The trading method of is similar with stocks’, meaning that warrants are traded on BIST index like stocks and its clearing process is same with stocks within the time to maturity (t+2), as well.
At the end of the maturity, the right accrued will be executed on one business day after the execution of clearing process.
Warrants are traded with free margin. However, the transactions are conducted within the quotation price range (including quotation).
»Shortselling is not allowed in warrants
»Warrants cannot be traded on leverage
»Warrants cannot be traded on credit.
»The trades can be cancelled anytime. Order split in warrants is conducted on the basis of the same rules with stocks.
»Altering warrant price and quantity are allowed.
»Special orders can be put. (It can be out of quotation range)
»Warrants do not have an opening session. In the morning and afternoon, the trades begin at 9:50 and 14:20, respectively.
»In warrants, issuers determine the execution price, which shows the price that a warrant can be traded, in case of utilizing the right accrued from warrant trade.
»Warrants have a pre-specified maturity date. Maturity date is determined at the time of issuance. In European type of warrants, the right accrued can be executed only at the end of maturity; while, in American type of warrants the right accrued can be executed at any time till the end of maturity.