Clearing and Settlement in Turkey: Takasbank as Central Counterparty, Settlement Finality, Collateral Protection, Client Segregation and Default Management under Capital Markets Law Articles 73 and 77–79

Trades on Borsa Istanbul are cleared and settled through Takasbank, which has acted as central counterparty in the Equity Market since 19 June 2017. As central counterparty, Takasbank becomes the seller to every buyer and the buyer to every seller (Capital Markets Law Art. 78(1)). Settlement instructions, transactions and payments cannot be revoked or cancelled, even if a member’s activities are suspended or it goes into liquidation (Art. 79(1)). Collateral and guarantee fund assets held to prevent settlement risk cannot be attached, even for public receivables, pledged or included in a bankruptcy estate (Art. 73(2)). Takasbank is not liable for its members’ obligations to their clients (Art. 78(2)), but it may transfer a defaulting member’s client positions and collateral to another member without that member’s consent. The Takasbank Central Counterparty Regulation sets the order in which collateral, guarantee fund contributions and Takasbank’s own capital absorb a default (Art. 36). It requires client positions to be kept apart from the member’s own (Art. 25) and lets clients ask for individual accounts (Art. 12(1)(ç)). This guide explains these rules for foreign institutions whose Turkish brokers are suspended, restricted or in default in the 2026 cases. It reflects the legislation in force as at 26 October 2026.

Why clearing rules matter in the 2026 cases

When the Capital Markets Board suspends an investment firm, or a firm cannot meet its obligations, the first questions for its clients are practical. Will trades already executed settle? Will the shares bought arrive and the sale proceeds be paid? What happens to margin posted for derivatives or securities lending? Can the client’s positions be moved to another broker, and on whose decision? Can anyone attach the collateral held at the clearing house to satisfy the broker’s debts?

The answers come from the law governing clearing and settlement: Articles 73, 77, 78 and 79 of the Capital Markets Law No. 6362, the Capital Markets Board’s General Regulation on central clearing institutions, and Takasbank’s own Central Clearing Regulation and Central Counterparty Regulation, which the Board has approved. These rules were built to keep the market settling when a participant fails. They protect the system first, and the client’s position depends on how its account is structured and on the claims it holds against its own broker.

The legal framework

The Capital Markets Law defines central clearing institutions as joint stock companies that carry out delivery of capital market instruments traded on exchanges and other organised marketplaces, payment of their prices and performance of collateral obligations (Art. 77(1)). The Capital Markets Board is their regulator and supervisor (Art. 77(4)). Membership, collateral, clearing principles and discipline are regulated by the Board or, where the Board agrees, by regulations the clearing institution prepares and the Board approves; the clearing system, default procedures, collateral and the guarantee funds formed with members’ participation are governed by regulations the clearing institution prepares and the Board approves (Art. 77(2)). Article 78 governs the central counterparty and default management, Article 79 settlement finality and collateral rights, and Article 73(2) protects collateral and guarantee fund assets from attachment and insolvency.

The General Regulation on the Establishment and Operating Principles of Central Clearing Institutions (Official Gazette 30 May 2013, No. 28662) implements Articles 77 and 78. It was substantially revised in 2019 and was last amended on 10 December 2024. Takasbank’s Central Clearing Regulation (Official Gazette 18 July 2013, No. 28711) governs clearing in the markets Takasbank serves. Takasbank’s Central Counterparty Regulation (Official Gazette 14 August 2013, No. 28735) governs the markets in which it acts as central counterparty. Detailed rules for each market are in Takasbank’s market directives and procedures. Borsa Istanbul’s Equity Market Directive provides that settlement obligations arising from Equity Market trades are governed by the rules of the clearing institution that settles them (Art. 43).

Law No. 6493 on Payment and Securities Settlement Systems (Official Gazette 27 June 2013, No. 28690) adds settlement finality rules for systems that the Central Bank designates and announces in the Official Gazette (Arts. 10 and 11).

Takasbank, its members and the markets it clears

Takasbank (İstanbul Takas ve Saklama Bankası A.Ş.) is the central clearing institution for Borsa Istanbul. According to Takasbank, it acts as central counterparty in the Equity Lending Market since 2 September 2013, the Futures and Options Market since 3 March 2014, the Borsa Istanbul Money Market since 14 October 2016, the Equity Market since 19 June 2017, the Debt Securities Market since 2 July 2018, the Swap Market since 1 October 2018 and for over-the-counter derivatives since 19 December 2019. Where the Board has authorised Takasbank to clear a market, all trades in that market must be cleared through Takasbank, subject to exceptions made by the Board (Central Clearing Regulation Art. 17(1)). The Board may also require off-exchange trades in capital market instruments to be cleared through a central clearing institution (Capital Markets Law Art. 77(3)).

The Central Bank, investment firms operating under the Capital Markets Law and other persons proposed by the clearing institution and accepted by the Board may become members (General Regulation Art. 19(1)). Clearing members are either direct members, which clear only their own and their clients’ trades, or general members, which may also clear for other market members (Central Clearing Regulation Art. 7). In central counterparty markets, the same distinction applies (Central Counterparty Regulation Art. 8). A firm that trades but settles through a general member is a trading member (işlemci kuruluş), whose positions and collateral are kept in sub-accounts opened exclusively for it under its general member (Art. 25(4)). A foreign institution trades through a Turkish investment firm or bank. It is a client, not a member, and its relationship is with that firm.

Takasbank may ask its members for any information and documents and may carry out examinations. Members cannot refuse on the ground of confidentiality rules in their own special legislation (Capital Markets Law Art. 77(6)).

How settlement works

Takasbank becomes central counterparty by the open offer method: it steps between the parties at the moment orders are matched, and does not need a separate contract with the parties for each trade (Central Counterparty Regulation Art. 5(6); Capital Markets Law Art. 78(8)). From then on, each member’s obligations run to Takasbank, and Takasbank’s financial responsibility is the amount arising from its guarantee of the trades, as the counterparty to each side (Central Counterparty Regulation Art. 34(1)).

Settlement is by delivery versus payment: a member that does not meet its obligation is not paid what it is owed, and partial performance releases receivables in proportion (Central Clearing Regulation Art. 21(1)). Settlement periods are set per market after consulting the exchange (Art. 24(1)), and Takasbank may change them temporarily because of problems in clearing, custody, payment or trading systems (Art. 24(2)). Equity Market trades currently settle two business days after the trade date (T+2). Borsa Istanbul and the Central Registry Agency have announced that work for the move to one-day settlement (T+1) must be completed by 31 December 2026; the date of the change is set by the market institutions and should be checked. Cash obligations are generally settled in the currency of the trade (Art. 25(1)). A member’s receivables in one market may be set off against its obligations in another where Takasbank allows it (Art. 26).

For a foreign client, the trade settles between Takasbank and the client’s broker or general member. The shares then reach the client’s account at the Central Registry Agency, and the cash reaches the client’s cash account with the broker or custodian. The record-keeping side, including sub-accounts and title, is explained in our guide on the Central Registry Agency.

Settlement finality

Settlement instructions and transactions for capital market instruments, and payment transactions, cannot be revoked or cancelled. This applies even where a clearing member’s activities are temporarily or permanently suspended, or where liquidation proceedings have started before administrative or judicial authorities (Capital Markets Law Art. 79(1); Central Clearing Regulation Art. 27). The rule is what makes the system safe for non-defaulting members: once a trade enters settlement, a suspension decision or insolvency cannot unwind it.

Law No. 6493 adds rules for systems designated by the Central Bank. The system rules must state the moment a transfer order becomes irrevocable, after which neither the participant nor a third party may revoke it (Art. 10(1)). Statutory measures and decisions that prevent a participant or the system operator from disposing of funds or securities apply only to transfer orders entering the system after notification to the operator (Art. 10(3)). In a netting system, orders that entered before notification are included in netting (Art. 10(4)). Funds and securities in the participant’s settlement account on the day of notification are used first to meet its obligations in the system (Art. 10(5)). Collateral taken by a system operator is held in a separate account and is not subject to those measures (Art. 10(7)).

Finality concerns settlement. Whether a trade should have been executed at all, or whether the exchange may cancel it under its own rules, is a separate question, explained in our guide on Borsa Istanbul trading rules. A client that believes a trade was executed without authority or in breach of the broker’s duties has a claim against the broker; the claim does not reverse the settlement.

Collateral and the guarantee fund

Clearing members post collateral to Takasbank for the obligations arising from their trades (General Regulation Arts. 25 and 25/A). Members must collect from their clients at least the collateral set by the clearing institution’s rules, and the Board may set minimum collateral ratios or amounts in light of market conditions (Arts. 25(3) and 25/A(2)). In central counterparty markets, Takasbank also maintains guarantee funds built from members’ contributions (Art. 26/A; Capital Markets Law Art. 77(2)).

Three statutory protections apply. First, collateral held at exchanges and clearing institutions to prevent settlement risk, and guarantee fund assets, cannot be used for other purposes. They cannot be attached, even for public receivables, or pledged, and they are not affected by liquidation decisions of administrative authorities. Nor can they be included in a bankruptcy estate or made subject to interim injunctions (Capital Markets Law Art. 73(2); General Regulation Art. 27). Second, ownership of collateral taken for central counterparty services passes to the clearing institution, and the Capital Markets Law’s rules on financial collateral apply to it unless another law provides otherwise (Art. 78(2), applying Art. 47(2), (4)(a) and (5)). Third, the clearing institution’s rights over collateral cannot be restricted by concordat, bankruptcy, restructuring, enforcement proceedings or gradual liquidation under the Capital Markets Law (Art. 79(3)).

Where members post their own assets, their clients’ assets or third parties’ assets as collateral, the Civil Code’s provisions on acquiring movables in good faith (Arts. 988–991) apply to the acquisition of ownership or limited real rights over book-entry instruments. The fact that the investment firm had no power to dispose of the assets does not prevent the clearing institution from acquiring rights in good faith, and third parties cannot assert ownership or limited real rights against it (Capital Markets Law Art. 79(2)). For a client, this means that a broker that wrongly posts client assets as collateral exposes the client to loss, and the client’s remedy is against the broker.

Takasbank must keep collateral and the assets of account holders separate from its own and may not use them except for settlement (Capital Markets Law Art. 78(7); General Regulation Art. 32). Resources allocated to each central counterparty market cannot be used for other purposes, and capital markets collateral is kept separate from money market collateral (Art. 78(10)).

Segregation of client positions and collateral

In the markets where it is central counterparty, Takasbank keeps clients’ positions and collateral in accounts linked to the member but separate from the positions and collateral of the member’s own portfolio (Central Counterparty Regulation Art. 25(1)). Two levels of client segregation exist. In a multiple position account (çoklu pozisyon hesabı), the positions of the member’s clients are held together, but in all cases separately from the member’s own positions (Art. 4). In an individual position account (tekil pozisyon hesabı), a single client’s positions are held with collateral sub-accounts in that client’s name.

Where multiple position accounts are used, the member must, at the client’s request, take all necessary steps to have that client’s positions and collateral held in an individual position account and collateral account opened at Takasbank in the client’s name (Art. 12(1)(ç)). Where the member requests it, client positions and collateral must be kept in individual position accounts and client collateral sub-accounts (Art. 25(2)). Takasbank may restrict the use of individual accounts in markets other than derivatives markets, on terms set in its market directives (Art. 25(2)). The difference matters on default: client collateral held in accounts linked to individual position accounts cannot be used to cover shortfalls in the member’s own accounts or in other clients’ accounts (Art. 25(3)).

Members must also inform their clients fully and accurately of the structure of the accounts in which collateral is held, the extent of segregation Takasbank provides, and the fact that the power to dispose of collateral accounts at Takasbank belongs to the member and is restricted by Takasbank only to the extent of the required collateral (Art. 12(1)(ğ)). They must deposit clients’ collateral in the relevant collateral accounts at Takasbank (Art. 12(1)(h)) and maintain continuous reconciliation between Takasbank’s records and their own (Art. 12(1)(g)). A member that deposits client collateral in collateral accounts linked to multiple position accounts without having the right to dispose of it is liable to its clients for any resulting loss (Art. 12(3)). Where a receiving member has been designated in advance for porting, the member must say so in its framework agreements with clients (Art. 12(1)(c)).

When a clearing member defaults

A member that does not meet its delivery, payment, collateral or guarantee fund obligations on time and in full is in default automatically, without any notice (Central Clearing Regulation Art. 29(1); Central Counterparty Regulation Art. 35(1)). Until the default ends, Takasbank may restrict the member’s withdrawal of collateral from its accounts, for the market concerned or for all markets (Art. 35(2)). The member is given a period set in the market directive to cure the default. If it does not, Takasbank may, without any further step, suspend the member’s direct power to dispose of its accounts at Takasbank, close positions on its own motion, and carry out any purchase, sale, transfer or other transaction needed to meet the obligations in default (Art. 35(3)).

If a selling member fails to deliver, Takasbank in principle delivers the securities to the buying member; if delivery is impossible, the buying member is paid a cash equivalent calculated under the market directive (Art. 35(6)). A member that has met its own obligations but does not receive its receivable on the settlement day is also paid default interest (Art. 35(7)). Outside the central counterparty framework, Takasbank may buy or sell using the defaulting member’s blocked receivables; any price difference against the member is collected from it or from its collateral, and any surplus is paid to it (Central Clearing Regulation Art. 30(2)). A member that receives no delivery or payment because of another member’s default receives a compensation payment (mağduriyet ödemesi), a share of the default interest collected, without having to ask for it; none is paid if the member is paid on the same day (Art. 33).

Default interest is calculated by reference to the highest of the overnight weighted average rates in Borsa Istanbul’s repo and reverse repo markets for government securities, the Central Bank’s interbank money market and Takasbank’s money market, multiplied by a coefficient set for each market (Central Clearing Regulation Art. 31(2)). In the Equity Lending Market, the commission rate of the contract or the market’s weighted average commission rate for the security is used if it is higher (Art. 31(3)). Takasbank may add one point to the coefficient for each further default within three months (Art. 31(8)). Takasbank also has rights of set-off, netting and retention over the defaulting member’s assets and receivables held with it (Central Counterparty Regulation Art. 35(5)).

Takasbank first instructs the defaulting member to close its own positions. If the member does not do so, or its activities have been restricted or its membership terminated, Takasbank may close them itself (Art. 37(1)). It may hold an auction to transfer the positions (Art. 37(2)). Where losses could take its capital below the regulatory minimum, or no counterparty can be found because the market has lost depth and liquidity, it may allocate positions compulsorily to non-defaulting members or terminate them, in principle by cash settlement (Art. 37(3)). It may carry out hedging transactions until the positions are wound down (Art. 37(4)).

The default waterfall

Losses from a member’s default are covered from the following resources, in this order (Central Counterparty Regulation Art. 36(1); General Regulation Art. 31/B(1)):

The first step uses collateral in the defaulting member’s own accounts or in client accounts linked to it that show a collateral shortfall. It does not reach collateral in individual client accounts that are fully collateralised, which is why segregation matters. Where Takasbank has separate guarantee funds for different markets, the order applies to each fund separately (Art. 36(3)). The defaulting member’s contributions to other markets’ funds may be used after step 5, provided it has no risk left in those markets (Art. 36(4)). Recoveries from the defaulting member are used first to repay any borrowing for the default, then to return additional and then paid-in contributions of non-defaulting members, pro rata (Art. 36(5)). Nothing is paid or returned to the defaulting member until all obligations from the default are settled. Takasbank updates the capital it allocates and commits to the waterfall once a year, by the first business day of April, and announces it on its website (Art. 36(7); General Regulation Art. 31/B(6)).

Beyond these resources, Takasbank may use external funding to complete settlement or liquidate the debt. If converting collateral into cash delays settlement, the party entitled receives default interest; at that party’s request or with its agreement, settlement obligations may instead be closed by transferring collateral at market prices (Art. 36(2)).

Porting client positions to another member

The Capital Markets Law allows a clearing institution, as part of default management, to transfer clients’ positions and collateral to other members, either on its own motion or at the request of the defaulting member’s clients. The defaulting member’s consent is not required (Art. 78(2)). The Central Counterparty Regulation sets out how this works:

1. 1. Voluntary transfers. Positions and related collateral in individual or multiple position accounts may be moved between members on the instructions of the transferring and receiving members, if Takasbank approves; the transferring member must obtain the written consent of the clients concerned (Art. 26(1)).
2. 2. Compulsory transfer of individual accounts. Where a member’s activities are restricted or its membership is to be terminated, positions and collateral in the individual position accounts linked to it are moved to another member. The receiving member is the one designated in advance in the member’s contract with Takasbank; failing that, one with which the member contracts before the transfer date; failing that, one found by Takasbank (Art. 26(2)).
3. 3. Withdrawal limits pending reconciliation. The receiving member’s right to withdraw collateral from transferred accounts may be removed until the failed member’s records and Takasbank’s records are reconciled; proceedings by judicial and administrative authorities are reserved (Art. 26(2)).
4. 4. Amount that can move. The collateral that can be transferred or returned from client accounts is limited to what remains after post-default variation margin has been reflected in the accounts (Art. 26(3)).
5. 5. No receiving member. If no receiving member is found, or there is not enough time, Takasbank may manage the accounts itself or, where the market directive provides, close them (Art. 26(4)).
6. 6. Client-led porting. Clients who find a member willing to take over their positions and collateral may have them moved to that member’s sub-accounts at any time (Art. 26(5)).

Suspended or restricted brokers

Where the Capital Markets Board or another public authority restricts or temporarily suspends a central counterparty member’s activities, Takasbank restricts that member’s activities in the central counterparty markets until it is told otherwise (Central Counterparty Regulation Art. 14(1)). Takasbank may also restrict a member whose financial capacity is insufficient for the risks it carries (Art. 14(2)). The measures available include a pre-trade deposit requirement, suspension of membership for up to three months, gross margining, higher collateral ratios, allowing only risk-reducing trades and blocking new accounts (Art. 14(3)). The market directives determine which measures require the member’s accounts to be moved to another member (Art. 14(4)). Takasbank must inform the Board, the other authorities and the market operator at once, and may not make any public announcement about the restriction without their approval (Art. 14(5)). The restricted member is given up to six months to remedy the deficiencies; if they persist, Takasbank’s board may terminate its membership (Art. 14(6)).

Under the Central Clearing Regulation, a member whose trading authority is withdrawn by the exchange, the market operator or a competent authority is removed from clearing membership for that market (Art. 13(3)). Where risks threaten the safe and uninterrupted operation of the clearing system, Takasbank may suspend or expel a member without granting any period (Art. 13(2)). All obligations from trades continue after suspension or expulsion. Takasbank may block the member’s accounts, use its receivables to close its debts, and draw on its collateral, its guarantee fund contributions and assets in its free accounts (Art. 14). A member that expects to be unable to meet its obligations must notify the Board and other authorities at once, with supporting documents; Takasbank has the same duty when it foresees a member’s failure (Central Counterparty Regulation Arts. 12(4) and 13).

Pre-trade deposits and extraordinary measures

Takasbank may require that trades be settled without netting and that cash for buy orders, or some or all of the securities for sell orders, be deposited before the order is executed (Central Clearing Regulation Art. 23(1)). It may impose this for a particular capital market instrument, for particular members, or for natural or legal persons, or their authorised officers, identified in the course of the Board’s or the exchange’s surveillance. This is the clearing-level counterpart of the trading measures discussed in our guides on manipulation and market-disrupting acts. Deposited cash or securities are returned if the trade does not happen (Art. 23(2)). Buying more than the deposited cash allows, or selling more than the deposited securities, triggers the default rules even if the difference is settled on time (Art. 23(4)).

In extraordinary circumstances that Takasbank expects to harm the functioning and reliability of the markets, it may decide on and apply measures, and must report them to the Board, the market operators and other authorities (Central Counterparty Regulation Art. 48(1); Central Clearing Regulation Art. 62). In central counterparty markets the measures include:

• ▸ Limits and margin. Changing trading and position limits and risk calculation methods and parameters, and calling for additional collateral (Art. 48(2)(a)–(c)).
• ▸ Settlement terms. Changing delivery, settlement and option exercise periods and conditions (Art. 48(2)(ç)).
• ▸ Order acceptance. Asking the market operator to restrict order acceptance for particular members or generally (Art. 48(2)(d)).
• ▸ Payments and withdrawals. Stopping or reducing variation margin distributions, and temporarily limiting collateral withdrawals (Art. 48(2)(e)–(f)).
• ▸ Positions. Asking for positions, with their collateral, to be moved to another member or closed; if members do not act in time, Takasbank does so itself (Art. 48(2)(g)–(ğ) and (4)).

These measures serve the security and continuity of settlement. The Capital Markets Law’s own measures in insider dealing and market manipulation examinations are reserved (Art. 48(3)).

Where the client’s claim lies

Because Takasbank is not liable for its members’ obligations to their clients (Capital Markets Law Art. 78(2); Central Counterparty Regulation Art. 5(2)), a foreign institution’s claims for undelivered securities, unpaid proceeds, misused collateral or losses from a broker’s failure are against the broker. Three rules support those claims. Client cash and capital market instruments held at investment firms are kept separately from the firm’s assets and cannot be attached for the firm’s debts, pledged without the client’s prior written consent, included in its bankruptcy estate or made subject to interim injunctions (Capital Markets Law Art. 46). A member that deposits client collateral without the right to dispose of it is liable to the client for the resulting loss (Central Counterparty Regulation Art. 12(3)). And where an investment firm cannot return clients’ cash and instruments, the Investor Compensation Centre established under Capital Markets Law Art. 83 may come into play, as explained in our insolvency guide.

For evidence, the client needs its own records and those of the broker, the Central Registry Agency’s records of its sub-accounts, and, where available, confirmation from Takasbank or the broker of how its positions and collateral were held. Members must keep their records continuously reconciled with Takasbank’s (Art. 12(1)(g)). A gap between the two is often the first sign that client assets were used for something else.

Points for foreign institutional investors

1. 1. Know the clearing chain. Identify whether the broker is a direct member, a general member or a trading member clearing through a general member (Central Clearing Regulation Art. 7; Central Counterparty Regulation Arts. 8 and 16).
2. 2. Ask for individual segregation. Request an individual position account where multiple accounts are used (Art. 12(1)(ç)); individually segregated, fully collateralised client collateral is not used for others’ shortfalls (Art. 25(3)).
3. 3. Check porting arrangements. Ask whether a receiving member has been designated in advance and what the client agreement says (Art. 12(1)(c)).
4. 4. Reconcile regularly. Compare broker statements with Central Registry Agency records; members must reconcile with Takasbank continuously (Art. 12(1)(g)).
5. 5. Watch for restrictions. A Board suspension leads to Takasbank restrictions (Art. 14(1)), but Takasbank cannot announce them without approval (Art. 14(5)); clients may learn late.
6. 6. Act fast to port. Clients can move positions and collateral to a willing member at any time (Art. 26(5)), and the Law allows it without the defaulting member’s consent (Capital Markets Law Art. 78(2)).
7. 7. Do not expect trades to be unwound. Settlement is final (Art. 79(1)); remedies for unauthorised or improper trades lie against the broker.
8. 8. Check posted collateral. Client assets wrongly posted by a broker can be acquired in good faith by the clearing institution (Art. 79(2)); confirm consents under Art. 46 and the client agreement.
9. 9. Track the settlement cycle. Equity trades settle T+2; preparations for T+1 are to be completed by 31 December 2026, and the change will affect cash management and corporate action payment dates.
10. 10. Preserve claims against the broker. Losses from the broker’s failure are pursued against the broker under Art. 46, Art. 12(3) and the client agreement, with limitation periods in mind.

Time limits and figures

Frequently asked questions

Who clears trades on Borsa Istanbul?

Takasbank, which has acted as central counterparty in the Equity Market since 19 June 2017 and in other Borsa Istanbul markets from dates between 2013 and 2019.

What does it mean that Takasbank is the central counterparty?

It becomes the seller to every buyer and the buyer to every seller at the moment orders are matched, and guarantees completion of settlement between members (Capital Markets Law Art. 78(1); Central Counterparty Regulation Art. 5(6)).

Is Takasbank liable to a broker’s clients?

No. Clearing institutions are not liable for their members’ obligations to their clients (Capital Markets Law Art. 78(2); Central Counterparty Regulation Art. 5(2)).

Can a trade be unwound if the broker is suspended?

No. Settlement instructions, transactions and payments cannot be revoked or cancelled, even on a member’s suspension or liquidation (Capital Markets Law Art. 79(1)).

Can the broker’s creditors attach collateral held at Takasbank?

No. Collateral and guarantee fund assets cannot be attached, even for public receivables, pledged, included in a bankruptcy estate or made subject to interim injunctions (Capital Markets Law Art. 73(2)).

Can a client have its own segregated account at Takasbank?

Yes, where multiple position accounts are used, the member must on the client’s request arrange an individual position account and collateral account in the client’s name (Central Counterparty Regulation Art. 12(1)(ç)).

Why does individual segregation matter?

Collateral in individually segregated client accounts cannot be used to cover shortfalls in the member’s own or other clients’ accounts (Art. 25(3)).

Can client positions be moved to another broker if the broker defaults?

Yes. Takasbank may move them on its own motion or at clients’ request without the defaulting member’s consent (Capital Markets Law Art. 78(2); Central Counterparty Regulation Art. 26).

In what order are losses covered on a default?

The defaulting member’s collateral, its guarantee fund contribution, insurance, Takasbank’s allocated capital, other members’ contributions, additional contributions, then Takasbank’s remaining capital (Central Counterparty Regulation Art. 36(1)).

What is a pre-trade deposit requirement?

A requirement to deposit cash or securities before an order is executed, which Takasbank may impose for instruments, members, or persons identified in the Board’s or exchange’s surveillance (Central Clearing Regulation Art. 23).

Will the market be told when a broker is restricted at Takasbank?

Not automatically. Takasbank may not announce a restriction without the approval of the Board and other authorities concerned (Central Counterparty Regulation Art. 14(5)).

What is the settlement cycle for Turkish equities?

T+2. Borsa Istanbul has asked for preparations for T+1 to be completed by 31 December 2026.

Can Takasbank change settlement periods?

Yes, temporarily, because of problems in clearing, custody, payment or trading systems (Central Clearing Regulation Art. 24(2)), and in extraordinary circumstances (Central Counterparty Regulation Art. 48(2)(ç)).

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