Trading Hours

The trading and clearing hours are as following:

Day T 08:45-09:15 : Non-Trading Period
09:15-17:45 : Normal Session
17:55 : Announcement of Settlement Prices and Margin Calls
17:55 : Start of Clearing Period
Day T+1 14:30 : End of Clearing Period (Cash Settlement)
16:30 : End of Clearing Period (Cash Obligations – Physically Delivered Live Cattle Futures Contracts)
Day T+2 16:30 : End of Clearing Period (Physically Delivered Currency Futures Contracts)
Delivery Day 14:00 : End of Clearing Period (Physical Delivery Obligations – Physically Delivered Live Cattle Futures Contracts)

Time slot between 08:45 and 09:15 is called “non-trading period”. During the non-trading period the system will be running but won’t allow order entries and executing trades.

A single trading session called “normal session” shall be held between 09:15 and 17:45. In a normal session transactions are executed based on the price and time priority rule and continuous auctioning.

Last 10 minutes of the normal session is called the “closing period”. Settlement prices for the regular trading day shall be announced at 17:55. Margin calls shall be published in the Takasbank Derivatives System (TVİS) screen of the concerning members followed by the announcement of the settlement prices.

“Clearing period” for obligations arising from cash settlement starts at 17:55 on the transaction day (T+0) and continues till 14:30 on the following Exchange day (T+1). “Clearing period” for obligations arising from physical delivery of physically delivered currency futures contracts starts at 17:55 on the transaction day (T+0) and ends at 16:30 on T+2 day. Cash and physical delivery obligations of physically delivered live cattle futures contracts are obliged to be fulfilled on T+1 day by 16:30 and on delivery day by 14:00 respectively.