Settlement times - Turkey
The deadlines shown below are valid provided that the client's instructions are complete, accurate and eligible for STP straight-through processing (STP) in CBL and in the local market. Clients must also ensure that any necessary provision is available. If any of these criteria are not met, CBL cannot guarantee timely settlement.
Important Note: As part of CBL’s internal compliance procedures, all incoming client instructions will be automatically scanned before entering transaction processing. Instructions that are internally flagged as requiring further manual investigation are set to status pending, with such status immediately reported to the Client via their chosen media channel(s), until either being manually released for processing or rejected. In order to ensure that instructions being investigated do not miss the applicable deadlines, Clients are advised to input instructions at least 15 minutes before the associated deadline.
Settlement times in Central European Time (CET)
30 March 2025 – 25 October 2025
| Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
| start | end | from | to | value | |||
| AP=Against payment FOP=Free of payment SD=Settlement date | |||||||
| CBL-eligible securities except Government debt securities | |||||||
| Receipts | FOP | 16:00 SD-1 | 15:55 SD | 15:55a SD | 08:00b,c SD | 16:30b,c SD | |
AP | 21:30 SD-1 | 14:15 SD | 14:15a SD | 08:00b,c SD | 16:30b,c SD | SD | |
| Deliveries | FOP | 21:30 SD-1 | 15:55 SD | 15:55a SD | 08:00b,c SD | 16:30b,c SD | |
AP | 21:30 SD-1 | 14:15 SD | 14:15a SD | 08:00b,c SD | 16:30b,c SD | SD | |
| Government debt securities | |||||||
| Receipts | FOP | 16:00 SD-1 | 15:55 SD | 15:55a SD | 15:00d,e SD | 16:30d,e SD | |
AP | 21:30 SD-1 | 14:15 SD | 14:15a SD | 15:00d,e SD | 16:30d,e SD | SD | |
| Deliveries | FOP | 21:30 SD-1 | 15:55 SD | 15:55a SD | 15:00d,e SD | 16:30d,e SD | |
AP | 21:30 SD-1 | 14:15 SD | 14:15a SD | 15:00d,e SD | 16:30d,e SD | SD | |
a. Earlier deadlines and provisioning times apply on half-day holidays (early closing) - timings are set out in the Cash and Securities Holidays file.
b. On half-day holidays, expected settlement results are 08:00 SD to 11:30 SD.
c. Time frame indicated is continuous (each transaction is confirmed as soon as it settles during the indicated time frame).
d. On half-day holidays, expected settlement results are 11:00 SD to 11:30 SD.
e. Time frame indicated is batch-based (depending on the market volumes settled on a particular day, aggregate settlement results may become available in batch mode at any time during the indicated time frame).
26 October 2025 – 28 March 2026
| Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
| start | end | from | to | value | |||
| AP=Against payment FOP=Free of payment SD=Settlement date | |||||||
| CBL-eligible securities except Government debt securities | |||||||
| Receipts | FOP | 15:00 SD-1 | 14:55 SD | 14:55a SD | 07:00b,c SD | 15:30b,c SD | |
AP | 21:30 SD-1 | 13:15 SD | 13:15a SD | 07:00b,c SD | 15:30b,c SD | SD | |
| Deliveries | FOP | 21:30 SD-1 | 14:55 SD | 14:55a SD | 07:00b,c SD | 15:30b,c SD | |
AP | 21:30 SD-1 | 13:15 SD | 13:15a SD | 07:00b,c SD | 15:30b,c SD | SD | |
| Government debt securities | |||||||
| Receipts | FOP | 15:00 SD-1 | 14:55 SD | 14:55a SD | 14:00d,e SD | 15:30d,e SD | |
AP | 21:30 SD-1 | 13:15 SD | 13:15a SD | 14:00d,e SD | 15:30d,e SD | SD | |
| Deliveries | FOP | 21:30 SD-1 | 14:55 SD | 14:55a SD | 14:00d,e SD | 15:30d,e SD | |
AP | 21:30 SD-1 | 13:15 SD | 13:15a SD | 14:00d,e SD | 15:30d,e SD | SD | |
a. Earlier deadlines and provisioning times apply on half-day holidays (early closing) - timings are set out in the Cash and Securities Holidays file.
b. On half-day holidays, expected settlement results are 07:00 SD to 10:30 SD.
c. Time frame indicated is continuous (each transaction is confirmed as soon as it settles during the indicated time frame).
d. On half-day holidays, expected settlement results are 10:00 SD to 10:30 SD.
e. Time frame indicated is batch-based (depending on the market volumes settled on a particular day, aggregate settlement results may become available in batch mode at any time during the indicated time frame).
Settlement times in Istanbul time (Further-eastern European time (FET))
All year
| Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
| start | end | from | to | value | |||
| AP=Against payment FOP=Free of payment SD=Settlement date | |||||||
| CBL-eligible securities except Government debt securities | |||||||
| Receipts | FOP | 17:00 SD-1 | 16:55 SD | 16:55a SD | 09:00b,c SD | 17:30b,c SD | |
AP | 22:30d SD-1 | 15:15 SD | 15:15a SD | 09:00b,c SD | 17:30b,c SD | SD | |
| Deliveries | FOP | 22:30d SD-1 | 16:55 SD | 16:55a SD | 09:00b,c SD | 17:30b,c SD | |
AP | 22:30d SD-1 | 15:15 SD | 15:15a SD | 09:00b,c SD | 17:30b,c SD | SD | |
| Government debt securities | |||||||
| Receipts | FOP | 17:00 SD-1 | 16:55 SD | 16:55a SD | 16:00e,f SD | 17:30e,f SD | |
AP | 22:30d SD-1 | 15:15 SD | 15:15a SD | 16:00e,f SD | 17:30e,f SD | SD | |
| Deliveries | FOP | 22:30d SD-1 | 16:55 SD | 16:55a SD | 16:00e,f SD | 17:30e,f SD | |
AP | 22:30d SD-1 | 15:15 SD | 15:15a SD | 16:00e,f SD | 17:30e,f SD | SD | |
a. Earlier deadlines and provisioning times apply on half-day holidays (early closing) - timings are set out in the Cash and Securities Holidays file.
b. On half-day holidays, expected settlement results are 09:00 SD to 12:30 SD.
c. Time frame indicated is continuous (each transaction is confirmed as soon as it settles during the indicated time frame).
d. 23:30 SD-1 from 26 October 2025 – 28 March 2026.
e. On half-day holidays, expected settlement results are 12:00 SD to 12:30 SD.
f. Time frame indicated is batch-based (depending on the market volumes settled on a particular day, aggregate settlement results may become available in batch mode at any time during the indicated time frame).