Turkish delight for Euroclear
09 December 2010 Brussels
Image: Shutterstock
Euroclear Bank, the Istanbul Stock
Exchange (ISE) and Takasbank, the central clearing and settlement
institution of Turkey, today announce an exclusive agreement whereby
Turkish Eurobonds listed and traded on the ISE will settle at Euroclear
Bank after the transactions are cleared and netted by Takasbank.
Effective 17 December, Turkish banks with accounts at Euroclear Bank will
be able to settle Turkish Eurobond trades conducted both OTC and on the
Istanbul Stock Exchange in the same accounts where they settle their
cross-border Eurobond and other securities transactions with international
counterparties. They will benefit from the ability to settle in multiple
currencies with domestic and foreign counterparties, and with more
advantageous deadlines than their current arrangements. The Turkish Lira is
already one of 53 settlement currencies offered by Euroclear Bank. Most of
the major Turkish banks have Euroclear Bank accounts.
Hüseyin Erkan, Chairman and Chief Executive Officer of the Istanbul Stock
Exchange, said: “In commemorating today’s 25th anniversary of the Istanbul
Stock Exchange, we are delighted to offer new features in broadening the
appeal of the Exchange as a venue to trade Turkish Eurobonds. We are
launching a new trade matching system, called Neg-deal, to increase
liquidity, and we are enabling our members to settle Eurobond transactions
traded locally and cross border with the leading settlement infrastructure
for these securities - Euroclear Bank. We expect this initiative will
increase settlement efficiency for our members and potentially increase
liquidity for these securities on the Exchange.”
Emin Server Çatana, President and Chief Executive Officer of Takasbank,
commented: “As the central clearing and settlement institution of Turkey,
we fully support the new arrangements for the settlement of locally traded
Turkish Eurobonds. We acknowledge the operational benefits this will
deliver to Turkish banks and look forward to working closely with Euroclear
Bank on a successful launch on 17 December.”
Yves Poullet, Chief Executive Officer of Euroclear Bank, welcomed this new
development and added: “We believe that Euroclear Bank can add value to
Turkey’s local financial community by sharing our multi-currency Eurobond
settlement and asset-servicing capabilities, and we are looking forward to
doing so. We also congratulate the Istanbul Stock Exchange on its 25-year
anniversary and wish them continued success for the future.”
Exchange (ISE) and Takasbank, the central clearing and settlement
institution of Turkey, today announce an exclusive agreement whereby
Turkish Eurobonds listed and traded on the ISE will settle at Euroclear
Bank after the transactions are cleared and netted by Takasbank.
Effective 17 December, Turkish banks with accounts at Euroclear Bank will
be able to settle Turkish Eurobond trades conducted both OTC and on the
Istanbul Stock Exchange in the same accounts where they settle their
cross-border Eurobond and other securities transactions with international
counterparties. They will benefit from the ability to settle in multiple
currencies with domestic and foreign counterparties, and with more
advantageous deadlines than their current arrangements. The Turkish Lira is
already one of 53 settlement currencies offered by Euroclear Bank. Most of
the major Turkish banks have Euroclear Bank accounts.
Hüseyin Erkan, Chairman and Chief Executive Officer of the Istanbul Stock
Exchange, said: “In commemorating today’s 25th anniversary of the Istanbul
Stock Exchange, we are delighted to offer new features in broadening the
appeal of the Exchange as a venue to trade Turkish Eurobonds. We are
launching a new trade matching system, called Neg-deal, to increase
liquidity, and we are enabling our members to settle Eurobond transactions
traded locally and cross border with the leading settlement infrastructure
for these securities - Euroclear Bank. We expect this initiative will
increase settlement efficiency for our members and potentially increase
liquidity for these securities on the Exchange.”
Emin Server Çatana, President and Chief Executive Officer of Takasbank,
commented: “As the central clearing and settlement institution of Turkey,
we fully support the new arrangements for the settlement of locally traded
Turkish Eurobonds. We acknowledge the operational benefits this will
deliver to Turkish banks and look forward to working closely with Euroclear
Bank on a successful launch on 17 December.”
Yves Poullet, Chief Executive Officer of Euroclear Bank, welcomed this new
development and added: “We believe that Euroclear Bank can add value to
Turkey’s local financial community by sharing our multi-currency Eurobond
settlement and asset-servicing capabilities, and we are looking forward to
doing so. We also congratulate the Istanbul Stock Exchange on its 25-year
anniversary and wish them continued success for the future.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
