Safety for Your Trades

TurkDEX's intermediary for clearing and settlement is one of its shareholders, Takasbank. It is the central clearing house in Turkey and also the clearing and settlement center for the Istanbul Stock Exchange. Virtually eliminating counterparty credit risk, Takasbank acts as the counterparty to every trade - the buyer to every seller and the seller to every buyer.

Takasbank is recognized by the UK SFA as an "Approved Depository" and an "Approved Bank". Takasbank complies with the "Eligible Foreign Custodian" definition of the SEC. And it also complies with the standards predetermined by JSCC (Japan Securities Clearing Corporation) and JASDEC (Japan Securities Depository Center).

The duties of Takasbank are as follows:

  • act as counterparty to all trades in TurkDEX,
  • settle transactions,
  • collect and maintain margins,
  • ensure the fulfillment of obligations arising from transactions,
  • determine the clearing members in cooperation with TurkDEX,
  • mark-to-market all open positions daily.

Takasbank guarantee is limited to the collateral taken from the members for trade and to the "Guarantee Fund".

Some specific features of the fund are listed below:

  • "Guarantee Fund" is used in case a member defaults.
  • It was established by TurkDEX and managed by Takasbank with the clearing members' paid-in capital.
  • Clearing members must contribute to "Guarantee Fund" with cash and non-cash collaterals.
  • In any default, the defaulting member's contribution is used first and if necessary then non defaulting members' contributions are used on a pro-rata basis.