Aim and Functioning

Banking system of brokerage houses, a system under the name of Takasbank Electronic Transfer System (TETS) has been established. This system facilitates the execution of TRY fund and securities transfer, which will be made with other brokerage firms and Takasbank by the brokerage houses, and provides to make and to monitor the account compliance transactions related to such transfers in the computer environment, and to generate necessary documents and reports. The system covers the securities and cash accounts in Takasbank and all other transactions which might be performed within Takasbank as well as enables the brokerage houses, which can not become direct members to EFT system of CBT, to have access to EFT system over Takasbank by becoming a member of Takasbank TETS system. As a result  of this connection, TETS users get benefit from all facilities provided to  the users of the  CBT-EFT system.

The aim of the system is to make the brokerage houses benefit from EFT system over Takasbank system, and with the services provided by Takasbank, to enable them to realize the TRY fund and securities transfer transactions with domestic banks in a reliable, fast and economic way.

Transactions Realized Between CBT Accounts via TETS

The brokerage houses can perform the following transactions via TETS within the banking system;

• they can realize Turkish Lira fund and securities transfers,
• they can monitor the account reconcilement operations of  transfers in a  computerised environment,
• they can participate in treasury bids and open market operations,
• they can produce  the documents and reports regarding the transactions from the system,
• they can send and receive market-related news messages.

Membership Terms for Takasbank Electronic Transfer System

The members, willing to join the TETS system, have to follow up the following procedures:

• Written application indicating the intention to become a member of TETS system,
• Signing of the "Letter of Undertaking for Takasbank Electronic Transfer System",
• Depositing the TRY equivalent of membership participation fee of 5.000.- $ over CBT foreign currency buying rate valid on the day of depositing,
• Besides, 1.000.- $ which is the annual maintenance fee of TETS members + BITT (Banking Insurance Transaction Tax) or its TRY equivalent over CBT foreign currency buying rate has to be deposited.

TETS Working Days and Hours

TETS Center is operational every day of the week except public holidays. The system opens every day at 8.30 a.m.

Cut-off Times for  the System

Cut-off time for  entry verification  for messages with cash content	16:45
Cut-off time for  entry  for HABR-TKLF messages	11:50
Cut-off time for final approval  for EMKT (Securities transfer transactions)	17:00
Cut-off time  for EFT message exit	17:05
Time interval for exit with commission	16:45 – 17:05

On the days with half business day as holiday,  the working hours are announced by the TETS Center.

No message entry is made except the above mentioned hours however, the EFT system receives messages coming on its name within the time it is open and tracking can be made on accounts.

The Use of TETS System

The users execute "entry" and "verification" phases for messages with payment content, sent over TETS System, from their own terminals, whereas the "confirmation" phase is realized by the EFT Operation Center. All three phases for messages without payment content have to be executed by the members. The system does not allow the execution of two sequential transactions being carried out by the same user during the realization of these phases.

The participants are given a user identification key (User ID) by Takasbank to have access to the TETS system. The users can conclude the transactions at every transaction phase by using their Takasbank access numbers.