Start of a new era at the derivatives index

ANKARA - A new era has begun for the Turkish Derivatives Exchange, or VOB, with single-stock futures to begin trading on the İzmir-based bourse as soon as approval of the Capital Market Boards, or SPK has been given.

VOB representatives, including VOB President Işınsu Kestelli, visited the Prime Ministry on Thursday and met with Prime Minister Recep Tayyip Erdoğan and Turan Erol, SPK chairman. "We have conveyed our requests to the prime minister," said Kestelli.

The prime minister instructed the SPK to enable single-stock futures to trade on the VOB, she said. VOB now awaits SPK approval to start the trade of futures contracts of the top 10 equities trading on the Istanbul Stock Exchange, or IMKB. Single stock futures, or SSFs, are contracts between two investors. The buyer promises to pay a specified price for 100 shares of a single stock at a predetermined point in the future. The seller promises to deliver the stock at the specified price on the specified date. This has been long awaited by the markets, said Kestelli, adding that the VOB’s transaction volume was expected to increase drastically after the move. This will also help raise product variety, she said. "This will actually mean market growth and expansion."

Every now and then discussions are had over whether to move VOB to Istanbul, she said, and added that during the meeting with the prime minister she was ensured that VOB would remain in İzmir.

Meanwhile, IMKB Chief Hüseyin Erkan said the claims as to IMKB’s plans to acquire VOB and move the bourse to Istanbul were completely fault. Since the establishment of the VOB, IMKB has provided labor force and software support to the bourse.

IMKB, an 18 percent shareholder of VOB, has also provided the İzmir-based bourse with product support, such as IMKB-30, IMKB-100 and three-month domestic bonds, or DİBS-90.

The talk about VOB’s move to Istanbul has been off İzmir residents’ agenda for some time now. The topic was discussed over dinner last weekend between the members of VOB and Prime Minister Recep Tayyip Erdoğan in İzmir. Kestelli requested the bourse be kept in İzmir, supported by Tuğrul Yemişçi, İzmir deputy of the Justice and Development Party and Taha Aksoy, the party’s candidate for the İzmir Metropolitan Municipality. Following the conversations, Erdoğan told Kestelli to request a meeting with State Minister and Deputy Prime Minister Nazım Ekren and SPK Chief Turan Erol.

"Through the new application VOB will allow the transaction of futures contracts of equities that trade the most on the IMKB," said Yemişçi, following Thursday’s meeting at the Prime Ministry.
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