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Functioning of Takasbank Money Market (TMM)
TMM can be defined as a market where the brokerage houses having short term cash surplus can not lend them in an organized way and the brokerage houses which are in need of short term cash and want to meet this need without disposing of their long term assets come together. In this market obligations arising from the cash lending and borrowing transactions are under Takasbank guarantee.
Cash lending and borrowing between brokerage houses, which previously took place under very hard and ambiguous circumstances, reached a healthy, fast and reliable structure under TMM. As a result, the settlement obligations requiring very short term resource utilization can be covered on time to a great extent. andsettlement transfers can be made early and thus settlement receivables can accumulate interest.
With the completion of ‘Remote Access Project’ as of February 13, 2006 the member brokerage houses can transmit their orders via Takasbank terminals in their offices.
Takasbank’s Position:
The obligations, which will arise from the transactions realized in TMM, are under Takasbank’s guarantee.
Limits:
Takasbank allocates to each brokerage house a “TMM limit” indicating the upper limit of the transactions to be realized in TMM.
Buying-Selling Limits:
A buying-selling limit is calculated according to the collaterals given to Takasbank by the brokerage houses. This limit calculated according to collaterals does not exceed the “TMM limit”.
Collaterals:
In case the brokerage house is in buyer position it is asked to submit a collateral equaling to %125 appreciated value of the purchase amount. If it is in seller position no collateral is required.
Types of Collateral:
The types of collateral, which will be given by the brokerage houses to Takasbank in TMM, are stated below:
- Stocks (National Market)
- Treasury Bill
- Government Bond
- Letter of Guarantee (TRY, FX)
- Cash (TRY, FX)
- Investment Fund Participation Certificate
Transaction Hours:
The transactions in TMM are executed with same day value between 10:00-12:00 and 13:00-15:30.
Maturity:
The maturity of the transactions is every day between O/N (Overnight) and 30 days, 45 days, 2 months and 3 months.
Principles Regarding Payments:
The receivables of the brokerage houses due from TMM are credited to their free current accounts with Takasbank at 16:00.
The brokerage houses having outstanding debts to Takasbank Money Market have to cover these debts in cash until 14:30 the latest, and on account until 16:00.
The members have the opportunity to give setoff instructions regarding their debts and receivables arising from TMM, Equities and Bonds Markets.
Accumulation of Interest on Funds belonging to the Customers of the Brokerage Houses in Takasbank Money Market:
It is possible by adding a provision to the Agreement of Intermediation for Buying-Selling concluded between the brokerage house and customer regarding the accumulation of interest for the cash of the customers , distribution of the interest obtained to the customers and determination of the rights and obligations of the parties.
Putting the cash belonging to Investment Funds, Investment Trusts and Pension Investment Funds to Use in Takasbank Money Market:
The investment funds and trusts can trade provided that they don’t exceed %20 of their portfolio value. Pension investment funds can put maximum %20 of their fund assets to use in Takasbank Money Market.
TMM Commission:
The commission equaling to two per hundred thousand of the principal and BSMV (Banking Insurance Transaction Tax) is collected from the buying and selling brokerage houses on the transaction day.
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