all securities, will be differentiated according to the turnover values and market capitalizations of the equities.

Taking traded values and market capitalization figures into consideration, higher order value limits for liquid stocks and lower order value limits for less liquid ones is introduced. Thus stocks are assigned to six groups that have different maximum order values.

Group No: 1. Maximum order value: 4 million TRL.

Group No: 2. Maximum order value: 3 million TRL.

Group No: 3. Maximum order value: 2 million TRL.

Group No: 4. Maximum order value: 1 million TRL.

Group No: 5. Maximum order value 0.5: million TRL.

Group No: 6. Maximum order value: 0.1 million TRL.

Maximum order values will be updated in January and July (every six months) according to the previous 6 month's figures.

In the case of rights issues, merger, takeover and stock split, Equity Market Department can update the maximum order value of the related stock, considering market requirements, before the six-month period.

The maximum order value of a stock that will start to be traded in the equity market is determined by considering the market value criterion and the maximum order value of companies of similar size in the same sector. Borsa İstanbul Equity Market Department will have the right to set this limit.

Maximum order value for warrants and certificates will be 1 million TRL.

Maximum order value for ETF's will be 3 million TRL.

Maximum order value for buy-in and official auction will be 1 million TRL.

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