IS Investment, the Turkish investment bank, has launched the first DMA platform for access to TurkDEX, the Turkish derivatives exchange.
The new service will enable clients to access TurkDEX via IS Investment’s FIX-based electronic trading platform. Access is also available through Bloomberg and point-to-point connection providers such as BT Radianz and TNS.
The bank already provides DMA access to the Istanbul Stock Exchange. According to IS, its agreements with global connectivity providers will help reduce latency for DMA clients who wish to trade on the Turkish capital markets both locally and internationally.
The average daily trading volume on TurkDEX has increased from $9.4 million in 2005 to $680 million this year. Investors can trade index, government bond, currency and commodity futures on the exchange, with single stock futures due to be launched in 2009. IS is a member of FIX Protocol and currently executes around 50,000 DMA orders a day.
“Launch of DMA connectivity to TurkDEX will create a synergy and give an opportunity to traders to execute ‘futures contracts versus cash basket’ type of orders simultaneously,” said Serkan Aran, head of cash and futures trading and IS Investment, in a statement. “Our DMA supports almost all connectivity networks wit in-house developed, certified FIX protocol and other advanced systems.”