Fees

Market Access Fees

Candidate Members shall pay a one-off admission fee for each market they want to trade in. The market access fees are shown in the Table below:

Admission Fees and Additional Trading Privilege Charges (TRY) Before June 30, 2010 After June 30, 2010
Membership Admission Fee+ Equity Market Trading Privilege * 42,616 42,616 + 250,000
Membership Admission Fee + Any Market Trading Priviledge except Equity Market.** 42,616 42,616
Second Market Trading Privilege 25,569 25,569
Third Market Trading Privilege 17,046 17,046
Fourth Market Trading Privilege 14,156 14,156
Membership Admission Fee + All Market Trading Privilege *** 71,052 300,000
Commodities + **** 14,156 14,156

* Candidate members seeking to apply in terms of market trading privilege level after June 30,2010 are liable to pay an additional TRY 250,000 to “Membership Admission Fee” in case they choose to use ”Equity Market Trading Privilege” as the “First Market Trading Privilege”. To be taken into account before June 30, 2010 membership applications must be recorded at the Exchange before this date.

** Candidate members seeking to apply in terms of market trading privilege level after June 30, 2010 are liable to pay TRY 42,616 as “Membership Admission Fee” and “First Market Transaction Authorization” in case they choose to use their trading privileges in different markets than the “Equity Market”. However, those candidate members will be liable to pay an additional TRY 250,000 with the corresponding fee to the market trading privilege level which is preferred, if they choose to use “Equity Market Trading Privilege” as the second, third or the forth trading privilege. To be taken into account before June 30, 2010 membership applications must be recorded at the Exchange before this date.

*** Prescribed initial membership fee with trading privileges at all market transaction authorization. “All Market” refers to all the markets operating at the Exchange. To be taken into account before June 30, 2010 membership applications must be recorded at the Exchange before this date.

**** Prescribed initial membership fee with trading privileges at this market for those members, who are not granted the authorization to effect transactions at Commodity Plus Market but wish to perform transactions therein, regardless of the authorization level shown in the above table.

Transaction Fees

The table below illustrates the fees that Exchange charges to its members:

Name of the Contract Exchange Transaction Fee(%)
TurkDEX-Aegeancotton 0.001
TurkDEX-Anatolian Red Wheat 0.001
TurkDEX-TRYDollar 0.004
TurkDEX-TRYEuro 0.004
TurkDEX-Euro/USDollar Cross Currency 0.004
PD TRYUSDollar 0.003
PD TRYEuro 0.003
TurkDEX-ISE 30 0.004
TurkDEX-ISE 100 0.004
TurkDEX-ISE 30-100 Index Spread 0.004
TurkDEX-Gold 0.001
TurkDEX-USDollar/Ounce Gold 0.001
TurkDEX-T-Benchmark 0.001
TurkDEX-Base Load Electricity 0.001
TurkDEX-Peak Load Electricity 0.001
TurkDEX-Live Cattle 0.001

Exchange transaction fees are calculated on a monthly basis.

Contracts terminated by the Exchange after the trading hours at the final settlement day are charged as an ordinary execution.

Transaction fees are not applied for TurkDEX-Base Load Electricity Futures Contract and TurkDEX-Peak Load Electricity Futures Contract until 30.12.2011.

Membership Collaterals

Membership collateral is defined as 10,000 Turkish Lira.

Assets accepted as collateral;

  1. Cash (TRY)
  2. Government Securities issued by the Treasury Department (based on thecurrent value calculated according to the prices form at the ISE Bonds andBills market)
  3. Unconditional, definite and perpetual bank letter of guarantee in TRY terms

Annual Membership Fee

Annual membership fee is TRY 10,000 per year and it is due on the last business day of each January.

Connection Fees

Trading system of Turkdex is a fully computerized transaction system, called “Turkdex Exchange Operations System (TEOS)”. Members use the Exchange Access Terminal (VOBKE) and VOBAPI to enter orders on TEOS through the remote acces method. Fee Schedule for the use of VOBKE and VOBAPI is as follows:

Number of VOBKE License Fee (per VOBKE) Extra Fee (per VOBKE) Annual Maintenance Fee (per VOBKE)
For the 1st and 2nd 400 $ - 60 $
More than 2 400 $ 750 $ 60 $
Number of VOBAPI Use Charge (per month)
For the 1st and 2nd N/A
For the 3rd TRY 5,000
For the 4th TRY 10,000
For the 5th TRY 10,000
For the 6th TRY 10,000