- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,188.10-0.06%
- INTEREST37.00%-1.00
- BITCOIN81,374-0.47%
- October 13, 202618°
- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,188.10-0.06%
- INTEREST37.00%-1.00
- BITCOIN81,374-0.47%
- October 13, 202618°
New era at TEFAS: Takasbank introduces collateral and monitoring changes for fund transactions
Takasbank has made changes to the clearing, settlement, and receivable distribution processes of the Turkish Electronic Fund Trading Platform (TEFAS) to strengthen its operations. The new regulation introduces a 25% collateral requirement for fund purchase orders.
Takasbank has made changes to the clearing, settlement, and receivable distribution processes of the Turkish Electronic Fund Trading Platform (TEFAS) to strengthen its operations. According to the regulation published on the institution's website, operational processes have been restructured taking into account the growing and diversifying fund ecosystem since TEFAS was established.
With the new practice, members will be able to monitor their cash debt and receivable positions on the platform separately, both for the orders they submit as a Fund Distributor Institution (FDI) and for the funds they operate.
Cash and fund transactions to be tracked separately
The regulation aims to establish a healthier relationship between fund shares and cash transfers. Accordingly, members' cash debts and receivables to the platform in Turkish lira or foreign currency will not be netted, except for orders submitted for funds operated by FDIs. Thus, cash and securities settlement transactions can be monitored on an order basis.
Fund purchase orders submitted by members on behalf of their investors will indicate the member's cash debt obligation, while sell orders for funds they operate will be reported on a fund basis.
Payment priority can be set on a fund basis
With the new system, members will be able to fulfill cash obligations by selecting on an FDI or fund basis. This will allow members to decide which fund's obligation to meet first, taking into account the funds' cash flow. However, no prioritization on an order basis will be permitted.
New collateral system introduced at TEFAS
With the regulation, the existing transaction and funding limit and automatic credit application have been removed. Instead, a new system based on the TEFAS limit and collateral holding ratio has been adopted. Additionally, to ensure more efficient operational processes, the existing 'Cash Debt Closing Account' has been retained, while the 'TEFAS Collateral Account' and 'Cash Receivable Distribution Account' have been created.
25% collateral requirement for fund purchase orders
Under the new regulation, a 25 percent collateral is now mandatory for the acceptance of fund share purchase orders into the system up to the TEFAS limit. For purchase orders exceeding the TEFAS limit, collateral covering the entire transaction amount will be required.
Takasbank aims to adapt to the platform's increasing transaction volume, enhance operational security, and ensure healthier fund transactions with these changes.
Stay Updated with The Turkiye Times
Subscribe to be informed about special news, developments and announcements. We will keep you informed.
By signing up, you agree to our Privacy Policy
