BIAS SWAP Market Clearing and Settlement

In accordance with the vision of Istanbul International Financial Center, owing to the efforts devoted by  Borsa Istanbul Group as Borsa Istanbul and Takasbank under the leadership of Republic of Turkey Ministry of Treasury, SWAP Market (Market), being an alternative  product to the prevalently used foreign exchange purchase method which is regarded as one of the hedging strategies resorted to minimize the risks financial assets in our country subject to, has been launched on 01/10/2018 at Borsa Istanbul; and our Bank renders CCP services for the transactions carried out in the market.

Two distinct settlement process is operated for the transactions conducted in the market. With regards to the former process, the settlement of the buy/sell transactions takes place on the  due and value date of the transactions; as for the latter, the  daily settlement of variation margin calculated so as to neutralize the internal value of the transaction at the end of each day until the value date  and funding cost applied to the variation margin is carried out in the market. The transactions executed in the market is settled on the same day (T+0) and the settlement of future-dated transactions is performed on the value date in accordance with the payment versus payment principle. (PVP)

BIAS SWAP Market Collateral Management

Pursuant to the CMB and Borsa regulations, risk and collateral management for the transactions conducted in the market is performed by Takasbank. Within the scope of collateral management; the service of the admission, safekeeping, valuation and interest accrual of the collaterals is rendered by our Bank.