JUNE 2013 - FEAS

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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013 TAKASBANK - ISE SETTLEMENT AND CUSTODY BANK, INC. Murat ULUS General Manager & Board Member 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. 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. 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. 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 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”. 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 CONTACT INFORMATION Form of Settlement and Transfers: Book-entry 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 Central Counterparty? 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 : 36.66% Banks (16) : 31.34% Brokerage Houses (63) : 32.00% 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 infrastructure 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 Name Ms. Necla Küçükçolak E-mail international@takasbank.com.tr Website www.takasbank.com.tr PAGE 96
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013 THE ASSOCIATION OF CAPITAL MARKET INTERMEDIARY INSTITUTIONS OF TURKEY (TSPAKB) Attila Köksal, CFA Chairman Looking forward, in 2013, in line with the new Capital Markets Law, the Association’s member base will be extended to cover other capital market institutions to be defined by the Capital Markets Board. While 2012 was another challenging year for the world economy, the Turkish economy performed relatively well as its credit rating was upgraded. Accordingly, interest rates went down, the Turkish lira appreciated, and the Turkish stock market was among the best performers in the world. In addition, several regulatory amendments were undertaken, the most important amongst them being the introduction of the new Capital Markets Law by the end of the year. From our Association’s point of view, we concentrated on financial education. We are running a nationwide financial education project in cooperation with the Capital Markets Board and Borsa Istanbul. In this context, in 2012, our Association has formed a working group composed of professionals from the financial industry in order to build a comprehensive program based on behavioural finance principles. In the first phase of the program, a blog and a Facebook page were launched, in order to encourage household savings. The working group is also planning to prepare educational programs, including e-learning videos. Meanwhile, another working group with the participation of markets professionals was formed in late 2012, with regard to initial public offerings. The Association is planning to determine best practices for public offerings to ensure the sound growth of the market. TSPAKB continued to serve as the information hub of the industry in 2012. We improved the infrastructure through which we are collecting data from our members, and developed an in-house software. Our goal is to become the main information source for the industry. Looking forward, in 2013, in line with the new Capital Markets Law, the Association’s member base will be extended to cover other capital market institutions to be defined by the Capital Markets Board. I am confident that this change will enable our Association to strengthen its contribution to the growth of the Turkish financial industry. HISTORY AND DEVELOPMENT The Association of Capital Market Intermediary Institutions of Turkey has been established in March 2001 as the self-regulatory organization in the Turkish capital markets. 100 brokerage firms, 1 derivatives brokerage firm and 42 banks, authorized for capital market operations, constitute the members of the Association as of end-2012. The Association’s licensing and record-keeping authority has been assigned to the Capital Markets Licensing and Training Agency in June 2012. The Association has 40% stake in this Agency which was established in 2011. In 2013, in line with the new Capital Markets Law, the Association’s member base will be extended to cover other capital market institutions to be defined by the Capital Markets Board. Accordingly, the name of the Association will also be modified. The Association aims to: • Contribute to the development of capital markets and intermediation activities; • Facilitate solidarity among its members; • Safeguard prudent and disciplined conduct of business by its members; • Prevent unfair competition among members; • Enhance professional know-how in the sector. CONTACT INFORMATION The main functions of the Association are to: • Establish professional rules and regulations; • Set safety measures to prevent unfair competition; • Monitor professional developments, changes in rules and regulations and inform members; • Evaluate complaints against its members; • Impose disciplinary action on members, when necessary; • Assist in the resolution of disputes arising from off-exchange transactions among its members or between its members and investors; • Appoint arbitrators upon the request of concerned parties; • Conduct research on Turkish and international capital markets; • Offer training programs; • Cooperate with related foreign institutions. FUTURE OUTLOOK • The Association will continue to take part in the national financial education program. • The Association will continue to contribute to the IPO campaign in cooperation with Borsa Istanbul. • The Association will continue to take part in the Istanbul Financial Centre Project. Legal Status Not-for-profit association. Regulated by Capital Markets Board. Board of Directors 7 persons chosen among members by the General Assembly, every two years. The General Assembly is the highest decision-making body, where each member firm has one voting right. Memberships at International Organizations AFIE (Asia Forum for Investor Education): www.afie.asia ASF (Asia Securities Forum): www.asiasecuritiesforum.org FEAS (Federation of Euro-Asian Stock Exchanges): www.feas.org ICSA (International Council of Securities Associations): www.icsa.bz IFIE (International Forum for Investor Education): www.ifie.org IOSCO (International Organization of Securities Commissions): www.iosco.org * Please refer to page 51 for the Turkey country report. Contact Name Alparslan Budak E-mail research@tspakb.org.tr Website www.tspakb.org.tr Address Buyukdere Caddesi No 173 1. Levent Plaza A Blok Kat: 4 1. Levent 34394 Istanbul TURKEY Phone +90 (212) 280 8567 Fax +90 (212) 280 8589 PAGE 97
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