Precious Metals Market Cash Settlement and Collateral Transactions
Takas Istanbul is authorized by Borsa Istanbul as the Settlement Institution to execute the cash settlement and collateral transactions conducted in the Precious Metals Market ("Market"), which is the sub-market of the Borsa Istanbul Precious Metals and Diamond Markets.
Market cash settlement and collateral transactions are executed through accounts opened with Takas Istanbul.Transfers related to market cash settlement and collateral transactions areconducted via EFT and SWIFT systems.
Members of the Stock Exchange are required to open an account with Takas Istanbul to perform the settlement and collteral transactions. In order to open an account with Takas Istanbul, the following documents must be submitted to Takas Istanbul.
- Precious Metals Market Settlement and Collateral Transactions Membership Agreement
- Precious Metals Market Settlement and Collateral Transactions Pre-Membership Contract Information Form
- Implementation Agreement for Customer Instructions forwarded by fax to Istanbul Takas ve Saklama Bankası A.Ş.
- Fax Pre-Contract Information Form
- Cash, Securities, Collateral and Electronic EFT Instruction Commitment
- Precious Metals and Diamond Markets EFT Commitment Pre-Contract Information Form
- Trade Registration Gazette
- Authorized Signature circulars of the stock exchange member (original or notarized original)
- Participant Information Form
- User Statement
- Precious Metals Market Intermediary Banks Notification Form
In the structure established for cash settlement and collateral transactions; the connection with the Stock Exchange is established via web service and the members of the Exchange are allowed access to Takasbank screens via the internet.
Clearing and Settlement Transactions
- The information regarding the transactions executedd on the market is transferred to the Takas Istanbul system by the Stock Exchange. Basing on the debt data, the clearing and settlement debt of the member is automatically paid by the system by the amounts collected from the members' free accounts with Takas Istanbul. . Member's information on payment of the clearing and settlement debt on the Takas Istanbul system is transmitted to the Stock Exchange and precious metals clearing and settlement transactions are completed by the Stock Exchange. Identities of the members who fulfill their precious metal market obligations at the Exchange are notified to Takas Istanbul by the Exchange and the member is paid for the clearing and settlement cash receivables according to the member's choice, either into their free account with Takasbank or into an account with an intermediary bank as advised by the member.
- End of day cash clearing and settlement debt payments take place between 4 p.m. and 5:15 p.m.
For transfers to be made to intermediary banks, the end-of-day hour limits are listed below based on different currencies;
|CURRENCY||CUT-OFF TIME FOR SENDING INSTRUCTION TO THE INTERMEDIARY BANK
(*) The changes to the EFT closing deadline will be taken into account in the implementation of this cut-off time.
Precious Metals Market Collateral Transactions
In collateral deposit transactions; the amounts deposited into the margin accounts by members are notified to the Exchange. Requests for withdrawal of collateral; will be effected after the approval by the Exchange of the instruction transmitted to the Takas Istanbul system. If the collateral withdrawal request cannot be identified by the system for whatever reason, then it will be possible to communicate the request to Takas Istanbul in writing. The cash collateral amounts held in Turkish lira in members' collateral accounts with Takas Istanbul earn interest. Participants who do not want to collect interest need to send a written instruction.
The collateral withdrawal transactions can either be made into the member free accounts at Takas Istanbul or into pre-defined intermediary bank accounts. The cut-off time for withdrawal are listed below by currency;
|FX||CUT-OFF TIME FOR COLLATERAL WITHDRAWAL (INTO THE INTERMEDIARY BANK ACCOUNT)||CUT-OFF TIME FOR MARGIN WITHDRAWAL (INTO FREE ACCOUNT)|
|TL||3:40 p.m.||*5 p.m.|
|EUR||4:15 p.m.||5 p.m.
|USD||4.30 p.m.||5 p.m.|
(*) Valid only for members who do not want to earn interest on their margin. Cut-off time for members requesting interest is 3:40 p.m.