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Exam Review

Key Facts: SPK Takas ve Saklama Exam

25

Official examination multiple-choice questions

SPL Sınav Kılavuzu

45 min

Examination duration

SPL e-LS

50 / 60

Passing thresholds (min 50 module, 60 average)

SPK Tebliğ VII-128.7

TRY 748

2026 Examination sitting fee

SPL Fee Schedule

Independent English-language MCQ study adaptation for SPL Module 1012 Takas, Saklama ve Operasyon İşlemleri. The official assessment has 25 five-option questions in 45 minutes covering Central Registry Agency (MKK) depository rules, Takasbank central counterparty role, T+2 settlement, collateral valuation, and default management. Passing requires at least 50/100 on the module and a 60/100 composite average.

Sample SPK Takas ve Saklama Practice Questions

Try these sample questions to review concepts for the SPK Takas ve Saklama exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 24+ question experience with AI tutoring.

1For one equity, a member buys 15,000 shares for one client and 10,000 for another, and sells 18,000 for a third. Under member-level netting, what share position remains?
A.Deliver 7,000
B.Receive 25,000
C.Receive 7,000
D.Deliver 18,000
Explanation: Total purchases are 25,000 and sales 18,000, leaving net receipt of 7,000 shares. Netting at member level does not remove the obligation to maintain correct individual client records.
2What is the central-counterparty role in a cleared transaction?
A.Interpose as buyer to the seller and seller to the buyer under the applicable clearing framework
B.Act only as an order-matching venue without assuming clearing obligations
C.Act solely as a passive custodian without assuming counterparty obligations
D.Guarantee that the investment's market price cannot fall
Explanation: A CCP interposes itself between trading counterparties and manages the resulting obligations. Its collateral and default-management arrangements address clearing exposure rather than guaranteeing market returns.
3Which arrangement expresses delivery versus payment (DvP)?
A.Deliver securities first and assess payment later
B.Pay before confirming the securities exist
C.Provide an investment return guarantee
D.Make final securities delivery conditional on the corresponding final payment
Explanation: DvP links the securities and payment legs so delivery occurs if and only if payment occurs. It addresses principal settlement risk rather than the risk of a later market-price loss.
4A clearing member defaults. A proposal would use non-defaulting members' mutualized default-fund resources before the defaulter's own margin or fund contribution. What is the main problem?
A.Mutualized resources can never be used under any circumstances
B.The proposal reverses the priority of defaulter resources ahead of mutualized resources
C.The investor compensation scheme must always pay first
D.The CCP must refund every margin deposit before managing the default
Explanation: The default framework places the defaulting member's own resources ahead of surviving members' mutualized resources. Takasbank's dedicated resources and other prescribed stages also matter; the waterfall is not an arbitrary choice of who pays first.
5Which institution maintains the central electronic records for dematerialized securities on a rights-holder basis in Türkiye?
A.Borsa İstanbul's order-matching engine
B.SPL's professional registry
C.Merkezi Kayıt Kuruluşu A.Ş. (MKK)
D.Takasbank's clearing-member obligation ledger
Explanation: MKK performs central securities registration and depository functions. Trading, professional licensing, and issuer publicity are separate functions.
6What does recording a pledge over dematerialized securities accomplish within the registry framework?
A.Automatically cancel the investor's shares
B.Make the pledge irrelevant to third parties
C.Change the issuer's issued capital
D.Record the relevant encumbrance over the specified securities
Explanation: A pledge record identifies an encumbrance over specified dematerialized securities under the applicable rules. It must be distinguished from an ordinary unencumbered transfer or cancellation of issued shares.
7A custodian's client ledger disagrees with the depository record. What is the best operational response?
A.Investigate pending transfers, corporate actions, and booking errors while preserving the audit trail
B.Overwrite whichever record is inconvenient
C.Ignore the difference if total firm profit is positive
D.Transfer the difference to another client's account without authority
Explanation: Reconciliation should identify and resolve the cause of a discrepancy using evidence. Pending movements and corporate actions can explain timing differences, while unexplained differences require correction through controlled procedures.
8Which activity distinguishes portfolio custody oversight from discretionary portfolio management?
A.Choosing the fund's desired sector exposure
B.Safeguarding assets and checking applicable compliance and valuation processes
C.Forecasting the best-performing share
D.Changing the fund's investment objective for commercial reasons
Explanation: Custody combines safeguarding with the applicable oversight obligations. It does not give the custodian unrestricted discretion to choose investments in place of the portfolio manager.
9For standard Borsa İstanbul equity transactions under the T+2 cycle verified for this review, a trade occurs on Monday with no intervening holidays. Which is the normal settlement day?
A.Monday
B.Tuesday
C.Wednesday
D.Thursday
Explanation: T+2 means the second business day after trade date, giving Wednesday. Preparatory work toward T+1 does not itself change the applicable settlement cycle.
10A member's purchases require TRY 900,000 and sales generate TRY 650,000 in the same netting set. Ignoring fees, what is its net cash obligation?
A.Receive TRY 250,000
B.Pay TRY 1,550,000
C.Pay TRY 900,000
D.Pay TRY 250,000
Explanation: Purchases require more cash than sales generate. The net payment is 900,000 − 650,000 = TRY 250,000 within the stated netting set.

About the SPK Takas ve Saklama Exam

Takas, Saklama ve Operasyon İşlemleri (Module 1012) is a separately booked subject examination covering post-trade settlement, clearing, custody, depository operations, and collateral. It is required for Düzey 1, Düzey 2, and Düzey 3; a subject result alone does not award a licence. OpenExamPrep provides an independent English-language MCQ study adaptation, not an official translation or a simulation of the Turkish exam's language environment.

Exam sponsor: Sermaye Piyasası Lisanslama Sicil ve Eğitim Kuruluşu A.Ş. (SPL). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Single 45-minute computer-based electronic licensing examination (e-LS) session of 25 multiple-choice questions administered at SPL test centers.

Time Limit

45 minutes

Passing Score

Minimum 50 out of 100 on the module, and an arithmetic average of at least 60 across all modules required for the candidate's target licence

Exam / Certification Fees

TRY 748 per subject sitting; eligible university students pay TRY 548, or TRY 456 under SPL cooperation protocols.

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

Official topic; percentage not published

Takas ve Kaydileştirme Mevzuatı (MKK & Takasbank)

Merkezi Kayıt Kuruluşu legal powers, electronic book-entry system (II-13.1), Takasbank Central Counterparty (CCP / MKT) regulations, and portfolio custody (III-56.1).

Official topic; percentage not published

Borsa İstanbul Pay Piyasası Takas ve Temerrüt

T+2 settlement cycle, DVP principles, cash and securities settlement flows, default procedures, guarantee funds, and default waterfall sequence.

Official topic; percentage not published

Takasbank Teminat Yönetimi ve BISTECH Modeli

Eligible collateral assets, valuation haircuts (değerleme katsayıları), BISTECH portfolio risk calculation, margin calls, and maintenance margins.

Official topic; percentage not published

Borçlanma Araçları ve Repo Takas İşlemleri

Debt securities settlement, repo/reverse repo clearing, value dates, and interbank money market clearing.

Official topic; percentage not published

Türev Araçlar Takas ve Uzlaşma

VIOP derivatives daily mark-to-market settlement, cash vs physical settlement, and delivery obligations.

Preparing for the SPK Takas ve Saklama Exam

What You Need to Know

  • Passing score: Minimum 50 out of 100 on the module, and an arithmetic average of at least 60 across all modules required for the candidate's target licence
  • Assessment: Single 45-minute computer-based electronic licensing examination (e-LS) session of 25 multiple-choice questions administered at SPL test centers.
  • Time limit: 45 minutes
  • Exam / certification fees: TRY 748 per subject sitting; eligible university students pay TRY 548, or TRY 456 under SPL cooperation protocols. Official sources

Using Our Practice Resources

  • Work through all 24 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

SPK Takas ve Saklama: Suggested Study Strategy

1Read the full applicable default-resource sequence rather than treating a shortened list as exhaustive. Distinguish defaulter resources, Takasbank dedicated resources, mutualized funds, and additional prescribed stages.
2Review the beneficial owner account structure at MKK: individual sub-accounts (yatırımcı alt hesapları) protected against brokerage firm bankruptcy.
3Distinguish collateral eligibility, market value, valuation coefficients, concentration limits, and recognized value. Example haircuts in this practice bank are stipulated calculation inputs, not current quotations for every asset or market.
4Learn the Delivery versus Payment (Teslim Karşılığı Ödeme - DVP) model, which eliminates principal settlement risk by conditioning asset transfer upon simultaneous cash transfer.

Frequently Asked Questions

How should I use this bank?

Use the 24 independent English-language four-option MCQ study questions as focused practice across clearing concepts, custody, equity and debt settlement, derivatives settlement, and collateral. They are not comprehensive coverage, an official translation, or a simulation of Turkish five-option delivery. Example haircuts and multipliers are stated inputs; consult the applicable official rules for current operational terms.

What is the SPK Takas, Saklama ve Operasyon İşlemleri (1012) exam?

Module 1012 is SPL's separately assessed subject on clearing, settlement, custody, dematerialization, and collateral management. It contributes to the relevant licence's subject requirements; a pass alone does not establish all requirements for a regulated role.

What roles do Takasbank and MKK play in this curriculum?

Takasbank operates as the Central Clearing Organization (Merkezi Takas Kuruluşu) and Central Counterparty (CCP / Merkezi Karşı Taraf) guaranteeing trades. MKK (Merkezi Kayıt Kuruluşu) operates as the Central Securities Depository (Merkezi Saklama Kuruluşu), maintaining the electronic book-entry register of dematerialized securities on a beneficial owner basis.

What is the current equity settlement cycle in Turkey?

As checked on 21 October 2026, the official study notes specify standard equity settlement at T+2, meaning the second business day after the trade. MKK's T+1 notice describes a preparation project rather than announcing immediate replacement of the cycle. Check later operational notices and SPL's applicable sitting cutoff for subsequent changes.

What is the Takasbank default waterfall (temerrüt hiyerarşisi)?

The waterfall specifies the order of resources available to manage a clearing-member default. The defaulter's collateral and fund contribution precede mutualized resources; Takasbank's dedicated resources and the remaining prescribed stages must also be considered. It is distinct from investor compensation for an investment firm's inability to return client assets.

Is this practice bank an official translation?

No. OpenExamPrep provides an independent English-language MCQ study adaptation with four options per question. Official SPL e-LS examinations are administered in Turkish with five options. Key institutional names (Takasbank, MKK, Borsa İstanbul) and Turkish regulatory terminology are preserved.