FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2013
TAKASBANK - ISE SETTLEMENT AND CUSTODY BANK, INC.
During the course of 2012, Takasbank
continued its studies to become a Central
Counterparty (CCP) for all organized
cash and derivatives markets as well as
Securities Lending Market.
Murat ULUS
General Manager & Board Member
Gaining the trust of sector through the quality and
resilience of services provided since its foundation,
Takasbank continues its studies endeavoring to
become an international settlement and custody
institution competing in the global post-trade arena
by the structural transition it is passing through.
Takasbank is changing its institutional profile
according to its new vision and mission targeting
to be an institution providing services compatible
with international standards. Takasbank is going
through a serious transition in both institutional
identity and product variability in line with the vision
to provide central counterparty services and to
become an international clearing and settlement
institution at the first place.
During the course of 2012, Takasbank continued
its studies to become a Central Counterparty
(CCP) for all organized cash and derivatives
markets as well as Securities Lending Market
it operates and establish a central collateral
management system.
On November 2012, Takasbank and the Misr
Central Clearing, Depository and Registry (MCDR)
signed a “Memorandum of Understanding
(MoU)”. The MoU will provide added value to the
technical cooperation and post-trade services
development in terms of market linkage carried on
between Borsa Istanbul and Egypt Exchange. On
April 2012, Takasbank, Central Registry Agency
and SIX Securities Services Group (SIX x-clear
and SIX SIS) signed a MoU aiming to establish
a mutually beneficial relationship between the
signatory institutions. On March 2012, Takasbank
Form of Settlement and Transfers:
Book-entry
GENERAL INFORMATION
Takasbank is incorporated as an investment bank and
is authorized as the Central Clearing Institution, the
Custodian for the Mutual Funds and Pension Funds
incorporated in Turkey and the National Numbering
Agency.
Services Provided
• Clearing and settlement for the organized cash and
derivative markets,
• Domestic and cross-border cash settlement and
transfer facilities,
• International custody services,
• Real Time Gross DvP settlement among brokers
and custodians for equities via SWIFT system
• Central counterparty (CCP) on the Takasbank
Money Market (TMM) for short term TRL borrowing
and lending transactions,
• Operates the Takasbank Securities Lending and
Borrowing Market (SLBM),
• Operates the Turkish Electronic Fund Distribution
Platform Allocates ISIN for securities issued in
Turkey
• Settlement bank services for Turkish Electricity
Market.
• Collateral Agent for Mortgage Financing Firms
• Trade Repository Services for OTC Derivatives
Transactions
Brief History
Takasbank started as a department within the Istanbul
Stock Exchange in 1988. In 1996, it was transformed
into an investment bank and renamed as Takasbank
Form of Securities
Dematerialized
Within the context of studies in order to become
an international settlement and custody institution
which started in 2011, Takasbank aims to provide
settlement & custody services in a standard
manner to a wide variety of customers globally.
Parallel to this aim and within the framework of
capital market linkages project carried on by Borsa
Istanbul, throughout the year, Takasbank also
contributed to the enhancement of international
settlement transactions via developing post-trade
account structure with foreign counterparties.
Legal Status
Joint stock company
Settlement Period
Equities: T+2
Debt Securities: T+0
Derivatives: T+1 (single stock futures and options
T+3)
Type of Commercial Entity
Private sector for-profit company
Does Takasbank Act as a CentralCounter Party?
Takasbank acts as a CCP for TMM, CCP for regulated
derivatives market, expected to be for cash and
Takasbank SLBM within 2013.
Regulated by
Capital Markets Board of Turkey
Banking Regulation and Supervision Agency
Central Bank of Turkey
Size of Guarantee Fund
(As of December 2012)
ISE Equities Market: US$ 34 million
ISE Bonds and Bills Market: US$ 41 million
TurkDEX: US$ 61 million
Ownership
Borsa Istanbul
Banks (16)
Brokerage Houses (63)
: 36.66%
: 31.34%
: 32.00%
and Korean Securities Depository (KSD) signed
“Information Exchange, Training and Technical
Support Agreement” aiming to establish
cooperation between TURKEY Electronic Fund
Platform and FundNet operated by KSD.
Within the responsibility of its FEAS membership,
Takasbank actively participated to the FEAS
Investors Summit and the Working Committee
(WC) meeting of FEAS held in Istanbul, Turkey
on May 2012. In this WC meeting, Takasbank
presented “Post-Trade Linkage Models” report.
Takasbank also participated to the General
Assembly (GA), Executive Committee (EC) and
WC meetings held in Sofia, Bulgaria on September
2012. In this GA, Takasbank was elected as the
member of the EC.
Within the context of FEAS efforts of sharing
accumulated knowledge and experience with
its peers, Takasbank filled out FEAS Dealers’
Associations Task Force Questionnaire on
“Handling Investor Complaints”.
Board of Directors
11 Members
Istanbul Stock Exchange: 4
Banks: 3
Brokerage Houses: 2
Capital Markets Board: 1
and the President and CEO of Takasbank.
Memberships to International Organizations
ANNA
ECSDA
FEAS
IIF
ISSA
ISO TC68/SC4
OIC
SWIFT
Future Outlook
In 2013, Takasbank intends to:
• Actively participate in the studies of “Istanbul
International Finance Center” project;
• Continue its efforts to become a CCP for all
markets and, SLBM and establish a central
collateral management system;
• Contribute to develop post-trade account structure
with foreign counterparties
• Continue its efforts for attracting interest for Turkey
Electronic Fund Platform, and developing the infra-
structure for the integration with international fund
platforms
• Contribute to the enlargement of the range of trade
repository services which began on September
2011, with the For-Ex trades & transactions, to
encompass other OTC derivatives products.
* Please refer to page 51 for the Turkey country report.
CONTACT INFORMATION
Contact Name Ms. Necla Küçükçolak
PAGE 96
E-mail [email protected]
Website www.takasbank.com.tr