The analysis of the effects of derivatives exchange (DE) transactions on the market efficiency of Istanbul stock exchange (ISE) national 100 index and on spot market transaction prices

Kapusuzoglu A., TAŞDEMİR A.

AFRICAN JOURNAL OF BUSINESS MANAGEMENT, vol.4, no.2, pp.242-247, 2010 (SSCI) identifier

  • Publication Type: Article / Article
  • Volume: 4 Issue: 2
  • Publication Date: 2010
  • Journal Indexes: Social Sciences Citation Index (SSCI), IBZ Online, Index Islamicus
  • Page Numbers: pp.242-247
  • Hacettepe University Affiliated: Yes


The objective of this work is to study the ISE National 100 market efficiency on the forward transaction and option exchange and its effect on the spot transaction prices by considering in-depth the contracts being carried out on the basis of (DE) Istanbul Stock Exchange (ISE) National 100 index in the Futures Transaction and Option Exchange in Turkey and the ISE National 100 index. Within the context of this work, the analysis was concluded by using the contractual prices being carried out in the futures market as well as ISE National 100 index closing values within the scope of the period of 01.11.2005 - 30.06.2009. At the end of the analysis, it has been determined that both the futures market and also the ISE National 100 index are efficient in a weak form and do not have any effect to increase the market efficiency. Furthermore, during this work, it has been established that, while it is expected that the futures market would affect the spot market price, the spot market price has affected the futures market price.