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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 CENTRAL REGISTRY AGENCY INC. OF TURKEY AFFILIATE MEMBER The Central Registry Agency of Turkey (CRA) moved Turkish Capital Markets one step forward in terms of legal and operational quality. Remzi Özbay CEO The Central Registry Agency of Turkey (CRA) moved Turkish Capital Markets one step forward in terms of legal and operational quality, by putting the Central Dematerialization System into operation. Shares, mutual funds and corporate bonds now can only be traded in dematerialized form. Investors can control their accounts by means of the CRA website and of the CRA Voice Response System which recognizes voices. In our new price list, banks and intermediary institutions saved a minimum of 50% and a maximum of 93% in the cost of operations. The issuers, when making issues in the capital market, were saved of the difficulties and risks of importing and distributing valuable documents and of making their rights to be exercised on valuable papers and on presenting coupons. All our operations with Takasbank (ISE Settlement and Custody Bank) are based on electronic exchanging of messages. The new software facility we have put into operation has been built on an architectural structure which has no dependence outside and which can reach everybody through different access and integration channels from the simplest investor to the intermediary institutions having the most sophisticated systems. Within the framework of our mission of representing and managing the Investors’ Protection Fund, the harms suffered by the investors in the previous years were compensated for in very short periods by the compensation payments made by the Fund. General Information The CRA was established in accordance with the Turkish Capital Markets Law in 2001. The CRA serves as the central depository for the following security types: equities, mutual fund certificates, exchange traded funds and corporate bonds. The CRA will also serve for government bonds and t-bills as of 2007, according to the project plan. All transactions regarding dematerialized capital market instruments (e.g. creation of investor accounts, pledging securities, furnishing colleterals, securities transfers, dematerialization operations) are done by the CRA members via Central Registry Software which was developed in-house. In November, 2005 all stock certificates including the certificates formerly kept at Takasbank were dematerialized. Between April 2005 and March 2006, all mutual fund certificates were dematerialized at the CRA platform. In August 2006, first corporate bond in Turkish Capital Markets after approximately 5 years, was issued through the CRA. The CRA also manages and represents the Investor Protection Fund. This involves, conducting all the formalities on behalf of the Fund as per the applicable regulatory provisions and implementing liquidation formalities of intermediary institutions, which are subject to gradual liquidation per the CMB resolution, on behalf of the Investor Protection Fund as per the applicable regulatory provisions. Form of Securities: Dematerialized. Type of Commercial Entity: Although the CRA is operated as a for-profit organization, its fee schedule is approved by the CMB. Regulated by The Capital Markets Board Ownership 30% Istanbul Stock Exchange (ISE) 64.9% ISE Settlement and Custody Bank (Takasbank) 0.1% Istanbul Gold Exchange (IGE) 5% The Association of Capital Market Intermediary Institutions of Turkey (TSPAKB) Memberships to International Organizations European Central Securities Depositories Association (ECSDA) International Securities Services Association (ISSA) Future Outlook Following the issuance of the draft Turkish Commercial Code, CRA plans to provide services to investors enabling them to participate in the member issuers general assemblies remotely, using electronic signatures. We also aim to increase the level of straight through processing, especially for corporate actions, and to fully synchronize our message formats with ISO standards. Efficient reporting has always been one of our main concerns and in this regard we plan to increase the report types available to our members, while providing analytical tools to manage them. Within the context of the ongoing European Union consistency processes, we would like to extend the coverage of the Investor Protection Fund, to include all securities, in addition to shares. We are also working on the dematerialization of a new security type–t-bills and government bonds. Dematerialization is expected to be realized at the beginning of 2007. A further development in this regard would be the inclusion of repo and reverse repo trades into the dematerialized system. Transaction Volumes (as end of 2006) Members 540 (387 being issuers, 153 being intermediaries) End-Users 1742 Daily Transactions +3,800,000 Accounts 19,165,160 Investors 7,431,821 Accounts Showing Balance 3,671,475 Total Reports Accessed by End-Users 2,250,177 Market Value of Securities Deposited Equities US$ 100,589,902,155 Mutual Funds US$ 15,392,711,949 Exchange Traded Funds US$ 88,636,544 Corporate Bonds US$ 86,476,541 Monetary Value of Dividends Processed US$ 16,216,026,394 Average Value of Daily Transactions US$ 825,994,164 * Please refer to page 80 for the Turkey country report. CONTACT INFORMATION Contact Name Mr. Yakup Ergincan E-mail yakup.ergincan@mkk.com.tr Website www.mkk.com.tr PAGE 148
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 CSDI CENTRAL SECURITIES DEPOSITORY OF IRAN AFFILIATE MEMBER The CSDI is an integral part of a transparent, viable, fair and efficient equities market. Alireza Hajinorouzi CEO The newly created Central Securities Depository of Iran (CSDI) is playing an important role in the Iranian capital market by establishing a national center for registry depository and clearing and settlement of securities. The CSDI is an integral part of a transparent, viable, fair and efficient equities market in Iran that has attracted domestic investors confidence and will contribute to the wealth of the nation. The CSDI is implementing EFA technology to perform its responsibilities. Role of the Depository The Central Securities Depository of Iran (CSDI) is a public utility institution established in the Islamic Republic of Iran by virtue of approved (Dec, 21, 2005) Capital Market law. The CSDI commenced operation in Dec, 2005 and is the only entity in the I.R. of Iran that is legally empowered to oversee the registration of securities deposit of securities, transfer ownership, safekeeping of securities and clearing and settlement of securities transactions. The CSDI is one of the most important institution in Iran's Capital Market as it holds the ownership register of all public shareholding companies. As a key component in the modernization of the Capital Market the CSDI. Implements a delivery – versus- payment settlement protocol. Financial statements are currently conducted by CSDI. CSDI is planning to develop the securities central operation registry processing and the information online system in future. At present conducting all activities is in Farsi (Persian) but desire to do so in FARSi and English in the coming years. The CSDI offers different services to investors in securities including pledging services, legal services, providing investors with the ability to freeze their securities in the central registry. Participation Criteria The CSDI membership are public issuers, brokers and custodians. Eligible Pledge Pledge are not considered members in that capacity. Issuers Membership is obligatory for public shareholding listed companies by virtue of capital market law. Does the CSDI act as a central counter party? No Membership in other international organizations <strong>FEAS</strong>, at present, planning for other organizations in future. Legal Status Public utility institution. Type of Commerc›al Entity Profit Regulated by Capital market law. Form of Securities Dematerialized. Form of Settlement Book-entry * Please refer to page 128 for the Iran country report. CONTACT INFORMATION Contact Name Mr. Alireza Hajinorouzi E-mail info@csdiran.com Website www.csdiran.com PAGE 149
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