Borsa İstanbul Derivatives Market (VIOP) was shortlisted in two categories of the FOW International Awards for Asia 2015; as an exchange in the category of “Emerging Exchange of the Year”, and with its USD/TRY FX product, in the category of “Most Innovative New Contract”.
The FOW International Awards are granted globally to the pioneers of derivatives markets across a range of categories and disciplines. Companies competing in various categories are shortlisted first, and then voted by a panel of expert judges.
Borsa İstanbul Derivatives Market (VIOP) was shortlisted in the “Emerging Exchange of the Year” category thanks to the record increases in its trade volume and open interest, launching of a wide range of new products, technological infrastructure improvements, training and marketing activities, international partnerships and innovative revenue-sharing based market making program.
VIOP was also shortlisted in the “Most Innovative New Contract” category for its Non-deliverable USD/TRY FX options contracts, offering investors and companies the opportunity to hedge against currency risk at a transparent venue in compliance with best execution principles and with a central counterparty clearing service (CCP). This instrument is cash settled with Central Bank of Turkey fixing and is the first of its kind traded on an organized market. Offering Non-deliverable FX options with central clearing service, USD/TRY FX option products set a model for emerging-market currencies in an era of regulations. Clients can find tight spreads for the USD/TRY FX option contracts due to market makers who signed up for revenue sharing based market making scheme. The trade volume in USD/TRY FX options increased by 10 fold in the first seven months of 2015 compared to the total volume of 2014, reaching TRY 700 million.
Muammer Çakır, Head of Derivatives Market - VIOP, said, “As Borsa İstanbul VIOP, we are honored to be shortlisted in two categories in a key industry event. We launched an innovative non-deliverable currency options contracts with a central counterparty clearing service, which created a significant traded volume. This is a good example of exchange-listed & centrally cleared emerging market currency products in compliance with the upcoming regulatory requirements. Additionally, we achieved a remarkable success by quadrupling the trade volume of currency futures contracts in the last two years. At Borsa Istanbul, we pride ourselves on being client friendly exchange, responding to the demands of the market participants on the product specifications swiftly.”
Winners of the annual FOW Awards will be announced at the gala dinner to be held in Singapore on September 23, 2015.
For detailed information on the Awards:
http://www.fow.com/3464422/Awards-for-Asia-2015-shortlist-unveiled.html
Borsa İstanbul Derivatives Market (VIOP) offers wide range of derivatives products with central counterparty clearing for managing all kind of risks, and with its increasing liquidity, it is the preferred risk management platform of its region.
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Borsa İstanbul Derivatives Market (VIOP) Shortlisted In Two Categories Of The Futures & Options World (FOW) International Awards 2015
Date 29/07/2015