| On This Page: | International Bonds Market (the “Market”) is operating
within the ISE Foreign Securities Market. In the Market, listed Turkish
Sovereign Eurobonds have been traded since April 16, 2007. Market
principles are regulated in Circular No: 261 dated April 6, 2007.
International Bonds Market Outright Sales and Purchase Transactions Trading Principles The
Market is operating on a multiple price-continuos auction trading system.
This system employs fully automated electronic order matching,
administering and reporting system. Representatives of the authorised
Market participants transmit their orders through automated trading system
terminals in their dealing rooms. Once
an order is transmitted to the system, matching is processed according to
price and time priorities. All orders are continuously entered into the
system and only orders with best price are automatically matched. In this
respect, bid orders are matched with equal or lower priced ask orders and
ask orders are matched with equal or higher priced bid orders. Members are
subsequently informed about the executed transactions. All information
pertaining to price and volume of best orders as well as details of the
last transaction and a summary of all transactions are disseminated on
data vendors' screens. Orders with the same price are displayed on a
cumulative basis. Orders
are entered into the system on the currency of the relevant eurobond.
Pricing is also made on the currency of the relevant eurobond on a basis
of “100” face value. Value of the orders
can be minimum 3 business days (V=T+3) and maximum 15 (V=T+15) days. Transactions
take place between 09:30-12:00 and 13:00-17:00 on business days and have a
break between 12:00-13:00. All ISE members authorised to operate in the ISE Bonds and Bills Market Outright Sales and Purchase Transactions are eligible to operate in the Market. These members do not have to deposit any collateral for the Market since their transactions are evaluated within trading limit and collateral deposited for the ISE Bonds and Bills Market. Cash
and security clearing and settlement operations of Eurobonds are handled
at the value date by the ISE Settlement and Custody Bank Inc. (Takasbank)
via its international clearing agents through accounts of Takasbank. Settlement currency is the currency that relevant Eurobond issued. Netted amounts according to security ISIN, value date and currency are subject to settlement. |
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