By pursuing your navigation on our website, you allow us to place cookies on your device. These cookies are set in order to secure your browsing, improve your user experience and enable us to compile statistics. For further information, please report to our cookie policy.
Market Passport for Banks and Brokers
Market information
Supporting you
Key market information
Local currencyTurkish
Lira (TRY)
2017 GDPUSD
849bn
Time zoneGMT
+3 hours
Numbering
systemISIN
Main stock
exchange indexXU 100
Key market figures
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)
10 TRY for equities only.
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.
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.
Something interesting to know before you visit us in Turkey
Istanbul is the largest and only metropolis in the world spanning two continents. Istanbul’s European part is separated from its Asian part by the Bosphorus strait, a 31km long waterway.
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
Something interesting to know before you visit us in Turkey
Istanbul is the largest and only metropolis in the world spanning two continents. Istanbul’s European part is separated from its Asian part by the Bosphorus strait, a 31km long waterway.