FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2012
CENTRAL REGISTRY AGENCY INC.
One of the most significant developments
in the Turkish post-trade sector was the
reductions in custody and corporate
actions related service fees by CRA.
Dr. Yakup Ergincan
CEO and Board Member
2011 was a difficult year for the world economy.
Sovereign debt problems in the Eurozone
countries, rating downgrades of developed
economies such as the USA and France, and
political developments in the Middle East
together created a dismal global economic
environment. But the Turkish economy
decoupled itself from the global turmoil with
high growth and relatively strong fundamentals
of capital markets.
One of the most significant developments in the
Turkish post-trade sector was the reductions in
custody and corporate actions related service
HISTORY AND DEVELOPMENT
CRA was established in accordance with the
Article 10/A of the Turkish Capital Markets
Law in 2001 as the central depository for and
registrar of dematerialized capital market
instruments and rights affixed thereon with
respect to issuers, intermediary institutions, and
beneficial owners. As of 2011, equities traded
at the Istanbul Stock Exchange, mutual funds,
exchange traded funds, corporate bonds,
bank bills, warrants, covered bonds and asset
backed securities were dematerialized on the
CRA platform.
All depository operations regarding
dematerialized capital market instruments (e.g.
opening of investor accounts, corporate actions,
and securities issues) are conducted by CRA
participants via the Central Dematerialization
System software, CDS, a proprietary software
developed in-house. CRA also acts as the
securities agent for on-exchange settlements
of equities traded at the ISE and real time DVP
settlements of equities for Securities Lending
and Borrowing facility of Takasbank through the
integrated system with Takasbank.
CRA also manages and represents the Investors
Protection Fund, an investor protection scheme
against obligations arising from equities
transactions of intermediary institutions and
banks for which a liquidation or bankruptcy
decision is made by regulatory authorities.
Form of Securities
Dematerialized.
Legal Status
Joint stock company.
fees by CRA. We believe that the changes will
dramatically increase cost efficiency in the post-
trade infrastructure.
In 2011, the first foreign currency denominated
private sector debt instrument, the first covered
bond and the first asset backed security were
issued in dematerialized form through CRA.
CRA launched the first phase of its pioneering
e-GOVERNANCE portal and continued working
on adjacent projects such as the e-GENERAL
ASSEMBLY and e-COMPANY platforms in 2011.
The projects, when finalized, will improve the
level of corporate governance by enhancing
issuer-shareholder relations, and CRA will
become one of the most advanced CSDs in the
world in issuer and investor services.
In parallel to these projects a databank
project was started for the gathering and
distribution of detailed capital markets data.
Furthermore, CRA increased the pace of
the system integration project between the
Central Dematerialized System and the Public
Disclosure Platform (PDP).
CRA will continue to contribute towards making
Istanbul an international financial centre by
facilitating one of the safest and most efficient
capital infrastructures in the world.
Type of Commercial Entity
For-profit, user-owned joint stock company.
Regulated by
CRA’s overall functions are subject to the
oversight and approval of the CMB.
•
Size of the Investors Protection Fund
US$ 117 million (approx. as of year-end)
Ownership
30% Istanbul Stock Exchange (ISE)
64.9% ISE Settlement and Custody Bank
(Takasbank)
5% The Association of Capital Market
Intermediary Institutions of Turkey (TSPAKB)
0.1% Istanbul Gold Exchange (IGE)
Board of Directors: 7 Members
The Capital Markets Board of Turkey (CMB): 1
(Chairman)
ISE: 2
Takasbank: 2
TSPAKB: 1
CRA: 1 (CEO of CRA)
Memberships to International Organizations
European Central Securities Depositories
Association (ECSDA)
International Securities Services Association
(ISSA)
Federation of Euro-Asian Stock Exchange
(FEAS)
FUTURE OUTLOOK
In 2012 CRA plans to achieve the following:
• The next phases of the e-GOVERNANCE
Portal, which will support and provide
applications such as blogs, enhanced
•
•
•
•
•
agendas, improved surveys, electronic proxy
delegation and voting, electronic general
assembly meetings and investor meetings
will be put into service.
Analyses on the e-GENERAL ASSEMBLY
MEETING project were completed in 2011.
According to the newly adopted legislation,
The Electronic General Assembly Meeting
System (EGAMS) will be launched in July
2012.
The e-DATA WAREHOUSE project, which will
establish CRA as the single data warehouse
and distributor of detailed capital markets
data on an investor basis, is planned to be
finalized in the second half of 2012.
The electronic safekeeping of dematerialized
warehouse receipts in the CDS will go live
following the regulations of the Ministry of
Customs and Commerce.
CRA will finalize the dematerialization
process for the Turkish Government Debt
Securities in July 2012 with respect to the
official decision of the CMB.
The first phase of the Public Disclosure
Platform (PDP) - Central Dematerialized
System (CDS) Integration Project, which
will enable straight through processing of
corporate actions notifications (issuer-to-
investor) in SWIFT formats, will be completed
in 2012.
Introduction of pre-matching in FOP
settlement of transactions.
* Please refer to page 69 for the Turkey country report.
CONTACT INFORMATION
Contact Name Mr. Ozgur Uysal
E-mail [email protected]
Website www.mkk.com.tr
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