Futures and Options (VIOP)

What is a Futures Contract?

Futures Contracts traded on the Borsa Istanbul (BIST) Futures and Options Market (VIOP) are contracts with a standard contract size and maturity, traded in an organized exchange market, and issued on capital market instruments and economic and financial indicators. The VIOP is a market enabling players to electronically buy or sell a set of economic or financial indicators, capital market instruments, commodities, precious metals or currencies of a predetermined price, amount and description at a future date.

The VIOP allows trading in such instruments as equities, equity indices, currencies (USD/TRY, EUR/TRY, EUR/USD), gold, commodities and electricity futures contracts.

Why should I invest in a Futures Contract?

  • Hedging Transactions
    Futures provide the opportunity of protection against potential future unexpected and unforeseen price fluctuations in the contract markets. An investor holding a future-dated receivable or payment in foreign currency takes a position opposite to his/her position in the spot market. This provides the investor with not only the opportunity of protection against any risk arising from potential future price fluctuations, but also the advantage of making forward-looking and future-oriented financial projections.
  • Investment Transactions
    Investors trade in line and in tandem with their price expectations in the markets. They usually invest to make a profit by selling at a higher price the assets they purchased at a lower price or by buying at a lower price the assets sold at a high price. Thus, they contributeto the increase of liquidity in the markets.
  • Arbitrage-based Futures
    Through arbitrage-based futures, by synchronically trying to capture price differences between spot and futures markets, investors aim to make a risk-free profit from these price differences by buying in the low price market and selling in the high price market.
  • Portfolio Diversification
    Futures offer various different alternatives for portfolio diversification, thereby spreading the risks. Furthermore, rather than buying stocks one by one, investors may trade on the BIST-30 Index through a single instrument.
  • Leverage Advantage
    In VIOP, trading provides the opportunity to take a larger position with a low margin level.
  • Two-way Trading
    In VIOP, short selling is permitted. Thus, investors have the opportunity to make a profit not only when the prices rise, but also when they fall in the market.
  • Counterparty Risk
    In VIOP, margins are kept under the guarantee of the Clearing Bank.
  • Tax Advantage
    In VIOP, proceeds of contracts based on equities and equity indices are subject to a 0% withholding tax, while this tax rate is 10% for proceeds of contracts other than the contracts based on equities and equity indices. The tax rate applicable on earnings of corporate investors is also 0%.

What are the initial margins for Futures Contracts?

VIOP collateral obligations have been determined to be twice as much as the current collateral requirements set by the Clearing Bank.

Margins for Futures Contracts set by the Clearing Bank


The figures provided  in this table may be changed by the Clearing Bank at various times. At the end of every day, a Margin Call is issued for the accounts remaining below the initial margin.

An example of a BIST 30 Index Future Contract:

Let us assume that we buy one contract (long position) at a price of 142,500 through a BIST 30 Index future contract. With an Initial Margin of TL 1130, 1 Contract = Index/10 volume may be traded.*

Long Position – Buying

Initial Margin required to be held in our account: TL 1,130

Buying Price                                            : 142,500

Selling Price                                            : 145,500

Buying Transaction Amount : 142,500/10 = 14,250

Selling Transaction Amount : 145,500/10 = 14,550

Leverage                                 : 14,250/1,130 = 12.6

Profit                                       : 14,550 – 14,250 = TL 300

Thus, when the position is closed, our account will contain 1,130 + 300 = TL 1,430.

* In VIOP, the index value is expressed as one per thousand of the spot, but the trading volume is 100 folds this figure. Thus, a volume of one-tenth of the index value is achieved.

Please click for more detailed information about Futures Contracts.

What is an Option Contract?

An Option Contract is a bilateral contract allowing the buyer to buy or sell an asset underlying the option at a predetermined strike price at any time up to a certain maturity, in consideration of a certain amount (option premium) paid in advance. On the other side, it is a derivative instrument obliging the seller to sell or buy, as the case may be, an asset or financial indicator underlying the option contract if and when the buyer uses his rights thereunder. Option contracts are by nature insurance-providing contracts.

Option Sides:

  • Option Buyer → pays a premium – right owner
  • Option Seller → collects the premium – holder of obligation

Buy (Call) Option

  • Grants the premium paying (option buying) side the right to buy the underlying asset.
  • On the other side, holds the premium collecting (option selling) side obliged to sell the underlying asset.

Sell (Put) Option

  • Grants the premium paying (option buying) side the right to sell the underlying asset.
  • On the other side, holds the premium collecting (option selling) side obliged to buy the underlying asset.

Stock Options

The BIST offers some Stock Options in VIOP for some predetermined stocks.


  • Appropriate margin conditions
  • Opportunity to make a high profit with a limited investment due to the leverage effect.
  • Protection against unexpected and unforeseen price movements.
  • Opportunity to diversify the portfolio through correctly applied strategies for hedging purposes or for achieving a higher return at the same risk level.


  • Risk to incur a high amount of losses due to the leverage effect.
  • Due to risky positions taken, the resulting loss may lead to a loss of margin and the trades may be stopped.
  • The risk of the option buyer is limited by the premium paid, while the risk of the option seller may be unlimited.

Please click for more detailed information about Option Contracts.

Futures and Options Exchange session hours*

  • Stock Futures and Option Contracts  09:30 – 18:10
  • Other Contracts  09:30 – 18:15

*Valid unless otherwise declared by Borsa Istanbul.

Please click for fees and commissions.

You may execute your VIOP trades with the help of our expert investment advisors based at our 22 Garanti BBVA Securities Branches, or via all of our platforms offered with quick, practical, reliable and rich content support anywhere you have internet access.

Please click to reach your closest Garanti BBVA Branches or Garanti BBVA Securities Branches for a VIOP account opening.

For any questions, you can access  our Investor Support Center via telephone at 444 0 630 between 09:00 and 19:30 hours during the week days.

Margins for Futures Contracts

Derivative Risk Decleration Form