- The new currency of Turkish Republic will be “New Turkish lira (YTL)” as of January 1, 2005,
- The Turkish lira currently in circulation will be converted to New Turkish lira as TL 1,000,000 = YTL 1.
Price
The market price currently announced for a stock with nominal value of TL 1,000 will be announced for a stock with nominal value of YTL 1. Due to the fact that smallest unit (the 100th part of one New lira) will be “New Turkish kurus (Yeni kurus - Ykr)” and price ticks to be expressed in kurus will be needed, the prices will be published with additional two digits for kurus.
Price Ticks
The price ticks for stocks and rights coupons in terms of YTL to be effective as of 2005 are as follows:
| Base Price Range (YTL) | Relevant Price Tick (YTL) |
| 0.01 - 2.50 | 0.01 |
| 2.52 - 5.00 | 0.02 |
| 5.05 - 10.00 | 0.05 |
| 10.10 - 25.00 | 0.10 |
| 25.25 - 50.00 | 0.25 |
| 50.50 - 100.00 | 0.50 |
| 101.00 - 250.00 | 1.00 |
| 252.50 - 500.00 | 2.50 |
| 505.00 and over | 5.00 |
Lot Sizes
All arrangements based on the equation of “TL 1,000,000 (nominal) = 1000 shares = 1 lot” will be amended according to “YTL 1.00 (nominal) = 1 share = 1 lot”. Hence, the prices on the Stock Market will be announced on the basis of nominal value of YTL 1.
Furthermore, relevant quantities and amounts will be changed in accordance with YTL.
Odd-lot orders
In line with the new arrangements, odd-lot transactions will no longer be realized on the ISE Stock Market. These transactions will be executed within the context of off exchange odd-lot trades.
Wholesale Market
The price tick determined as TL 1 for the Wholesale Market will be changed as Ykr 1 which will be the smallest price tick within the context of new arrangements.
Stocks with special characteristics
Among the stocks with different lot sizes;
Petrokent A.S.: 1 lot of Petrokent A.S. currently defined for TL 1,020,000 nominal value will be redefined as 1 lot= YTL 1.
T.Is Bankasi A.S.’s founder’s shares: T.Is Bankasi A.S.’s founder’s shares currently for which the unit of trading is “1 share” will continue to be traded on the same basis. The price of these shares in terms of YTL will be published by dividing the current price by TL 1,000,000.
T. Is Bankasi A.S.’s shares of “A and B” series (ISATR, ISBTR): The equation of YTL 1.00 (nominal) = 1 share = 1 lot will be applied to T. Is Bankasi A.S.’s shares of “A and B” series (ISATR, ISBTR).
Transition - The Last Two Days of 2004
In order to prevent any inconvenience with regards to settlement and to enable the members to carry out relevant tests and year-end transactions in a healthy manner no trading will take place on the Stock Market on December 30-31, 2004.
ISE BONDS AND BILLS MARKET
Order Sizes
The minimum and maximum amount of orders that can be submitted to the Outright Purchases and Sales Market and the Repo/Reverse Repo Market is as follows:
Order sizes (on market basis) - Effective from January 1, 2005
| Small Orders | Normal Orders | Maximum Amount | |
| Outright Purchases and Sales
/ TL denominated Government Debt Securities |
YTL 1,000 nominal |
YTL 100,000 nominal |
YTL 10,000,000 nominal |
| Outright Purchases and Sales /Corporate Bonds | YTL 1,000 nominal | ||
| Repo/Reverse Repo | YTL 1,000 | YTL 500,000 | YTL 10,000,000 |
Price
As the new currency becomes effective, the prices of the debt securities will be calculated over YTL 100 of nominal value.
Collaterals
The members will be asked to change their specific term or indefinite, TL or foreign currency denominated letters of guarantee during 2005.
Outstanding Transactions
The debit/credit balances on the Bonds and Bills Market as of January 1, 2005 will be converted to YTL.
DERIVATIVES MARKET (Currency Futures Market)
Quotations and Announcement of Prices
Quotations on the Derivatives Market will be in three decimals. Prices will indicate the exchange rate for 1 US dollar or 1 euro against YTL, i.e if 1 US$ = TL 1,505,000 then 1 US$ will be equal to YTL 1.505. Accordingly, the price tick, which is currently TL 1,000, will be YTL 0.001 after the introduction of the new currency.
Collaterals and Marking to Market
After the introduction of the New Turkish lira, the profits/losses resulting from the adjustment of collaterals and marking to market arrangements will be evaluated and be reflected to the accounts in two decimals (in New kurus and its multiples).
Transactions on December 31, 2004 and January 1, 2005
All membership and trading collaterals at Takasbank will be divided by 1,000,000 and thus be converted to YTL as of the end of the day on December 31, 2004 and be transferred to ISE Derivatives Market trading system in YTL terms (in New kurus and its multiples) as of the first trading day in 2005. In the case that a position is taken on the Market, the initial margin and maintenance margin will also be divided by 1,000,000 at the end of day on December 31, 2004. Furthermore, the currency futures contracts to be launched in 2004 with maturity in 2005 will be priced in TL terms until December 31, 2004 and will be converted to YTL terms as of January 1, 2005 by dividing the base price by 1,000,000.
The new arrangements to be made in line with the changes outlined above and the procedures with regards to the tests to be carried out jointly with the members and data vendors will be announced later in detail by the relevant markets.
Click here to download a guide to changes to Be effective on the Istanbul Stock Exchange markets following the introduction of the new currency as of January 1, 2005.
