CSD
Member’s Profile
Organization Name: Istanbul Stock Exchange (ISE) Settlement
and Custody Bank Inc.- Takasbank
Country/ Region: Turkey
Name of CEO: Mr. Emin ÇATANA, PhD
Capital (US$): USD 186 Million as of 31.12.2009
Number of Officers and 205 employees as of 31.12.2009
Employees:
Takasbank had 86 shareholders as of
Ownership and Governance
December 31, 2009. The ISE, the only
(Main Shareholders) shareholder with more than 5% interest in
the Bank, holds 32.63% of the shares. Of
the capital of Takasbank, 34.48% is shared
among 19 banks and the remaining 32.89%
belongs to 66 brokerage houses.
Takasbank is governed by the Board of
Directors consisting 11 members.
Settlements of securities traded on the
Brief History
Istanbul Stock Exchange (ISE) were first
performed in 1988 by a department formed
within the ISE. In January 1992, the
settlement and custody task was transferred
to the company, MKB Takas ve Saklama
A. . (ISE Settlement and Custody, Inc),
which was founded as a partnership
between the ISE and its members. This
company was converted into a sector-
specific bank named Takasbank - MKB
Takas ve Saklama Bankası A. . (ISE
Settlement and Custody Bank, Inc) on
January 2, 1996 and has been operating as
a non-deposit taking investment bank since
that time.
With the completion of the dematerialization
process of the equities in Turkey,
Takasbank handed over its CSD function for
equities to the new established institution
the Central Registry Agency (CRA).
Takasbank has % 65 shares of CRA.
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Takasbank is authorized by the Turkish
Capital Market Authority for some unique
services. In the framework of these services,
Takasbank is the clearing and settlement
center for the Istanbul Stock Exchange and
the Clearing House performing central
counterparty role for the Turkish Derivatives
Exchange (TURKDEX). Takasbank is also
the National Numbering Agency of Turkey
allocating ISIN codes to the securities
issued in Turkey and the CSD for the
pension funds.
Takasbank is a specialized bank established
under the Turkish Banking Law and
incorporated as a non-deposit taking
investment bank dedicated to securities
services in Turkey. So, having the banking
capacity, apart from its unique services
mentioned above, Takasbank provides its
members with a money market facility and
banking services including cash credits,
securities lending and cross-border
settlement and custody services via SWIFT
and correspondent accounts. Another very
important service provided by Takasbank is
to enable brokerage houses to transfer both
securities and cash in and out of Takasbank
system electronically in real time with
Central Bank EFT (Electronic Fund Transfer
System which is called TETS.
Types and number of Participants *41 Banks
*103 Brokerage Houses
*14 Private Pension Companies
*26 Portfolio Management Companies
*75 Institutional Investors
Regulatory Environment Capital Market Board (for clearing and
settlement functions)
Banking Regulation and Supervision Agency
(for banking services)
Exchanges Istanbul Stock Exchange (ISE)
Turkish Derivatives Exchange (TURKDEX)
Other CSDs or clearing Central Registry Agency (CRA) – CSD for
equities and private sector debt instruments
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organization in your country Central Bank of the Republic of Turkey-
CSD for government bonds & bills.
• Central clearing and settlement for the
Services Provided
organized markets of ISE and Turkish
Derivatives Exchange (TurkDEX),
• Cash settlement and transfer facilities
(domestic and cross-border),
• Cross-border settlement and custody
services,
• Real Time Gross DvP settlement (among
brokers and custodians) for equities via
integration with SWIFT system
• Takasbank Money Market,
• Securities Lending and Borrowing
Market (SLB),
• Cash Credits,
• Takasbank Electronic Transfer System
(TETS
• Allocation of ISIN for securities issued in
Turkey
Eligible Securities All kinds of securities traded on Exchanges
in Turkey
Corporate Action services N/A
Provided? Yes/No
(If yes, what kinds of services
provided?)
Value of Securities in Custody As of 31.12.2009 non-fungible stocks with a
(US$): market value of USD 51.483.589 was kept
under custody of Takasbank.
As of 05.04.2010, the value of investment
funds is USD 20.334 mio, the value of
pension funds is USD 6.494 mio and the
value of Investment trusts USD 477 mio
under the custody of Takasbank
Amount of Cash Settled per annum USD 26.46 billion for 2009
(US$):
Percentage of Securities N/A
Immobilized/ Dematerialized:
Market Capitalization/ Trading N/A
volume per annum (US$):
Total Revenue/ Expense and Net Net Profit USD 24.923,96 Million as of
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income Per annum (US$): 31.12.2009
Memorandum of Understanding/ Memorandum of Understanding (MoU)
Business Agreement (Date) Agreement with: National Depository Center
of the Republic of Azerbaijan (September
2007), Central Securities Depository of Iran
(August 2008), Muscat Depository and
Securities Registration Company
(December 2009) and Abu Dhabi Securities
Exchange (Nisan 2010)
Cross-Broader Transaction N/A
(Counterpart)
Withholding Tax Treatment of N/A
Cross-Border Trading
Transactions (Details)
DVP Implementation (Yes/No) YES
Equities: T+2
Settlement Period
Bonds and Bills: T+0
Derivatives: T+1
Contact Information
Contact Person: Ms. Filiz KAYA, Director
Tel: +90 212 315 21 87
E-mail:international@takasbank.com.tr
Fax:+90 212 315 22 14
Website: www.takasbank.com.tr
Statistics
Remarks
In 2009, in ISE Stock Market settlement
transactions, cash settlements of USD 26.46
billion (8.31%) and securities
settlementswith a market value of USD
78.42 billion (24.63%) was achieved.
In 2009, in ISE Bond&Bills Market
settlement transactions, USD 525.22 billion
of cash and securities with a market value of
USD 1712.81 billion were settled.
Future Prospects
In 2010, Takasbank intends to:,
• Continue its efforts to become a Central
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Counterparty for equities and establish a
central collateralization system
• Contribute to the development of
international standards for securities and
implementing these standards in Turkey.
•Establishment and implementation of
Electronic Trading Platform for Commodities
Exchange;
•Development and integration of the
collateral and risk management software for
Turkdex Options market;
• Development of an Electronic Fund
Platform to create a larger distribution
channel for market participants;
•Development of an Options Market
Clearing and Settlement infra-structure;
•Integration of SWIFT and DvP settlement
system for Corporate Action transactions.
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