Following the detention of Borsa İstanbul A.Ş. General Manager Korkmaz Enes Ergun as part of a fund investigation, the statements Ergun made shortly before at the TBMM have returned to the agenda.
While proceedings are underway against numerous individuals as part of the investigation, it was stated that Ergun was detained on charges of "being a member of an organization established to commit crimes" and "bribery." While developments regarding the investigation are being closely followed by the public, it has emerged that Ergun answered questions from members of parliament during the deliberations on the draft law regarding the liquidation of funds at the TBMM Planning and Budget Commission on October 14.
TERA MENKUL DEĞERLER WAS ASKED ABOUT IN PARLIAMENT
Providing information on the operations of Borsa İstanbul and Takasbank during the commission meetings, Ergun stated that the stock exchange and Takasbank are "market operators" that bring buyers and sellers together. Ergun noted that brokerage houses and banks transmit their clients' orders to the relevant markets in their capacity as stock exchange members.
During the meeting, IYI Party Samsun Deputy Erhan Usta directed questions regarding the transactions made through Tera Menkul Değerler and the funding in the money market. Usta requested an explanation, asking, "How much money was provided, and until what date was money provided?"
Ergun stated that transactions carried out through brokerage houses are announced in daily bulletins. Emphasizing that Borsa İstanbul does not provide direct loans to brokerage houses, Ergun said, "We only match orders as a market operator."
Upon Usta's continued questioning regarding how much Tera Menkul Değerler was funded from the Borsa İstanbul money market, Ergun said that Tera Menkul Değerler is a CMB-licensed brokerage house and that it transmits its clients' orders. Ergun noted that Borsa İstanbul and Takasbank do not see the clients behind the brokerage houses, and that the counterparty is the brokerage house itself.
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Ergun's statements in Parliament are as follows:
Borsa İstanbul GENERAL MANAGER KORKMAZ ENES ERGUN - Mr. Chairman, esteemed deputies; I greet you with respect.
The stock exchange and Takasbank are essentially market operators. Within the scope of this market operation, they bring the buyer and the seller together. Brokerage houses and banks are members of the exchanges. Brokerage houses and banks transmit their clients' buy and sell orders to the money market at Takasbank and the stock exchange in their capacity as stock exchange members. In this context, Tera Menkul Değerler, as a brokerage house, has also transmitted its client's orders to the Takasbank money market and the stock exchange money market. In summary, this is all the information I can provide.
ERHAN USTA (Samsun) - This is Parliament, look, it is not right to hide information here, nor is it right to do that.
Borsa İstanbul GENERAL MANAGER KORKMAZ ENES ERGUN - No, let me take the question, I will explain again.
ERHAN USTA (Samsun) - My question is this: I am already saying this, how much money was provided, until what date was money provided? Takasbank...
Borsa İstanbul GENERAL MANAGER KORKMAZ ENES ERGUN - The orders transmitted through brokerage houses and the resulting transactions are announced daily in our bulletins. This is announced daily in both the daily bulletins of Takas and the daily bulletins of the Stock Exchange.
ERHAN USTA (Samsun) - But you do not disclose it on a firm basis.
Borsa İstanbul GENERAL MANAGER KORKMAZ ENES ERGUN - No, on a member basis. We already see the members.
ERHAN USTA (Samsun) - Do you disclose it on a member basis?
Borsa İstanbul GENERAL MANAGER KORKMAZ ENES ERGUN - Of course.
ERHAN USTA (Samsun) - Tell us then, tell us too.
Borsa İstanbul GENERAL MANAGER KORKMAZ ENES ERGUN - Since it changes day by day, it is all on our "web" page, Mr. Deputy.
ERHAN USTA (Samsun) - No, sir, for example, until when was it last provided? Do not say "it changes day by day" or anything. I mean, if I had been able to find it, I would not have asked you. Look, I see the total money used in the money market in its accounts in my own company, but I cannot see how much of this it took and from where.
Borsa İstanbul GENERAL MANAGER KORKMAZ ENES ERGUN - Of course, they transmit buy and sell orders as a brokerage house. We see these orders of the brokerage house, but we do not see the clients behind the brokerage houses because the member is our counterparty as the Stock Exchange and Takasbank.
ERHAN USTA (Samsun) - I am already asking about Tera. As a brokerage house, how much did you fund Tera from the money market, from the Istanbul Stock Exchange money market? That is what I am asking, I am asking a very simple question.
Borsa İstanbul GENERAL MANAGER KORKMAZ ENES ERGUN - Of course, as Borsa İstanbul, we do not provide loans to a brokerage house. We are a market operator. Tera Menkul Değerler enters buy and sell orders there and executes its clients' orders, and their daily transaction volumes are already announced in our bulletins. Otherwise, there is no loan that we, as Borsa İstanbul or Takasbank money market, provide to brokerage houses as an institution. We only match orders as a market operator.
ERHAN USTA (Samsun) - Of course you do that, my dear, for heaven's sake! Does the Borsa İstanbul print money to distribute to everyone? How much money was given to the company of Emre Tezmen, who was arrested today, who robbed this nation, from the money market you operate? That is what I am asking. From the thing you operate. While this has become public knowledge... Friends, do you see? I mean, while everything has become public knowledge, Emre Tezmen used your market to defraud us until the last day. How much did he use? Let us at least know how much he used.
Borsa İstanbul GENERAL MANAGER KORKMAZ ENES ERGUN - The figures are currently in our daily bulletins...
ERHAN USTA (Samsun) - Until when was it funded in the Istanbul Stock Exchange?
Borsa İstanbul GENERAL MANAGER KORKMAZ ENES ERGUN - In the same way, that is, as the General Manager of Takasbank mentioned, until the part where it defaulted. After all, Tera Menkul Değerler is a CMB-licensed brokerage house. Tera Menkul Değerler transmits its clients' orders. We cannot know who those clients are, whether it is himself or someone else. After all, the orders transmitted as a brokerage house are met by another brokerage house. The transactions take place in the markets of Borsa İstanbul and Takasbank.
News Source: 12punto
