In the case of gross settlement, İstanbul Takas ve Saklama Bankası (Takasbank) does not net-off brokerage houses’ trades in terms of the quantity and total TL amount of equities in the two trading sessions. Within the same framework, a brokerage house that engages in both a buy and a sell transaction on the same equity during a single day shall be credited/debited to Takasbank on the basis of the net balance by netting-off the sell amount from the buy amount. On the other hand, buy and sell amounts are, in general, netted-off and in the event that a brokerage house’s buy amount is greater than its sell amount, it is credited in cash to Takasbank, and otherwise, debited in cash to Takasbank. Thanks to the netting-off facility, an investor that engages in a trade on an equity during the day shall be subject to a delivery liability equal to the net difference between the buy and sell trades realized during the day.
Equities for which netting-off facility is removed by Takasbank will be subject to gross settlement, and the receivables on brokerage house and investor basis are distributed by Takasbank following the end of the settlement period. Investors that intend to buy equities subject to gross settlement must keep the corresponding amount of cash, and those that intend to sell equities subject to gross settlement must keep the corresponding quantity of equities in their accounts.