Download - FEAS

More documents

Recommendations

Info

FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010AFFILIATE MEMBER PROFILESCentral Registry Agency Inc. 167Central Securities Depository of Iran 168Macedonian Central Securities Depository 169National Depository Center of Azerbaijan 170Misr for Clearing, Settlement & Central Depository 171Securities and Exchange Brokers Association of Iran (SEBA) 172Securities Depository Center (SDC) of Jordan 173Takasbank - ISE Settlement and Custody Bank, Inc. 174Tehran Securities Exchange Technology Management Company (TSETMC) 175The Association of Capital Market Intermediary Institutions of Turkey 176PAGE 166
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010CENTRAL REGISTRY AGENCY INC.AFFILIATE MEMBERDr. Yakup ErgincanCEOOver the past four years since thedematerialization process for equities andmutual funds began CRA has been workingto extend the range of assets held in itselectronic book-keeping system.The adverse effects of the global financial crisisthat heavily hit the world markets by the lastquarter of 2008 were mostly felt in last year.We believe that ensuring a trusted post-tradeinfrastructure will be one of the crucial elementsto constitute investor confidence towards a fulleconomic recovery.Through the crisis capital markets regulators allover the world emphasized the role of safe andsecure financial infrastructures to prevent furthercrisis in the future. It is now widely accepted thatcountries should review and adapt theirinfrastructures to reflect the new risk managementrequirements. CRA’s efforts in this framework toimplement an information security system atglobal standards has been awarded with theprestigious ISO/IEC 27001:2005 certification bySGS United Kingdom in 2009.Over the past four years since thedematerialization process for equities andmutual funds began CRA has been working toextend the range of assets held in its electronicbook-keeping system. In this regard, the issue ofthe first dematerialized bank bills was one of thehighlights of 2009 for us. Other asset types,including warrants, are expected to be added tothe depository held securities this year.In 1 June 2009 we have finalized the first phaseof the SWIFT Integration Project in cooperationwith Takasbank which will allow CRA todisseminate corporate action information viaSWIFT by ISO compliant messages based oninformation provided by issuers through oursystem. This project will take us one step closerto the full automization of corporate actionsprocesses which will bring dramatic reductions incosts and operational risk.Aside from managing the Investors ProtectionFund investor services that are targeted tominimize any viable risks and/or operationalerrors has been one of the primary businessconcentration areas of CRA. To this end, weintroduced the new Electronic Customer AlertSystem (e-CAS 2.0) which will send accountmovement notifications to investors through SMSand e-mail messages, even without such aninvestor request. In its later phases the systemwill prevent specific account activities forunsubscribed investors and restrict sometransactions conditional on investor confirmation.We are looking forward to react to the challengesof a new era in the global financial system andthe post-trade industry We will be working closelywith our stakeholders to assist in achieving suchan immense goal.History and DevelopmentCRA was established in accordance with the Article10/A of the Turkish Capital Markets Law in 2001 as thecentral depository for and registrar of dematerializedcapital market instruments comprising equities, mutualfunds, exchange traded funds, corporate bonds andcommercial papers and rights affixed thereon withrespect to issuers, intermediary institutions, andbeneficial owners.In November of 2005, all stock certificates traded atthe Istanbul Stock Exchange, including the certificatesformerly kept at Takasbank (ISE Settlement andCustody Bank), were dematerialized. Between April2005 and March 2006, all mutual fund certificateswere dematerialized on the CRA platform. In August2006, after approximately 5 years, first corporate bondin Turkish Capital Markets was issued through CRA. InSeptember 2009 first dematerialized bank bills wereissued.All depository operations regarding dematerializedcapital market instruments (e.g. opening of investoraccounts, corporate actions, securities issues) areconducted by CRA participants via the CentralDematerialization System software, CDS, a proprietarysoftware developed in-house. CRA also acts as thesecurities agent for on-exchange settlements ofequities traded at the ISE and real time DVPsettlements of equities for Securities Lending andBorrowing facility of Takasbank through the integratedsystem with Takasbank.CRA also manages and represents the InvestorsProtection Fund, an investor protection scheme againstCONTACT INFORMATIONobligations arising from equities transactions ofintermediary institutions and banks for which aliquidation or bankruptcy decision is made byregulatory authorities.Form of SecuritiesDematerialized.Legal StatusJoint stock company.Type of Commercial EntityFor-profit, user-owned joint stock company.Regulated byCRA’s overall functions are subject to the oversight andapproval of the CMB.Size of the Investors ProtectionFundUS$ 119 million.(as of year end)Ownership30% Istanbul Stock Exchange (ISE)64.9% ISE Settlement and Custody Bank (Takasbank)5% The Association of Capital Market IntermediaryInstitutions of Turkey (TSPAKB)0.1% Istanbul Gold Exchange (IGE)Board of Directors: 7 MembersThe Capital Markets Board of Turkey (CMB): 1 (Chairman)ISE: 2Takasbank: 2TSPAKB: 1CRA: 1 (CEO of CRA)Memberships to InternationalOrganizationsEuropean Central Securities Depositories Association(ECSDA)International Securities Services Association (ISSA)Future OutlookCRA and Takasbank's integrated SWIFT system wentlive on 1 June 2009, and has allowed CRA todisseminate corporate action information via SWIFT byISO compliant messages based on informationprovided by issuers through the CDS. The servicewhich mainly targets foreign institutional investors is thefirst phase of Takasbank and CRA’s SWIFT integrationproject.CRA also finalized a number of projects whichimproved the level of investor services provided by thedepository. CRA’s Web Investor page through whichinvestors can get information and apply investorblockages on their securities holdings has beenrevamped. The new interface now allows investors toget visual data on their portfolios.Furthermore, CRA’s Electronic Customer Alert System(e-CAS), which was developed as a precaution againstany errors or misusages concerning investors’securities, has been upgraded last year. The new e-CAS 2.0 will now send account movement notificationsthrough SMS and e-mail messages, even without aninvestor request, to minimize or remove viable risks.CRA was also awarded with ISO 27001 informationsecurity certification by SGS United Kingdom in 2009.* Please refer to page 96 for the Turkey country report.Address Askerocagi Cad. Suzer Plaza No: 15 Kat: 3 34367 Elmadag/IstanbulTel +90 (212) 334 57 00 Fax +90 (212) 334 57 57Contact Name Mr. Ozgur Uysal E-mail ozgur.uysal@mkk.com.tr Website www.mkk.com.trPAGE 167
Page 6 and 7:
FEDERATION OF EURO-ASIAN STOCK EXCH
Page 8 and 9:
Page 10 and 11:
Page 12 and 13:
Page 14 and 15:
Page 16 and 17:
Page 18 and 19:
Page 20 and 21:
Page 22:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 32 and 33:
Page 36 and 37:
Page 38 and 39:
Page 41 and 42:
Page 43:
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
Page 104 and 105:
Page 106 and 107:
Page 108 and 109:
Page 110 and 111:
Page 112 and 113:
Page 114 and 115:
Page 116 and 117:
Page 118 and 119:
Page 120 and 121: FEDERATION OF EURO-ASIAN STOCK EXCH
Page 212: FEDERATION OF EURO-ASIAN STOCK EXCH
show all

Download - FEAS

Create successful ePaper yourself

Delete template?

Save as template?