Electricity Market Clearing and Settlement
In accordance with the Provisional Article No. 19 added by Regulation No. 27751 dated November 6, 2010 to the Electricity Market Balancing and Settlement Regulation that came into effect after being published in the Official Gazette dated April 14, 2009, No. 27200, Takasbank has been authorized as the central settlement bank to be used by the Market Operator and market participants for the purpose of operating the collateral mechanism in the Electricity Market and ensuring payments are executed on a timely and accurate manner, and maintaining continuous cash flow in the market.
Participants involved in the Electricity Market transactions; in order to effect clearing, settlement and collateral transactions are required to deliver the following documents in order to be able to open an account with our Bank.
- Central Settlement Bank - Participant Agreement
- Commitment Letter
- Fax Contract
- Trade Registration Gazette
- Market participant acceptance letter sent by Energy Exchange Istanbul (EXIST) to Takasbank
- User request form
- Customer Information Form
- Intermediary bank account number notification
Within the scope of cash clearing and settlement services;
- Market participants effect debt payment transactions arising from market activities by connecting to the Takasbank system.
- Market receivables are automatically forwarded to the intermediary bank accounts which participants have notified about to Takasbank.
- Participants can instantly query debt/credit information arising from market activities, default reports, assignment and collateral information on the Takasbank system.
Electricity Market Collateral Management Service
As a part of Electricity Market Collateral Management Services;
- Deposit/withdrawal of collateral are effected via Takasbank screens,
- Margin call to the participants,
- Valuation of collaterals and their notification to EXIST,
- Interest accrual for the cash collaterals.