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.

You can easily open your stock and VIOP (Futures & Options) account via Garanti BBVA Internet Banking or Garanti BBVA Mobile without going to the branch and start your transactions quickly.

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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%.

Initial Margins for Futures Contracts

Contrats Price Scan Range - PSR (%)
XU030 14.2
XLBNK 16.9
X10XB 15.5
USD/TRY 13.7
EUR/TRY 13.5
GBP/USD  4.6


RUB/TRY 21.2
XAU/TRY (Gold) 12.2
XAU/USD  6.3
XAG/USD (Silver) 13.5
XPT/USD (Platinum) 10.1
XPD/USD (Palladium) 19.9
ELCBASM (Electiricity) 20






XSD25 14.0
Contrats Price Scan Range - PSR (%)
AEFES 16.2
AKBNK 17.9
AKSEN 15.4
ALARK 16.1
ARCLK 15.4
ASELS 16.2
ASTOR 18.4
BIMAS 17.6
BRSAN 16.2
CIMSA 16.2
DOAS 16.2
DOHOL 16.2
EKGYO 18.2


ENKAI 15.9
EREGL 15.4
FROTO 17.4
GARAN 16.2
GUBRF 17.5
HALKB 17.4


ISCTR 17.2
KCHOL 16.2
KONTR 18.6
KOZAA 16.2
KOZAL 16.2
KRDMD 17.1
Contrats Price Scan Range - PSR (%)
MGROS 16.2
ODAS 16.2
OYAKC 17.9
PETKM 16.2
PGSUS 16.2
SAHOL 15.4
SASA 17.4
SASX10 7.0
SISE 15.4
SOKM 15.8
TAHVL 16.5
TCELL 15.4
THYAO 15.9
TKFEN 16.2
TOASO 15.4
TSKB 16.2
TTKOM 16.2
TUPRS 16.2
VAKBN 18.6
VESTL 17.9
YKBNK 17.0

Click for Settlement And Custody Bank Inc. announcement.


The figures provided in this table may be changed by the Settlement And Custody Bank Inc.
at various times. At the end of the 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) on BIST 30 Index future contract at a price of 5.300 and PSR rate 14.00 (%0.14) 
The required initial margin for 1 BIST 30 futures contract will be calculated like as below; 

F_XU00300423 BUY ORDER

Position: 1 Amount
PQF (Contract Size): 10
Market Price of Underlying Asset (TL): 5300
Position Size: (5.300 x 1) x 10 = 53.000
PSR (%): 0.14
Initial margin (TL): 7.420

Required Initial Margin to be held in our account: 7.420 TL
Buying Price: 5.300
Selling Price: 5.350
Buying Transaction Amount: 5.300*1*10 =53.000
Selling Transaction Amount: 5.350*1*10 =53.500
Leverage: 53.000/7.420= 7.14
Gross Profit: 53.500-53.000=500 TL 

After the closing of position, 7.420+500= 7.920 TL will be in our account.

How much open position limit can I reach at VIOP

VIOP (futures & option) account limit is defined as 5 Mio TL. The limit can be increased if the necessary conditions are met by contacting the Investment Branches. 

In order to increase the efficiency of risk, collateral and default management, some changes were made by Takasbank in market procedures where central counterparty (CCP) service is provided. Click for announcement details.

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 premimum - right owner
  • Option Seller → collects the premium - holder of obliggation

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

BIST offers Stock Options in VIOP for certain predetermined stocks.

Traded Stock Options

Equities Equities Code
Alarko Holding A.Ş ALARK
Arçelik AŞ ARCLK
Aselsan  ASELS
BİM Birleşmiş Mağazalar A.Ş. BIMAS
Emlak Konut Gayrimenkul Yatırım EKGYO
Enka İnşaat ve Sanayi A.Ş. ENKAI
Ereğli Demir ve Çelik Fabrikaları EREGL
Ford Otomotiv Sanayi FROTO
Türkiye Garanti Bankası AŞ GARAN
Türkiye Halk Bankası AŞ HALKB
Türkiye İş Bankası ISCTR
Kardemir Karabük Demir Çelik KRDMD
Koç Holding AŞ KCHOL
Equities Equities Code
Petkim Petrokimya Holding AŞ PETKM
Pegasus Hava Taşımacılığı PGSUS
Hacı Ömer Sabancı Holding AŞ SAHOL
Türkiye Şişe ve Cam Fabrikaları SISE
TAV Havalimanları A.Ş. TAVHL
Turkcell İletişim Hizmetleri AŞ TCELL
Türk Hava Yolları AO THYAO
Tofaş Türk Otomobil Fabrikası TOASO
Türk Telekomünikasyon AŞ TTKOM
Tüpras Türkiye Petrol Rafinerileri TUPRS
Türkiye Vakıflar Bankası TAO VAKBN
Yapı ve Kredi Bankası AŞ YKBNK


  • 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*

Please click for details.

*Valid unless otherwise declared by Borsa Istanbul.

Futures and Options Trade Commissions

Please click for fees and commissions.

Trading Channels

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.

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Your satisfaction is very important

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