Turkey ISE Settlement and Custody Bank Inc.-Takasbank

Tuesday, 18 December 2007

On December 2007, settlement instructions started to be accepted through SWIFT Integrated Real Time Gross Delivery versus Payment (RTG DvP) Takasbank System. With this development, for the first time in Turkey, SWIFT messages will be integrated to the National Payment and Securities Transfer System and a further step will be taken towards STP (Straight Through Processing) which is the most important target in settlement transactions. This will decrease default risk  crated by the confirmation problems  which is mostly seen in foreign institutional investor transactions. These transactions will increase the automation level of the communication between the custodian banks and Takasbank and thus enhance the custodian banks  provide more efficient services to their customers.