FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2013
Merkezİ Kayıt Kuruluşu
2012 was one of the most successful years
in MKK’s history.
Assoc. Prof. Yakup Ergincan
CEO and Board Member
2012 was one of the most successful years
in MKK’s history, in terms of providing value
added projects for the benefit of capital markets
and for all stakeholders, as well as achieving
further automation in core CSD services such
as settlement and corporate actions notification
processes. Furthermore, MKK launched
the Electronic General Meeting (e-GEM)
application, a pioneering project in global
capital markets, enabling not only electronic
participation to general assembly meetings
of the listed companies, but also electronic
proxy assignment and voting, and exchange of
information on an electronic platform remotely,
efficiently, and in a safe manner. MKK will
become one of the most advanced CSDs in the
HISTORY AND DEVELOPMENT
MKK was established in accordance with
the Article 10/A of the former Turkish Capital
Markets Law in 2001 as the central depository
for and registrar of dematerialized capital market
instruments with respect to issuers, intermediary
institutions, and beneficial owners. As of 2012,
equities traded at İMKB, government debt
instruments, mutual funds, exchange traded
funds, corporate debt instruments, warrants,
certificates, covered bonds, asset backed
securities and sukuks are held at MKK in
dematerialized form.
All depository operations regarding
dematerialized capital market instruments (e.g.
opening of investor accounts, corporate actions,
and securities issuance) are conducted by MKK
participants via the Central Dematerialization
System (CDS), an in-house developed
proprietary software. MKK also acts as the
securities agent for settlement of securities
traded at İMKB.
Form of Securities
Dematerialized
Legal Status
Joint stock company
world in terms of issuer and investor services
once all of the components of the e-MKK
Information Portal are finalized.
MKK intensified its efforts towards improving
CSD functions and offering new services
to create “add value” for investors and
maintain a more effective and competitive
structure in the Turkish capital markets. MKK
is facilitating the participation of local and
foreign investors to the Turkish capital markets
with continuously expanding the scope of its
services in compliance with the new Turkish
Commercial Code - to comply with the best
global industry practices, the Capital Market
Law and other relevant legislation amendments.
Type of Commercial Entity
For-profit, user-owned joint stock company
Regulated by
MKK’s overall functions are subject to the
oversight and approval of the CMB.
Ownership
30% Istanbul Stock Exchange (İMKB)
64.9% İMKB 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: 9 Members
The Capital Markets Board of Turkey (CMB): 1
(Chairman)
ISE: 3
Takasbank: 2
TSPAKB: 1
Ministry of Customs and Trade:1
MKK: 1 (CEO of MKK)
Memberships to International Organizations
European Central Securities Depositories
Association (ECSDA)
International Securities Services Association
(ISSA)
Federation of Euro-Asian Stock Exchange
(FEAS)
One important development in this respect was
dematerialization of the Turkish government
debt securities at MKK on client portfolio basis
as of 30 June 2012.
Under its 2023 vision and the Istanbul Financial
Center (IFC) Project, MKK considers the growth
of Turkish capital markets, establishment of
new trading instruments, execution of new initial
public offerings and issuances as opportunities
for continual reduction of CSD costs for the
sake of capital markets. Continuously lowering
its fees for CSD services MKK aims to increase
its revenues from value added projects and
services.
FUTURE OUTLOOK
In 2013 MKK 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, will be put into
service.
• The e-DATA project, which will establish MKK
as the single data warehouse and distributor
of detailed capital markets data on an
investor basis, is planned to be finalized.
• The electronic safekeeping of dematerialized
warehouse receipts in the CDS will go live
following the regulations of the Ministry of
Customs and Trade.
• The e-COMPANY portal will be launched in
July 2013 with the completion of software
development stage following the regulations
of the Ministry of Customs and Commerce.
• Automatic reflection of the company
announcements made on the Public
Disclosure Platform to the CDS are planned
to be completed by Q2 2013.
* Please refer to page 51 for the Turkey country report.
CONTACT INFORMATION
Contact Name Mr. Gokce ILIRIS
E-mail [email protected]
Website www.mkk.com.tr
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