FEDERATION OF EURO-ASIAN STOCK EXCHANGES
SEMI ANNUAL REPORT OCTOBER 2006
CENTRAL REGISTRY AGENCY INC. OF TURKEY
AFFILIATE MEMBER
CRA moved Turkish Capital Markets one
step forward in terms of legal and
operational quality, by putting the Central
Dematerialization System into operation.
Remzi Özbay
CEO
CRA moved Turkish Capital Markets one step
forward in terms of legal and operational quality,
by putting the Central Dematerialization System
into operation. Shares, mutual funds and
corporate bonds now can only be traded in
dematerialized form. The issuers, when making issues in the capital
market, were saved of the difficulties and
risks of importing and distributing valuable
documents and of making their rights to be
exercised on valuable papers and on presenting
coupons.
Investors can control their accounts by means of
the CRA website and of the CRA Voice
Response System which recognizes voices. All our operations with Takasbank (ISE
Settlement and Custody Bank) are based on
electronic exchanging of messages. The new
software facility we have put into operation has
been built on an architectural structure which
has no dependence outside and which can
In our new price list, banks and intermediary
institutions saved a minimum of 50% and a
maximum of 93% in the cost of operations.
General Information
CRA was established in accordance with the
Turkish Capital Markets Law in 2001. CRA serves
as the central depository for the following security
types: Equities, mutual fund certificates, exchange
traded funds and corporate bonds. CRA will also
serve for government bonds and
t-bills as of 2007, according to the project plan. All
transactions regarding dematerialized capital
market instruments (e.g. creation of investor
accounts, pledging securities, furnishing
colleterals, securities transfers, dematerialization
operations) are done by the CRA members via
Central Registry Software which was developed in-
house. In November, 2005 all stock certificates
including the certificates formerly kept at
Takasbank were dematerialized. Between April
2005 and March 2006, all mutual fund certificates
were dematerialized at the CRA platform. In August
2006, first corporate bond in Turkish Capital
Markets after approximately 5 years, was issued
through CRA.
CRA also manages and represents the Investor
Protection Fund. This involves, conducting all the
formalities on behalf of the Fund as per the
reach everybody through different access and
integration channels from the simplest investor
to the intermediary institutions having the most
sophisticated systems.
Within the framework of our mission of
representing and managing the Investors’
Protection Fund, the harms suffered by the
investors in the previous years were
compensated for in very short periods by the
compensation payments made by the Fund.
applicable regulatory provisions and implementing
liquidation formalities of intermediary institutions,
which are subject to gradual liquidation per the
CMB resolution, on behalf of the Investor
Protection Fund as per the applicable regulatory
provisions.
Form of Securities: Dematerialized.
Type of Commercial Entity: Although CRA is
operated as a for-profit organization, its fee
schedule is approved by CMB.
Regulated by The Capital Markets Board
Ownership
30% Istanbul Stock Exchange (ISE)
64.9% ISE Settlement and Custody Bank
(Takasbank)
0.1% Istanbul Gold Exchange (IGE)
5% The Association of Capital Market Intermediary
Institutions of Turkey (TSPAKB)
Memberships To International
Organizations International Securities Services
Association (ISSA)
Future Outlook
Following the issuance of the draft Turkish
Commercial Code, CRA plans to provide services
to investors enabling them to participate in the
member issuers’ general assemblies remotely,
using electronic signatures. We also aim to
increase the level of straight through processing,
especially for corporate actions, and to fully
synchronize our message formats with ISO
standards. Efficient reporting has always been one
of our main concerns and in this regard we plan to
increase the report types available to our
members, while providing analytical tools to
manage them.
Within the context of the ongoing European Union
consistency processes, we would like to extend the
coverage of the Investor Protection Fund, to
include all securities, in addition to shares.
We are also working on the dematerialization of a
new security type - t-bills and government bonds.
Dematerialization is expected to be realized at the
beginning of 2007. A following development in this
regard would be the inclusion of repo and reverse
repo trades into the dematerialized system.
Transaction Volumes
Members
(387 Being Issuers, 153 Being Intermediaries)
End-Users
Daily Transactions
Accounts
Investors
Accounts Showing Balance
Total Reports Accessed By End-Users
Market Value Of Securities Deposited
Equities
Mutual Funds
Exchange Traded Funds
Corporate Bonds
Monetary Value Of Dividends Processed
Average Value Of Daily Transactions
540
1602
+2,800,000
17,130,183
5,381,708
3,663,659
1,435,811
Usd.87,943,785,023
Usd.16,000,982,764
Usd.41,572,333
Usd.69,132,271
Usd.14,282,170,051
Usd.785,149,564
* Please refer to page 82 for the Turkey country report.
CONTACT INFORMATION
Contact Name Mr. Yakup Ergincan
PAGE 150
E-mail [email protected]
Website www.mkk.com.tr