FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT JUNE 2013
TAKASBANK - ISE SETTLEMENT AND CUSTODY BANK, INC.
2013 was a year of restructuring for Turkish
capital markets.
Murat ULUS
General Manager & Board Member
2013 was a year of restructuring for Turkish
capital markets. In addition to the consolidation
of Turkish Derivatives Exchange, Istanbul Gold
Exchange and Istanbul Stock Exchange under
the Borsa Istanbul Inc. roof which allows all
financial instruments to be traded on a single
exchange; post-trade services have also gained
strong judicial grounds with the new legal
framework which also introduced settlement
finality and asset protection in compliance with
the international regulations paving the way to
a trustworthy environment for Turkish capital
markets.
Parallel with these developments in
2013, Takasbank has also renewed its IT
infrastructure. After finalization of the Database
Migration (a Highly Available Application
Database Infrastructure Project) aiming
GENERAL INFORMATION
to provide high performance, access and
uninterrupted IT services, Takasbank started
providing services with its new IT database as
of September 2013.
Beginning from September 2013, Takasbank
has been providing full CCP services to
Takasbank Securities Lending Market and will
become CCP for Borsa Istanbul derivatives
market as of March 3, 2014. Takasbank will
also be CCP for equity and debt securities
markets of Borsa Istanbul, after migration of
Borsa Istanbul and Takasbank infrastructure
to new platforms which will be developed by
Nasdaq OMX Group within the framework of
the strategic partnership agreement between
Borsa Istanbul and Nasdaq OMX signed in
January 2014.
Legal Status
Joint stock company
Takasbank is incorporated as a sector specific non-
deposit taking bank with a purpose to provide clearing,
settlement and custody services as well as rendering
banking services.
Services Provided
• Central clearing and settlement services for Borsa
Istanbul (BIAS) spot and derivatives markets,
• Settlement bank for Turkish Electricity Market,
• Operator and central counterparty (CCP) for the
Securities Lending Market (SLM)
• Operator of the Takasbank Money Market (TMM)
for short term TRL transactions,
• Operator of the Turkish Electronic Fund Distribution
Platform,
• Issuer CSD for the Pension Funds,
• Central depository for the portfolios of the collective
investment schemes incorporated in Turkey,
• Global and local custody services,
• Trade repository services for OTC derivatives
transactions,
• National numbering agency for securities issued in
Turkey (ISIN, CFI),
• Local operating unit for LEI allocation for local and
international legal entities,
• Collateral Agent for mortgage financing firms.
Brief History
Takasbank started as a department within the Borsa
Istanbul in 1988. In 1992, it was transformed into a
company and in 1996, into a bank and renamed as
Takasbank.
Form of Securities
Dematerialized
Form of Settlement and Transfers:
Book-entry
Settlement Period
Equities: T+2
Debt Securities: T+0
Derivatives: T+1 (T+3 for physical delivery single stock
futures and options)
Type of Commercial Entity
Private sector for-profit company
Does Takasbank Act as a Central Counterparty?
Takasbank is a CCP for SLM. It will be a CCP for Borsa
Istanbul Futures and Options Markets as of March 3,
2014.
Regulated by
Capital Markets Board of Turkey
Banking Regulation and Supervision Agency
Central Bank of Turkey
Size of Guarantee Fund
(As of December 2013)
BIAS Equities Market: US$ 23 million
BIAS Debt Securities Market: US$ 12 million
BIAS Futures and Options Market: US$ 54 million
Ownership
Borsa Istanbul : 52%
Banks (14) : 25%
Brokerage Houses (46) : 23%
Board of Directors
9 Members
Borsa Istanbul : 4
Banks : 2
Brokerage Houses : 2
Takasbank CEO : 1
Takasbank was globally endorsed as pre-
local operating unit in order to allocate legal
entity identifiers (LEIs) for both local as well as
international legal entities, by the Regulatory
Oversight Committee on 11 November 2013.
The LEI portal (www.leiturkey.com) will be live
as of February 2014.
Within the context of its efforts of sharing
accumulated knowledge and experience with
its peers, on February 2013, Takasbank and
Tunisian Depository & Clearing (TDC) signed
a “Memorandum of Understanding (MoU)”
aiming to establish a mutually beneficial
relationship paving the way for the development
of both capital markets.
Memberships to International Organizations
ANNA
ECSDA
FEAS
IIF
ISSA
ISO TC68/SC4
OIC
SWIFT
Future Outlook
In 2014, Takasbank intends to:
• Continue its efforts to become a CCP for all
organized markets and launch its CCP services
for Borsa Istanbul derivatives market at the initial
phase in March 2014,
• Actively participate in the studies of technological
infrastructure migration in clearing, settlement and
risk management for all markets of Borsa Istanbul
within the scope of the strategic partnership
agreement signed between Borsa Istanbul and
Nasdaq OMX,
• Contribute to the expansion of the range of trade
repository services which began on September
2011 with the OTC For-Ex derivatives transactions,
to encompass all OTC derivatives products within
2014,
• Provide cash clearing services to the Energy
Exchange expected to be operational in 2014,
• Launch depository banking services for collective
investment schemes,
• Provide gold physical custody and delivery
services.
• Launch www.leiturkey.com portal for LEI allocations
* Please refer to page xxxx for the Turkey country report.
CONTACT INFORMATION
Contact Name Ms. Aylin Sumru
E-mail [email protected]
Website www.takasbank.com.tr
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