VIOP (Forward Trade and Options Market)
You may trade in VİOP by easily by shifting to Burgan Trade application from ON -Investments – Equities/VİOP Trades step, without needing to enter PIN again.
If you don’t have a VİOP account yet, log-in on ON now. Shift to the related step on the ON Internet Branch from Investments – Equities/VİOP Trades step, to open an account easily, without having to enter PIN again.
For your VİOP trades; you may directly shift to Burgan Trade without PIN from ON - Equities/VİOP trades menu.
ON Burgan Trade*, you may create a watch-list of VİOP contracts you select, to track the price movements easily. You may monitor your orders and portfolio daily, and track the prices, and set up your favorite lists.
*Burgan Yatırım Menkul Değerler A.Ş. offers brokerage service for equities and VİOP trades.
Click here for more detailed information from Burgan Yatırım website.
What is VIOP (Forward Trades and Options Market)?
Forward contracts give oblige the parties to the contract, to buy or sell commodities, precious metal, capital market instrument, economic or financial indicator, or a foreign currency, in a predetermined price, amount and quality, at a predetermined maturity.
- At VIOP, Forward contracts on Shares, Index, Foreign Currency (USD/TL, EUR/TL, EUR/USD, Rouble/TL, Chinese Yuan/TL, GBP/USD), Previous Metals (Ounce USD Gold, Gram TL Gold), Commodities, Energy, Metal and Interest Rates are traded.
- At VIOP, index-linked forward contracts are traded in normal session as well as evening session between 19:00 and 23:00 hours.
- In Turkey, BIST Forward Trade and Options Market and security system are managed by Takasbank. You need to first deposit the initial margin specified on contract basis, on your VIOP account before trading.
- Profits and losses are calculated daily and reflected on your account at the end of the day. If your margin falls below the required margin (initial margin) according to such profit/loss amount, then a margin call will be issued, and you will be required to top up the margin and/or close some positions.
- They may be traded until maturity. Position will be closed at maturity.
- Equities-based forward contracts are terminated with physical settlement at maturity (disposal of the underlying asset), while other forward contracts are terminated with cash settlement (cash changing hands) method.
- At VIOP, income on contracts other than equities (shares) and equities- (share-) based indices are subject to withholding at %10.
Options contracts are contracts between two parties, giving the buyer the right to buy or sell an underlying commodity, asset or financial indicator at a price determined at inception (strike price or exercise price), at or until a specific maturity, in consideration of a specific amount (option premium) paid, and obliging the seller to sell or buy such underlying commodity, asset or financial indicator if the buyer exercises such contractual right.
- At VIOP, Option contracts on Shares, Share Indices, and Dollar/TL are traded.
- They may be traded until maturity.
- While share option contracts are settled through physical delivery at maturity, other option contracts are settled in cash at maturity.
- In case of cash settlement, or taking reverse position to settle the contract (the difference between the option premiums collected and paid), income on options based on shares and share indices are subject to withholding at %0. As withholdings are final taxes, no tax return need to be filed. Pursuant to paragraph (1) of Provisional Article 67 of Income Tax Law, income and losses on the same type of securities or other capital market instruments can be offset against each other. However, such losses may not be deducted from other taxable income. Upon terminating the contract without exercising the option right, the option premium paid cannot be deducted from other taxable income.