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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 AFFILIATE MEMBER PROFILES Central Registry Agency Inc. 133 Central Securities Depository of Iran 134 Macedonian Central Securities Depository 135 National Depository Center of Azerbaijan 136 Misr for Clearing, Settlement & Central Depository 137 Securities and Exchange Brokers Association of Iran (SEBA) 138 Securities Depository Center (SDC) of Jordan 139 Takasbank - ISE Settlement and Custody Bank, Inc. 140 Tehran Securities Exchange Technology Management Company (TSETMC) 141 The Association of Capital Market Intermediary Institutions of Turkey 142 PAGE 132
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 CENTRAL REGISTRY AGENCY INC. AFFILIATE MEMBER CRA firmly intends to continue making a difference by spearheading future projects that extend the range of our services for market participants. Dr. Yakup Ergincan CEO The Turkish capital markets have fully overcome the aftershocks of the global financial crisis in 2010. Transaction volumes exceeding the pre-crisis levels, new securities issues and new IPOs were all good signs for our industry and our economy as a whole. CRA is at the crossroads to enter a new era as a central securities depository. In order to conform to the new global industry standards and move up the value chain we kick started new projects which will eventually transform our business model and increase the range and quality of our services. We have unveiled a new logo and redesigned a new corporate identity at the year-end to symbolize this transformation. One of the leading projects that reflect the new corporate image of CRA is the “Corporate Governance and Investor Relations” portal. The inhouse developed portal will change the landscape of corporate governance for the Turkish public companies by enabling continuous communication between investors and issuers through web and mobile applications. Pursuant to the expected amendments to the legislation shareholders will also be able to vote electronically by using their digital signatures during electronic general assembly meetings or assign proxies through the platforms provided. In parallel to designing new value added services, CRA has been working actively in other industry projects in the framework of the “Istanbul International Financial Centre” strategy plan. Among these projects, the planned integration between the Public Disclosure Platform (PDP) and the Central Dematerialised System (CDS) of CRA will establish the PDP as the main source of information for corporate actions operations. We are aiming to deliver the first fully-automated corporate actions processing service in the world with the finalization of other system integration projects with national databases, government bodies and market participant institutions. The growth of Turkish capital markets in 2010 has paved the way for important international collaborations for us. CRA established its first direct link with a foreign CSD to carry out the double listing operations of a European company at the ISE. A foreign intermediary institution was accepted for CRA membership for the issuance of the first dematerialised warrants. CRA firmly intends to continue making a difference by spearheading future projects that extend the range of our services for market participants. History and Development CRA was established in accordance with the Article 10/A of the Turkish Capital Markets Law in 2001 as the central depository for and registrar of dematerialized capital market instruments comprising equities, mutual funds, exchange traded funds, corporate bonds, commercial papers, warrants and rights affixed thereon with respect to issuers, intermediary institutions, and beneficial owners. In November of 2005, all stock certificates traded at the Istanbul Stock Exchange, including the certificates formerly kept at Takasbank (ISE Settlement and Custody Bank), were dematerialized. Between April 2005 and March 2006, all mutual fund certificates were dematerialized on the CRA platform. In August 2006, after approximately 5 years, first corporate bond in Turkish Capital Markets was issued through CRA. In October 2009 first dematerialized bank bills, and in August 2010 first warrants were issued. All depository operations regarding dematerialized capital market instruments (e.g. opening of investor accounts, corporate actions, securities issues) are conducted by CRA participants via the Central Dematerialization System software, CDS, a proprietary software developed in-house. CRA also acts as the securities agent for on-exchange settlements of equities traded at the ISE and real time DVP settlements of equities for Securities Lending and Borrowing facility of Takasbank through the integrated system with Takasbank. CRA also manages and represents the Investors Protection Fund, an investor protection scheme against obligations arising from equities transactions of intermediary institutions and banks for which a liquidation or bankruptcy decision is made by regulatory authorities. Form of Securities Dematerialized. Legal Status Joint stock company. Type of Commercial Entity For-profit, user-owned joint stock company. Regulated by CRA’s overall functions are subject to the oversight and approval of the CMB. Size of the Investors Protection Fund Size of the Investors Protection Fund US$ 127 million (approx. as of year-end) Ownership 30% Istanbul Stock Exchange (ISE) 64.9% ISE 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: 7 Members The Capital Markets Board of Turkey (CMB): 1 (Chairman) ISE: 2 Takasbank: 2 TSPAKB: 1 CRA: 1 (CEO of CRA) Memberships to International Organizations European Central Securities Depositories Association (ECSDA) International Securities Services Association (ISSA) Federation of Euro-Asian Stock Exchange (<strong>FEAS</strong>) Future Outlook The main projects that CRA will continue working on in 2011 are: • The development of the e-Governance portal which will improve communication through different platforms between companies, their shareholders and other investors will increase its pace before the adoption of the expected amendments in the Turkish Commercial Code. • As part of the IFC project, Takasbank and CRA have been working on a new fund distribution platform, which will enhance marketing of funds for fund managers. The platform is planned to go live by the beginning of 2011. • The Public Disclosure Platform (PDP)-Central Dematerialised System (CDS) Integration Project will end the “double format” problem and establish the Public Disclosure Platform as the primary source of information in corporate actions notifications. Also with the finalisation of the CRA-Takasbank SWIFT Integration Project the first step towards establishing STP in corporate actions operations will be taken. • A data warehouse will be established for the use of academics, research analysts and key governmental institutions by making electronic data available to be analysed, modelled and presented more effectively. • Dematerialised commodity certificates that will be traded on commodity exchanges are planned to be held at CRA. The legal framework and operational infrastructure of this project will be developed jointly with other private and governmental institutions. * Please refer to page 74 for the Turkey country report. CONTACT INFORMATION Address Askerocagi Cad. Suzer Plaza No: 15 Kat: 3 34367 Elmadag/Istanbul Tel +90 (212) 334 57 00 Fax +90 (212) 334 57 57 Contact Name Mr. Ozgur Uysal E-mail ozgur.uysal@mkk.com.tr Website www.mkk.com.tr PAGE 133
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