Important News/Developments

All the news/developments about Garanti and the banking sector.All the news/developments about Garanti and the banking sector.

For the attention of our investors

An announcement by the ISE Board of Governors gives the following information about the principles governing trading and clearances that will apply to all ISE markets and exchanges due to the half-day holiday on 29 September 2008 and to the full-day holidays on 30 September 2008, 1 October 2008, and 2 October 2008.

On the Bonds & Bills Outright Trading Market and the Repo & Reverse Repo Trading Market, trading will begin at 09:30 hours and end at 11:30 hours on 29 September 2008. Cash and security clearance obligations entered into on 29 September 2008 with a same-day settlement date must be fulfilled no later than 12:30 hours that day. Repo associated security depositions however must be fulfilled no later than 11:50 hours.

On the Bonds & Bills Outright Trading Market and the Repo & Reverse Repo Trading Market, there will be no trading or clearances at all on 30 September 2008, 1 October 2008, or 2 October 2008. Trading and clearances will resume on 3 October 2008 during normal hours.

Bond & Bill Market registrations will take place on 3 October 2008 within the framework of prescribed regulations.

On the Equities Exchange, there will be half-day trading on 29 September 2008, full-day trading on 3 October 2008, and no trading on 30 September 2008, 1 October 2008, or 2 October 2008. Trades that take place on 25 September 2008 will be cleared on 3 October 2008. The clearances for all trades taking place on 26 & 29 September 2008 will be effected on 6 October 2008.

On the ISE Foreign Securities Exchange International Bonds Market, trading will begin at 09:30 hours and end at 11:30 hours on 29 September 2008. There will be no trading or clearances at all on 30 September 2008, 1 October 2008, or 2 October 2008. Trading and clearances will resume on 3 October 2008 during normal hours.

According to a Turkish Derivatives Exchange (TurkDEX) announcement, there will be a different trading and clearance schedule on the exchange due to the half-day holiday on 29 September 2008.

The chart below shows the trading and clearance schedule that will be followed on 29 September 2008.

09:30 Trading begins
12:00 Trading ends
12:15 Announcement of settlement prices and margin calls
(T-day / 26 September 2008) 17:25 - (T+1 Day / 29 September 2008)
11:00 Clearance period
11:00 First default period begins
EFT cutoff time Second default period begins
10:30 Cash withdrawal period ends
10:50 Margin call period ends
11:40 Accounting

There will be no trading or clearances at all on TurkDEX on 30 September 2008, 1 October 2008, or 2 October 2008 due to the holiday.

Clearances for transactions taking place on Monday 29 September 2008 must be completed by Friday 3 October 2008.

Mutual fund share trading hours will be as follows:

On 29 September 2008 (half day):

  • All mutual fund trading settlements will be effected as of 10:30 hours.
  • The Excess Liquidity Management Account (ELMA) program will be activated at 09:45 hours.
  • Money-market fund trading will be closed on all channels as of 11:15 hours.
  • In the case of Type A mutual funds, no half-day share trading will be permitted because there will only be a single share trading session and no clearances this day.
  • In the case of Type A mutual funds, no half-day prices will be announced because there will only be a single share trading session and no clearances this day. (29 September 2008 will be a trading holiday for Type A mutual funds.)