Financial stability and the role of Takasbank on risk management

After the global financial crisis of 2008, the US and the European Union have been developing and cooperating with their basic principles since a century and have shown a tendency to oversee market traditions, especially futures markets. Even in countries that are defined as "third world countries" because they are united by the European Union, extending from strict legal institutional procedures to law enforcement in both continents (U.S.-Dodd-Frank Laws, EU-CPMI-IOSCO Principles) has brought a series of innovations in which one element is obliged to be harmonious. Turkey reflection of Regulation T.C. In 2012, the Capital Markets Board commenced the appointment of Takasbank. Takasbank's central clearing and risk management service, which is the essence of working together with this authority, has been dealt with in local and international frameworks in order to influence the markets. Takasbank, as the central counterparty (CCP), enters between the buyer and the seller which has the position as the members with the conditions determined and manage the risks with the fixed and variable guarantee fund, collateral against the risks arising from the transactions made by the members, the resources allocated - skin in the game. However, it is important that forming Securities, Derivatives and the Money markets organized under the Borsa İstanbul and the Securities Lending Market operated by Takasbank, without distorting the liquidity balance of the market. The study consists of 3 sections. In the first section, the necessity of emergence of the opposite side and the legality of the legal platform are mentioned. In the second section, it is shown to be Takasbank's relationship with other institutions in terms of function. The structure, size and risk management methodologies of the financial markets for which CCP applies are included as well. Whether alternative markets and their operations are available is another issue studied in the second part. In the last section, data analysis of the collateral requirements for the futures market were conducted with the methodology name with SPAN - Standard Portfolio Analysis of Risk and now a SPAN like methodlogy is being applicated in the scope of liquidity opportunities of clearing members for all CCP markets, including stock market. Stress tests, an important tool to manage counterparty credit risk under extraordinary conditions in the markets; risk calculation method, the haircut, reduction coefficients applied against the declines the value of posted collateral and the tools of default management issues are also mentioned with the Brazilian Clearing House - BM&BOVESPA's applications in a comparative approach.