Equity Market - Edelweiss Capital
Transkript
Equity Market - Edelweiss Capital
Equity Market Basics •Time Zone: GMT +2 •Currency: Turkish Lira •Equities, ETFs, warrants and certificates are traded on the Equity Market. •Currently 372 companies, 17 exchange traded funds (8 of them managed by Finansinvest) trading at Borsa Istanbul. •Total market capitalization: USD235bn as of 2013 year-end. •Settlement Cycle : T+2 •The average daily equity market volume: USD1.8bn in 2013, Foreigners` share ~20% •The foreign investors’ share in total market capitalization was at also 62.5% at 2013 year-end. 2 Trading Summary • There are two sessions during the day (morning and afternoon sessions) and 1.5 hours of mid day break between two sessions • Each trading session starts with a blind opening auction. • Orders can be cancelled anytime during the trading day (the cancel msg can be sent during the break but the acknowledgement will be sent when the session starts). • Limit up/down range is ±10% from the last session’s VWAP. • Limit up/down is applied for each session, so that a stock can move approximately ±20% each day max. • Short sell is allowed for the A type of stocks except for the opening sessions. B & C Group stocks may not be involved in margin trading and short selling (see page 4-5). Cost of borrowing: ~10% • No Darkpools • No available ATS CIRCUIT BREAKERS: Trading is suspended when an “abnormal price or quantity movement” on a stock occurs, as determined by the exchange. The suspension lasts for 15 minutes generally. 3 Equity Market Trading Hours First Session 09:15-12:30 Opening Session / Order Collection 09:15-09:30 Price Determination Phase and Opening Transactions 09:30-09:35 Continuous Session 09:35-12:30 Second Session 14:00-17:40 Order Collection 14:00-14:10 Price Determination Phase and Opening Transactions 14:00-14:15 Continuous Session 14:15-17:30 Order Collection for Closing Auction 17:33-17:36 Closing Price Determination Phase 17:36-17:38 Trading at Closing Price/Single Price 17:38-17:40 4 Auction – Closing Session Mechanisms Closing Session 17:30-17:40 Order Collection for Closing Auction 17:30-17:33 Closing Price Determination Phase 17:36-17:38 Trading at Closing Price/Single Price 17:38-17:40 Closing Session: Order Transfer Phase (17:30 - 17:33) • Pending closing orders from continuous trading are transferred into the closing trading system • No new orders will be accepted / pending closing orders cannot be amended or cancelled Order Collection Phase (17:33 - 17:36) • New closing orders accepted • Existing orders can be amended or cancelled Closing Price Determination Phase (17:36 – 17:38) • Orders will be matched at the determined closing price Trading at Closing Price – Single Price Phase (17:38 – 17:40) • Orders may be entered only for securities that have been traded in the closing session • Orders may be entered from only determined closing price level • Orders can be cancelled NOTE: The prices for the orders entered during the closing session must be within the ±3% of the last print in the continuous auction phase. 5 Order Types 1) Market Orders 2) Limit Orders 3) Immediate or Cancel Orders (Fill or Kill): Price and amount are specified, the unfulfilled part of the order is cancelled immediately. 4) Market On Close Order: Can only be sent during the closing session order collection phase (17:33-17:36). The closing price is fixed at 17:36, and the system sends the MoC orders with the fixed price at 17:38. In terms of priority, MoC orders are placed after the orders which are sent with better price (with limit order). Any residual MoC order volume will be cancelled by the System. Note: There is no guarantee to be filled in Market On close Orders, that’s why we recommend to send `limit order` at the closing session phase. The only way to have a guaranteed closing price is sending the order ±3% from the closing price which is the limit up/down level for the closing auction. 6 Price & Tick Size – Cancellation Fees Price Ticks for Equities and ETFs: The “price tick” for each security is determined according to the base price of that security calculated with reference to the weighted average price prevailing during the previous session Pr ic e tic ks fo r ETFs Pr ic e tic ks fo r Equ ities an d Righ ts C o u po n s Base Price Range (TRY) Price Tick (TRY) 0.01 0.01 - 10.00 0.01 10.05 - 100.00 0.05 10.02 - 100.00 0.02 100.50 and over 0.5 100.25 and over 0.2 Base Price Range (TRY) Price Tick (TRY) 0.01 - 10.00 Cancellation Fees Fee Descriptions Exchange Fee 1 - For Orders at the Best Bid and Offer Price Level 2 - For Normal Orders Up to 30 seconds (excluding 30th second) 0.00004 Between 30 seconds and 1 minute (excluding 60th second) 0.00002 After 1 minute 0.00001 0.0000025 7 LIST OF GROUP A SECURITIES (AVAILABLE TO SHORT) LIST OF GROUP A ACSEL ADANA ADBGR ADEL ADESE ADNAC AEFES AFMAS AFYON AGYO AKBNK AKCNS AKENR AKFEN AKFGY AKGRT AKGUV AKPAZ AKSA AKSEL AKSEN AKSGY AKSUE ALARK ALBRK ALCAR ALCTL ALGYO ALKA ALKIM ALTIN ALYAG ANACM ANELE ANELT ANHYT ANSGR ARCLK ARENA ARFYO ARMDA ARSAN ARTOG ASELS ASLAN ASUZU ASYAB ATAC ATAGY ATEKS ATLAS ATPET AVGYO AVOD AYEN AYGAZ BAGFS BAKAB BANVT BAYRD BFREN BIMAS BIZIM BJKAS BLCYT BMEKS BOLUC BOSSA BRISA BRKO BRKSN BRSAN BRYAT BSHEV BSOKE BTCIM BUCIM BURCE CCOLA CEMAS CEMTS CIMSA CLEBI CLKHO CMBTN COMDO CRDFA DAGI DENCM DERIM DESA DESPC DEVA DGGYO DGKLB DMSAS DOAS DOCO DOGUB DOHOL DURDO DYHOL DYOBY DZGYO ECBYO ECILC ECZYT EDIP EGCYH EGCYO EGEEN EGGUB EGSER EKGYO EMBYO EMKEL ENKAI ERBOS EREGL ERICO ERSU ESCOM ETYAT EUKYO EUROM FENER FINBN FLAP FMIZP FNSYO FROTO FVORI GARAN GARFA GDKYO GENTS GEREL GLYHO GOLTS GOODY GOZDE GRNYO GSDDE GSDHO GSRAY GUBRF GUSGR HALKB HATEK HEKTS HITIT HLGYO HURGZ IEYHO IHEVA IHGZT IHLAS IHMAD IHYAY INDES INTEM IPEKE ISCTR ISFIN ISGSY ISGYO ISMEN ISYAT ISYHO ITTFH IZMDC IZTAR JANTS KAPLM KAREL KARSN KARTN KATMR KCHOL KERVN KERVT KILER KLGYO KLMSN KNFRT KOMHL KONYA KORDS KOZAA KOZAL KRATL KRDMA KRDMB KRDMD KRSAN KRSTL KUTPO KUYAS LATEK LKMNH LOGO LTHOL MAALT MAKTK MARTI MEMSA MEPET MERKO METRO MGROS MIPAZ MMCAS MNDRS MRDIN MRGYO MRSHL MRTGG MUTGG MUTLU NETAS NIBAS NTHOL NTTUR NUGYO NUHCM ODAS OLMIP ORGE OSTIM OTKAR OYAYO OZGYO PAGYO PARSN PEGYO PENGD PETKM PETUN PGSUS PIMAS PINSU PKART PNSUT POLHO PRKAB PRKME PRZMA PTOFS RHEAG ROYAL RYGYO RYSAS SAFGY SAHOL SAMAT SANEL SANKO SARKY SASA SAYAS SEKUR SELEC SILVR SISE SKBNK SKTAS SNGYO SODA SONME SRVGY TARAF TATGD TAVHL TBORG TCELL TEBNK TEKST TEKTU TGSAS THYAO TIRE TKFEN TKNSA TMPOL TMSN TOASO TRCAS TRGYO TRKCM TSGYO TSKB TSPOR TTKOM TTRAK TUKAS TUPRS UCAK ULKER UNYEC USAK UTPYA UYUM VAKBN VAKFN VAKKO VERUS VESBE VESTL VKBYO VKGYO VKING YATAS YAYLA YAZIC YGGYO YGYO YKBNK YKGYO YUNSA YYAPI ZOREN TOTAL GROUP A 321 *BIST 30 companies (flagged in red) are easier to borrow compare to other List A companies ** Ask for availability before shorting the stocks 8 GROUP B AND GROUP C SECURITIES (CANT SHORT) LIST OF GROUP B AKMGY ALNTF ATSYH AVIVA AVTUR AYCES BAKAN BEYAZ BISAS BOYNR BRMEN BURVA CARFA CARFB CELHA CMENT DAGHL DENGE DENIZ DENTA DGATE DGZTE DIRIT DITAS DOBUR ECYAP EGLYO EGPRO EMNIS ETILR FFKRL FONFK GDKGS GEDIK GLBMD GLRYH HZNDR IDGYO INFO IZOCM KIPA KLNMA KRONT KRTEK LINK LUKSK MCTAS MEGAP METUR OSMEN TOTAL GROUP B LIST OF GROUP C OYLUM OZBAL OZKGY RAYSG RODRG SANFM SEKFK SERVE SNPAM TACTR TEPAS TUDDF ULAS VANGD YAPRK YKSGR 66 ANSA ARTI COSMO DARDL EGYO EKIZ EPLAS ESEMS FENIS FRIGO GEDIZ ICGYH IDAS ISATR ISBTR ISKUR KENT KPHOL MANGO METAL MZHLD PKENT RANLO SELGD SKPLC TCHOL TKURU TRNSK YESIL TOTAL GROUP C 29 9 Most Liquid Stocks: BIST 30 Index • • BIST 30 Index consists of 30 stocks selected among the stocks of companies traded on the Market and the stocks of real estate investment trusts and venture capital investment trusts traded on the Collective Products Market. The review period covers the last 6 months as of the last trading day of November, February, May and August for traded value. BIST 30 Index Members & Weights GARAN (12.35%) ISCTR (5.70%) YKBNK (2.68%) ULKER (1.74%) KRDMD (0.74%) AKBNK (9.69%) TUPRS (5.00%) TTKOM (2.67%) TOASO (1.29%) ASELS (0.59%) BIMAS (7.75%) KCHOL (4.58%) ENKAI (2.31%) SISE (1.00%) TKFEN (0.55%) SAHOL (6.93%) THYAO (4.31%) TAVHL (2.29%) PGSUS (0.98%) ASYAB (0.53%) HALKB (6.70%) EKGYO (4.28%) VAKBN (2.06%) PETKM (0.83%) MGROS (0.50%) TCELL (5.98%) EREGL (2.81%) ARCLK (1.96%) KOZAL (0.80%) KOZAA (0.39%) 10 Settlement Principles Takasbank (Istanbul Settlement & Custody Bank) is authorized to provide cash and securities settlement transactions as the central clearing and settlement institution to securities traded on Borsa İstanbul. General settlement principles are as follows: 1)Settlement day is T+2, i.e. the second business day following the transaction. 2)Multilateral netting system is applied. 3)Payments are cleared by same day funds. 4)Delivery Versus Payment (DVP) principle applies. 11 Exchange Traded Funds • • Finans Asset Mgmt is the first company to launch ETFs and currently the market leader, manages 8 ETFs. Equity ETFs – DJIST, IST30, BNKTR DJIST allows investors to gain direct exposure to the largest and most liquid 20 blue-chips listed on the BIST. IST 30 provides exposure to the BIST National 30 Index with a single transaction. IST30 Exchange Traded Fund consists of the top 30 publicly listed stocks on the Borsa Istanbul and can be bought and sold like a stock in a quick and low cost manner. Bank ETF (BNKTR) allows you to invest in the stocks of the 6 publicly traded banks in Turkey with the highest market capitalization in a single transaction. You can invest in the performance of 6 banks at the same time by purchasing 1 share of Banks ETF. 12 13