Information Package / Course Catalogue
Derivatives Exchange Market Operations
Course Code: MKS204
Course Type: Required
Couse Group: Short Cycle (Associate's Degree)
Education Language: Turkish
Work Placement: N/A
Theory: 2
Prt.: 0
Credit: 2
Lab: 0
ECTS: 2
Objectives of the Course

The aim is to enable students to become familiar with financial derivatives (forwards, futures, options, and swaps) both theoretically and practically, to understand Türkiye's futures and options market (VİOP), and to acquire basic risk management skills.

Course Content

Derivatives markets, development of derivatives market in Turkey, dervative products and their properties are the main topics of this course.

Name of Lecturer(s)
Learning Outcomes
1.Classifies financial markets and types of derivative instruments.
2.Prices forward and futures contracts and explains the margin system.
3.Defines option types and performs simple pricing.
4.Explains the basic structures of swap contracts and performs example calculations.
5.Understands the fundamental trading logic on the VIOP platform and develops risk management strategies.
6.Constructs portfolio hedging strategy using derivative instruments based on real market data.
Recommended or Required Reading
1.Deniz, H. M. (2020) Introduction to Futures Markets. Akademisyen Kitabevi.
2.Borsa Istanbul. VIOP Online Training Presentations. (https://www.borsaistanbul.com/piyasalar/viop/egitim/viop-online-egitim-sunumlari)
3.SPK and BIST Guides, Current Market Reports
Weekly Detailed Course Contents
Week 1 - Theoretical
Financial markets and their classification
Week 1 - Preparation Work
Research Tulip Mania. Learn the difference between spot and futures markets. Watch a video about the "first financial tulip bubble craze" (8–10 minutes). Write a one-paragraph summary.
Week 2 - Theoretical
Futures and spot markets, the concept of arbitrage
Week 2 - Preparation Work
What is arbitrage? Find examples. Watch “Arbitrage Trading” video. Think about arbitrage in Tulip Mania. Note 2 examples.
Week 3 - Theoretical
Development of derivatives markets in Türkiye (history of VİOP, regulation)
Week 3 - Preparation Work
Research VIOP history and SPK regulation. Watch Borsa Istanbul video. Write risks of unregulated markets.
Week 4 - Theoretical
Derivative instruments and their types, basic risk management
Week 4 - Preparation Work
List the types of derivative instruments (forward, futures, option, swap). Watch a video on "derivative products." Find an example of hedging.
Week 5 - Theoretical
Forward markets and their properties
Week 5 - Preparation Work
Research forward contract features. Watch “Forward vs Futures”. Make pros-cons table.
Week 6 - Theoretical
Forward contract calculations
Week 6 - Preparation Work
Learn forward pricing formula. Watch pricing video. Calculate one simple example.
Week 7 - Theoretical
Futures markets and their properties
Week 7 - Preparation Work
Research futures market features.
Week 8 - Theoretical
Futures contract calculations
Week 8 - Preparation Work
Learn futures profit/loss and margin calculations. Watch calculations video. Practice an example.
Week 9 - Theoretical
Option markets and their properties
Week 9 - Preparation Work
Research call and put options. Watch “Options for Beginners”. Note basic rights.
Week 10 - Theoretical
Sensitivity in options
Week 10 - Preparation Work
Briefly research and take notes on the concepts of Delta, Gamma, Theta, Vega, and Rho.
Week 11 - Theoretical
Calculations about optionsOption pricing models (Binomial, Black-Scholes)
Week 11 - Preparation Work
Investigate the Binomial and Black-Scholes models and highlight the differences between them.
Week 12 - Theoretical
Swap markets and their properties
Week 12 - Preparation Work
Research interest rate and currency swaps. Watch a short video on how they work. Write down their purpose of use.
Week 13 - Theoretical
Calculations about swaps
Week 13 - Preparation Work
Learn swap cash flows and valuation. Watch related video. Create a simple table.
Week 14 - Theoretical
Other financial instruments, strategy combinations
Week 14 - Preparation Work
By examining the effects of futures contracts on risk, determine which method you would use and in which situations.
Assessment Methods and Criteria
Type of AssessmentCountPercent
Assignment1%5
Quiz1%5
Midterm Examination1%30
Final Examination1%60
Workload Calculation
ActivitiesCountPreparationTimeTotal Work Load (hours)
Lecture - Theory141242
Assignment1101
Quiz1112
Midterm Examination1213
Final Examination1617
TOTAL WORKLOAD (hours)55
Contribution of Learning Outcomes to Programme Outcomes
PÇ-1
PÇ-2
PÇ-3
PÇ-4
PÇ-5
PÇ-6
PÇ-7
PÇ-8
PÇ-9
PÇ-10
PÇ-11
PÇ-12
PÇ-13
PÇ-14
OÇ-1
3
1
4
5
2
4
1
2
2
1
1
OÇ-2
3
1
5
5
2
4
1
2
2
1
1
OÇ-3
3
1
5
5
2
5
2
2
2
1
1
OÇ-4
3
1
5
5
2
5
2
2
2
1
1
OÇ-5
4
2
5
5
4
5
2
2
3
1
2
OÇ-6
4
2
5
5
3
5
2
2
3
1
2
Adnan Menderes University - Information Package / Course Catalogue
2026