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Foreign currency exchange rates offered by Halkbank through the Bank's digital platforms for both information and trading purposes were erroneously set at a below-market level for a short period of time after the markets closed on August 31, 2018 due to an operational mistake in the external data source which feeds live exchange rates into the system. Initial investigation shows that the problem arose from an error in the base exchange rates that the Bank collects automatically from an external data provider. A certain number of the Bank's clients traded at these erroneous levels for only a short period of time, and trading closed temporarily upon the detection of the error, which was followed by immediate correction. These trades occurred completely outside of the market conditions and due to a technical error, and have not resulted in resource outflow from the Bank, neither in foreign nor local currency. A total of 1256 clients traded $3,300,000, and an additional 124 traded €539,000, while an equivalent of $689,000 was traded by yet another 383 clients using other currencies, adding up to an equivalent of $4,600,000 roughly in total. After careful investigation, the erroneous trades were rolled back with no consequent financial damages to the Bank or its clients. Halkbank has taken the necessary legal and technical measures to prevent the recurrence of such an error, and reserves all rights pertaining to the erroneous data provider. The Bank has further taken the initiative to have the issue investigated by relevant authorities. Please beware of and disregard the false news and misleading comments that take place on both conventional and social media in a way to discredit the Bank and deceive the public and investors. In case of any contradiction between the Turkish and English versions of this public disclosure, the Turkish version shall prevail. |
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We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.
