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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 TAKASBANK ISE SETTLEMENT AND CUSTODY BANK INC. AFFILIATE MEMBER Emin Catana President & CEO The main vision of Affiliates should be to develop joint projects in the FEAS region in constructing more harmonized, more efficient and more reliable settlement and custody system at the international level. Takasbank, as the convenor of FEAS Affiliate Task Force (TF), actively participated to the Annual General Assembly and Working Committee meetings of FEAS held in İstanbul on December 2010 and opened a stand in the FEAS exhibition organized to mark the 15th anniversary of FEAS where publications about clearing and settlement services of Takasbank were distributed. In these meetings, Takasbank endeavored to increase the number of members of the FEAS Task Force, thereby to share views, information and provide more harmonization on a wider platform in the FEAS region. In this context, Takasbank completed FEAS Media Task Force Questionnaire and submitted the answers to FEAS Secretariat. In April 2010, Takasbank and Abu Dhabi Securities Exchange signed a Memorandum of Understanding (MoU) and in October 2010, Takasbank, CRA and Korea Securities Depository (KSD) signed a tripartite MoU in order to establish a mutually beneficial relationship between the signatory institutions. These agreements aim to serve the goal of improving performance and international competitiveness through mutual exchange of information, know-how and training activities. During the course of 2010, Takasbank, in cooperation with the Central Registry agency (CRA), completed the infra-structure development of “Turkey Electronic Fund Distribution Platform”. This is a platform enabling fund issuers to execute creation and redemption transactions of mutual fund shares among other platform members and their customers in an electronic environment. With this platform, which will play a very important role in the development of Turkish fund market, fund issuers as well as distributers can have access to an electronic platform in which matching, settlement and custody transactions can be executed without counterparty risk in a reliable and transparent environment with low costs. “Turkey Electronic Fund Distribution Platform” was the first project to be realized within the framework of “Istanbul International Finance Center” action plan. I believe that the infancy stage of the capital markets in Turkey is coming to an end. When compared to emerging capital markets in close geographical proximity to Turkey, we can see that Turkey has come a long way toward establishing a well-functioning, transparent and safe market for domestic as well as for international investors. I am really very proud to witness that Turkey, which has been placed amongst emerging market countries category for a long time, is at last started to be accepted as a country that has been experiencing a serious transformation process on the way of EU membership and started working on the project of making Istanbul an international finance center. In addition to this, Takasbank also actively participated to another action plan of “Istanbul International Finance Center”project, “Initial Public Offering Campaign”. This campaign aimed to establish a platform where the representatives of participating companies can meet with capital market institutions and evaluate the advantages of initial public offering mechanism. Just as competition is becoming the keynote of every sector in today’s business world, the ability to develop has become one of the most important factors that enables a capital market to survive. The economic upheavals of the recent past and the increasingly tougher competition in every sector have made it absolutely clear that development and upgrading is essential if a market is to endure, achieve stability, and grow strong in the international arena. In this respect, the main vision of Affiliates should be to develop joint projects with among peers in the FEAS region in constructing more harmonized, more efficient and more reliable settlement and custody system at the international level. General Information Takasbank is incorporated as a non-deposit taking investment bank and is authorized by the Capital Markets Board of Turkey to function as: the Clearing and Settlement Institution for the ISE markets, the Clearing House for the Turkish Derivatives Exchange, the National Numbering Agency of Turkey and the Custodian for the Mutual Funds and Pension Funds incorporated in Turkey. Services Provided • Central clearing and settlement for the 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, • Allocation of ISIN for securities issued in Turkey Brief History Takasbank started as a department within the Istanbul Stock Exchange (ISE) in 1988, and originally dealt with the provision of settlement services for securities traded by the members of the ISE. In January 1992, the operations of that department were transferred to an independent company, the ISE Settlement and Custody Co. Inc., which was set up under the shareholdership of the ISE and its members. This company was then transformed into a sector-specific bank and renamed Takasbank (ISE Settlement and Custody Bank, Inc.) in 1996. * Please refer to page 74 for the Turkey country report. Form of Securities Dematerialized Form of Settlement and Transfers: Book-entry Legal Status Joint stock company Settlement Period Equities: T+2 Bonds and Bills: T+0 Derivatives: T+1 Type of Commercial Entity Private sector for-profit company Does Takasbank Act as a Central Counter Party? Takasbank acts as a Central Counter Party for TurkDEX, but does not act as a Central Counter Party for ISE markets. Regulated by Capital Markets Board Banking Regulation and Supervision Agency Central Bank of Turkey. Size of Guarantee Fund (As of December 2009) ISE Equities Market: US$ 35 million ISE Bonds and Bills Market: US$ 42 million Ownership Istanbul Stock Exchange (ISE): 32.63% Banks (19): 34.48% Brokerage Houses (66): 32.89% 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 Association of National Numbering Agency (ANNA) International Securities Services Association (ISSA) Society for Worldwide Interbank Telecommunications (SWIFT) Association of European Central Securities Depositories (ECSDA) Federation of Euro-Asian Stock Exchange (FEAS) Institute of International Finance (IIF) Organization of Islamic Conference (OIC) World Federation of Exchanges (WFE) Future Outlook In 2010, Takasbank intends to: • Continue its efforts to become a Central 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. CONTACT INFORMATION Contact Name Ms. Filiz Kaya E-mail international@takasbank.com.tr Website www.takasbank.com.tr PAGE 140
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT APRIL 2011 TEHRAN SECURITIES EXCHANGE TECHNOLOGY MANAGEMENT COMPANY (TSETMC) AFFILIATE MEMBER The major project for TSETMC is to implement a new trading solution for the Tehran Stock Exchange (TSE) in the year 2008. Morteza Khazanedari Managing Director TSETMC’s activities for the year 2008 are: The major project at TSETMC is to implement a new trading solution for the Tehran Stock Exchange (TSE) in the year 2008. The trading solution was installed on the purchased hardware in early April 2007. This Solution is due to come online in the winter of 2008 after finalization of internal and external User Acceptance Testing (UAT). TSETMC is also assisting the newly established CSD Iran Company for the implementation of a new post-trade solution. TSETMC has a very close relationship with CSD Iran Company since all of the post-trade activities were the responsibility of TSETMC before the enactment of the Capital Market Act by the Iranian Parliament in 2005. CSD Iran Company is also an Affiliated Member of FEAS. During the implementation of the new core trade and post-trade solutions, TSETMC is assisting major brokerage firms in Iran for the implementation of Brokerage Solutions. The plan is to introduce financial and commodity derivatives markets in TSE and the newly established Iranian Mercantile Exchange (IME) in the near future. TSETMC is supporting the introduction of these markets and also their trade and post-trade processing. TSETMC is an active member of a consortium with the responsibility to establish the Iranian Petroleum Exchange. TSETMC is the main contributor in the development and implementation of international standards in Iran. TSETMC is helping the implementation of a DVP Model2 for TSE’s equity market. In addition, the new CSD Company would become a CCP of the equity market by 2010. TSETMC is involved with CSD Iran for the provision of needed infrastructure and risk management mechanisms. Other Projects Financial Information Processing of Iran (FIPI) TSETMC started a new project titled "Financial Information Processing of Iran" (FIPI). The main objective of the project is to establish a Data Warehouse to gather and maintain all important information and data in Iranian financial markets. Stored data and information are processed and delivered via different mediums (such as a website, Decision Support Systems and Standard reports) to various users. Digital Signature Certificate TSETMC defined a new project with Iranian Commerce Ministry to become a Certified Authorization (CA) body for the Iranian Capital Market. Iranian Ministry of Commerce acts as a root CA in Iran and authorized TSETMC to provide Digital Signature Certificate to capital market’s participants. Such certificate has a vital rule in electronic commerce as both parties could transact digitally with very high level integrity, privacy, authentication and none-repudiation. General Information Tehran Stock Exchange Services Company (TSETMC) is a subsidiary of the Securities and Exchange (SEO) of Iran. SEO regulates and overseas the Iranian capital market. TSETMC was established on June 1994 as an independent company owned by Tehran Stock Exchange (TSE) and its members. With the implementation of the new Capital Market Act by the Iranian Parliament, SEO was established and the ownership of TSETMC was transferred to SEO. The TSETMC’s main function is to develop, maintain, operate, and promote systems for all stages of the trade-cycle services in Iran. Specifically, TSETMC is responsible to: • maintain all hardware and software used for trade and post trade activities • develop and enhance existing software applications • provide consultancy and technical advice to main exchanges in Iran • act as a financial information processor for the Iranian financial market. Services Provided Trading Maintain Automated Trading System (ATS) Disseminate trade and financial information to interested parties Information and Supporting Provide operational services Manage operational risks Others Provide consultancy Manage TSE data centers Implement specialized software Brief History TSETMC started its operation as a subsidiary of the National Informatics Corporation (NIC) of Iran in July 1984. Originally, TSETMC developed, maintained and operated the computerized system of TSE used for trade and post-trade activities. In June 1994, TSETMC was incorporated as an independent company under the ownership of the TSE, its members, and NIC. Currently, Securities and Exchange (SEO) of Iran is the sole owners of TSETMC. Form of Securities Dematerialized Form of Settlement and Transfers: Book-entry Legal Status Private Joint Stock Company Settlement Period For TSE Markets: Equities: T+3 Corporate Bonds: T+1 Type of Commercial Entity Private sector for-profit company Does TSETMC act as a central counter party? No. Regulated By Securities and Exchange Organization of Iran (www.seo.ir) Ownership Owned by the Securities and Exchange Organization (SEO) of Iran Memberships to International Organizations Affiliate Member of the Federation of Euro-Asian Stock Exchanges (FEAS) Board of Directors: 3 Members Representatives of the Securities and Exchange (SEO) of Iran Future Outlook From March 2008 to March 2009, TSETMC intends to: • Lead the implementation of a new trading solution • Assist CSD Iran in the implementation of a post-trade solution • Assist brokerage firms for implementing total brokerage solutions • Lead efforts for implementation of Straight Through Processing (STP) • Contribute in the introduction of new instruments • Assist in the creation of the Iranian Petroleum Exchange • Perform studies for creation of a Lending and Borrowing market • Contribute to the development and implementation of international standards • Initiate studies and efforts to introduce CCP at CSD Iran • Release the first phase of Financial Information Processing project • Continuing the Digital Signature Certificate project * Please refer to page 117 for the Iran country report. CONTACT INFORMATION Contact Name Mr. Houman Farajollahi E-mail houman.farajollahi@tsetmc.com Website www.tsetmc.com PAGE 141
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