Shares of three banks collateralized

Following the VIOP crisis, Şekerbank, TSKB and İş GYO shares were delivered to Takasbank.

Takasbank provided funding to brokerage houses by Takasbank to close leveraged positions that led to a sharp decline in Borsa Istanbul in the middle of the month and caused major bank stocks to become the floor one after another. According to the statement made by the Central Registry Agency to PDP in the morning, shares with a nominal value of 242.7 million TL corresponding to 13.05 percent of Şekerbank's capital and shares with a nominal value of 202.1 million TL corresponding to 7.22 percent of TSKB's capital were delivered to Takasbank yesterday. Following this, Takasbank made a statement to PDP, stating that the shares were taken into Takasbank's custody accounts due to the funding provided by brokerage houses to close the positions based on the shares of the three companies. In the statement, it was said, "In the Futures and Options Market, where Takasbank provides Central Counterparty service, the shares in question...have been taken into the relevant collateral custody accounts due to the provision of liquidity through allocated funding to close the positions linked to TSKB, SKBNK and ISGYO underlying assets by intermediary institutions." A fund manager, who did not want his name to be disclosed, pointed out that there were high open positions in Şekerbank, TSKB and İş GYO shares at the beginning of the week, and stated that with the transfer of these shares to Takasbank, open positions in futures contracts based on these three shares will be closed. The fund manager, who evaluated that the stress in these three stocks will disappear after this move, said, "What does this mean? The open position in the two bank futures contracts is now closed. İş GYO will also be closed before tomorrow. So it shows that the tightness in the market has been resolved." The leveraged contracts of these three stocks will expire tomorrow. Although the number of open leveraged positions based on these stocks has decreased slightly in recent days, it remained high. Investors holding the positions are supposed to find as many shares as the open position on the spot market and deliver them to the counterparty at expiry. However, it was not possible to find the shares as the spot market was virtually locked. The same fund manager stated that this problem was eliminated with the delivery of the shares to Takasbank, but that the loss incurred by investors was monitored by the market. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!