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STOCK SETTLEMENT TRANSACTION
- What should I do to buy stock?
- I bought stocks. When will they be credited to my account?
- I sold stock, when do I get my money?
- I want to deposit the cash for the stocks directly to Takasbank. Is it possible?
- What penalty do I have to pay if I can’t cover my debt for the stocks or for the cash?
- I want to transfer the stocks in my account with a brokerage house to my account with another brokerage house. What should I do?
- I gave a transfer instruction to the brokerage house, but they request a commission. Does Takasbank request it?
- I gave a purchase instruction to the brokerage house. Although I can see that the brokerage house has completed the purchase transaction, they tell me that the transaction has not been realized. What should I do?
- The brokerage house I have my account with has been closed. How can I get my equities?
- There is a deficiency in the balances of stocks kept in my account with the brokerage house, which has been closed. What can I do?
BOND TRANSACTION
- What are the default times and rates? How is the default penalty calculated?
- What are the commissions received (types, rates etc.)?
- What is the cut-off time for CBT (Central Bank of Turkey) notifications and what is the requirement for these?
- Who bears the settlement obligation for the transactions made on behalf of the Fund? Who executes the depot transfers for the transactions?
- Between which markets and until what time a set-off instruction can be given?
- Is there “Custody in the name of the Customer” application for Fixed Income Securities?
STOCK SETTLEMENT TRANSACTION
1. What should I do to buy stock?
You have to open an account with one of the brokerage houses, which operates as an intermediary in the Capital Market.
2. I bought stocks. When will they be credited to my account?
The settlement of the buy/sell transactions in the Stock Market takes place on the second working day following the transaction day. Therefore the stocks are transferred on the second day to the accounts of brokerage houses, which have to transfer them on the same day to the accounts of the customers.
3. I sold stocks, when do I get my money?
Cash receivables in return for sold stocks will be transferred to the account of the brokerage house on the settlement day (second working day following the transaction), which have to transfer them on the same day to the accounts of the customers.
4. I want to deposit the cash for the stocks directly to Takasbank. Is it possible?
The cash for purchased equities can be directly deposited to the account of the brokerage house with Takasbank, which realized the transaction.
5. What penalty do I have to pay if I can’t cover my debt for the stocks or for the cash?
You’ll have to pay a default penalty, which has been accrued, to you by the brokerage house. For the calculation of default penalty please see the section SETTLEMENT TRANSACTIONS IN DEFAULT.
6. I want to transfer the stocks in my account with a brokerage house to my account with another brokerage house. What should I do?
You have to apply to the brokerage house with a petition or instruction where you want to make the transfer.
7. I gave a transfer instruction to the brokerage house, but they request a commission. Does Takasbank request it?
Takasbank receives a service commission from the brokerage houses in return for the services rendered.
Fees other than the commissions received by Takasbank are the brokerage house’s own fees.
8. I gave a purchase instruction to the brokerage house. Although I can see that the brokerage house has completed the purchase transaction, they tell me that the transaction has not been realized. What should I do?
Settlement transactions with Takasbank take place on brokerage house basis. Therefore transactions are traced in customer details. For the disputes regarding transactions you’ll have to apply to the ISE.
9. The brokerage house I have my account with has been closed. How can I get my stocks?
In case your brokerage house is closed, in order to transfer your stocks to your account with another institution you have to give a transfer instruction to your old (and closed) brokerage house by enclosing a photocopy of your identity card (birth certificate or drivers license) and tax identification (number) document.
10. There is a deficiency in the balances of stocks kept in my account with the brokerage house, which has been closed. What can I do?
You can contact the officials of the closed brokerage house and the Capital Markets Board; if you get no result you can take legal steps within the frame of general legal principles.
BONDS TRANSACTION
1. What are the default times and rates? How is the default penalty calculated?
The members which have not completed the securities transfer and fulfilled the cash obligation regarding the transactions taken place in the Bonds and Bills Market until 16:30 will be deemed to be in pre-default.
They will pay the amounts calculated in accordance with the principles stated in the ISE Circular no. 242 as pre-default interest. The members who fulfill their obligations regarding the transactions taken place in the Bonds and Bills Market with next day value will be deemed in default and pay default interest in accordance with the principles stated in the same Circular. The members being in default by fulfilling their obligations with next day value will be subject to disciplinary penalty in accordance with the principles stated in the same Circular.
In case securities and/or cash obligation is fulfilled with same day value between 16:31 and 17:00, 0.25 times the highest rate of 1 night weighted average interest rates formed in ISE Repo-Reverse Repo or the CBT Interbank Money Market and for members which fulfill their obligations after 17:00 but on the same day 0.50 times will be taken as basis and pre-default interest will be calculated and applied. Besides securities notifications subject to repo transactions will be made on the beginning value of the transaction until 15:00 the latest. Otherwise the members will be subject to pre-default interest calculated based on 0.05 times the highest rate of 1 night weighted average interest rates formed in the CBT Interbank Money Market. For the obligations fulfilled the next day default interest calculated based on 3 times the highest rate of 1 night weighted average interest rates formed in the CBT Interbank Money Market will be applied. For each additional default in a quarterly period this coefficient will be increased by 1 point.
2. What are the commissions received (types, rates etc.)?
A custody commission of % 0,015 (one and a half in ten thousand) over the nominal values of Domestic Government Bonds kept with Takasbank and a transfer or electronic securities transfer message commission according to transaction type will be received.
3. What is the cut-off time for CBT (Central Bank of Turkey) notifications and what is the requirement for these?
All CBT notifications have to be made until the closing of Takasbank system on the same day. Authorized institutions have to keep sufficient securities blocked to cover the amount received due to repo transactions made with their customers and its interest. Otherwise as the amounts exceeding the blocked securities will be considered as saving by the CBT, for institutions collecting funds in this way CBT will have recourse to law according to related articles of Banking Law and R.T. Central Bank Law.
4. Who bears the settlement obligation for the transactions made on behalf of the Fund? Who executes the depot transfers for the transactions?
For transactions made on behalf of the fund in the ISE Bonds and Bills Market, the settlement obligation belongs to the institution making the transaction.
For Definite Purchase-Sale transactions, security/cash debit/credit amounts will be passed to the related accounts of the institution making the transaction (to 501 no. Depot if it is a security, if it is cash to 33-1 account for debit, to 11-1 account for credit). Consequently for securities sales made on behalf of the fund, the transfer will be made by the fund to the institution making the transaction and for securities purchases made on behalf of the fund, the transfer will be made by the institution making the transaction to the fund. In reverse repo transaction made on behalf of the fund the transfer transactions of related security will be made automatically by Takasbank system.
5. Between which markets and until what time a set-off instruction can be given?
In order to set-off the receivables arising from the transactions in the Stock Market from the payables arising from the transactions in the Bonds and Bills Market, the instruction should be given until 14:30 and for the set-off of the receivables arising from the transactions in the Stock Exchange Money Market the instruction should be given until 15:45.
6. Is there “Custody in the name of the Customer” application for Fixed Income Securities?
Currently not. However, it will be started to be applied within the Central Registry Agency Inc. of Turkey (CRA) soon. |