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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 TAKASBANK ISE SETTLEMENT AND CUSTODY BANK INC. AFFILIATE MEMBER In 2006, Takasbank was accepted to the membership of ECSDA (European Central Securities Depositories Association). Emin Çatana President & CEO Since the commencement of its operations in 1996, Takasbank achieved many innovative projects. At the end of 2005, dematerialization of equities, one of the most crucial projects of Turkish clearing & settlement system, was completed and in 2006, the implementation of dematerialization process was successfully maintained on the integrated system established between Takasbank and the Central Registry Agency. Paving the way for an integrated single capital market, Takasbank continued to work in order to carry the standards of clearing and settlement services to the level of European Capital Markets in terms of providing more efficient and secure clearing and settlement systems for the market participants. Within this context, in 2006, Takasbank was accepted to the membership of ECSDA (European Central Securities Depositories Association). In this framework, one of the major projects of Takasbank is to integrate the DvP settlement process with SWIFT system aiming to provide T+1 pre-matching between the custodian banks and brokerage houses giving service to foreign investors. On the other hand, studies are being carried out to transfer the management of collateral system from the Istanbul Stock Exchange to Takasbank. Through this transfer, the first stage of infrastructure development for a CCP mechanism for the equities market will be achieved. Another important project aiming to provide more efficient and secure settlement system will be providing SWIFT-Concentrator service to market participants who are not direct SWIFT members with considerable cost advantages. These market participants will have access to the SWIFT system through Takasbank network. Studies are still being executed on this project. Within the responsibility of its convenorship of FEAS Affiliate Task Force, Takasbank shared its accumulated experience and knowledge about the implementation of internationally accepted standards on clearing and settlement issues with its peers in FEAS. I believe that the implementation of these standards would enhance the safety and efficiency of the global settlement process and thus, contribute to increasing volumes of cross border transactions among FEAS markets. General Informat›on Takasbank is incorporated as a non-deposit taking 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), • Real time gross DvP “member to member” settlement, • Cash settlement and transfer facilities (domestic and cross-border), • Cross-border settlement and custody services, • Takasbank Money Market, • Securities Lending and Borrowing Market (SLB), • Cash Credits, • Allocation of ISIN for securities issued in Turkey Brief History Takasbank started to function as a department responsible for clearing and settlement services for securities within the ISE in 1988. In January 1991, the operations of that department were transferred to an independent company, the ISE Settlement and Custody Co. Inc., which was then transformed into a sector-specific non-deposit taking investment bank and renamed as Takasbank (ISE Settlement and Custody Bank, Inc.) in 1996. * Please refer to page 80 for the Turkey country report. CONTACT INFORMATION 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 Commerc›al Entity Private sector for-profit company Does Takasbank Act as a Central Counter Party? No for the ISE markets. (However, default procedure is applied for the settlement of the ISE markets). Yes for Turkdex and Takasbank Money Market Regulated by Capital Markets Board Banking Regulation and Supervision Board Central Bank of Turkey. Size of Guarantee Fund (As of December 2006) ISE Equities Market: US$ 26.5 million ISE Bonds and Bills Market: US$ 32 million Ownership Istanbul Stock Exchange (ISE): 32.62% Banks (19): 34.48% Brokerage Houses (67): 32.90% 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) Future Outlook In 2007, Takasbank intends to: • initiate efforts to become a Central Counterparty for equities; • give-up process for Turkdex transactions; • fully automation of cross-border settlement services merged with the SWIFT system; Institute pre-matching facility on T+1 for DvP settlement (among brokers and custodians) for equities via integration of SWIFT and DvP transfer facility; • SWIFT Concentrator Model for enabling non- SWIFT member institutions to reach SWIFT system; • establishment and implementation of a distribution and settlement system for investment fund units on the integrated system with the CRA; • development and expansion of the scope of Investment Fund Custody System; • work towards participation in international organizations; • endeavor to comply with EU directives regarding securities clearing and settlement systems; • contribute to the development of international standards for securities and implementing these standards in Turkey. Contact Name Ms. Filiz Kaya E-mail fkaya@takasbank.com.tr Website www.takasbank.com.tr PAGE 152
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT APRIL 2007 TEHRAN SECURITIES EXCHANGE TECHNOLOGY MANAGEMENT COMPANY (TSETMC) AFFILIATE MEMBER Morteza Khazanedari Managing Director The major project for TSETMC is to implement a new trading solution for the Tehran Stock Exchange (TSE) in the year 2007. TSETMC’s activities for the year 2007 are: The major project for TSETMC is to implement a new trading solution for the Tehran Stock Exchange (TSE) in the year 2007. ATOS Euronext Market Solutions (AEMS) is in the process of integration testing of the new solution based on the customizations required by the TSE. The trading solution is scheduled to be installed on the purchase hardware in early April 2007. This Solution is due to come online in the summer of 2007 after finalization of 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 hand. The post-trade Solution is planned to go live in early 2008. CSD Iran Company is also in the process of becoming an Affiliated Member of FEAS. During the implementation of the new core trade and post-trade solutions, TSETMC is working with major brokerage firms in Iran for the implementation of Brokerage Solution. At the moment, the initial study phase has been finalized and various alternatives for implementation are being evaluated. This Solution would allow e-trading in various markets in Iran. The plan is to introduce financial and commodity derivatives markets in TSE and the newly established Iranian Commodity Exchange in the near future. TSETMC is the main driving force for the introduction of these markets and also their processing. The new Solutions have the functionalities for trade and post-trade activities in Derivatives markets. TSETMC has planned various seminars, lectures, and workshops for derivatives market to educate market participants. TSETMC is an active member of a consortium with the responsibility to establish the Iranian Petroleum Exchange. TSETMC has received the initial agreements for the development of a Lending and Borrowing (LNB) Market for equities. The initial structure and business processes for the LNB market has been identified. TSETMC is in the process to develop the infrastructure and link it with other activities. TSETMC is the main contributor in the development and implementation of international standards in Iran. TSETMC is the main driving force to implement a DVP Model2 for the equity market. In addition, the new CSD Company would become a CCP of the equity market by 2008. TSETMC is providing all the needed infrastructure and risk management mechanisms for them. General Information Tehran Stock Exchange Services Company (TSETMC) is a subsidiary of the Tehran Stock Exchange (TSE). TSETMC was established on June 1994 as an independent company owned by TSE and its members. 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 • function as the National Numbering Agency of Iran Services Provided Trading Maintain Automated Trading System (ATS) Disseminate trade information to interested parties Information and Supporting Provide operational services Manage operational risks Others Provide consultancy Manage the 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, TSE and its members are the sole owners of TSETMC. In November 2006, TSESC renamed to TSETMC. Form of Securities Dematerialized Form of Settlement and Transfers: Book-entry Legal Status Private Joint Stock Company Settlement Period Equities: T+3 Corporate Bonds: T+1 Type of Commerc›al Entity Private sector for-profit company Does TSETMC act as a central counter party? No. However, the plan is to introduce a CCP organization for the Iranian markets in early 2008. TSETMC is driving force for this undertaking. Regulated By Securities and Exchange Organization of Iran (www.sena.ir) Ownership Owned by the Tehran Stock Exchange (TSE) and its members. Memberships to International Organizations Affiliate Member of the Federation of Euro-Asian Stock Exchanges (FEAS) Association of National Numbering Agency (ANNA) Board of Di›rectors: 11 Members Representatives of the TSE and member brokerage companies Future Outlook From March 2006 to March 2007, TSETMC intends to: • lead the implementation of a new trade and post-trade solutions • assist brokerage companies for implementing total solutions especially introduction of e-trading • assist CSD Iran Company in the implementation of a new pos-trade solution • contribute in the introduction of new instruments • Assist in the creation of the Iranian Petroleum Exchange • champion the creation of a Lending and Borrowing market • contribute to the development and implementation of international standards • initiate studies and efforts to introduce CCP * Please refer to page 128 for the Iran country report. CONTACT INFORMATION Contact Name Mr. Houman Farajollahi E-mail houman.farajollahi@tsetmc.com Website www.tsetmc.com PAGE 153
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