BRIEF INFORMATION

Debt Securities Market Clearing and Settlement

Takasbank renders CCP services for the markets deemed appropriate by the CMB  by acting as buyer against the seller CCP member and seller against the buyer CCP member by taking into consideration the international standards pursuant to the Istanbul Clearing, Settlement and Custody Bank Inc. Directive on Clearing and Central Counterparty Service Principles.

Clearing and settlement of all transactions taking place on Borsa Istanbul Debt Securities Market Outright Purchase and Sales Market, Offering Market for Qualified Investors , Repo-Reverse Repo Market, Repo Market for Specified Securities, Interbank Repo Reverse Repo Market, Equity Repo Market, Negotiated Repo Deals Market, Internatıonal Bond Markets are concluded by Takasbank. The clearing and settlement of transactions executed on  Borsa Istanbul Debt Securities Market are carried out on the same day (T + 0), while the clearing and settlement transactions of foreign currency-denominated securities are conducted at least 1 business day value date (T + 1). Forward value transactions are cleared and settled on the day of the value date. Clearing and settlement is carried out by via netting and delivery versus payment principles as  book-entry. However, clearing and settlement transactions are concluded in different methods depending on the issuer of the securities. The accounts with CSD of Türkiye are used for Corporate Debt Securities and Equity Repo Market, whereas the accounts with CBRT are used for government debt securities, liquidity bonds and lease certificates. Members have to fulfill their obligations by 4:45 p.m. on the value date. Otherwise default rules and procedures will apply.

Debt Securities Collateral Monitoring (DSCM) Service  

Pursuant to the CMB and Borsa Istanbul regulations, risk and collateral management of the transactions executed at Borsa Istanbul are carried out by Takasbank. Within the scope of collateral management acceptance, return, custody, interest accrual and reporting to the members and Borsa Istanbul of the assets/securities held as collateral for the Debt Securities Market Transactions and as  International Bonds Market are executed  by Takasbank.

Repo Reverse-Repo Monitoring and Reporting

Communiqué on "Principles Regarding Repo and Reverse Repo Transactions to be Performed by Intermediary Institutions" (Communiqué) No: III-45.2 of the Capital Markets Board published in the Official Gazette dated December 6, 2015 no. 29554 and "Regulation on Principles Regarding Bank Repo and Reverse Repo Transactions "(Regulation) and the procedures and principles regarding repo-reverse repo transactions, together determine the rules of repo and reverse repo transactions realized by the brokerage houses and banks.

In both of the above sets of regulations, in respect of repo and reverse-repo transactions conducted by banks and intermediary institutions outside Borsa Istanbul A.S. markets, there are requirements compelling notification to be made to our Bank, in accordance with specified rules of our Bank.

Debt Securities Transfers

Debt securities transfer transactions are divided into two types; intra-member and inter-member, Intra-member transfers involve transfers between members' own deposit accounts, Inter-member transfers on the other hand are carried out by three methods; free of payment, RTGS DvP (Takasbank bilateral) transfers and Electronic Securities Transfer (EST). However, transfer methods may also show differences based on the central custody institution.

Brokerage House Collateral Safe-Keeping

Collateral provided by brokerage houses and portfolio management companies on behalf of the CMB are monitored by Takasbank under the regulations of the Capital Markets Board. Cash, government debt securities, mutual fund participation certificates (excluding portfolio management companies) and letters of guarantee are accepted as collateral.

Except for the letters of guarantee, the deposit and withdrawal of collateral transactions are executed by brokerage houses using Takasbank screens. Collateral deposits can be conducted during the day without any time limit. However, the cash amounts deposited up to 02:00 p.m. are given same day value, whereas the amounts deposited after 02:00 p.m. are given the next day value. Cash withdrawals can be conducted up to 02:00 p.m.

BİAŞ Money Market Clearing and Settlement

The clearing and settlement of transactions executed on  Borsa Istanbul Money  Market is carried out on T + 0.

Established in Borsa Istanbul and launched on 14/10/2016, Borsa Istanbul Money Market aims at  setting 1-3 months indicative TRY interest rate to be a basis for TRY denominated variable interest rate debt securities issuances and floating rate SWAP transactions. Takasbank renders CCP services for the BİAŞ Money Market by acting as buyer against the seller CCP member and seller against the buyer CCP member by taking into consideration the international standards pursuant to the Istanbul Clearing, Settlement and Custody Bank Inc. Directive on Clearing and Central Counterparty Service Principles.

BİAŞ Money Market Collateral Monitoring

Pursuant to the CMB and Borsa Istanbul regulations, risk and collateral management of the transactions executed at Borsa Istanbul are carried out by Takasbank. Within the scope of collateral management acceptance, return, custody, interest accrual and reporting to the members and Borsa Istanbul of the assets/securities held as collateral for the Debt Securities Market Transactions and as  International Bonds Market are executed  by Takasbank.