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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 SECURITIES DEPOSITORY CENTER (SDC) OF JORDAN AFFILIATE MEMBER Samir Jaradat Chief Executive Officer The Securities Depository Center (SDC) has made a qualitative leap in the Jordan Capital Market by establishing a national center for registry, depository and clearing and settlement of securities. The SDC is an integral part of a transparent, viable, fair, and The SDC is an integral part of a transparent, viable, fair, and efficient equities market in Jordan that has inspired domestic and international investor confidence and contributed to the wealth of the nation. efficient equities market in Jordan that has inspired domestic and international investor confidence and contributed to the wealth of the nation. The SDC has implemented stateof-the-art technology to perform its responsibilities. Role of the Depository The SDC is a public utility institution established in the Hashemite Kingdom of Jordan by virtue of the Securities Law. The SDC commenced operation in May 1999 and is the only entity in Jordan that is legally empowered to oversee the registration of securities, deposit of securities, transfer of ownership, safekeeping of securities and clearing and settlement of securities transactions. The SDC is one of the most important institutions in Jordan’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 SDC implemented a delivery-versus-payment (DVP) settlement protocol. DVP, a globally recommended settlement methodology that ensures the simultaneous delivery of securities against final payment of funds. Financial settlements are currently conducted via the Central Bank of Jordan’s Real Time Gross Settlement System. The SDC also developed the “Securities Central Operation Registry Processing Information Online (SCORPIO)” system. SCORPIO, an SDC-designed and implemented system, is bilingual and it provides a complete solution for the registration, deposit and clearing and settlement. The SDC offers different services to investors in securities including pledging services, providing investors with statements of their securities balances that show the securities owned by them and their distributions among members; in addition to providing investors with the ability to freeze their securities in the central registry. Participation Criteria The SDC's membership is composed of public shareholding companies, public issuers, brokers and custodians Eligible Pledgee Pledgees are not considered members in that capacity Issuers Membership is obligatory for public shareholding companies by virtue of the Securities Law. Size of Guarantee Fund JD 29,468,000, US$ 41,844,560 Does the SDC act as a central counter party No Memberships in other International Organizations The International Organization of Securities Commissions (IOSCO) Association of National Numbering Agencies (ANNA) Africa & Middle East Depositories Association (AMEDA) Federation of Euro-Stock Exchanges (FEAS) Union of Arab Stock Exchanges Legal Status Public utility institution Type of Commercial Entity Not for profit Regulated by Jordan Securities Commission Form of Securities Dematerialized Form of Settlement Book Entry CONTACT INFORMATION Contact Name Mr. Samir Jaradat E-mail ceo@sdc.com.jo Website www.sdc.com.jo Address The Securities Depository Center (SDC) 2nd Floor -Capital Market Building, Al-Mansour Bin Abi Amer Street Al-Abdali Area, Al-Madina Al-Riyadiya District, Amman, The Hashemite Kingdom of Jordan P.O.B. (212465) Amman 11121 Jordan PAGE 152 * Please refer to page 36 for the Jordan country report.
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 TAKASBANK ISE SETTLEMENT AND CUSTODY BANK INC. AFFILIATE MEMBER As one of our most important goals in the near future, I would like to point out our intention to become a CCP for equities as such in derivatives. Emin Çatana President & CEO There have been several developments within Takasbank in 2005. Dematerialization of equities was completed in November 2005 and clients’ safekeeping accounts were transferred from Takasbank to Central Registry Agency (CRA). Those book-entry records were automatically registered by CRA in line with the dematerialization process and recorded to beneficial owner level. Takasbank will maintain its functions as the clearing and settlement institution for the Istanbul Stock Exchange facilitating the omnibus account with the CRA for securities settlement purposes. CRA and Takasbank systems will be fully interlinked in real-time, so calculated securities transfers will be reflected 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, • SLB Market, • Cash Credits, • Allocation of ISIN for securities issued in Turkey Brief History Takasbank, started as a department within the ISE in 1988, and originally dealt with the provision of settlement services for securities traded by the members of the ISE. In January 1991, 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 bank and renamed Takasbank (ISE Settlement and Custody Bank, Inc.) in 1996. * Please refer to page 82 for the Turkey country report. CONTACT INFORMATION in the CRA instantaneously. Real time gross DvP “member to member” settlement will continue to be executed via Takasbank system. Along with the activation of the CRA, the organized Securities Lending Borrowing (SLB) Market operated by Takasbank commenced its operations in November 2005. The establishment of SLB Market improves the efficiency of securities settlement and, consequently, liquidity in the market. Furthermore, as of September 2005, Takasbank, along with all local banks in Turkey, started defining an International Banking Account Number (IBAN) for all cash accounts in its records and start accepting cash transfers with IBAN details. 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 Ent›ty 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. S›ze of Guarantee Fund (As Ofjune 2006) ISE Equities Market: US$ 23.2 million ISE Bonds and Bills Market: US$ 28 million Ownership ISE: 31.52% Banks (20): 34.48% Brokerage Houses (70): 34% As one of our most important goals in near future, I would like to point out our intention to become a CCP for equities as such in derivatives. In the framework of FEAS efforts, a dedicated Task Force with the leadership of Takasbank, was set up including the participation of affiliate members to study issues that added value to FEAS markets. I am pleased to say that, Takasbank as a very active and respected participant of the International Securities Industry, is excited and ready to exchange views and ideas on securities services with our peers at FEAS and to share our experience and knowledge in Turkey and in the international markets. 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) Board of Directors: 11 Members ISE: 4 Banks: 3 Brokerage Houses: 2 Capital Markets Board: 1 and the President and CEO of Takasbank. Future Outlook In 2006, Takasbank intends to: • work towards participation in international organizations; • endeavor to comply with EU directives regarding securities clearing and settlement systems; • initiate efforts to become a Central Counterparty for equities; • move to T+1 as settlement date for TurkDEX; • 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. • complete Takasbank Money Market remote access project by the first quarter of 2006; • contribute to the development of international standards for securities and implementing these standards in Turkey; • enhance in cross-border settlement and custody services. Contact Name Ms. Filiz Kaya E-mail fkaya@takasbank.com.tr Website www.takasbank.com.tr PAGE 153
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