Clearing and Settlement Service Providers

Clearing and settlement services for the buying and selling transactions conducted by investors in the TMEX Electronic Warehouse Receipts Market through Commodity Market Intermediary Institutions (CMII), which will obtain a intermediary license from the Ministry of Trade and become members of TMEX, can be provided by CMII, capital market intermediary institutions, and banks (CMIB) that have obtained clearing and permissions from TMEX.

Table: Institutions Providing Clearing and Settlement Services in the EWR Market

APPLICATION SET FOR CAPITAL MARKET INTERMEDIARY INSTITUTIONS AND BANKS (CMIB) FOR CLEARING AND SETTLEMENT SERVICES

Members or intermediary institutions authorized by Turkish Mercantile Exchange (TMEX) for clearing and settlement services must provide both services concurrently.

TMEX may grant permission to capital market intermediary institutions and banks to perform clearing and settlement services, provided the following conditions are met.

To apply for permission, the following documents must be submitted to TMEX along with an application letter: 

1. The contract for the exchange and custody services to be performed by the CMIIs must be signed, and a certified copy bearing the stamp and signature of the parties must be submitted to our Exchange together with the parties’ signature circular.
2. The original copy of the undertaking to be obtained from TMEX, stating that the obligations relating to the exchange and custody service, the collateral determined on a market basis and other obligations will be fulfilled, must be signed by authorised persons and submitted to our Exchange together with the signature circular. (Click here for the undertaking)

Following the submission of the letter stating that it has been authorised by TMEX to provide clearing and custody services, the necessary membership with Takasbank and MKK must be completed, and the technical and administrative processes related to the provision of clearing and custody services must be finalised. Once these processes are completed, CMIB must communicate the ‘public key’ information to TMEX for each CMII it serves.

Table: CMIB Application Set