Turkey: Settlement in Turkish Lira (TRY) - Over the Bridge will resume

28.05.2020

Clearstream Banking1 informs customers, that further to Announcements A20067, A20069, A20073 and A20079, effective

1 June 2020

settlement over the Bridge in TRY will resume.

Background

Further to the Banking Regulation and Supervisory Agency’s (BRSA) (the bank watchdog in Turkey) decision numbered 9010 of 5 May 2020, Clearstream Banking suspended customer credit facilities in TRY and suspended TRY settlement on the Bridge with Euroclear Bank, whilst maintaining TRY denominated settlement in Clearstream Banking’s own system and maintaining settlement in all eligible securities issued by Turkish issuers.

Based on the latest assessment of the decision numbered 9010, dated 5 May 2020, BRSA, conforming to decision numbered 9031, dated 20 May 2020, has decided to exempt certain institutions defined as “foreign central securities depository” according to capital markets regulation, in order to maintain an efficient trade flow for Turkish Lira denominated securities and to minimise the negative effects on Turkish Lira bonds and lease certificates’ (Sukuk) settlement operations.

Accordingly, Clearstream Banking has been exempted from the imposed limitations.

Further Information

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.

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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.