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ISLA Supplement Profiles: Turkey
23 July 2010
Turkey economic prospects are positive but the securities lending market reflects the difficult global trading conditions
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securities lending
Turkey
The Turkish authorities first launched its securities lending market in 2006, allowing lenders to offer stock for hedging, index trading and other investment strategies. The Securities Lending and Borrowing Market is operated by the Istanbul Stock Exchange Settlement and Custody Bank (Takasbank).
The Turkish stock loan market is basically an over the counter one, as investors can source stock from investment banks or their prime brokers. These borrowings are not disclosed to the authorities in Turkey and investors who borrow shares sell them at the Istanbul Stock Exchange. When the positions are closed through buying shares at the market, investors hand them back over to the prime brokers.
Securities can be borrowed and lent for a certain period by providing collaterals in cash, treasury bills, government bonds, equities, investment funds, exchange traded funds, gold and letters of guarantee. The market has a number of international lenders as members. The...
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