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Market Passport

Market information

Supporting you

Key market information

  • Local currency

    Turkish
    Lira (TRY)

  • 2017 GDP

    USD
    849bn

  • Time zone

    GMT
    +3 hours

  • Numbering
    system

    ISIN

  • Main stock
    exchange index

    XU 100

Key market figures

Market capitalisation USD 228bn
Number of listed companies 375
2017 value of share trading USD 396bn
Number of ETFs listed 13
2017 value of bonds trading USD 164bn
Number of bonds listed 782
Number of futures contracts traded in 2017 18.44m
Number of options contracts traded in 2017 3.44m

Local market infrastructures

  Equities Corporate bonds Government bonds Derivatives
Trading BIST BIST BIST BIST
Clearing Takasbank Takasbank Takasbank Takasbank
Settlement Takasbank Takasbank CRA/CBRT Takasbank
Custody CRA CRA CRA n/a
Cash leg Takasbank Takasbank CBRT Takasbank

Local market authorities and regulators

  • The Capital Markets Board of Turkey is the main regulator for capital markets in the Turkish market
  • The Central Bank of the Republic of Turkey has regulatory roles with regards to the banks and owns the payment system
  • Ministry of Treasury and Finance is the main regulator for taxation and also regulates the pension funds and insurance companies
  • The Banking Regulation and Supervision Agency is the main regulator for the banking sector in the Turkish market

Market practices (ALL TIMES ARE LOCAL)

SECURITIES
Settlement cycles
Equities T+2
Bonds T+0
Cash T+0
Cut-off times
Equities 4.45pm
Bonds 4.45pm
Cash 5.30pm
 
Omnibus account/securities No
Omnibus account/cash Yes
Pre-matching Yes
Irrevocable pre-matching n/a
Short selling Yes
Cash settlement/DVP Yes
Securities lending Yes
Foreign ownership limits No
Derivatives
Settlement Cash and physical
Trading cut-off 6.15pm
Clearing cut-off T+1 3.00pm
Tradable currencies TRY
Account structure members Segregated
Account structure non-members n/a
Give-up Yes
Give-up cut-off T+0
Adjustable ITM (In The Money minimum) Yes
Intra-day margin call Yes
Risk algorithm SPAN
Tolerance limits

10 TRY for equities only.

Examples of market penalties

If a member fails to settle an equity trade by 4.45pm on settlement day but the default is covered after the deadline, then the default payment is calculated on the prevailing market overnight interest rate. For fails settled after 5.30pm on SD, this penalty payment is tripled.

Buy-in practice

If securities or cash obligations are not fulfilled before 4.45pm on settlement day (T+2 for BIST equities market and T+0 for bonds and bills market), Takasbank initiates the default procedure. Participants need to cover by T+3 until 9.30am.

For debt market obligations that were not settled on value date, BIST executes buy-in/sell-out operations.

BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.

Supporting you

BNP Paribas Securities Services in Turkey

Securities services in Turkey are provided by TEB, combining the international expertise of TEB’s main shareholder BNP Paribas and TEB’s local proximity. During the past 10 years, we have extended the scope of our post-trade services to include listed derivatives services and collateral management.

Our main services

Core

We offer local clearing and custody to domestic and foreign institutions. Our core services include settlement, on-exchange clearing, safekeeping, corporate actions, proxy services, cash and collateral management.

Market-specific

  • Bundled execution and custody services for international clients, including a comprehensive listed derivatives services in collaboration with TEB’s brokerage arm
  • Bespoke services for high-frequency trading companies using Borsa Istanbul’s co-location set-up
  • Support of the recently-developed automated SWIFT announcements for general meetings in the market
  • SWIFT automated proxy voting via Electronic General Meeting (“e-GEM”) platform of MKK
  • Issuer services for corporates

What makes us different

  • Support of the financial market’s constant modernisation, including major initiatives from the Turkish CSD
  • Commitment in obtaining General Clearing Member (GCM) status in the BIST equity market in line with the CCP implementation in June 2017
  • Unique end-to-end bundled execution and clearing solution for listed derivatives in Borsa Istanbul through BISTECH connectivity

Selected market recognition

  • Global Custodian Agent Banks in Emerging Markets Survey (2017): Global, Market and Category Outperformer
  • Global Investor Investment Excellence (2018): Sub-Custody Multi-market EMEA for Turkey – unweighted
  • Global Finance Survey (2017): World’s Best Securities Services Provider

A sound partner

The BNP Paribas group has been providing custody services in the Turkish Market since 1996. TEB Securities Services was created in 2007 as a business unit of TEB, one of the leading local banks in Turkey. Today, a team of 17 professionals deliver custody solutions to domestic and foreign financial intermediaries.

Contact

For more information, please contact your relationship manager or
Ertunc Gurson, Head of Location
ertunc.gurson@teb.com.tr

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