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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 CENTRAL REGISTRY AGENCY INC. OF TURKEY AFFILIATE MEMBER CRA moved Turkish Capital Markets one step forward in terms of legal and operational quality, by putting the Central Dematerialization System into operation. Remzi Özbay CEO 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. General Information CRA was established in accordance with the Turkish Capital Markets Law in 2001. CRA serves as the central depository for the following security types: Equities, mutual fund certificates, exchange traded funds and corporate bonds. 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 inhouse. 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 CRA. CRA also manages and represents the Investor Protection Fund. This involves, conducting all the formalities on behalf of the Fund as per the 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 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 CRA is operated as a for-profit organization, its fee schedule is approved by 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 International Securities Services Association (ISSA) 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. 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 following development in this regard would be the inclusion of repo and reverse repo trades into the dematerialized system. Transaction Volumes Members 540 (387 Being Issuers, 153 Being Intermediaries) End-Users 1602 Daily Transactions +2,800,000 Accounts 17,130,183 Investors 5,381,708 Accounts Showing Balance 3,663,659 Total Reports Accessed By End-Users 1,435,811 Market Value Of Securities Deposited Equities Usd.87,943,785,023 Mutual Funds Usd.16,000,982,764 Exchange Traded Funds Usd.41,572,333 Corporate Bonds Usd.69,132,271 Monetary Value Of Dividends Processed Usd.14,282,170,051 Average Value Of Daily Transactions Usd.785,149,564 * Please refer to page 82 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 150
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 MISR FOR CLEARING, SETTLEMENT & CENTRAL DEPOSITORY AFFILIATE MEMBER The largest central registry firm among the major and emerging markets in the world, MCSD’s goal is a secure, stable and encouraging investment environment Mohamed S. Abdel Salam Deputy Chairman & Managing Director MCSD was established at the end of 1994 to complete the infra structure of the Egyptian capital market. In time, MCSD has become the largest central registry firm among the major and emerging markets in the world. MCSD’s does not spare any efforts to maintain the highest standard of services provided to the Egyptian market. As a result of its qualified performance, MCSD was awarded the International Gold Star for Quality in Geneva in 2001. For significant contribution to the business world, for high standing and professionalism demonstrated by prestigious performance, Business Initiative Directions (BID), presented its special recognition award to MCSD. Also MCSD was granted the highest level of efficiency, following the results of an assessment panel of depository companies conducted by JPMorgan-Chase, with a score of 1.25 points on a scale of 1 to 3 where depository that closely resemble the best practice is rated 1, meet some of the requirements but not fully meet the preferred practice rated 2 and finally depositories that are deficient are rated 3. The assessment revealed that MCSD has abided by all the rules and high standards set by the SEC in Rule 17f-5 which have been developed to be more strict as compared to Rule 17f-7 in order to secure American foreign investments. A secure, stable and encouraging investment environment is the goal of MCSD. Role of the Depository MCSD is the sole Egyptian CSD providing clearing and settlement services to the Cairo and Alexandria Stock Exchanges (CASE). MCSD operates both the depository and the clearing house. It is a not for-profit private company owned by the stock exchanges, local banks and its participants. It was incorporated under the Capital Market Law No 95 of 1992, commenced operations in October 1996 and is currently governed by the Depository and Central Registry Law No 93 of 2000. It is regulated by the Capital Markets Authority (CMA). Use of the central depository in the market for settlement and safekeeping is compulsory by law, where securities in the depository are held in certificated form. Equities are held via bookentry, with certificates immobilized in MCSD's vaults. All securities are treated as fungible and may be transferred or pledged by bookkeeping entry without actual physical delivery. MCSD’s authorized capital is LE 50 million, issued capital is LE 40 million and paid capital is LE 18.75 million. MCSD main activities & services 1. Clearing and settlement of operations executed at CASE. 2. Central depository and registry of all listed and unlisted securities 3. Management of securities accounts for custodian banks and issuers. 4. Handling corporate actions (cash and stock dividends etc) according to the issuers’ assemblies’ decisions. 5. Management of the Settlement Guarantee Fund to eliminate suspended movements due to brokers’ defaults (securities and/or cash). 6. Management of a pledge system for all securities lodged into the central depository. 7. Repatriation of international investors’ funds. 8. Customer servicing through the MCSD’s front office, the call center, the internet, the SMS and finally through direct phones or faxes. Legal Status Private Joint-Stock Company Type of Commercial Entity Not for-profit company Regulated by Depository and Registry law number 93 of year 2000 Form of Securities Immobilized in the book entry form Form of Settlement Net cash settlement, gross securities settlement Settlement Dates T+1 Treasury Bonds T+2 Active securities T+3 Dematerialized securities T+4 Physical securities CONTACT INFORMATION Contact Name Mohamed S. Abdel Salam E-mail m.abdsalam@mcsd.com.eg Website www.mcsd.com.eg Address 70 El-Gomhoria St., P.O. Box 1536 Attaba, Cairo, Egypt Phone +202 5971 522-505-506-509 Fax +202 5971 670-523 * Please refer to page 70 for the Egypt country report. PAGE 151
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