Normal Orders
Normal orders which are given in terms of a trading unit are comprised of one full lot without decimals (1 piece or 1 TRY nominal) or its multiples. Normal Orders may be divided into four groups. However, there is a price limit in all types.
| Normal Orders |
| Limit Orders | Price and quantity are entered with the order. If the trade is not executed in part or in whole at the moment it is entered, the unexecuted part is written among pending (passive) orders of the stock as per price and time priority ranking. |
| Immediate or Cancel Orders (ICO) | It is the type of order in which price and amount are specified, but which is automatically cancelled by the system if all or part of the order is not executed immediately after it has been transmitted to the system and which requires that any portion not unexecuted immediately is not recorded as pending in the order book. |
| Special Limit Order (SLO) | It is the type of order where order amount is entered as "nil-0" and conveyed to the system only by quoting a price. It is entered to match all orders up to the specified price starting from better price levels if any. If there is no order which may be processed at the moment it is entered, it is not recorded as pending, and is automatically cancelled by the system at that instant. |
| Special Limit Value Orders (SLVO) | It is a type of a special limit order with a certain value limitation. Amount is entered as “nil-0”. “Price” is entered. Maximum trading value is written as "TRY" on the order. The system takes into account the entered limit price level, and enables to execute the trade starting from the best priced orders, providing it is not in excess of the certain value. If the value entered is matched before the specified price level is achieved, the system will not permit further trades. This type of order is not recorded as pending, i.e. is matched if there is any counter-order at the moment it is entered, otherwise, it is automatically cancelled by the system. |
Special Orders
These are orders which exceed the stock quantity determined by the Executive Council of the Exchange on a stock basis and executed with the approval of an ISE official when matched with another special order, and are treated as an indivisible whole. Orders which are in excess of an quantity determined separately by the Exchange for each stock can be given as Special Orders. The amount of special orders may be up to 10% of the paid-in capital. Special orders cannot be matched in part. Special orders matched by representatives are only deemed executed after they are approved by Experts who are Exchange personnel. Special orders entered in the system may be cancelled any time before they are matched. Special order transactions are not registered, but are taken into account in calculating traded value and traded volume. When a special order is entered in the system, changed, matched, or cancelled, it is notified to all member representatives with an information message.
Validity Periods of Orders
| Validity Periods of Orders |
| Day Order | It is the type of order which can be pending in the system only until the end of the session in which it was given. It will be cancelled if it is not traded by the end of the session. The system shall deem all orders as day orders unless otherwise specified.
If the order is matched in part, the unexecuted portion will be held until the end of the session, and if it is not matched again, it will be cancelled by the system. |
| Instant Order | This condition relating to the order means that all or part of the order is executed immediately after it is brought to the system, and any portion remaining is cancelled without being recorded as pending. Therefore, this type of order is the type of order that is valid only at the moment it is brought to the system. ICO, SLO and SLVO type orders can be referred to as instant orders. |
| Good Till Date Order | It enables the order to be kept in the system for matching until a certain date. In the current application, the maximum validity period of the order is limited to the business day in which the order is entered. A good till date order entered in the first session will also be valid in the second session. However, if it cannot be matched in the second session, it will be cancelled at the end of the day. A good till date order to be given in the second session will be valid throughout the second session, and will be cancelled at the end of the day. |