Yatırımcı Sözlüğü ve Finans Terimleri

The fund is the type of fund that has continuously invested at least 25% of the portfolio value in the equities of partnerships established in Turkey, including State Economic Enterprises (SOEs), which are included in the scope of privatization according to the legislation, provided that the minimum limits are specified in their bylaws.
The interest accumulated on an investment until the payment date during the investment period is called accumulated interest. For example, in order to buy a government bond issued at 100,000 TL with a 30% coupon payment every 6 months, the price to be paid after 3 months is approximately 115,000 TL, assuming that the market rate does not change. In order to earn a total of 30.000 TL interest at the end of the period, in this case, there will be a return of 13.04% for the second 3 months. It shows the accumulated interest on the investment of 15,000 TL.
It is the acquisition of receivables. It is the situation that occurs as a result of not performing the payments or the deliveries of securities required by the commitments within the specified time as a result of the trades made on the Default Stock Exchange.
It is called the price determined by the person entering the order in contingent orders. The activation price is used to execute orders at a higher price for buying orders and at a lower price for selling orders.
It is an order issued to buy at the lowest price without specifying a price during the trading session.
It is an order issued for the purpose of selling at the highest price without specifying a price during the trading session.
It refers to the listing process of new equities issued by a shareholding listed on the stock exchange due to capital increase.
In the event that 10% of the total default base exceeds the proportional margin or the average margin, the difference paid by the members who default in such a manner that is not accepted as valid by the Stock Exchange for more than one day by failing to fulfill their obligations arising from the Stock Market transactions in quarterly periods is called additional margin.
ADX (Average Directional Index) is a technical indicator developed by J Welles Wilder to measure the strength of a formed or being formed trend. It is formed by examining the changes of +DM and –DM indicators obtained by comparing the lowest and highest values of consecutive bars in a certain time period. The values of the indicator oscillate between 0 and 100. In general, if the values approach 0, it is interpreted that there is no obvious trend in the market, and if it approaches 100, the trend is more stable in a certain direction.
It is a direct or indirect capital and management relationship between a shareholding and a business that creates a permanent bond in terms of participating in the management of the shareholding and determining the shareholding policies.
It is called the transfer of receivables.
Alivre contracts are the contracts issued by the buyer or seller to buy or sell a product of a certain quantity, price, quality and maturity. Its difference from futures contracts is that they are contracts concluded between the parties in order not to assume certain risks and the failure of the parties to fulfill their obligations is not guaranteed. Furthermore, they are not transferable.
The indicator developed by Bill Williams combines moving averages with fractal geometry. The indicator assists analysts on determine whether there is a trend of the market or not.
It is an option that can be traded at any time before its maturity.
It is the arrangement of the balance sheet items under a grouping by clarifying them with each other.
It is a series of payments that occur in equal amounts each year over a given period of time.
It is the process of making a risk-free profit by buying any security, currency or precious metal from one market and selling it in another market. Arbitrage transactions lead to a decrease in price differences between markets.
Aroon is a technical indicator that aims to find out if a trend exists by analyzing prices.
The artificial market is the execution of fictitious and deceptive trading transactions or giving orders to artificially influence the supply and demand of capital market instruments and to give the impression that there is an active market in sight.
It is the giving of purchase and sale orders and the execution of transactions that will keep the market price at the same level, increase or decrease in order to create prices that do not reflect the real market value of capital market instruments.
It is the selling price of the currency pair.
It is the selling price of the futures and options contract on the current price.
Negotiable instruments that the issuers can issue in return for their receivables arising from their own commercial transactions or the receivables they will appropriate are called asset-backed securities.
It is a technical indicator formed to measure the movements of prices. It is calculated by averaging the difference of the highest and lowest values of each bar in the specified time interval. If the value of the ATR indicator starts to rise, it is understood that the price mobility has increased. If their values start to decrease, it can be interpreted that prices are in the compression area.
These are the orders given for the purpose of realizing the buying/selling transactions at the closing price after calculating the settlement price at the end of the day in VIOP.
It is the option whose strike price is equal to the spot price of the underlying asset.
The simple average of the proportional margin amounts calculated for all Exchange members in quarterly calculation periods.

They are the short-term investment instruments, also known as “liquid funds”. They carry less risk than type A funds. In this context, low risk creates low return expectations. Type B funds protect investors against inflation.
Last account value.
These are regularly kept records of economic transactions that an institution, natural person or business enterprises resident in a country performs with other countries.
It is the table showing the assets and liabilities of the companies in a certain time period. A company's assets should always equal its liabilities.
In the sale of capital market instruments by intermediary institutions through public offering, it is an undertaking to the seller that the whole of the unsold portion will be bought in full and in cash at the end of the sale period.
It is a capital market instrument that is issued by the Development and Investment Banks as a debtor and issued to order or bearer.
It is the international financial institution established in Basel, Switzerland in 1930. It has duties such as ensuring the coordination of the central banks of the member countries on reserve policies and also mediating in the money transfers between the central banks. It has 55 member countries, including Turkey.
It is the capital market instrument that is issued under its own guarantee by the bank that extended this loan, from the promissory notes issued to the payee bank by the partnerships using loans from Development and Investment Banks as a collateral for these loans.
They are non-interest bearing securities on which the payment of the amount written on them is guaranteed by the issuer to the bearer. The only authorized institution that issues Turkish lira banknotes is the Central Bank of the Republic of Turkey (CBRT).
It is the termination of the business activities as a result of the company's inability to pay its debts.
As in other charts, it shows the opening, closing, high and low levels of prices. The opening price shows the price of the initial trade in that time frame and appears as a line to the left on the bar. The closing price shows the price of the last trade within the time frame and is a line to the right on the bar. While the highest price indicates the highest price realized in the time period, is the top of the bar. The lowest price indicates the lowest price within the time frame and is located at the bottom of the bar.
It is the first currency in a currency pair. In USD/TRY parity, the base currency is USD.
It is the fact that the current prices in the spot market where the underlying asset is traded and the prices in the futures market are close to each other or are the same.
It is the definition of the quality and characteristics of the underlying asset that is the subject of the contract.
It is defined as a unit of measurement that states the change in interest rates. The base point corresponds to the fourth digit after the dot. For example, a change of 300 basis point corresponds to a 3% change.
It describes a market situation where the markets move downwards and there is a downward perception for future prices.
It is the price that forms the basis for determining the upper and lower price limits and price increment ticks at which equities can be traded during the trading session.
It is the misleading view that the uptrend has ended.
It refers to that the brokerage house and consortium members acting as intermediaries during the public offering sell their capital market instruments within the period specified in the explanations and refund the unsold portion.
It shows the extent to which an equity moves with the stock market. Companies with a beta of less than 1 move less than the movement of the stock market. Companies with a beta greater than 1 move more than the overall moving average of the stock market.
It is the buying price of the currency pair.
Securities with a maturity of less than 1 year, in which a certain amount is committed at the end of the maturity stipulated by the issuing institution. Issues with a maturity of less than one year issued by the Republic of Turkey Undersecretariat of Treasury are traded under the name of Treasury Bills.
See: Bank for International Settlements.
It is the abbreviation of Borsa Istanbul. The institution, which was first opened in our country in 1985 under the name of Istanbul Stock Exchange, was renamed "Borsa Istanbul" in 2013. It allows the trading of all instruments that are eligible for trading by the CMB in one environment.
It is the main indicator used to measure the performance of the top 100 equities in terms of market and trading volume traded in Borsa Istanbul. The trading code of BIST-100 Index, which is also accepted as an indicator of the Turkish stock market, is XU100.
It is an index that is formed by measuring the performance of the equities of the 30 companies with the highest trading volume and market value, traded in Borsa Istanbul. The transaction code of the BIST 30 Index is XU030.
The order amount is a sales transaction that exceeds 10% of the company's paid/issued capital.
Abbreviation for Bank of Canada.
Abbreviation for Bank of England.
Abbreviation for Bank of Japan.
The indicator, which emerged to help find trading levels in financial markets, was first designed by John Bollinger in 1980 to measure market changes more accurately. Bollinger Bands consist of three lines, lower, middle and upper. The upper band is generally forms the resistance level and the lower band forms the support level.
Promissory notes issued with equal nominal values and the same inscriptions by the state with a maturity of 1 year and by joint stock companies with a maturity of at least 2 years or longer in order to borrow money, are called bonds.
Keeping the assets on account in electronic environment is called book entry. For example, the assets purchased from the Turkish Republic Treasury auction can be requested physically by the participants (these assets are printed by the CBRT), or they can be transferred to the participants' accounts electronically against receipt. Natural Persons can also keep their values on account against receipt. Depositing a physically held asset to an account later also puts the asset in this form.
Delivery of securities debts and securities receivables on account, together with the payment of the members' money debts to clearing and money receivables from the settlement.
It is found by dividing the equity, which is found by deducting the debts from the total assets of the business, by the number of issued/paid equities.
It was decided to establish the World Bank and the IMF at the conference held in 1944 with the participation of 44 countries. All participating countries agreed at the end of the conference that their currencies be convertible to gold. Since the gold prices were fixed at 1 ounce of gold = $ 35, the value of all countries' currencies began to be calculated in dollars.
Natural persons or business organizations acting as an intermediary in the forwarding of purchase and sale orders regarding capital market instruments to the brokerage house and the settlement of executed orders within a certain location or region where they are operating based on the framework of the brokerage agreement.
The commission that brokerage houses receive from their customers over the amount calculated with the trading prices of the securities in return for the trading they carry out in the Stock Exchange as an intermediary.
It refers to the buying and selling of previously issued capital market instruments in the capacity of a broker and for commercial purposes.
They are the Joint stock companies that provide brokering services in public offering and securities trading under the Capital Markets Board and have a brokerage authorization certificate.
It is the undertaking by the intermediary institution or institutions to the issuer company that all of the capital market instruments to be offered to the public will be sold. It can be carried out in two ways: undertaking for the balance and undertaking for the whole.
Banking Regulation and Supervision Agency.
It is the difference between the income and expenses of a business enterprise or government.
It is called that expenses exceed revenues.
It is called the period when the demand is more than the supply and the prices in the stock market rise.
See: Bull Market
The technical indicator measures the strength of the bull market.
It is an advanced option strategy. It is applied with the assumption that the price of the underlying asset will stay in a certain range. In this strategy, two call options with low and high strike prices are bought, and 2 call options are sold in the middle of the strike prices of these two options. In other words, it is an option strategy using 4 call options and 3 maturities.
It is the buying order.
It is the buying and selling at the current price with a separate equity code in electronic environment by the Equity Market Directorate on the first business day following the expiry of the period according to the position of the defaulting member, in case the default period exceeds the period determined by the Board of Directors of the Stock Exchange.
An automatic buy order placed at a level below the current price to be executed at a future date.
It is the signal that indicates the right time and favorable conditions to purchase an investment instrument. The indicators that investors use on their platforms provide these signals.
An automatic buy order placed at a level above the current price to be executed at a future date.
An automatic buy order placed at a level above the current price to be executed at a future date.
It is the form of market where supply exceeds demand and consumers can set the price. The market can suddenly be observed in a market situation where sellers set the price if consumers are willing to buy at a lower price.
It is the price at which market participants are willing to buy values traded on the market.
It is the buying price of the currency determined by the monetary authorities.

It is the call made to the shareholders by the board of directors, in cases where the share price is to be paid in installments.
These are the contracts giving the holders the right to buy the asset subject to the contract at a certain price and at a certain time, but do not oblige to buy it. The seller, on the other hand, is obliged to sell if the buyer wishes to use the option rights.
It gives information about the opening, closing, lowest, highest and direction of the price during the period. It is one of the basic shapes used in graphic representation.
It is the increase of the existing paid/issued capital by issuing new equities.
It is the capital increase in which companies distribute new shares to shareholders using their retained earnings or other internal resources.
It is the increase of the capital of a company by issuing new share certificates with the resolution of the general assembly after the price of the share certificates corresponding to the registered capital has been paid.
It is collateral accepted as cash for making trades. Only TL (Turkish Lira) cash is accepted as collateral in VIOP.
It is the movement of money in areas such as business, projects and finance. This term of investment instruments can also be used when measuring the condition and value of an institution.
It summarizes the difference between the companies' last period-end cash position and this period-end cash position. Cash flow from operations is divided into three main groups: cash flow from investments and cash flow from financing.
Markets in which same-day trades are made without applying any maturity.
It is a method of settlement in cash instead of physical delivery, when the contractual rights are desired to be used at the expiry time of the contract.
The CCI is an indicator that finds how volatile the prices deviate from the average and keeps these values within a certain range. CCI, developed by D. Lambert, stands for "Commodity Channel Index". This indicator, which uses the values of deviation of prices from the average, is generally preferred when the trend is weak.
It is a derivative product used to mitigate or eliminate credit risk. A person who sells CDS for a loan assures the person who bought the CDS that they will pay the loan if that loan is not repaid. It can be considered as insurance against non-repayment of debt. CDS prices may vary according to the probability that the institution or country that has issued the debt will not repay its debts. CDS prices on the debts of the countries are in the nature of indicator for the risk perception on that country.
It is the highest price at which equities can be traded in a trading session. It is calculated separately for each equity, considering the price and price increments tick.
It refers to the carrying out buying and selling of Central Banks in the markets in order to realize their short and long-term monetary policy objectives. It is aimed to reduce/raise the market prices of the variables such as foreign currency and interest rates to the levels in the policy projections with the intervention. Intervention methods may differ. Central Banks can intervene directly and openly by being a party and showing themselves and can also interfere indirectly. Likewise, Central Bank interventions can be announced in terms of time and amount or they can be carried out without any notification. Methods vary depending on the circumstances. Situations requiring intervention are determined in line with the monetary policy objectives being implemented.
Concluding in in the Stock Exchange the settlement of all trades realized in the Stock Exchange.
It is the certificate issued by the Capital Markets Board and and indicating the paid share certificate amount in joint stock companies subject to the registered capital system, when the capital increase transactions are completed.
The investment group, which stands for Contract for Difference, consists of instruments that enable an agreement on the market without the need to actually buy the investment instrument to which it is affiliated. In this group, only the price expectation of the product is bought. For example, if you are investing in a stock within the CFD group, you do not actually own the stock, you just make an agreement on the price change. Thus, you will be trading without fulfilling many legal obligations arising from the exchange of stocks.
Commodity Futures Trading Commission. The institution that we can translate into Turkish as "Commodity Futures Trading Commission" is a state Commission, which is a market regulator in the USA. It has a structure similar to the Capital Markets Board in Turkey.
It is the stock with a ban on sale and transfer on it.
It is the price of the last trading registered in a trading session.
Closing the previously opened long or short position by taking the same amount of reverse position.
Capital Markets Board. CMB is the public institution responsible for regulating the capital market. It is an institution that has the authority to determine the procedures and principles related to the capital market.
It is the amount of collateral that can be requested in addition to the initial collateral in emergencies according to the Stock Exchange Regulation.
It is a short-term capital market instrument that is issued payable to the order or bearer issued by issuers after issuing them as borrowers.
The plural of the commercial good is called commodity. It is used for products that are in the category of commercial goods (oil, natural gas, gold, copper, cotton, corn, sugar, wheat, etc.) and traded in the markets. The market where these goods are bought and sold is called the Commodity Exchange.
It is the test performed to determine whether the risks of the services of investment institutions are understood by the customers and to render services by the investment institution in accordance with the customer's knowledge level.
Compound interest is the interest that shows the return obtained as a result of investing the interest earned by an investment during the investment period in the new investment period. In other words, it is the earning interest from interest.
It is the type of agreement made with the lenders of a borrower whose financial situation has deteriorated, except for its own fault. As a result of this agreement, at least two-thirds of the lenders give up a certain part of their receivables, and the borrower agrees to pay the remaining debts within a plan. The agreement becomes valid with the approval of the Commercial Court.
These are the financials submitted by adding to the company financials of all the subsidiaries that have the controlling power of the companies. Generally, subsidiaries with more than 50% shareholding have control power.
It is the compulsory or voluntary restructuring of a debt not paid by the debtor in terms of maturity, interest, type and similar aspects.
It is the annual audit of the books, records and documents of the shareholdings subject to the Capital Markets Law in terms of compliance with the legislation and generally accepted auditing and accounting principles.
Futures and options contracts, whose standard features are announced by the stock market and can be traded on the stock market, are called contracts.
Every contract traded on VIOP has a standard size. This size is called the "contract size".
Oligopoly is the elimination of competition between companies in the market environment through various agreements in order to prevent uncertainty in the market.
It is the situation where the forward and spot prices converge towards the expiry dates and are equal to each other on the last trading day.
It is type of inflation basket that is obtained as a result of subtracting certain goods groups and various factors that cause price changes from the inflation index, acting on the assumption that such inflation indices, which consist of baskets of goods and services open to general use, as the Consumer and Wholesale Price Indices, do not fully reflect the underlying inflationary trends. In Turkey, the Private Manufacturing Industry Price Index is considered to be "core inflation".
It shows how much the movement in prices of two financial products in Financial Markets is proportional to each other. It takes a value between -1 and +1. If it is -1, it indicates that the two products move inversely proportional to each other. If it is +1, it indicates that the two products move proportionally to each other.
Coupon is the type of valuable paper that is systematically numbered on the equities in order to ensure the use of some shareholding rights of the shareholders (the right to participate in the dividend, the right to participate in the paid / bonus capital increase).
It is the periodic interest payment of a security. For example, for a security with a nominal value of 100,000 TL and a maturity of 1 year with a coupon interest of 15% every 3 months, an interest (coupon) of 15,000 TL is paid to the investor every 3 months, and at the end of 1 year, the principal of 100,000 TL is paid.
It is the index, which stands for "Consumer price index", used to calculate the consumer inflation.
An exchange rate defined as the parity between two foreign currencies and each of these two currencies with a third foreign currency (usually the US dollar).
It is the hedge transaction performed by using a futures or options contract on another asset in order not to be adversely affected by the price movements of an asset.
It is the situation where the buyer and seller party of the transaction are the same member.
It is one of the exchange rate regimes. In such an implementation, the value of the national currency is fixed against a foreign currency or a basket of foreign currencies. When considered from the point of view of monetary policy implementation, it allows the monetary base to change only by transactions in foreign currency. In other words, when foreign currency is sold to the central bank at a fixed exchange rate, the amount of money increases, and when foreign currency is bought from the central bank, it decreases.
It is the type of contract that two people make that after giving up their receivables arising from money, goods or services that are from each other by bringing them into debt and credit form, each of which will form a separate item and claiming the difference between them. Interest is calculated directly and indirectly in current accounts. In banking, on the other hand, current account refers to the account in which the status of those depositing and withdrawing money is followed.
The balance between foreign exchange income and expenses that a country obtains as a result of foreign trade, tourism and service exchange with other countries is called the current account balance.
Current assets consist of tradable stocks and bonds, receivables (with or without notes), inventories, cash and other current assets.
It refers to the exchange rate used in the buying and selling of the foreign currency exchanged on the same day in the foreign exchange markets.
The interest rate that occurs as a result of meeting the supply and demand of funds in the market is called the current interest rate.
It shows the company's solvency in the short term. An increase in the ratio refers to that the current solvency of the company increases.
The value of the contract at the time of its trading is called the current value.
The system that aims to convert the sub-accounts followed by customer codes in Takasbank system into names with the regulation to be made by Takasbank, and to make it possible to identify the investor's identity information by tracking them with the registration number to be given to each investor, and to block the securities of the customers.
Orders sent by customers to the members of the Stock Exchange, either verbally or in writing, in order to buy or sell securities in the Stock Exchange.
It is the cycle that determines the maturities of futures and options contracts to be opened.
It is the technical analysis drawing tool that allows you to determine equal time intervals on price charts.

It is used for orders valid until the end of the day. The order shall be cancelled if it is not fulfilled by the end of the day. In VIOP, trading session order and daily order have the same function.
It is the price calculated according to certain methods in order to update open positions at the end of the trading session in VIOP, and to calculate profit/loss and margin requirement. The daily settlement price is calculated based on the weighted average price of all trades in the last ten minutes before the trading session ends. If less than ten trades have been made in the last ten minutes, the weighted average of the last ten trades is calculated. If there are fewer than ten trades, it is calculated based on the weighted average of all day trades.
The order is valid until the date it is entered into the system, if the order is not fulfilled by the defined date, it is automatically canceled by the system.
It is the number of days remaining from the value date of the security to its redemption.
It is the name given to natural persona and institutions that make transactions on their own behalf and account in buying and selling transactions.
It indicates a continuous decline in the general level of prices.
It shows the price index used in converting the value of an economic size (e.g. wages, raw material prices, costs, etc.) expressed in monetary terms (nominal) to the real value (real).
It is the principle of the payment of the receivables of the parties in proportion to the payment of their debts to the settlement in the settlement of exchange trades.
It shows the change in value adjusted according to the conversion rate in the option price against a 1 TL change in the underlying asset. It is denoted as a value between 0 and -1 for put options and 0 to +1 for call options.
The money deposited for collateral after account opening is called deposit.
It is the capital market instrument issued as representation of foreign securities deposited in a depository institution, identical and payable to holder, the nominal value of which is expressed in the currency of the foreign security in which it represents.
These are the institutions and organizations authorized to keep securities on behalf of their customers.
These are financial instruments whose value is measured by the value of another asset (equity, interest, commodity, parity, index, commodity etc.), in other words, its value is dependent on another financial, securities, indicator, commodity or other asset. Derivative instruments enable the change of the rights and obligations without transferring of the underlying asset.
Derivative markets are the markets where any commodity or financial instrument is bought and sold today for delivery or cash settlement at a future date. The definition of derivative markets includes all forward, futures and options trades.
The decrease in the value of the national currency against foreign currencies. For example, the increase in the value of the US dollar against the Turkish lira from 1,200,000 TL to 1,300,000 TL means that the TL (the appreciation of the US dollar) depreciates by 100,000 liras.
Estimating the value of companies by estimating the future cash flows of companies and discounting those cash flows to today with a certain interest rate. It is a fundamental analysis method used to predict whether companies are cheap or expensive. It is a subjective valuation method as it is made hypothetically and by estimation and based on the assumptions of the estimator.
It refers to decrease of the rate of price increase (acceleration). It refers to the falling inflation process experienced during the transition period from high inflation to low inflation.
It is the committee that assists in the administrative solution of disputes arising between members or between members and their customers regarding stock exchange transactions.
It is the right of the existing shareholders to receive a share from the profits of the partnerships during the period. The relevant right is exercised in exchange for “Dividends Coupons” depending on the share and without the need to present a separate share. In case the companies traded in the Stock Exchange distribute dividends, it can be carried out in the form of cash and/or equities.
The amount of dividend received in proportion to the equity value is called dividend yield. It is calculated by dividing the dividend received per equity by the equity price before the dividend is distributed. If you own a 100 TL equity of a company with 10% dividend yield, you are expected to earn 10 TL dividend.
The indicator in which the positive ( + ) DI line reflects the buying pressure and the negative DI line reflects the selling pressure is called the "Directional Movement Indicator". It is assumed to generate a buy signal as long as the “+ DI” line is above the “- DI” line, and a sell signal when the “+DI” line is below the “-DI” line.
The use of foreign currency by residents of a country instead of their own national currency as a means of exchange, a unit of account and a means of accumulating value is called dollarization. Full dollarization is called when a country completely abandons its national currency and accepts a foreign currency as its official currency. Partial dollarization occurs when economic entities start to choose foreign currency financial assets instead of domestic currency financial assets in order to protect against possible depreciation of the national currency in an environment of high inflation and uncertainty. Financial dollarization is defined as the tendency of residents of a country to hold both their assets and liabilities in foreign currency.
It is the pattern that returns from the bottom. In this pattern, prices hit rock bottom and rise twice. It is considered to be an indicator that prices will rise.
It is the pattern that returns from the top. In this pattern, prices peak and fall twice. It is considered to be an indicator that prices will decrease.
A theory that makes assumptions about how a trend occurs and ends for the purpose of explaining the entire market.
It is the type of candlestick pattern that is believed to be a forerunner of the market bullish.
It is the hedging method in which the relationship between the price movements of the underlying asset in the spot market and the price movement of the forward contract is constantly followed and a strategy is developed.
EBITDA stands for Earnings before Interest, Depreciation and Taxes. It shows the profits of the companies obtained from their operations. It is used to compare companies by dissociating differences in financing costs and tax rates. It is usually calculated by separating it from the operational profit that is not derived from operations or that the company earns on a one-time basis. It is not a standard calculation method and is generally calculated by adding depreciation costs to the Operating Profit and subtracting other income and expense items from the Real Operations. FAVÖK, VAFÖK and EBITDA have the same meanings.
The market where institutional and natural person investors, who want to trade in futures financial instruments, come together is called VIOP. Some of the most important services that VIOP provides to investors by futures markets and derivatives are as follows;
- Leverage system
- Risk management
- Portfolio management and diversification
- Investing in the same amount of underlying assets and generating returns with lower margin than spot markets
- Bidirectional Trading
It provides the opportunity to invest in the investment instrument right now, despite the risk that the prices will be in an irregular course. Therefore, VIOP trades constitute the most attractive investments of risky periods.
Investors conduct their trades for three purposes. These are known as Arbitrage, Hedging, and Speculation.

EBITDA stands for Earnings before Interest, Depreciation and Taxes. It shows the profits of the companies obtained from their operations. It is used to compare companies by dissociating differences in financing costs and tax rates. It is usually calculated by separating it from the operational profit that is not derived from operations or that the company earns on a one-time basis. It is not a standard calculation method and is generally calculated by adding depreciation costs to the Operating Profit and subtracting other income and expense items from the Real Operations. FAVÖK, VAFÖK and EBITDA have the same meanings.
It stands for European Central Bank.
A timetable showing the time and status of the disclosure of important economic indicators and events.
It is the money that economic entities, which have not converted into a registered form, actually hold in their hands as banknotes and coins.
This hypothesis predicts that the current prices of securities traded in a market reflect all available information about those securities. The theory assumes that traders can access all available information simultaneously and symmetrically, assuming that buyers and sellers set the price. In this case, the resulting price is assumed to be the equilibrium price.
It is a coefficient that measures the effect of a change in the price of a good on the quantity supplied.
The system in which funds are transferred between accounts in electronic environment is called EFT system. It stands for Electronic Funds Transfer
The system in which securities are transferred between accounts in electronic environment is called EMKT system. It stands for Electronic Transfer of Securities.
The system in which securities are transferred between accounts in electronic environment is called EMKT system. It stands for Electronic Transfer of Securities.
It is the theory that argues that the market moves by repeating itself in a certain cycle.
It is the name given to the prohibitions on the export and import of a certain good or service.
It is the difference between the selling price and the nominal value as a result of the partnerships issuing their equities at a price above their nominal value.
It is an indicator that enables making analysis by creating a specific channel on the graph with two different average curves.
It is a negotiable document issued by joint stock companies, representing a certain share in the capital of the joint stock company and arranged in accordance with the legal form requirements.
The right to buy or sell a share at a specified future price and is often used to take leveraged positions in the equities. The right to buy a share is called a "Call Option" and the right to sell is called a "Put Option". Every option must be created by a party, and it can change hands many times after an option is created and sold.
Options that are created by an institution and whose purchase and sale are guaranteed by that institution are called equity warrants. They are often more liquid than options as they are guaranteed to be bought and sold.
The securities that issued by the issuing country or organization in a currency other than its own national currency are called euro bills.
It is used to describe US dollar deposits held at banks outside the United States or at overseas branches of US banks. The term euro derives from the fact that the vast majority of such deposits are held in banks, particularly in Western European countries. However, US dollar accounts held in Asia and all other similar countries are also referred to by this name. There is a very dense secondary market volume.
The bonds that issued simultaneously in more than one country by a bank and/or syndication through an international consortium and in a foreign currency other than the issuing country's own currency, and generally bearer bonds are called eurobonds.
It is the institution responsible for the monetary policy of the countries in the Euro Zone. Its registered office at Frankfurt, Germany.
This type of option is a long position, that is, the contracts in which the call option holder uses the contractual right of use at the end of the maturity date.
The amount of one national currency in terms of another national currency.
Applications for the exchange rate are determined between two regimes, with a completely fixed exchange rate system at one end and full freedom at the other. In a fully fixed exchange rate regime, the national currency is fixed against a foreign currency or a basket of currencies, and the maintenance of this value is sometimes explicitly and sometimes indirectly guaranteed by the monetary authority. In Currency Board type applications, on the one hand, the exchange rate is fixed, on the other hand, the national money supply is completely tied to foreign exchange purchases and sales carried out over this exchange rate. In the completely free exchange rate regime, the price of the exchange rate is determined directly according to the supply and demand in the market.
It is the amount paid to the Stock Exchange, calculated according to the trading volume of the Stock Exchange members on the Stock Exchange and it is determined by the Board of Directors of Stock Exchange.
Nickname given to currency pairs that make up the least traded group in Forex.
Indicates the expiry date of the option.
A document to be issued by shareholdings to inform the public about the company and its equities. It is made in the issuance or public offering of capital market instruments.
It is the technical indicator in which more recent data are taken into account than the simple moving average.

In its most general definition, factoring is the transfer of the forward receivables obtained from the sales of goods and services to a factoring institution by way of assignment and the management of these receivables by the factoring institution.
It is the abbreviation for US Federal Reserve.
It is the market interest rate at which financial institutions make overnight borrowings in the United States. It is closely monitored by the US Federal Reserve as it is the basic indicator in monetary policy implementation. The US Federal Reserve adjusts the amount of daily reserve (available funds) in the market through open market operations with the aim of keeping the daily "Federal Funds Rate" formed in this market in line with the rate announced by it. For example, if the interest rates formed in this market are below its target rate, in other words, if there is a surplus of funds in the market, it withdraws this amount from the market through open market operations.
It is the type of order used to either executing the entire order or cancelling it if it is not fulfilled, depending on the status of the orders pending at the time of entering the system.
It is the contagion of the unfavorable investment conditions to the financial systems of other countries with the uneasy international investors rapidly withdrawing their investments from countries with similar characteristics due to the problems arising from one or more of the countries.
It is the increase of financial services which will enable wider service options available to all layers of society. It can also be explained as the rate of transfer of funds created in the financial sector to the real sector. The term 'financial deepening' can be used in a different sense with its macro effects on economies. Accordingly, more financial deepening means an increase in money supply, and an increase in money supply brings economic development along with it.
The stock market index, which is formed by considering the changes in the prices of the stocks of companies traded in the National Market and involved only in the financial sector.
It is the buying and selling of capital market instruments by authorized intermediary institutions on their own behalf, on behalf of someone else, on their own behalf and on account of someone else.
It is the financing technique used to meet the medium-term funding needs of business enterprises. It is a type of contract signed between the lessee and the lessor, which leaves the ownership of a property selected by the lessee and purchased by the lessor to the lessor and its use to the lessee.
The structure consisting of institutions that regulate fund flows between economic units with surplus savings and economic units with savings deficit (fund needs), tools and equipment that provide the flow and legal and administrative rules regulating them is called the financial market (financial sector). These markets can be listed as Money Market which includes short-term fund flows, Capital Market which consists of medium and long-term fund flows, Foreign Exchange Market and Gold Market.
The tables that summarize the financial status of companies in certain time periods are called financial statements. There are three main types of statements as Balance Sheet, Profit/Loss statement and Cash flow statement and they are published with footnotes describing the changes in these statements. Publicly traded companies are usually required to publish their financial statements quarterly.
It is the Central Bank's buying securities from the market for its own portfolio and giving money to the system in return considering that there is a permanent lack of liquidity (money) in the market for monetary policy implementation around the Open Market Operations carried out by the Central Bank.
It is the Central Bank's selling securities to the market from its own portfolio and giving money and in return, it definitely withdraws excess money from the system (never to be given back) considering that there is a permanent excess of liquidity (money) in the market for monetary policy implementation around the Open Market Operations carried out by the Central Bank.
Governments' determination of revenue collection (taxation) and spending methods in order to achieve certain goals such as growth, employment and inflation.
For example, the concept of fixed exchange rate refers to that after the Central Bank's certain predictions for the exchange rate along with the fact that other economic units also have confidence in this prediction, the exchange rate, the increase in the exchange rate are taken as a basis in the economic decisions taken and the decisions such as price, wage increase and investment are made within the framework of the exchange rate policy.
It is the borrowing securities that provides the right of creditorship, represent a certain amount, brings periodical income, are issued in series in fungible nature, inscriptions of which are the same, are used as investment instruments. They are divided into two as public and private sector securities according to the nature of the issuers. Fixed income securities provide a guaranteed return if they are held until maturity.
The part of the margin required to be deposited by the members of the stock exchange in order to be able to trade in the stock market, which is determined as a fixed amount for all intermediary institutions.
Flag patterns are the type of pattern that is formed by price movements in the opposite direction of the current trend and that generates the signal that the trend movement will continue. The short pauses in a stable market movement indicates a flag pattern.
The regime in which the foreign exchange prices are determined according to the purchases and sales in the free market without government intervention is called the floating exchange rate regime.
These are the assets that are tied to other predetermined variables without being fixed at the time of issue. Actual inflation or LIBOR and so on.
It is a measurement. Indicates uncertainty about return on assets. Mathematically, it is calculated by finding the annual standard deviation of the daily percentage change in prices.
It is the name of the committee that forms the monetary policies by the US Federal Reserve (FED) through instruments such as interest rates.
These are the securities, which are the subject of trading in the stock exchanges of the countries in which they are issued, and whose quality is determined by the Capital Markets Board, and other papers representing rights and receivables.
The foreign currency position is calculated by subtracting the foreign currency liabilities from the foreign currency assets of the companies. It is used to predict profit or loss arising from the balance sheet as a result of currency movements. In general, companies with foreign currency positions increase their profits in periods when the Turkish lira depreciates, while the profit rate of companies with negative foreign currency positions decreases. Foreign currency denominated assets and liabilities are generally included in the last pages of the quarterly financial statements.
These are the mutual funds established abroad, which are accepted by the Capital Markets Board as having similar features to mutual funds domestically established.
The ratio of the shares held by foreign natural persons or entities that are not from Turkey to the total publicly held equities is called the foreign ownership ratio. There is no standard calculation for foreign ownership rates and different organizations may calculate different rates depending on the scope of non-Turkish natural persons or entities. Foreign ownership is officially issued by the Central Bank and Central Registry Agency.
It is the market in which foreign borrowing instruments (Eurobonds) issued by the Treasury of the Republic of Turkey are traded.
Shareholdings and investment trusts that issue foreign capital market instruments according to the legislation of the relevant country from persons who are not considered to be resident in Turkey (residing abroad) according to the Turkish Currency Protection Legislation.
They are the securities issued by foreign shareholdings in accordance with the legislation of the country in which they are located and representing the right of shareholding.
It refers to the international foreign exchange market. It stands for Foreign Exchange.
It is called the purchase of the receivables, especially those arising from the export of goods and services and collected according to a certain payment plan, by a bank or a financial institution specialized in this field. It is a financial instrument developed for long-term and export-import transactions on credit, it is generally used for investment goods.
It refers to the forward-dated transactions. It foresees the delivery of a certain asset on a predetermined date at a predetermined price. Transactions are generally not carried out in organized markets, but are carried out in line with the needs of the parties with the mutual meeting of the buyer and seller. Such contracts, which can be drawn up on the instrument subject to purchase and sale, such as foreign currency, securities, goods, can also be done for speculative purposes in addition to eliminating price risk.
These are the transactions that are the subject of the contract, for example, in a money market transaction, on which factors such as maturity, interest and amount are agreed as of today, but which will start at a future date and will end at a further future date. This quotation can be exemplified by a 3-month forward transaction (transaction maturity 6 months) that will start after 3 months.
It is the undertaking of the two parties to each other that a certain product will be delivered on a certain date at the agreed amount and price and the worth will be paid.
The bonus equities issued in registered form in order to provide the right to participate in a part of the company profits to the founders or those who have passed important service are called founders' equities in the establishment or capital increase of Joint Stock Companies with the authority arising from Article 402 of the Turkish Commercial Code. Founder's equities do not represent a certain capital share, nor do they provide the right to participate in the management of the company.
It is the contract signed between the brokerage house and the natural person before starting legal foreign exchange or derivative transactions.
It is generally divided into two types, free cash flow to the company or free cash flow to equity. Although they are not the same, two different types of free cash flow are called free cash flow as an abbreviation. Free cash flow to the company is the cash flow that remains after deducting the required investment expenses from the cash earned in the company's operations, both to pay off its debts and to distribute it to its shareholders. Cash flow to equity is the cash flow remaining only to the shareholder after deducting the cash needed to pay the debts and debt interest from the free cash flow to the company.
It is the ratio of the publicly traded market value to the total market value. Generally, as the free float percentage increases, the liquidity of the equity increases due to the fact that more equities are put into circulation.
The ratio of the sum of the nominal values of the publicly traded equities to the total nominal values of all equities is called the free float ratio.
It is the platform established for the equities of companies registered with the Capital Markets Board but whose shares were not traded on the Stock Exchange before, to be determined by the Board after examining their financial size and shareholding structure, to be traded on the Borsa Istanbul Stock Market.
In the event that the price and/or trade amount of a security or group of securities show change that exceeds a specified parameter within a specified period, freeze of trades on such securities for a temporary period of time.
It is an independent auditing body established for the regulation of the financial sector in England. Brokerage houses are the members of the FSA in the UK. Furthermore, some intermediary institutions that do not have an audit system in their countries sometimes prefer the FSA audit.
It is the commitment to the seller that the capital market instruments will be bought and sold to the public after the price of the capital market instruments is paid in full and in cash before the sale begins.
Analysis methods that aim to find the value created by such asset in order to understand whether an asset is cheap or expensive are called fundamental analysis. One of the most used basic analysis methods in equities is discounted cash analysis and it tries to calculate the value of such company by trying to predict the cash that companies will create in the future.
It refers to the forward-dated transactions. It foresees the delivery of a certain asset on a predetermined date at a predetermined price. It is traded on standardized contracts (the amount of a contract, the dates of the contracts, having a collateral system called margin, etc.) in organized markets unlike forward markets. Theoretically infinite profits or losses can be obtained when carried out for speculative purposes.
These are the contracts that oblige the parties to the contract to buy or sell a standardized quantity and quality of goods or assets over a price agreed on a future date determined from today.
The markets where forward contracts with standardized terms other than price are traded are called futures markets. In these markets, the product subject to the contract is bought or sold as of the forward delivery date in accordance with the terms of the contract.
It is the abbreviation of the word FOREX.

States the change in delta that occurs when the price of the underlying asset changes. In call options, as the price of the underlying asset increases, the delta value increases, while the delta value decreases as the price of the underlying asset decreases. On the other hand, in put options, the value of the delta increases as the price of the underlying asset decreases, and the value of the delta decreases as the price of the underlying asset increases.
It is the group of technical analysis instruments formed on geometry based on Astrology, which was developed by William D Gann.
Joint stock companies established for the purpose of acquisition of receivables and the issuance and public offering of asset-backed securities issued against these receivables are called general finance companies.
It is the buying and selling price announced by the market maker during the trading session in the capital market instrument in which the market maker is in charge.
These are the funds whose portfolio consists of at least 51% gold and the remainder of which consists of other precious metals.
It is called that bills and bonds in which the values of the main bills and coupons are indexed to gold prices.
It is the physical and non-physical place where the buyers and sellers come together and where the trading transactions are made for gold. The gold market has an acceptable importance due to the reserve status of gold in the international monetary system. It is observed that when an international monetary crisis is entered, the demand for gold increases and gold prices rise.
It is the system that was formerly used to determine the value of a currency. By keeping the value of the currency equal to the value of a certain weight of gold, the value of the gold against the currency value would have been fixed.
It is the order type that is valid from the date of the order is entered until its cancellation. Unless this order is canceled in VIOP, it remains in the system until the expiry of the contract. It is automatically canceled at maturity.
Debt securities issued by the Ministry of Finance with equal nominal values and the same terms are called government bonds.
These are the indices created to enable those who invest in such securities to monitor the developments in the prices and returns of the securities with the help of simple and understandable indicators. It also allows investors to make easy comparisons between their investments in fixed income securities and other investment options.
According to the current year's budget law, the general name of the debt securities issued by the government to finance the budget deficit is Government Domestic Debt Securities.
It is a trading requirement put into practice by the CMB in order to prevent high volatility or manipulative price movements. The equities put in gross swap are closed for loan transactions and the transactions over the internet are prohibited. Intermediary institutions are required to be called by phone for share purchase and sale transactions. In order for the shares to be sold, the shares must be accounted for. Brokerage Houses are required to be called by phone for equity trading transactions. In order for the equities to be sold, the equities must have been transferred to the account. Since the equities are transferred to investment accounts after two business days, newly bought equities can be sold two business days later.
It represents the value of all goods and services produced in a country in a certain time period in terms of currency.
It represents the value of the total goods and services produced by the citizens of a country in one year in terms of one currency.
It is the profit that shows how profitable the goods or services sold are, calculated by deducting the costs of sales from the money earned from the net sales of the companies.
It is a candlestick pattern that is thought to give the signal that the negative situation in the market will change and the market will rise.

It is a candlestick pattern that is thought to give the signal that the negative situation in the market will change and the market will rise.
It is the type of a pattern that estimates a sell signal on the price chart. It is the pattern formed by the parity at the end of the uptrends in a certain time period. The pattern consists of three main peaks. The first and last peaks form the Shoulders, while the middle peak forms the Head. The bottom point levels of the sections forming the shoulders of the pattern form the neckline. A downward turn of the neckline is considered as a signal that the uptrend has ended and the parity will change its direction.
It is the process of hedging the risks that may occur in the cash market by taking a position in the derivative markets.
It is the hedging by taking a position in other markets (futures, options, etc.) from the risks arising from a position in the cash market.
It is the rate that allows us to determine (provide full protection) exactly how many index futures contracts we shall buy and sell in order to eliminate the risk that we have faced. It reveals the relationship between the price change in the spot market and the futures market.
It is the technical indicator serves to make drawing on the price chart and to interpret the current trend of the market.
It is the strategy created by buying one of the different futures contracts that have a price relationship between the same futures and underlying assets and simultaneously selling the other one.

It was first developed by Japanese analysts in the 1930s and became widespread in the 1960s. The purpose of this indicator is to determine the direction of the trend in the market and to generate trading ideas without the need to use other indicators. While it can give information alone about everything, it is a difficult indicator to get used to because it is complicated.
Orders entered to trade with orders that are not taken into account during the price setting process, including opening and closing sessions in all trading session sections where single price management is applied, but remain unmet at the specified match price level, are called imbalance orders. Unmatched imbalance orders are cancelled.
It is an international organization, established in the United States in 1946, which has duties such as monitoring global financial markets, auditing the stock market, payment plans, exchange rates, providing financial support to countries in financial difficulties and similar duties. The IMF carries out the tasks of providing liquidity in the international foreign exchange market and supporting free exchange rates.
Central banks can freely use the monetary policy tools they foresee in their decisions as a concept, without being affected by external factors (mostly political), however, the content and scope of the concept of Independence is extremely vague and difficult to define. It may even differ geographically and culturally. In order to digitize this concept and measure independence, the Central Bank Law (who sets the goals and means, what kind of relationship they have with other public institutions, the election and dismissal processes of the president, etc.),, which represents legal independence, and the institutional and cultural structure and personal factors in that country, which are thought to represent independence in practice, are used. The concept is very important as there is a high correlation between inflation and Central Bank independence.
It refers to the auditing of the financial statements of corporations and capital market institutions to be disclosed to the public or requested by the Capital Markets Board, in accordance with the generally accepted accounting concept principles and standards, and whether the information is correct and reflects the truth in an honest manner, on the basis of books, records and documents, according to audit principles and rules, and reporting the detected results.
It provides measurement of the performance of the prices and returns of equities traded on the stock exchange both on a sectoral basis and integrally. In stock market indices, the general trends of the stock market are determined by the prices of the equities.
It is the strategy of buying and selling the same equity index in order to take advantage of the price difference in the spot and forward market.
It refers to the analysis that tries to predict the trend and future prices of any financial instrument using statistical methods.
It is the continuous increase in the general level of prices. It also indicates the decrease in purchasing power of income.
It is the size that is equal to the sum of the inflation expectation and the inflation risk premium demanded by the investors in order to avoid real losses.
It represents the risk premium added to the real interest rate with the aim of compensating the loss that will occur if the inflation is realized above the expected inflation. In other words, nominal interest rate includes the real interest rate, the inflation expectation and the inflation risk premium. This risk premium is in question in countries where there are fluctuations in inflation and uncertainties.
It is called that the central banks, usually together with governments, target a certain inflation figure for the purpose of monetary policy.
Inflation reduces the liability of the issuing institution and the assets of the holding institution in real terms, when money is considered as a liability for the issuing institution and as an asset for the requesting and holding institution and natural person. In this sense, inflation has a tax features for income earners. Hence, it causes the transfer of purchasing power like the tax.
Principal and interest payments of which are dependent on a certain price index and do not lose real value in this way are called inflation-indexed bonds. Since the real yield of these bonds does not show volatility despite changes in inflation, these bonds are preferred by investors who want to hedge risk as they offer a predictable net return to investors.
It is the name given to the entire of the capital assets (transportation, energy, communication systems, etc.) used for public benefit in a country. This definition sometimes includes the human capital in the country.
It is the name given to investments made in transportation, energy, education and similar fields, which stimulate other investments with the external savings they cause, although they do not directly produce goods and services.
It is the mandatory minimum issued capital to be owned by the partnerships subject to the registered capital system.
It means that the equities of the shareholding are listed on the Stock Exchange for the first time and the securities of the shareholding representing the debt are listed on the Stock Exchange.
It is the minimum amount required to perform transactions with the assets in the Futures and Options Market. In the event of a default situation in the future, it is requested in order to meet the risks that may be exposed during the period from the date of occurrence until the closing of the positions. Initial margin varies for each asset.
It is the trading of non-public companies at the exchange through the first time sale of their shares to investors.
It is to derive an improper personal benefit or to get rid of a loss in a way that disrupts the equality of opportunity among capital market operators using the information that may affect the value of capital market instruments and that has not yet been disclosed to the public for the benefit of himself/herself or third parties.
Establishments, institutions or organizations that invest funds from the funds transferred to them or the resources they provide through the sale of bonds and stocks, considering separately from individual investors.
A money exchange system created by banks connecting to each other with an electronic network.
The market where short-term funds are bought and sold between banks is called the interbank money market. In the market, which is traded under the same name within the CBRT, banks make TL buying and sales transactions within the limits set for them, within the predetermined maturities. In this market, the Central Bank assumes the role of an intermediary (blind broker) and the trading parties make transactions through the Central Bank (by accepting the Central Bank as a party) without knowing each other. There are also secondary markets where banks carry out such transactions among themselves, except for the Central Bank of the Republic of Turkey.
The return on capital from the factors of production is called interest. In other words, it is the cost of using money.
A type of derivative instrument in which investors exchange interest payments or interest income for a certain period of time is called interest rate swaps.
The Capital Markets Law defines intermediary institutions as intermediary institutions and banks. If banks engage in capital market activities by offering their own securities to the public, they are subject to the provisions of the CMB limited to these activities. Banks are subject to the provisions of the BRSA in terms of establishment, audit, monitoring, accounting, and financial statement and report standards.
It is the market where the securities of the companies in the former Eastern Bloc Countries, Turkic Republics and Middle East countries, which will operate in accordance with the "Free Zones Legislation" within the Borsa Istanbul International Securities Free Zone, will be traded.
It is the value of the products that companies buy to sell. If a product is processed after it is bought, the cost of processing the product is also added to the inventory/stock. After the product is sold, the cost of the product is deducted from this item. The selling price of the product is either transferred in the cash item or written in the trade receivables item in the balance sheet.
It is the activity of providing written or verbal comments and investment advices to customers about capital market instruments, shareholdings and institutions that issue them, and other issues related to the capital market by providing any material benefit in return.
These are the Capital market institutions established in the form of joint stock companies on the basis of registered capital to operate a portfolio of capital market instruments, gold and other precious metals traded in national and international stock exchanges or in over-the-counter organized markets.
Former name of Borsa Istanbul. See: BIST
It is an abbreviation for "International Securities Identification Number".
It is the capital representing the sold shares of the partnerships subject to the registered capital system.
These are the state economic enterprises including those included in the scope of privatization according to the legislation, joint stock companies that issue capital market instruments, local administrations and establishments, administrations and businesses operating in accordance with the special legislation related to them.It is the amount determined by the stock exchange that indicates the minimum margin level that the initial margin will decrease due to the loss caused by the negative price changes in the options market. It is the item in which the trade receivables arising from the commercial activities of investment trusts and the forward sales of goods and services are recorded. It is the sale of issued capital market instruments by issuers with or without an initial public offering. It is the situation in which there is a single consumer or buyer, although there are many producers or sellers in the industry. The buyer company can maximize its profits by using an amount of liabilities that equates its marginal revenue to its marginal cost of liabilities in this type of market.

These are the companies whose capital is determined and divided into shares and which are responsible for their debts only with their assets. Shareholders are only liable to the company limited to the amount they have committed.

It is the type of order used to write the unfulfilled part of the order at the defined price or quantity to the system according to the order type to be executed at the defined price or quantity.
Indicates whether the option is a call or put option.

It is a kind of collateral that the payment will be made if certain conditions are met regarding the payment of the prices of the exported goods. Banks or other financial institutions mediate letter of credit transactions. In this regard, the letter of credit is a kind of letter of guarantee sent by financial institutions to a correspondent bank in a foreign country for a certain amount and in favor of a third party for a certain period of time to open a loan for itself.
It allows investors to control larger capitals with less capital ratio in the markets. The probability of gain or loss increases depending on the leverage level.
The ability to take a position much higher than the margin deposited for trading on VIOP.
It indicates how many times the investor's margin has traded. It is obtained by dividing the position amount by the margin amount.
They are the service units responsible for representing the intermediary institution. Its purpose is to promote the brokerage house and the capital market activities that the brokerage house is authorized. They can only forward customer orders to the brokerage house.
The interest rate applied by the banks with high credibility in the London Interbank Money Market to accept deposits from each other in US dollars.
It stands for London Interbank Offer Rate. It is the interest rate indicator determined by banks for borrowing among themselves.
It is the certificate given to the intermediary institutions by the Capital Markets Board and indicating the capital market activities that they will perform.
It is the type of order in which the buyer who placed the order specifies the highest price accepted for the execution of the trading and the lowest price the seller is willing to sell.
A graphic format. It is shown only by drawing on the closing prices. It gives the simplest representation.
It is expressed as the requirement of banks accepting deposits to have cash or easily convertible into cash, in other words, high liquidity values in return for their commitments. The liquidity ratio, which expresses the relationship between the deposits in banks and the values that can be converted into cash they have to hold in return for these deposits, is used as a monetary policy instrument that affects the liquidity of the market.
The value found by dividing the remaining part after all debts are paid from the value that can be provided with the compulsory sale of the company assets within a certain period of time and the number of shares is called the liquidation value.
It is the name of the feature of a financial instrument that can be converted into cash in a short time. It indicates that the financial instrument can be easily converted into cash if its liquidity is high.
These are the orders in which the price and quantity is specified. The number of orders that can be entered into the system at one time should not exceed the amount determined by the Exchange Board of Directors. The unfulfilled part of the order waits passively in the system until the validity period.
Listing the securities of a company on the stock exchange. With the listing of the securities in the Stock Exchange, it is understood that the company has fulfilled the conditions deemed necessary by the Stock Exchange.
The buy position is called Long. Long term is used in foreign sources.
It is the net long position held in foreign exchange, securities or any financial instrument. For example, holding a cash long position of $20 million means having a net amount of $20 million in cash in a portfolio (after deducting US$ cash liabilities). That is, it is a long ownership in a value.
It is called taking a short position by trading in the direction of purchase in response to the risk of an increase in the price of the asset subject to trading in the future.
Concept used for periods longer than one year
It is the unit of trading in the stock market. It is the definition of 1 lot, 1 equity or 1 TL nominal value stock in the ISE Stock Market.
It is the examination and reporting of the interim financial statements to be prepared by joint stock companies, brokerage houses, investment trusts and investment funds, which are responsible for issuing interim financial statements, by independent auditing companies in charge of continuous auditing.

Developed by Gerald Appel. It is calculated by subtracting the 26-period exponential moving average from the 12-period exponential moving average. It is predicted whether the trend will continue in the pair by comparing these two moving averages. The distance between the moving averages can give information about the momentum of the movement in the pair.
It is the market where the shares with a market value of 300 million TL - 75 million TL are traded.
They are long-term trends that persist for a year or more than a year.
Trade-based manipulation in clause A/2 of article 47 of the Capital Market Law is defined as the activity of “The artificial purchase and sale of capital market instruments in order to affect supply and demand, to create the impression of the existence of an active market, to keep their prices at the same level, to increase or decrease them”.
It is the amount that must be kept in the account in order to open a transaction and continue the existing transaction.
It is the amount deposited by the members of the Stock Exchange in the name of the legal entity of the Stock Exchange in return for the losses they may cause to their customers and the exchange due to the exchange trades.
It is the call made by the stock market to raise the investor's margin to the level of initial margin in case the margin deposited for the positions taken in the futures market declines to the maintenance margin level or falls below.
It comes from the Italian word "piazza". In general, it is the meeting of the supply of goods or services sellers with the demands of those who want to buy them and the formation of prices. The meeting of supply and demand can occur in a variety of ways. The term market, which comes from the word of "bazar" in Persian origin, also means market.
Reflecting the difference between the current settlement price and the previous day's settlement price on the accounts of open position holders as of the date the position is taken in the futures contract.
It is the interest rate paid for deposits and other investors, determined by the relationship between money supply and demand.
It is the intermediary institution that is obliged to issue a double-sided listing on its own behalf and account in order to ensure the fair, regular and effective operation of the market and to ensure the formation of a liquid and continuous market in the capital market instruments in which it is in charge.
It is the type of order entered by specifying only the quantity without writing the price. It becomes a trade after it is matched with the best priced orders on the other side. If there is no order to match on the other side, it will be canceled automatically. The market orders entered during the order collection phase in the single price method, pends in the order book until the matching starts and when the matching starts, it turns into a trade.
The price of the capital market instrument as a result of the meeting of supply and demand.
It is the monitoring and examination of extraordinary price and/or quantity movements in the securities traded on the Stock Exchange by the relevant unit of the relevant stock exchange and/or the legal regulator of the market in order to detect illegal activities such as artificial market and insider trading.
It is the type of order entered without writing a price, like market orders. It becomes a trade only by matching with the pending orders at the best price level on the other side. However, the part that does not turn into a trade takes the last trade price and turns into a limit order and is written passively in the order book. (But the remainder is canceled when entered as cancel,not written as passive)
Its calculation is made by multiplying the stock price of the companies by all the existing stocks in total. It indicates how much the market appraises for the company.
PD/DD is the ratio of the market value of the companies to the equity of the main shareholders. If PD/DD is greater than 1, it indicates that the company's market value is above its accounting value on the balance sheet. If PD/DD is less than 1, it indicates that the market value of the company is below the accounting value on the balance sheet. It is thought that if the company sells all its assets and repays its debts, it will provide more to its shareholder at market value. PD/DD value of less than 1 occurs when the company produces without added value or when investors do not trust the figures on their balance sheets.
It is the updating of the accounts by calculating the profit/loss by updating the positions at the end of each day.
The highest amount that can be entered at once as a limit price order in the trading system, determined on an equity basis.
The representative of the intermediary institution authorized to trade in the Stock Exchange.
Money Flow Index, which stands for Money Flow Index, is an indicator that is used to compare the monetary size affecting the investment instrument with the developing price and to obtain results from it.
It stands for Central Registry Agency.
It is the rate of change in the volume or price of a security.
These are the decisions taken to affect the availability and cost of money in order to achieve goals such as employment growth, economic growth, and price stability. The institutions responsible for its implementation are central banks. It is stated that the main objective of the Bank is price stability in the Law on the Central Bank of the Republic of Turkey.
It is the value found by multiplying the market price of the forward contract with the contract size.
It is the mechanism that enables monetary policy decisions to affect real economic activities such as production, consumption and employment through the economy's own dynamics. For example, the CBRT's influence on inflation expectations, market interest rates, maturity structure, money/loan sizes and asset prices by changing short-term interest rates and the effects of these changes on real magnitudes after a certain period of time, constitute this mechanism's manner of work. However, a clear detection of such a mechanism is very difficult as it also requires behavioral definitions.
These are the markets where short-term (90 days or less for international markets) financial instruments with high liquidity are traded.
Borrower's declaration of inability to pay all or part of its debts due to its insolvency. It usually results in a debt restructuring between the Borrower and the Lender.
It is the most traded maturity of all futures and options contracts traded on VIOP. Usually, the contract closest to maturity is the most liquid maturity.
It is the average calculated by looking backward as the specified unit. For example, the 200-day moving average closing price of an equity is the average of all closing prices 200 days back from that day. When a new day is taken into account, the closing price of the new day is included in the calculation, while the oldest price is excluded from the calculation.
They are indices published and managed by Morgan Stanley Capital International. It is one of the most followed indices in the world. It has great effects on the markets of developing countries.
It is called the realization of the purchase and sale transactions at the prices formed by comparing the purchase and sale orders given for a security one by one in accordance with the price and time priority rules.
It is the name of the asset established to operate the portfolio consisting of capital market instruments approved by the Capital Markets Board and gold and other precious metals traded in national and international stock exchanges in accordance with the principle of risk distribution on behalf of the certificate holders with the money collected from the public in return for participation certificates.
It is a type of negotiable document that bears the rights of the owner of the document against the founder and depository institution and indicates that the owner of the document participates in the fund with how many shares.

The automated information network that displays trading prices for securities traded in over-the-counter markets (markets without an official regulator are called over-the-counter markets) is called NASDAQ.
It is the market, which was opened with the resolution of the Stock Exchange Board of Directors, where the trading are carried out for each company's equity that is listed on the Stock Exchange, whether it is included in the index or not.
It is the situation that the total investment made in an accounting year is less than the investment amount to cover the depreciation of the existing capital.
The value found by dividing the net asset amount in the balance sheet issued at the end of a certain operating period (usually one year) by the number of equities.
The net balance principle is the netting of the trades carried out in the two trading sessions during the day in the Equity Market. Both the buying and selling of the members on the same security as well as their cash debts and receivables are offset against each other. Members become debtors or lenders equal to the net amount remaining in the swap. Thus, each broker has a net cash debit/credit amount and a net security debit/credit for each security separately at the end of the day and over all trades.
Net debt is calculated by subtracting the cash and cash equivalents of the companies from the sum of the short-term and long-term financial debts of the companies. It is used to examine the debt of the company, considering the cash assets of the company. If the company's cash and cash equivalents are greater than its total debt, the company is considered to have net cash. Whether a company has too much net debt can be measured by dividing the net debt figure to one of the company's items of income (usually the EBITDA figure is used). A net debt of 1 mio TL can be evaluated very differently for a company earning 500.000 TL a year and a company earning 2 mio TL.
It shows that in how many years the companies can be repaid their net debt with the money earned in their operations. The ratio whether is high or low, depends on the interest rate that the company has to pay for its debt. While it is acceptable to repay the debt in longer periods when interest rates are low, it is preferable that this figure be no more than a few years in high interest rates.
Although it causes great confusion, it is calculated in two different types depending on the situation in which it is used, and there is no name difference between the two calculations. It can be obtained by subtracting the short-term liabilities from the current assets when it is desired to measure the short-term financial liquidity of the company. The net operating capital used for the free cash flow calculation can also be calculated by subtracting short-term liabilities from current assets, but cash and cash equivalents in current assets and financial liabilities in short-term liabilities are not included in the calculation.
The value obtained by discounting the return of an investment during the investment period with the market rate or its own interest and reducing it to the present.
In case the capital increase of the companies whose stocks are traded in the Stock Exchange occurs before the dividend payment within an accounting period, the market where "New" stocks that do not have a previous year's dividend coupon are traded temporarily until the first day the dividend is paid is called the New Share Market.
It stands for National Futures Association. It is an independent market control agency authorized by the CFTC in the United States. In the USA, companies must register with the NFA. Some brokerage houses that do not have a control system in their own country may also register with this institution to be audited.
The capital committed by the partners of the company during the establishment of the company. One fourth of the capital has to be paid at the time of establishment when establishing a joint stock company.
It is the part of the equities offered to the public, which is offered for sale by limiting the right of the existing shareholders to buy new shares (preemption right) through capital increase.
The ratio of the part of the equities offered to the public to the total nominal supply amount by increasing the capital and restricting the right of the existing shareholders to purchase new shares (preemption right).
The form of income expressed in money. This concept does not include the purchasing power of income. This concept is used when calculating actual changes in income.
It is the current interest rate applied in the market. Nominal interest rate does not indicate the real interest level as it is not adjusted for price movements.
The expected and predicted price of a commodity other than the market price. Values written on valuable papers such as bonds and equities are defined as nominal prices.
It is called the protective effect created on domestic producers by the customs duties imposed on the final goods. The protective effect of customs tariffs is measured by the effective protection rate. Effective protection indicates how much domestic value added is protected.
It is the part of the equities offered to the public that is offered for sale from the shares of the shareholders.
It is the ratio of the offered part of the equities offered to the public to the total nominal supply amount.
The value written on a value. For example, the nominal value of each government debt securities issued by the Undersecretariat of Treasury is 100,000 TL, which is the actual value written on it. Similarly, the nominal value of 1,000,000 TL is 1,000,000, which is the value written on it.
These are the collateral other than cash that can be accepted as transaction collateral when trading in VIOP or in case the collateral needs to be completed. In accordance with the legislation, foreign currency, foreign currency indexed and foreign currency paid bonds, treasury bills and bonds, exchange traded funds, type A, type B and liquid mutual funds, equities, eurobonds are accepted as non-cash collaterals.
It is a natural or legal person who is not considered to be resident in Turkey according to the Turkish Currency Protection Legislation.
The long-term price that occurs in the balance of supply and demand, under conditions where supply and demand are fully valid.

Orders placed for quantities less than the number of equities contained in the trading unit.
It is the market where the securities sales transactions that the courts, enforcement offices and other official offices deem necessary to be made in the Stock Exchange.
Members can use their receivables arising from one market to pay their debts arising from another market transaction in line with their instructions.
See: Open Market Transactions
It is the transaction of buying and selling treasury securities with the aim of increasing or decreasing the money supply, carried out by central banks.
The operational budget deficit assumes that the deficit, which is effective on aggregate demand, is the real part of the interest payments paid during the budget period, while the nominal part has no effect on aggregate demand. In this regard, nominal interest payments are used to depreciate (protect) the real value of their wealth at the beginning of the period by the units that receive the interest payment and are reinvested with the same target. Therefore, it does not focus on consumption expenditures and does not affect the total demand in this sense. Therefore, the increase in demand is due only to real interest payments and, in this sense, operational budget deficit refers to the deficit.
These are the contracts that give the right to buy and sell a certain security at a certain maturity and price. While the contract holder has the right to call-option or put-option, which is the subject of the contract, has no contractual obligations. The party that sells (writes) the contract, on the other hand, is obliged to fulfill the provisions of the contract in case the party holding the contract wishes to buy or sell the asset subject to the contract within the terms of the contract. Parties that sell (write) the option receive premium income for this trade. In markets where high volatility in question, premium demands for contracts can reach very high levels.
These are options on income. The profitability status for call options and put options differs. The current price of the underlying asset is above the strike price for call options; in put options, it is below the strike price.
It is the price that the buyer of the option contract pays to the seller of the option contract in order to obtain the right to buy or sell a certain amount of security on or before a specified date at a predetermined strike price.
Indicates whether the option is European or American type.
It is the type of contract that gives the right to buy or sell a certain amount of economic indicators, foreign currency, precious metals, capital market instruments, commodities, financial products that constitute the underlying asset at a predetermined maturity and price, in return for a certain premium.
Transaction request sent to the brokerage house for urgent or subsequent operation in the markets.
It is the cancellation of the pending orders in the open system, or the orders that are partially fulfilled and the rest not fulfilled, during the work flow.
Changing the pending orders in the open system in accordance with the workflow is called order correction.
It is the improvement of open orders in the system. It is called pulling the prices upwards in buy orders and downwards in sell orders.
It is the order type where both price and quantity are entered. If there is no partially or completely trade at the time it is entered, the unrealized portion is written into the pending (passive) orders of the stock in accordance with the price and time priority order.
It is the form of special limit price orders with a certain amount limit. In addition to the special limit price order, the maximum transaction value is written as 'TL'. The system allows transactions at all price levels, starting with the best-priced orders, up to the specified price level, provided that it is not more than the specified amount. If the entered amount is met before the specified price level is reached, the system will not allow more transactions than the covered amount.
It is the rate of interest earned from the principal of a certain currency during the investment period.
Unless there is a contrary provision in the company's articles of association, it provides equal rights to its holders. These shares are called ordinary shares.
These are the indicators that predict whether the market is in an overbought or oversold zone. Oscillators are drawn at the bottom of the price chart.
The MACD is the technical indicator that depicts the difference between the moving average and the signal line.
See: Over-the-Counter Market
It is the unit of weight measurement. It is used as the unit value of especially for precious metals in Foreign Exchange. 1 ounce = 31.10 grams. 1 lot of gold is 100 ounces.
It is called out-of-the-money option in which the strike price is higher than the spot price of the underlying asset for call options and the strike price is lower than the spot price for put options.
These are the unorganized markets where unlisted trades are made and do not require a physical environment for trades to be made.

It is called the paid cash part of the capital subscribed by the shareholders in shareholdings subject to the basic capital system.
While taking a long position in a financial asset, it is taking a reverse, that is, short position in another financial asset. In general, the assets that are positioned have a high relationship with each other. With pair trading, it is estimated that one asset will outperform another asset while your profits are largely protected from market movements.
See: SAR
It is the investment instrument created on the basis of the ratio of the currencies of the two countries to each other. It is traded as the exchange rate of two different values, for example represented as EUR/USD.
It is the technical analysis instrument that predicts that the price chart is moving through various shapes. The aim here is to try to predict the future of the price by assuming that the continuation of the formed shapes will act in accordance with the pattern of that shape.
The institution, which stands for "Public Disclosure Platform", ensures that the value of capital market instruments and important events and developments (material disclosures) that may affect the investment decisions of investors are shared with the public in order to ensure the transparency and honesty of the capital market and to inform the shareholders, right holders and interested parties.
The interest that an investment will earn during its actual holding is called periodical interest.
It is a type of unconverted order entered under or above the market price to buy or sell the securities.
In futures and options contracts, it is the contractual owner's physical receipt of the contractual product by using its contractual rights at the expiry of the contract according to the criteria specified in the contract.
Indices calculated by considering the changes in the prices of equities are called Physical Settlement Price Indices.
The smallest unit in which an investment instrument can act as price. For example, if the EUR/USD parity is 1.2567 and then becomes 1.2577 after a while, we consider it as EUR/USD 10 pips up.
It is the technical analysis instrument that indicates the average of the period in which the price is in using a mathematical method.
The total value of the assets owned as a result of investing in more than one asset with the same or different features.
It is the management of portfolios consisting of financial assets, on behalf of each customer, as a proxy in order to obtain material benefits within the scope of the portfolio management agreement to be made with the customers.
The theory that examines portfolio patterns under various risk and return approaches is called portfolio theory. The first study on how and under what conditions the selection process of the assets to be included in the portfolio under the risk-return approach regarding portfolio pattern and management would be carried out was developed by Harry Markowitz in 1952 under the name of “portfolio selection”. The theoretical structure of Markowitz Model has been simplified with the model developed by William Sharpe in 1963 under the name of "Single Index Model". In other words, computational difficulties have been eliminated and made more practical. The development process of the theoretical structure continues with the "Capital Assets Pricing" model studies developed separately by Sharp in 1964, Linther in 1965 and Mossin in 1966. In 1967, Steve Ross created a new approach called "Arbitrage Price Theory" in connection with this theory. Such theoretical studies are used under optimal portfolio management.
It is the trade that the investor opens in the market to earn income. If you anticipate that the price will rise, you will make a profit by opening a "buy position", if you anticipate a decrease, you will open a "sell position".
It indicates the maximum number or rate of contracts that a single account can buy or sell in any contract.
The positions of the members can be transferred to another clearing member with the decision of the Stock Exchange Board of Directors of the records kept by Takasbank.
If the investor wishes to maintain the same position, it is the case of moving the moved position to a new futures contract on the same product at the expiry date.
It is the right of existing shareholders to participate primarily in the paid capital increases of the shareholdings.
These are the equities that provide privileges to their holders in the use of priority right, dividend payment and voting rights, provided that there is a provision in the articles of association.
It is called the trading session held with the aim of determining the price before the normal trading session. Although, no pre-market trading session is held at VIOP(Derivatives Market), it is stated that it will be held when it is needed.
The premium is the price of the option. It is paid to acquire the rights in the option contract.
P/E, which means Price/Earning, is the ratio of the market value of the companies to their profits and shows how long the company takes to increase the company's value with its profit. The average P/E of the Turkish Stock Exchange moves between 15 and 6 excluding crisis periods.
The shape formed by the movement of the price of the investment instrument between two horizontal border lines that can be clearly seen on the chart is called the price channel.
The lowest price at which equities can be traded in a trading session. It is calculated separately for each equity, considering the price and price increment tick.
It is the smallest price change that can occur at once for each equity price.
Indices calculated by taking into account the changes in the prices of the equities are called price indices.
The lowest and highest prices that can be offered for each asset in the trading session form the price margin for that asset. Currently, these limits are 10% below and above the base price.
The fulfillment of lower priced sell orders before higher priced sell orders and higher priced buy orders before lower priced buy orders in the Stock Market is called price priority.
The presentation of a contract that includes the best buying and sale prices is called a price quotation.
It is the low and stable inflation rate that does not affect the decision-making processes of economic entities for the long-term main goals of monetary policy (growth and employment).
It is the budget balance that is reached by excluding the interest payments made from the budget.
It is the system in which the treasury or central banks accept the banks and other institutions only that they choose as a party according to certain criteria in debt securities issuance (tender), foreign exchange intervention type transactions in order to increase the efficiency in primary market transactions and to facilitate the functioning of secondary markets. Institutions selected under the name of market maker have obligations such as making continuous transactions in the secondary markets, giving quotes, purchasing a certain amount of an issue and similar obligations.
It is the market where the companies that issue securities and savers meet directly. In other words, it is called the markets where the securities are offered for sale to the savers by the issuing institutions for the first time.
It is the principal on which interest will be calculated or the money given as loan.
See: Option on Income
It is the wholesale of the shares representing the increased capital in capital increases and existing shares are not offered to the public by the shareholders, directly to non-residents, by private placement to residents determined before registration or in the relevant market of the Stock Exchange.
These are the borrowing securities, issued by joint stock companies. These are issued with fixed or floating interest rates having maturities of at least two years that can be determined freely. Coupon payments can be made 1, 2 or 4 times a year.
The realization of profit and closing of position if a profit is made on a position taken in a financial instrument.
It is the filling of the differences between the sales of the companies and their net profits. Profit/Loss statement divides the company's costs into three main groups as operating expenses, financing costs and tax costs.
It is calculated as 4% of the daily average amount of the trades carried out by the members of the Stock Exchange in the Stock Market, which is calculated in quarterly periods.
Indicates that if an account exceeds the absolute position limit for a contract, it may have open positions as much as a certain percentage of the total open position amount of the relevant contract.
It is found by multiplying the equity price of the companies by the number of equities traded in the stock market. Generally, the weights of the equities in the indices are calculated over the publicly traded market value.
Public offering is the process of selling companies and their assets by dividing them into small shares.
It is called intermediation in the sale of capital market instruments through public offering.
Joint stock companies whose equities are or have been offered to the public are called publicly held companies.
Indicates the right to sell. It gives the right to sell to the party holding the option contract the asset subject to the option under the conditions specified in the option, but does not impose any obligation.Tthe party holding the option may not want to exercise the option depending on the market conditions. Using the option is expressed as "exercising" it. On the other hand, the party that sells the option is obliged to fulfill the contract conditions if the buyer wishes to exercise the option.
It is the relationship between a European call option and a put option where the underlying asset, maturity and strike price are the equivalent.

Price range. It is the difference between the unit at which the price is started to be measured and the unit at the end of the measurement in any period of time. It can be used for some target determinations in technical indicators.
It is the valuation made by independent institutions to indicate that to which extent the issuers (state, company, etc) have the ability to repay on time the principal and interest of the securities (bonds, commercial papers, etc), which are in the nature of debt.
It stands for Reserve Bank of Australia. It is the Reserve Bank of Australia.
It means "immovable property", and often used as an economic term. It is used as the general name of business place, factory, villa, land, building and similar values.
The Securities issued by issuers to be used in the financing of real estate projects to be built or under construction, having equal values and payable to bearer are called real estate certificates.
Shareholdings that operate portfolios of real estate and real estate-based capital market instruments and invest in real estate-based projects are called real estate investment trusts.
It is the profit obtained by deducting all operational costs from gross profit and adding other operational revenues. Briefly, the profit obtained from the operations of companies is called real operating profit.
It is the narrowing of GDP for at least two consecutive quarters or more in an annual period.
It is the form of pattern that occurs when the price moving in one direction goes back and forth between a determined support and resistance for a while.
These are the equities that are given by the resolution of the general assembly of the company, given to some people in return for various services and receivables after the establishment and do not represent the capital share.
Repayment of principal in the dates and amounts determined in the bond issuance plan.
It is the process of buying a discounted security by being discounted again at the central bank. The banks when buying an undue asset from their customers, buy it below its nominal value. After this transaction, which is popularly known as "cashing a check", banks sell this value to the central bank at another rate, this rate applied by the Central Bank to banks is called the "rediscount rate".
It is the price that is intended to be used as a reference value by the members until the price is registered, which does not constitute the basis for determining the upper and lower price limits at which an equity can be traded.
Capital registered in the Trade Registry, showing the maximum amount of shares that companies can issue with the resolution of the Board of Directors without being subject to the provisions of the Turkish Commercial Code on capital increase, provided that there is a provision in their articles of association.
These are the stocks in which the name of the owner is written on the stock certificate and this name is recorded in the share book of the company.
It is the process of registering the prices of the trades carried out on the Stock Exchange directly and the prices of the trades carried out outside the Stock Exchange after the notification of the trades to the Exchange.
Orders given exactly, without fractions, in predetermined trading units and multiples.
Auditing system.
The return of a stock or portfolio relative to another stock, portfolio or index is called the relative return. It is obtained by dividing the percentage returns of two financial instruments.
Selling a security at the starting value of the trade and buying it back at the ending value. (It can also be thought of as the sale of a security with the promise of repurchase).
It is the committee established within the body of the CBRT as an official and authorized body in order to ensure the price stability, in order to determine the monetary policy principles and strategies together with the Government, to determine the inflation target within the framework of these strategies, to take the necessary measures to protect the domestic and foreign value of the Turkish Lira, and to determine the exchange rate regime to determine the exchange rate against foreign currencies and gold together with the Government. Under the chairmanship of the Governor, the Monetary Policy Committee consists of the Deputy Governors, a member to be elected by the Board of the Bank from among its members, and a member to be jointly appointed upon the Governor's proposal. The Undersecretary of the Treasury or the Deputy Undersecretary to be determined attend the meetings without the right to vote.
Natural and legal persons residing in Turkey, including workers abroad, self-employed and employers and those who reside in Turkey continuously for more than six months within a calendar year with the intention of settling (natural and legal persons who have opened a branch or joined or established a company in Turkey by allocating a capital from non-residents in accordance with the laws of the Republic of Turkey are deemed to be resident in Turkey only because of these activities.)
In an ascending price chart, it is called the level at which it will be difficult to exceed the prices.
Indices that are calculated by considering the dividends paid by the companies as well as the changes in the prices of the equities are called return indices.
The rate of profit earned by companies to equity is called return on capital. A company's high return on capital is an indication that it produces high value-added products or uses considerable amount of debt compated to its equity. It is expected for the companies to have a return on capital at least above the inflation rate. Companies with regular returns on capital under inflation destroy shareholder value.
It is the increase in the value of the tangible fixed assets registered in the assets of the shareholdings within the scope of the rates announced by the Ministry of Finance every year with the purpose of evaluating the balance sheets of the difference between the acquisition cost due to inflation and the market value.
The certificates issued for sharing the revenues of Bridges, dams, power plants, highways, railways, telecommunication systems and similar civil use, sea and airports and similar public institutions and organizations, are called revenue sharing certificates.
It is the pattern formed by the parity at the end of the downtrends in a certain time period. The pattern consists of three main peaks. The first and last peaks form the Shoulders, while the middle peak forms the Head. The top point levels of the sections forming the shoulders of the pattern form the neckline. An upward turn of the neckline is considered as a signal that the downtrend has ended and the parity will change its direction.
Buying a security at the starting value of the trade and selling it back at the ending value. (It can also be thought of as the buying of a security with the promise of resale).
Opening a position in the opposite direction of the current position is called a reverse trading. Reverse trading is usually done with the aim of closing a position. For example, a put position that is opened at the same maturity and the same amount to close a position in return for a call position is a reverse trading.
It is the legally determined ratio of deposits that the banks accepting deposits must keep at the Central Bank in return for deposits.
It indicates the change in option price corresponding to a 1% change in interest rates.
It is the market opened within the period to be determined by the Stock Exchange, so that the new equity purchase coupon on the relevant equity can be bought and sold within the exercise period determined by the companies whose equities are traded in the Stock Exchange to make a cash capital increase.
The interest rate that the government pays on the debts it receives is accepted as the risk-free interest rate. The interest rate on government bonds and treasury bills is the risk-free rate.
If the current margin ± profit/loss situation falls below the initial margin, the relevant account becomes risky.
This oscillator, which is developed by Welles Wilder, predicts overbought and oversold zones. It considers as overbought zone above the level of 70 and oversold zone under the level of 30 within the range of 0 to 100. It is estimated that the RSI line between these zones, if fall below the level of 70 downwards or exceeds the level of 30 upwards, it signals that the prices will change their direction.
It is the technical indicator, which stands for Relative Vigor Index, developed by John Ehlers based on trend measurement.

The SAR indicator, which is called stop and reversal and given name from the initials of these words, is the technical indicator introduced by Welles Wilder in 1978. It is often used to follow trends.
It is a form of trade that is made to generate income from very small movements in the market. Scalping traders aim to generate income by trading frequently with very small profits.
It refers to the markets where the securities are traded after their first issuance. For example, Istanbul Stock Exchange, Bonds and Bills Market, where debt securities issued by the Republic of Turkey Undersecretariat of Treasury are bought and sold after issuance, is an example of the secondary market.
It is the increase of the equities open to the public by the companies that are currently traded in the stock exchange.
It is a valuable document that provides shareholding or creditorship, represents a certain amount, is used as an investment instrument, brings periodic income, is issued in series, has the same phrases and the conditions are determined by the Capital Markets Board.
It is the issuance of securities for a certain period from the lending party to the borrowing party for short sale purposes and the repurchase of the same type of securities with its fungible within the framework of the principles determined in the contract between the intermediary institution and the customer.
It is the equity market index calculated by taking into account the changes in the prices of the equities of companies traded in the National Market and only in the services sector.
Settlement literally refers to clearance, exchange. In forward markets, settlement transactions are called as the exchange of debts with different interest types (fixed and floating interest rates).
It is called mutual liquidation of debts and receivables resulting from the transactions carried out in the Stock Exchange.
It is the price used in calculating the daily profit/loss and margin obligations of the accounts that take positions in the futures market. Calculation is usually done as the average of the prices formed towards the end of the trading session.
The name given to the sales position in foreign sources.
It refers to the part of the assets owned through currency, gold, securities and similar financial instruments that cannot meet the same type of liabilities.
In forward markets, the contract has two sides, long and short. In VIOP contracts, the short position is the party that has the obligation to sell the contract. In VIOP contracts, the short position is the party that has the obligation to sell the contract.
It is the sale of financial instruments that are not owned at a particular moment in time (also used to mean the sale of a financial instrument) with the expectation that there will be a future price decrease with an investment motive.
Taking a short position by trading in the sell direction of the contract against the risk of a decrease in its price in the future.
It is the awarding of the equities to the buyers by the Investors, who have the idea that the equities, which they do not own, will decrease, by borrowing from the brokerage houses. The equities that sold first are then buy back. The purpose of short selling transactions is to buy back the equities at low prices in the future and replace them and generate profit from the price difference that will occur between them.
The single price method is a trading method in which orders are accepted into the Trading System without any matching during a certain period of time and a single price level (Single Price) is calculated, which ensures the execution of the highest amount of transactions at the end of this period, and all trading are carried out at this price level.
The price difference between the price at which you place your order and the price at which your order is executed is called slippage. When prices change very quickly, when you place an order at the price you see on the screen, sometimes the prices may change until your order is processed and the price level at which your order is executed may be different. This is called slippage.
Swiss National Bank.
Auditing the financial statements and reports of joint stock companies, intermediary institutions and investment trusts determined by the Board, which apply to the Capital Markets Board for registration due to the public offering of securities or are in the process of merger, transfer or liquidation within the scope of the Capital Market Law.
These are the orders in which the order amount is entered as "Zero-0" and transferred to the system only by indicating the price.
Large quantity orders that can affect the prices formed in the Main Market are called special orders. The orders are considered a special order that the orders of 500 contracts and higher amounts entered at once in foreign currency futures contracts with physical delivery and the orders of 2000 contracts and higher amounts entered at once for other contracts.
Contrary to arbitrage, although it carries a risk, speculators evaluate the current market structure, predict the goods that will change in price in the future, and buy in advance to make a profit by taking advantage of the price difference.
Capital Market Law
Capital Markets Board
The spot market is the market where the buying or selling of a product is carried out at the latest two business days after the price determined on the trading date. The final date of the buying or selling transaction is called the value date. Accordingly, after the buying-selling transaction is realized with agreements in the spot market, the exchange is realized on the value date.
It is the amount that will be paid or received at that moment or in a very short time while making a spot (current) purchase or sale of an asset.
It is the determined difference between the buying and sale of a security traded in the brokerage house.
See: Difference between the buying-selling
It is the amount of margin requested by the VOB (Derivatives Exchange) for the spread position. Since the risk taken is lower than the one-way position, the required margin for each spread position is half of the standard initial margin.
It is called taking a long position in one contract and a short position in the other at different maturities of the same contract.
The difference between the buy price and the sell price of an option.
It is the statistical term that expresses how much the numbers in a data set differ from the mean. A high standard deviation also indicates high risk.
It is the strategy applied by simultaneously buying or selling a call and a put option with the same maturity and different strike prices.
The market in which shares with a publicly traded market value of more than TL 100 million are traded.
Developed by George Lane, it measures the movements of prices in a high/low price range ranging from 0 to 100 in a certain time period. It is foresen that below the level of 20 on the indicator is considered oversold zone and above the level of 80 as an overbought zone.
They are intermediary institutions that have received a certificate of authorization from the Capital Markets Board and a membership certificate from the Stock Exchange.
When customer orders are transferred to the stock market computer system during the trading session by brokerage house member representatives, they turn into stock orders.
It is the price of the securities traded in the organized markets that operate according to certain rules in the stock market, which is formed according to the supply and demand conditions in the stock market.
Organized markets where the supply and demand of securities meet.
An agreement to buy any stock in the future is called the equity futures contract. Similar to stocks, they are traded on the stock market. In order to prevent the buyer and seller from avoiding the agreement, both parties shall deposit margin at the same time. In case of a change in the price of the agreement, one party's margin is transferred to the other party and the party whose margin has decreased must increase its margin by that rate. The deposited margins are traded in a leveraged trading type as the shares to which the contract is tied are much less.
Stock market is the term used for organized markets for investment instruments demanded according to set rules.
In case of loss in a position taken in a financial instrument at a level determined for the relevant financial instrument, closing the position and preventing the loss is called Stop Loss.
In case of loss on a position taken in a financial instrument, the position is closed by realizing the loss and preventing further loss
In the event that the sustainable margin becomes insufficient, the intervention of the brokerage house in the customer's open positions is called a stop out.
It is the simultaneous buying or selling of a call option and a put option with the same strike price and maturity. If both of the mentioned options are purchased at the same time, it is called the long straddle strategy; if it sells, it is called the short straddle strategy.
In option contracts, it is the price at which the security subject to the option will be bought or sold at the time the option is used.
These are the subsidiaries in which the enterprise has the right to vote directly or indirectly at least 50% or to elect at least the majority of the management at this rate.
It shows the relationship between the price of goods and services and the quantity supplied.
In a price chart that is seen to go down, it is called the level at which it will be difficult to exceed the prices.
These are specially prepared contracts that allow the exchange of cash flows to be realized between two or more parties according to a predetermined formula and maturities. Borrowing securities and currency swap contracts are widely used.

It is the bank responsible for the settlement, custody and numbering of the securities in Turkey in accordance with international standards.
In case the profit obtained at a level determined for the related financial instrument is desired to be realized in the position taken in a financial instrument, closing the position is called Take Profit.
It is the name given to the part of the equities consisting of coupons.
It is an appraisal method in which several data previously formed in the market are used to predict the future with the support of statistical methods and graphics.
It is the price level that an equity is expected to reach based on technical analysis.
It is one of the methods of allocation of various goods and financial values to natural persons or institutions. If the goods to be the subject of the tender do not have a fixed or directly determinable price or if the seller of the good is unsure of the market price of the good, selling together with the auction method eliminates this uncertainty under conditions of perfect competition. The first classification of methods was made by William Vicrey in 1961. It can be carried out in different formats. The most common are multi-price “Dutch Auction” auctions, where prices are arranged in descending order. In this type, transactions are made with each participant at their own offered price. “English Auction” type auctions are auctions where prices are arranged in ascending order. “Single price” style auctions are another method of tender. The price at which the supply and demand are equalized is applied to all the winners of the tender in this type of tender. In other words, all transactions are carried out at a single price.
It is the termination of the activities of the partnership depending on the terms of the articles of association or in the event that one of the conditions specified in the laws is fulfilled. When the aforementioned situation occurs, the equities of the Partnership are also removed from the stock market.
It is the expected price of a forward contract at maturity. It is calculated with a certain formula. The margin sizes of the contracts are calculated according to the theoretical price.
It is the indicator of the effect of the change in the remaining days to maturity on the option price. It is always referred in negative values, as the march of time reduces the time value of the option.
Every momentary movement of a parity on the price axis is called a tick. While watching the chart, each up or down movement of the price corresponds to a tick.
The abbreviation for which a financial instrument is traded on an exchange is called a Ticker or Symbol. It usually consists of 4-5 letters and reminds the real name of the instrument.
It is the term used to describe the decrease in the time value of the option as the expiration date approaches.
It is called priority fulfillment of the orders previously registered in the system in terms of time, in case of price equality in the Stock Market.
It is the difference between the option premium and the intrinsic value.
A situation in which the income received by a country in return for the goods and services exported is less than the payments made by the country for the goods and services imported from overseas is called a trade deficit.
In the event that the fees of the products in the inventory/stock are not paid, the costs of these products are written into the trade payables.
After a product/service is sold, if the fee for such product/service will be charged later, this amount to be collected is written as trade receivable.
Trading session of price fixing can be held for one or more contracts within the hours previously announced by the stock exchange when deemed necessary by the stock exchange. Price fixing sessions can be held before, after or during the regular trading session.
Natural persons who trade in the market are called traders.
All the methods and positions that you exercise to trade Forex are called trading. The word meaning is trade, it can also be translated as making a transaction.
It is the number of securities that are bought and sold in any market, in a trading session or in a certain interval, that is, they change hands.
It is the purchase of securities by means of borrowing by using credit within the framework of the provisions of the contract to be made between the customer and the intermediary institution by opening a margin account on behalf of the customer at an intermediary institution.
It indicates the range in which stock prices fluctuate according to supply and demand.
It is the time elapsed between the start and end of transactions in the stock exchange.
It is the time elapsed between the start and end of transactions in the stock exchange .
It is the suspension of trading for a short time after the price of an asset traded on Borsa Istanbul moves more than 10% in one trading session. It can also be applied if there is a movement in the equity price of more than 7.5%, depending on the group of equities in which it is included. It is applied to prevent excessive price movements in the equity price due to a wrong or manipulative manipulation.
The term “lot” is used for the trading unit. It refers to the minimum value of a capital market instrument that can be traded with itself or its multiples.
It is the sum of the totals obtained by multiplying the number of equities included in each order in the executed trading and the trade price for all equities.
The order type that allows the stop point you set to follow automatically as the price moves in the good direction.
Each level within the trading limit in the Bonds and Bills Market is called a tranche.
It reflects the sum of the finance cost, warehouse cost and insurance cost of the underlying asset subject to the contract.
It is the borrowing instrument that is issued by the Treasury with a maturity of less than one year and is traded at a discount.
It is the concept that represents the upward, downward or horizontal trend of an asset's price or economic data in a certain time.
It is a type of pattern that usually occurs on price charts when the market is increasingly squeeze. There are three different types as ascending, descending and symmetrical.
It is a term that refers to the total value of the transactions made in a specified time.

These are the financials of the companies, except for the affiliates.
These are the assets that are subject to derivative products such as futures contracts and options, such as equities, commodities, goods, economic indicators, foreign exchange, precious metals, and interest.

It is the date on which the obligations arising as a result of the trade are fulfilled, in other words, it is the date on which the securities and cash transferred (settlement).
It is the indicator that indicates the sensitivity of options to changes in volatility. Vega can be displayed as an absolute value or a percentage.
Velocity of Money
Companies that are established with registered capital and direct their issued capital mainly to venture capital investments are called Venture Capital Investment Trusts.
It is one of the important price strategies used in VIOP. It is a strategy of simultaneously buying and selling one option of the same type (call or put) with different strike prices.
It stands for Chicago Board Volatility Index. It is the index that indicates fear and anxiety about the markets. This index determines the risk perception in the market.
It is the volatility of the price of a security or the general market in a short period of time. The price of a security with high volatility indicates rapid change and extreme volatility.

The international term used for securitized options is called a warrant.
The Watchlist Companies Market is the market in which the relevant traded equity is included in cases where companies are included in the scope of monitoring and examination due to the occurrence of extraordinary situations related to companies traded in Borsa Istanbul and/or equity transactions.
It is the pattern shape that occurs when prices are increasingly squeezed between two slopes. It is estimated that it produces a buy or sell signal.
It is called the average calculation made according to the total weight of the values that do not have the equal importance. It refers to the ratio of the sum of the products of each value by its weight to the sum of all weight factors. It is frequently used in financial market, cost calculations and price indices.
It is called the price-weighted and even price of the share, which is the basis for the calculation of the base price for the next trading session.
It is the market that enables equity trades over a certain amount, whose buyers are predetermined or unknown, to take place in an organized market in an environment of trust and transparency in the Stock Exchange.
It is the technical indicator, which is developed by Larry Williams, trying to predict overbought-sold zones and mismatches by looking at the relationship between prices.
Williams Accumulation/Distribution (AD) is the cumulative sum of positive "cumulative" price movements and negative "distributor point" price movements. The term "accumulation" is used to refer to the market controlled by the buyers, while "distribution" indicates that the market is controlled by the sellers.

It is the type of technical indicator that visually facilitates the movement of the market and tries to define the progress within certain zigzags by detecting the tops and bottoms.

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