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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010TAKASBANK ISE SETTLEMENT AND CUSTODY BANK INC.AFFILIATE MEMBERTakasbank has accomplished manyinnovative projects and created newmechanisms in the year 2009.Emin CatanaPresident & CEOTakasbank has accomplished many innovativeprojects and created new mechanisms in the year2009 aiming at enhancing market efficiency andupgrading the services provided to the marketparticipants. During the course of the year, althoughdifficulties arising from the sub-prime mortgage crisisincreased its pace, Takasbank, with the knowledge ofthe need for a more reliable and stable technical andoperational infra-structure in crisis times, showedremarkable progress in terms of developing the infrastructureunderpinning Turkish capital market clearing& settlement systems.Takasbank, as the convenor of FEAS Affiliate TaskForce (TF), organized the fifth meeting of the TaskForce (TF) combined with a Workshop and hostedthese meetings in Antalya on 22-23 October 2009together with Central Registry Agency (CRA). In thesemeetings, TF endeavored to increase the number ofmembers of the FEAS Task Force, thereby to shareviews, information and provide more harmonizationon a wider platform in the FEAS region. Post-tradeinstitutions operating in the FEAS region were invitedto be a member of the Task Force in order to createan opportunity to exchange views and experience onthe key issues in the industry and respective markets.Also TF aimed to express the importance ofharmonization of clearing, settlement and custodyservices in cross border transactions in the FEASregion and emphasized the importance of theintegrity of post-trade systems through effectivebusiness continuity management.Within this framework, Takasbank, with thecooperation of the Affiliate Task Force Members andFEAS Secretariat prepared the “Business Continuityand Disaster Recovery Standards and Best Practicesfor Post-Trade Institutions” leaflet and distributed toall FEAS members at the fifth meeting of the TF. Itwas also underlined that business contingencystandards advice international best practice inbusiness continuity of the post-trade institutions.These best practices include creation andimplementation of improvements in operational riskmanagement practices, further harmonization ofglobal, legal and regulatory environment andimproved business continuity for providers of posttradeservices.In addition to these, a sub-working group was formedunder the convenorship of Takasbank. This subworkinggroup aimed to analyze local infrastructuresfor interoperability among the post trade institutionsas a vehicle facilitating cross border transactions, toadvise on how to minimize the settlement risk of thebrokerage houses in cross border transactions aswell as to study on the feasibility of establishment ofa link-up among the post trade institutions in theFEAS Region.In 2009, Takasbank and Muscat Depository &Securities Registration Company (MDSRC) signed aMemorandum of Understanding (MoU) in order toestablish a mutually beneficial relationship betweentwo institutions. This agreement aims to serve thegoal of improving performance and internationalcompetitiveness through mutual exchange ofinformation, know-how and training activities.In order to enhance its international exposure,Takasbank applied to World Federation of Exchanges(WFE) for membership and granted “AssociateMembership” during the last quarter of 2009. Withthis membership, Takasbank aims to gain access toglobal capital markets and thus, pursue the latestdevelopments for capital markets.General InformationTakasbank is incorporated as a non-deposit takinginvestment bank and is authorized by the CapitalMarkets Board of Turkey to function as: the Clearingand Settlement Institution for the ISE markets, theClearing House for the Turkish DerivativesExchange, the National Numbering Agency of Turkeyand the Custodian for the Mutual Funds andPension Funds incorporated in Turkey.Services Provided• Central clearing and settlement for the organizedmarkets of ISE and Turkish Derivatives Exchange(TurkDEX),• Cash settlement and transfer facilities (domesticand cross-border),• Cross-border settlement and custody services,• Real Time Gross DvP settlement (among brokersand custodians) for equities via integration withSWIFT system• Takasbank Money Market,• Securities Lending and Borrowing Market (SLB),• Cash Credits,• Allocation of ISIN for securities issued in TurkeyBrief HistoryTakasbank started as a department within theIstanbul Stock Exchange (ISE) in 1988, and originallydealt with the provision of settlement services forsecurities traded by the members of the ISE. InJanuary 1992, the operations of that departmentwere transferred to an independent company, theISE Settlement and Custody Co. Inc., which was setup under the shareholdership of the ISE and itsmembers. This company was then transformed intoa sector-specific bank and renamed Takasbank (ISESettlement and Custody Bank, Inc.) in 1996.* Please refer to page 96 for the Turkey country report.Form of SecuritiesDematerializedForm of Settlement and Transfers:Book-entryLegal StatusJoint stock companySettlement PeriodEquities: T+2Bonds and Bills: T+0Derivatives: T+1Type of Commercial EntityPrivate sector for-profit companyDoes Takasbank Act as a CentralCounter Party?Takasbank acts as a Central Counter Party forTurkDEX, but does not act as a Central CounterParty for ISE markets.Regulated byCapital Markets BoardBanking Regulation and Supervision AgencyCentral Bank of Turkey.Size of Guarantee Fund(As of December 2009)ISE Equities Market: US$ 35 millionISE Bonds and Bills Market: US$ 42 millionOwnershipIstanbul Stock Exchange (ISE): 32.63%Banks (19): 34.48%Brokerage Houses (66): 32.89%Board of Directors: 11 MembersIstanbul Stock Exchange: 4Banks: 3Brokerage Houses: 2Capital Markets Board: 1and the President and CEO of Takasbank.Memberships to International OrganizationsAssociation of National Numbering Agency (ANNA)International Securities Services Association (ISSA)Society for Worldwide Interbank Telecommunications(SWIFT)Association of European Central SecuritiesDepositories (ECSDA)Federation of Euro-Asian Stock Exchange (FEAS)Institute of International Finance (IIF)Organization of Islamic Conference (OIC)World Federation of Exchanges (WFE)Future OutlookIn 2010, Takasbank intends to:• Continue its efforts to become a CentralCounterparty for equities and establish a centralcollateralization system• Contribute to the development of internationalstandards for securities and implementing thesestandards in Turkey.•Establishment and implementation of ElectronicTrading Platform for Commodities Exchange;•Development and integration of the collateral andrisk management software for Turkdex Optionsmarket;• Development of an Electronic Fund Platform tocreate a larger distribution channel for marketparticipants;•Development of an Options Market Clearing andSettlement infra-structure;•Integration of SWIFT and DvP settlement system forCorporate Action transactions.CONTACT INFORMATIONContact Name Ms. Filiz Kaya E-mail international@takasbank.com.tr Website www.takasbank.com.trPAGE 174
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010TEHRAN SECURITIES EXCHANGE TECHNOLOGY MANAGEMENT COMPANY (TSETMC)AFFILIATE MEMBERThe major project for TSETMC is toimplement a new trading solution for theTehran Stock Exchange (TSE) in the year2008.Morteza KhazanedariManaging DirectorTSETMC’s activities for the year 2008 are:The major project at TSETMC is to implement anew trading solution for the Tehran StockExchange (TSE) in the year 2008. The tradingsolution was installed on the purchased hardwarein early April 2007. This Solution is due to comeonline in the winter of 2008 after finalization ofinternal and external User Acceptance Testing(UAT). TSETMC is also assisting the newlyestablished CSD Iran Company for theimplementation of a new post-trade solution.TSETMC has a very close relationship with CSDIran Company since all of the post-trade activitieswere the responsibility of TSETMC before theenactment of the Capital Market Act by theIranian Parliament in 2005. CSD Iran Company isalso an Affiliated Member of FEAS.During the implementation of the new core tradeand post-trade solutions, TSETMC is assistingmajor brokerage firms in Iran for theimplementation of Brokerage Solutions.The plan is to introduce financial and commodityderivatives markets in TSE and the newlyestablished Iranian Mercantile Exchange (IME) inthe near future. TSETMC is supporting theintroduction of these markets and also their tradeand post-trade processing. TSETMC is an activemember of a consortium with the responsibility toestablish the Iranian Petroleum Exchange.TSETMC is the main contributor in thedevelopment and implementation of internationalstandards in Iran. TSETMC is helping theimplementation of a DVP Model2 for TSE’s equitymarket. In addition, the new CSD Companywould become a CCP of the equity market by2010. TSETMC is involved with CSD Iran for theprovision of needed infrastructure and riskmanagement mechanisms.Other ProjectsFinancial Information Processing of Iran (FIPI)TSETMC started a new project titled "FinancialInformation Processing of Iran" (FIPI). The mainobjective of the project is to establish a DataWarehouse to gather and maintain all importantinformation and data in Iranian financial markets.Stored data and information are processed anddelivered via different mediums (such as a website,Decision Support Systems and Standard reports) tovarious users.Digital Signature CertificateTSETMC defined a new project with Iranian CommerceMinistry to become a Certified Authorization (CA) bodyfor the Iranian Capital Market. Iranian Ministry ofCommerce acts as a root CA in Iran and authorizedTSETMC to provide Digital Signature Certificate tocapital market’s participants. Such certificate has a vitalrule in electronic commerce as both parties couldtransact digitally with very high level integrity, privacy,authentication and none-repudiation.General InformationTehran Stock Exchange Services Company (TSETMC)is a subsidiary of the Securities and Exchange (SEO) ofIran. SEO regulates and overseas the Iranian capitalmarket. TSETMC was established on June 1994 as anindependent company owned by Tehran StockExchange (TSE) and its members. With theimplementation of the new Capital Market Act by theIranian Parliament, SEO was established and theownership of TSETMC was transferred to SEO. TheTSETMC’s main function is to develop, maintain,operate, and promote systems for all stages of thetrade-cycle services in Iran.Specifically, TSETMC is responsible to:• maintain all hardware and software used for tradeand post trade activities• develop and enhance existing software applications• provide consultancy and technical advice to mainexchanges in Iran• act as a financial information processor for theIranian financial market.Services ProvidedTradingMaintain Automated Trading System (ATS)Disseminate trade and financial information tointerested partiesInformation and SupportingProvide operational servicesManage operational risksOthersProvide consultancyManage TSE data centersImplement specialized softwareBrief HistoryTSETMC started its operation as a subsidiary of theNational Informatics Corporation (NIC) of Iran in July1984. Originally, TSETMC developed, maintained andoperated the computerized system of TSE used fortrade and post-trade activities. In June 1994, TSETMCwas incorporated as an independent company underthe ownership of the TSE, its members, and NIC.Currently, Securities and Exchange (SEO) of Iran is thesole owners of TSETMC.Form of SecuritiesDematerializedForm of Settlement and Transfers:Book-entryLegal StatusPrivate Joint Stock CompanySettlement PeriodFor TSE Markets:Equities: T+3Corporate Bonds: T+1Type of Commercial EntityPrivate sector for-profit companyDoes TSETMC act as a central counter party?No.Regulated BySecurities and Exchange Organization of Iran(www.seo.ir)OwnershipOwned by the Securities and Exchange Organization(SEO) of IranMemberships to International OrganizationsAffiliate Member of the Federation of Euro-Asian StockExchanges (FEAS)Board of Directors: 3 MembersRepresentatives of the Securities and Exchange (SEO)of IranFuture OutlookFrom March 2008 to March 2009, TSETMC intends to:• Lead the implementation of a new trading solution• Assist CSD Iran in the implementation of a post-tradesolution• Assist brokerage firms for implementing totalbrokerage solutions• Lead efforts for implementation of Straight ThroughProcessing (STP)• Contribute in the introduction of new instruments• Assist in the creation of the Iranian PetroleumExchange• Perform studies for creation of a Lending andBorrowing market• Contribute to the development and implementation ofinternational standards• Initiate studies and efforts to introduce CCP at CSDIran• Release the first phase of Financial InformationProcessing project• Continuing the Digital Signature Certificate project* Please refer to page 148 for the Iran country report.CONTACT INFORMATIONContact Name Mr. Houman Farajollahi E-mail houman.farajollahi@tsetmc.com Website www.tsetmc.comPAGE 175
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