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.
In the market, orders are matched using the multiple price method. Two types of orders may be placed: limit orders and market orders.
Limit orders, are placed by specifying rate and order amount.
Market orders, are placed by specifying order amount but without specifying the rate. A market order may match either partially or fully with the standing orders in the system. The unexecuted portion of the market order shall be cancelled automatically.
The above order types can be given to include the specific conditions defined below:
a) Immediate or Cancel Order: It is the condition that as soon as the order is entered, it matches with the outstanding counter-orders, and its non-executed part is automatically cancelled.
b) Fill or Kill: This order type is subject to the condition of execution in full. If this condition is not met as the order is entered, the order is cancelled.
Unmatched orders and unexecuted parts of matched orders transmitted to the market can be changed.
While the change in the order’s interest rate, increase in nominal value and changes regarding the portfolio, fund, public fund and customer code lead to the loss of time priority, the reduction of nominal amount and change in representative reference do not give rise to the loss of time priority.
No counterparty information is given to the members whose orders are executed.
The matching of two counter orders in the market is enabled through giving priority to the highest rate in purchase and the lowest rate in sale. If orders have the same rate, time priority is applied.
In addition to matching of orders with equal rates, two counter orders are matched when a sell order with a lower rate than the rate of the existing buy order is received, or when a buy order with a higher rate than the rate of the sell order is received. Where rate equality does not exist, the rate of the order entered in the system earlier is the rate of the trade.
Orders are valid for the day on which they are placed. Unmatched orders and the unexecuted part of matched orders transmitted to the Market can be canceled. The standing orders that remain unexecuted are cancelled automatically by the system at 17:00.
The rate tick applicable to orders conveyed to the market is 0.01%.
Orders are communicated in minimum order size and its multiples. The minimum and maximum order sizes in effect are as follows:
Same-day value date orders are sent and trades are executed between 09.30-12.00 and 13.00-15.00, forward value date orders are sent and trades are executed between 09.30-12.00 and 13.00-17.30.
The starting value date of transactions can be same-day (T+0) or one business day forward (T+1). End date of transactions can be determined freely by the parties.
This market is established in order to enable Takasbank, as being the central counterparty in the Money Market to perform its default transactions in the event of members’ default due to their transaction in Money Market.
Default market is normally closed but it opens in times when Takasbank will perform its transactions and this is announced to members through OTAS System.
For the transactions carried out in the market, the amount calculated by multiplying the exchange fee rate and the transaction value and the transaction maturity (number of days between start and end dates) is to be collected from each of the parties separately. Exchange fee rates by transaction maturity are:
a) between 1 – 7 days, 0,04 per ten thousand
b) between 8 - 29 days, 0,03 per ten thousand
c) between 30 - 89 days, 0,02 per ten thousand
d) 90 days and above, 0,005 per ten thousand