Within the scope of the Istanbul International Financial Centre Project, "Borsa Istanbul Money Market" (the "Money Market") has been established and launched on 14 October 2016 as per the Borsa Istanbul Money Market Circular dated 28 August 2016 (the "Circular").
The banks, intermediary institutions and İstanbul Takas ve Saklama Bankası A.Ş. ("Takasbank") are allowed to perform transactions in the Money Market and the product of this market is Turkish Lira. The Money Market is operated on the Debt Securities Market Trading System and Takasbank serves as the central counterparty for the relevant transactions in the Money Market. Accordingly, institutions permitted to execute transactions in the Money Market will be executing these transactions only with Takasbank, where Takasbank will be acting as the seller or buyer in respect of such transactions. This provides a secure environment for transactions and removes the default risk of counterparties in the Money Market.
The maturity of the transactions in the Money Market will be 30 days and 90 days and the size of orders must be at a minimum of TRY 100,000 and at a maximum of TRY 10,000,000.
The new developments within the area of capital markets could be evaluated as an important step in order to improve the financial markets by supporting the development of capital market instruments and increasing interest of international investors.
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