Sessions

Trades can be executed according to two trading methods called “continuous auction” and “single price” during two different sessions called “normal session” and “fixing sessions” in TurkDex.

Normal Session

A single trading session called “normal session” is held between 09:15 and 17:45 in TurkDex.

In a normal session transactions are executed based on the price and time priority rule and continuous auction trading method.

According to Price Priority Rule; sell orders at lower prices shall be filled before the sell orders at higher prices and buy orders at higher prices shall be filled before buy orders at lower prices.

According to Time Priority Rule; prices being equal, orders placed earlier shall be filled first.

Two different trading methods called “continuous auction” and “single price” shall be used at the TurkDex Exchange Operations System (TEOS). During the normal session, continuous auction trading method shall be used. In this method, trades are executed based on the prices form as a result of matching the orders conveyed to the TEOS in accordance with price and time priority rules.

Fixing Sessions

TurkDex can decide to have a fixing session in one or more than one contract before, after or during the normal session as it may be deemed necessary and proper.

The fixing session held before the normal session is called as the pre-opening session. The equilibrium price determined at the end of the pre-opening session can be used as the base price in normal session. Therefore the daily price movement limits can be determined by using this equilibrium price.

If the fixing session is held at any time during the normal session, after the fixing session ends, the normal session continues.

The fixing session held after the end of the normal session is called as closing session. The equilibrium price determined in closing session can be used as the daily settlement price.

Single price trading method is used in fixing sessions. In the single price method, orders conveyed to the TEOS are clustered for a pre-determined period and at the end of that period trades are executed based on the “equilibrium price”, which will allow the execution of highest volume, in accordance with price and time priority rules.