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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010CENTRAL REGISTRY AGENCY INC.Dr. Yakup ErgincanCEOCRA is the Central Securities Depository ofTurkey for dematerialised capital marketinstruments that are traded in Turkishcapital markets.Central Registry Agency Inc. (CRA) is theCentral Securities Depository of Turkey fordematerialised capital market instruments -equities, mutual funds, exchange traded funds,corporate bonds, commercial papers and bankbonds- that are traded in Turkish capitalmarkets.CRA was established in accordance with theTurkish Capital Markets Law in 2001, and itbecame fully operational on November 28,2005 -the date when all equity certificatestraded at the Istanbul Stock Exchange becamedematerialised. Between April 2005 and March2006, all mutual fund certificates weredematerialised at the CRA platform. In August2006, after approximately 5 years, firstcorporate bond in Turkish Capital Markets wasissued through CRA.All transactions regarding dematerialisedcapital market instruments, such as opening ofinvestor accounts, transfer of securities forsettlements, transfer of securities as collaterals,corporate actions, legal operations andreporting, are conducted by CRA participantsvia the central registry software, CDS, aproprietary software developed in-house.CRA also acts as the securities agent for onexchangesettlements of equities traded at theISE and real time settlements of equities forSecurities Lending and Borrowing facility ofTakasbank.Issuers as participants of CRA, can benefitfrom all custody services for non-floatingshares. CRA also offers a full range ofcorporate action facilities including rightsissues, interest and dividend distributions,stock splits, conversions and mergers enablingissuers to deliver new securities and cash toinvestors.Investor services are a key element of ourbusiness. As such, we provide accountinformation and market statistics to investorsvia our WebInvestors portal, e-CAS, SMS, IVRand call center. We also provide shareholderservices for general meetings.CRA manages and represents the InvestorProtection Fund, a crucial tool in constitutinginvestor confidence in Turkey. Our tasksinvolve, conducting all the formalities on behalfof the Fund according to the applicableregulatory provisions and implementingliquidation formalities of intermediaryinstitutions, which are subject to administrativeliquidation per the Capital Markets Board ofTurkey (CMB) resolution.CRA continues to increase the variety of itsproducts and services. Since the end of thedematerialisation process for physical equitiesand mutual funds CRA has been working toextend the range of assets held in its electronicbook-keeping system. We are also working onjoint projects with our partners which will bringabout necessary improvements to the Turkishcapital market infrastructure in order toconform to international sector standards intechnology and custody services.As a member institution, CRA has been activelyparticipating in various working projects andinformation sharing networks withininternational industry associations such as theAssociation of European Central SecuritiesDepositories (ECSDA) and the InternationalSecurities Services Association (ISSA). Ourexperts closely monitor the harmonisationefforts in the European post-trade sector andthe ongoing post-crisis standard setting atglobal level.Furthermore, as an affiliate member of theFederation of Euro-Asian Stock Exchanges(<strong>FEAS</strong>) our depository contributes to thedevelopment of capital markets in the regionby bringing our expertise and technologicalknow-how into various collaborations withregard to the regional post-trade industry.CONTACT INFORMATIONAddress 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 34
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010FINANS ASSET MANAGEMENTFinans Asset Management offers investorsto get exposure to Turkey through a widevariety of innovative products.C. Ozgur GuneriExecutive PresidentTurkish economy has proved to be one of thefastest recovering economies following a sharpdeterioration in major economic indicators in2009 driven by the worst global turmoil sincethe World War II. Solid financial institutions,economic and social reforms which took effectsince the beginning of the decade, significantexperience of the Turkish business communityin crises management, relatively strongerpublic balance sheet have all played role tosome extent in the economic upturn.Turkish banking sector has remained profitablethroughout the crisis. With its strong capitalbase, the banking industry in Turkey continuedto provide jobs, support the vital functions ofthe economy and facilitate financial markets tocontinue to remain healthy. Turkey is expectedto benefit more from healthy financial sectorthrough a rapid recovery and create theinfrastructure towards long-term sustainablegrowth of the economy.Turkey is believed to be one of the key growthdrivers of economy not only in its region butglobally as well. Turkey’s encouragingdemographics, rapid urbanization, unsaturatedconsumer markets, favourable socio andeconomic indicators and increasing impact onregional politics well position Turkey to make aleap forward in terms of secular development.For this reason, local and foreign investors areincreasingly trying to develop strategies tobenefit from excellent prospects of Turkeythrough direct and portfolio investments. Alongwith changes of expectations on a globalscale, investors investing in Turkey look forwardto new products that will enable them to benefitfrom bright prospects of the country.Finans Asset Management continues to focuson offering the widest range of financialproducts and plans to offer new products forlocal and foreign investors. Exchange tradedfunds have been a major tool for investors toinvest directly to the performance of Turkishequities or fixed income assets. Finans AssetManagement currently offers six exchangetraded funds which track the performance ofTurkish equities and fixed income with differentstrategies.Investors’ needs and expectations have beenchanging rapidly following the unpleasantmemories of the recent global crises. Investorsnow seek for financial products which offerflexibility, transparency, ease of transaction.Changing investor needs have already startedshaping the future of financial products.Finans Asset Management, the issuer of manyinnovative financial products in Turkey andEmerging Europe for the first time, will continueto play a significant role to shape the future offinancial products in Turkey.Award winning exchange Traded Funds offeredby Finans Asset Management continues toattract high foreign investor interest with manyadvantages such as diversification, coreholding, flexibility, continuous pricing,transparency, ease of transaction and ease ofoperations.As a part of its strategy, Finans AssetManagement issued the first exchange tradedfund (ETF) based on Istanbul Stock Exchange(ISE) Index. Based on ISE National 30 Index,IST30 ETF has been listed on the IstanbulStock Exchange since April 2009. IST30 is thefirst ETF in Turkey that offers cash market andfutures market simultaneously. Finans AssetManagement is currently working on the firstmulti market ETF in Turkey. The first joint indexdeveloped by the Istanbul Stock Exchange,Greece-Turkey 30 Index will be used as thebasis for GT 30 Greece-Turkey ETF. Diversesector breakdown of GT30 will offer investorsto invest in a basket of stocks and gainexposure to various sectors such as telecoms,shipping, retail, and refinery.In addition to Exchange Traded Funds, FinansAsset Management also offers capitalprotected funds, actively managed funds withvarious strategies and the first fund of funds inTurkish market.Finans Asset Management believes in creatingvalue for investors through transparent andefficient products which enables investorscapturing the performance of rapidly growingTurkish market in the most efficient way.CONTACT INFORMATIONContact Name Mr. C. Ozgur Guneri E-mail ozgurg@finansportfoy.com Website www.finansportfoy.comPAGE 35
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