| OFF-EXCHANGE ODD LOT TRADES |
Off-exchange odd lot trades are executed off-Exchange at amounts less than 1 lot which is the trading unit of the Exchange, and are also called odd-lot trades. In odd-lot trades, trades which are executed by both the member and the client with a single denomination representing a full lot are also considered odd-lot trades.
Off-Exchange Odd-Lot Trades can be executed by Exchange Members who have been authorized by the Capital Markets Board as a consequence of the evaluation of their technical and computer infrastructure as well as the capacity of their off-site organizational network and are found, with a decision of the Executive Council of the Exchange, to be eligible for executing over-the-counter odd-lot trades in their own names and for their own accounts subject to such powers published on the Exchange Bulletin.
Off-Exchange odd-lot trades can be executed on all stocks traded on ISE markets with a feature code Old (E) and New (Y). Members notify the stocks to trade to the Exchange. Stocks notified cannot be changed before the lapse of one month.
In the case of off-Exchange odd-lot trades, the highest and the lowest price at which a stock can be traded should be within the price margin formed on the Exchange in the second session when a trade is executed between the end of the first session and the end of the second session, and within the price margin of the next first session when a trade is executed between the end of the second session and the end of the next first session.
The maximum difference between the buy and sell prices is 5% for all stocks. However, when stocks for which a price tick of TRY 0.01 is applicable on the Exchange are concerned, the price difference between buy-sell price may be broadened up to 10% provided that it remains within the margin formed on the Exchange.
Authorized members cannot demand brokerage fees from their clients for off-Exchange odd-lot trades. Members pay the Exchange fee to be calculated over the stock brokerage fee tariff over such trades along with other Exchange fees.