BRIEF INFORMATION

Debt Securities Market Clearing and Settlement

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 Specied 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 Turkey 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  

Acceptance, return, custody, 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.

Brokerage houses and portfolio management companies are obliged to deposit their guarantees with Takasbank within five (5) working days subsequent to the notification by the CMB or Takasbank. This period is valid only in cases of margin calls.

BİAŞ Money Market Clearing and Settlement

Banks and intermediary institutions which are authorised in accordance with the Exchange regulations and Takasbank may trade on Borsa İstanbul Money Market.

In the market, collateralized borrowing and lending transactions of banks and intermediary institutions supplying and demanding Turkish Lira are performed. Members may place orders for their own portfolio account, investment fund / investment trust account, public fund account or customer account.

Takasbank provides central counterparty (CCP) service for the Market and guarantees the settlement finality by acting as buyer to the seller and seller to the buyer for any transaction executed.
The clearing and settlement of transactions executed on  Borsa Istanbul Money  Market is carried out on (T + 1)