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Exam Review

Key Facts: SPK Türev Araçlar Exam

25

Official examination multiple-choice questions

SPL Sınav Kılavuzu

45 min

Examination duration

SPL e-LS

50 / 60

Passing thresholds (min 50 module, 60 average)

SPK Tebliğ VII-128.7

TRY 748

2026 Examination sitting fee

SPL Fee Schedule

Independent English-language MCQ study adaptation for SPL Module 1011 Türev Araçlar, Piyasalar ve Risk Yönetimi. The official assessment has 25 five-option questions in 45 minutes covering futures, options, swaps, cost-of-carry pricing, Greeks, put-call parity, and corporate risk hedging. Passing requires at least 50/100 on the module and a 60/100 composite average.

Sample SPK Türev Araçlar Practice Questions

Try these sample questions to review concepts for the SPK Türev Araçlar exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 24+ question experience with AI tutoring.

1A corporate treasurer needs a contract tailored to an unusual amount and delivery date. Which feature most directly favors a bilateral forward over a standardized future?
A.Automatic elimination of counterparty risk
B.A guaranteed trading profit
C.Negotiable contract terms
D.A prohibition on physical delivery
Explanation: Bilateral forwards can be customized to the exposure's amount and timing. That flexibility does not by itself remove counterparty risk or ensure a profit.
2A producer sells a future at TRY 50 per unit to hedge a later sale. When the hedge closes, spot is TRY 45 and futures TRY 46. Ignoring costs, what is the effective sale price including the hedge?
A.TRY 49
B.TRY 45
C.TRY 50
D.TRY 41
Explanation: The short future earns 50 − 46 = TRY 4, added to spot receipts of TRY 45, giving TRY 49. The remaining spot-minus-futures basis of −TRY 1 explains why the outcome is not exactly the initial futures price.
3A hypothetical index future has a TRY 5 multiplier per point. Eight long contracts are marked from 10,200 to 10,120. What is the daily position result?
A.TRY 400 loss
B.TRY 3,200 gain
C.TRY 80 loss
D.TRY 3,200 loss
Explanation: The long position loses 80 points per contract. Total loss is 80 × TRY 5 × 8 = TRY 3,200, using the scenario's explicit multiplier.
4A Turkish importer must pay a known USD amount in three months and wants to fix its TRY cost. Which forward position most directly offsets a rise in USD/TRY?
A.Sell USD forward
B.Buy USD forward against TRY
C.Sell an unrelated equity index future
D.Remain unhedged because the invoice is fixed in USD
Explanation: Buying USD forward fixes the exchange rate for acquiring the currency needed for payment. A fixed USD invoice still creates a variable TRY cost without an exchange-rate hedge.
5In a frictionless market, a future trades at TRY 110 while the replicating cash-and-carry strategy costs TRY 105 at maturity. Which direction exploits the overpricing?
A.Short spot and buy the future
B.Buy both spot and futures
C.Finance purchase and carrying of spot while selling the future
D.Sell a put without acquiring the asset
Explanation: Cash-and-carry buys the underlying and sells the overpriced future. With the stated financing and carrying assumptions, delivery realizes TRY 110 against a maturity cost of TRY 105.
6How should initial margin be distinguished from daily variation settlement in futures clearing?
A.Initial margin is performance collateral; daily variation reflects changes in position value
B.Both are non-refundable broker commissions
C.Initial margin pays the full underlying purchase price
D.Variation settlement occurs only if the underlying is physically delivered
Explanation: Initial margin provides a risk buffer for obligations on the position. Daily gains and losses are a separate settlement flow and can create further funding needs.
7Which Greek measures how delta changes when the underlying price changes?
A.Vega
B.Theta
C.Rho
D.Gamma
Explanation: Gamma measures the rate of change of delta with the underlying price. It explains why a delta hedge generally needs rebalancing after price moves.
8For European options on the same non-dividend-paying share, C + PV(K) = P + S. If C is TRY 12, PV(K) TRY 90, and S TRY 95, what is P?
A.TRY 17
B.TRY 7
C.TRY 5
D.TRY 102
Explanation: Rearranging parity gives P = C + PV(K) − S = 12 + 90 − 95 = TRY 7. Matching underlying, strike, and maturity are necessary for this relationship.
9A long strangle buys a TRY 110 strike call for TRY 3 and a TRY 90 strike put for TRY 2, per share, with the same expiry. Ignoring costs and financing, what are the expiry break-even prices?
A.TRY 88 and TRY 113
B.TRY 90 and TRY 110
C.TRY 85 and TRY 115
D.TRY 95 and TRY 105
Explanation: Total premium is TRY 5. The lower break-even is 90 − 5 = TRY 85 and upper break-even 110 + 5 = TRY 115; both legs' premiums must be recovered on either side.
10An investor buys 1,000 shares at TRY 50 and puts covering all shares with strike TRY 45 and premium TRY 2 per share. Ignoring dividends, fees, financing, and counterparty default, what is the maximum expiry loss?
A.TRY 7,000
B.TRY 5,000
C.TRY 2,000
D.TRY 50,000
Explanation: The protected expiry value is at least 1,000 × TRY 45 = TRY 45,000. Initial outlay is TRY 52,000 including the put premium, so maximum loss is TRY 7,000.

About the SPK Türev Araçlar Exam

Türev Araçlar, Piyasalar ve Risk Yönetimi (Module 1011) is the specialist subject examination covering derivative financial instruments in Turkey. It assesses forwards, futures, options, swaps, financial mathematics, derivative pricing models, and hedging risk management on Borsa İstanbul VIOP. OpenExamPrep provides an independent English-language MCQ study adaptation, not an official translation or a simulation of the Turkish exam's language environment.

Exam sponsor: Sermaye Piyasası Lisanslama Sicil ve Eğitim Kuruluşu A.Ş. (SPL). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Single 45-minute computer-based electronic licensing examination (e-LS) session of 25 multiple-choice questions administered at SPL test centers.

Time Limit

45 minutes

Passing Score

Minimum 50 out of 100 on the module, and an arithmetic average of at least 60 across all modules required for the candidate's target licence

Exam / Certification Fees

TRY 748 per subject sitting; eligible university students pay TRY 548, or TRY 456 under SPL cooperation protocols.

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

Official topic; percentage not published

Türev Piyasalar ve Vadeli İşlemler (Futures/Forwards)

Forward contracts, VIOP futures specifications, margin calls, maintenance margins, basis risk, and daily settlement.

Official topic; percentage not published

Opsiyon Sözleşmeleri ve Opsiyon Piyasası

Call and put option payoff profiles, moneyness, intrinsic value, time value decay, option Greeks, and VIOP trading.

Official topic; percentage not published

Swap ve Egzotik Türev Araçlar

Interest rate swaps, currency swaps, comparative advantage calculations, and structured derivative products.

Official topic; percentage not published

Fiyatlama Modelleri ve Stratejiler

Cost-of-carry model, index futures theoretical price, put-call parity formula, bull spreads, bear spreads, straddles, and strangles.

Official topic; percentage not published

Risk Yönetimi ve Korunma (Hedging)

Determining hedge ratios, portfolio beta immunization using index futures, currency exposure hedging, and protective puts.

Preparing for the SPK Türev Araçlar Exam

What You Need to Know

  • Passing score: Minimum 50 out of 100 on the module, and an arithmetic average of at least 60 across all modules required for the candidate's target licence
  • Assessment: Single 45-minute computer-based electronic licensing examination (e-LS) session of 25 multiple-choice questions administered at SPL test centers.
  • Time limit: 45 minutes
  • Exam / certification fees: TRY 748 per subject sitting; eligible university students pay TRY 548, or TRY 456 under SPL cooperation protocols. Official sources

Using Our Practice Resources

  • Work through all 24 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

SPK Türev Araçlar: Suggested Study Strategy

1Match the pricing formula to the stated interest convention. With continuous financing and dividend yields, use F = S * exp((r-q)T); do not silently substitute a simple-interest approximation.
2For matching European options on a non-dividend-paying underlying, use Call + Present Value of Strike = Put + Spot Price; account for distributions when the assumptions differ.
3Understand the Greek sensitivities: Delta (price change sensitivity), Gamma (delta change sensitivity), Theta (time decay), Vega (volatility sensitivity), and Rho (interest rate sensitivity).
4Practice calculating the number of index futures contracts required to hedge a portfolio: Contracts = (Portfolio Value * Target Beta Change) / (Futures Contract Value).

Frequently Asked Questions

Does this bank simulate the official exam?

No. These 24 independent English-language four-option MCQ study questions sample contracts, pricing, strategies, and hedging from the official subject scope. They are not comprehensive coverage, an official translation, or a simulation of Turkish five-option delivery. Numerical examples state their own assumptions and do not quote live contract terms.

What is the SPK Türev Araçlar (1011) exam?

Module 1011 is the separately assessed derivatives subject required for Türev Araçlar Lisansı. SPL's current subject list does not include it among Düzey 3's twelve required subjects. Passing this subject alone does not award a licence or authorize every derivatives activity.

How does Module 1011 differ from the full Türev Araçlar Lisansı?

Module 1011 is the specific 25-question subject assessment focused directly on derivatives mechanics and risk management. The full Türev Araçlar Lisansı is an 8-subject qualification requiring Modules 1002, 1003, 1004, 1005, 1006, 1009, 1011, and 1013, along with a 4-year higher education degree.

Does this exam include mathematical calculations?

Yes. Candidates are required to calculate futures theoretical prices using the cost-of-carry model, synthetic positions using put-call parity: C + K*e^(-rT) = P + S, optimal hedge ratios using portfolio beta, and net payoffs for multi-leg option strategies.

How is the Module 1011 exam scored?

The official exam has 25 questions in 45 minutes, scored on a scale of 0 to 100 (4 points per question). A candidate must score at least 50 points on the module, and achieve an overall arithmetic mean of 60 points across all subjects required for their target licence.

Is this practice bank an official translation?

No. OpenExamPrep provides an independent English-language MCQ study adaptation with four options per question. Official SPL e-LS examinations are administered in Turkish with five options. Standard Turkish exchange terms (VIOP, Borsa İstanbul) are preserved.