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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 TAKASBANK-ISE SETTLEMENT AND CUSTODY BANK, INC. Emin Catana President and CEO TAKASBANK IN GENERAL Takasbank (ISE Settlement and Custody Bank Inc) is incorporated as a non-deposit taking banking institution and is authorized by the Capital Markets Board of Turkey to function as: the Central Securities Depository of Turkey, the Clearing and Settlement Institution for ISE markets, the Clearing House for the Turkish Derivatives Exchange, the National Numbering Agency of Turkey, the Custodian for the Mutual Funds and Pension Funds incorporated in Turkey. Takasbank is owned by the ISE (26%) and by the members of the ISE (20 banks and 70 brokerage houses with 40% and 34% stake in the share capital, respectively). Participants of Takasbank are the members of the Istanbul Stock Exchange, clearing members of the Turkish Derivatives Exchange, institutional investors and issuers. Services provided by Takasbank includes safekeeping of physical securities, custody and transfers of securities in book-entry form, the execution of corporate actions, web based monitoring service for investor subaccounts, central clearing and settlement for the ISE organized market (based on multilateral netting), real time gross DvP “member to member” settlement, settlement and custody for foreign securities, cash settlement and transfer facilities (domestic and cross-border), Takasbank Money Market, securities lending and borrowing, cash credits, clearing house services for the Turkish Derivatives Exchange and allocation of ISIN for securities issued in Turkey. Takasbank is an active member of international organizations such as ANNA, ISSA and is also member and user of the PAGE 12 In 2005, Takasbank has become the clearing and settlement center for all transactions in spot/derivatives markets of the organized markets in Turkey. SWIFT communications network. Currently equity investors’ holdings are recorded in the sub-accounts of the participants at Takasbank. Dematerialization of securities is planned to be accomplished by the 4th quarter of 2005. The Central Registry Institution that is already set up with 65% shareholdership of Takasbank, will be responsible for holding the register of the dematerialized securities in Turkey. On February 4th, 2005, the Turkish Derivatives Exchange (TurkDEX) commenced its operations with a variety of contracts including commodities and financial futures. Takasbank is appointed and authorized as the Clearing House for TurkDEX. Thus, Takasbank has become the clearing and settlement center for all transactions in spot/derivatives markets of the organized markets in Turkey. TAKASBANK AS THE CLEARING HOUSE FOR TURKDEX Takasbank acts as a buyer to every seller and a seller to every buyer in each trade executed at TurkDEX. In accordance with the regulations, Takasbank guarantees the derivatives market liquidity and safety with the deposited margins and the Guarantee Fund resources. Takasbank is the guarantor for TurkDEX trades with a limited liability. This liability is underlined in the 78-79th article of TurkDEX regulations. Takasbank’s main functions regarding with the derivatives market and the Clearing House Operations are as follows: • Approval of clearing members. • Central counterparty for TurkDEX trades. • Limited guarantee with margins and Guarantee Fund. • Determination of collateral types and operational procedures. • Keeping position and collateral data on either member or account basis. • Mark to market daily. • Monitoring collaterals and composition check. • Settlement of daily profit/loss. • Announcement and monitoring of margin calls (if any) • Application of default process (if any) • Liquidation of collaterals in case of default. • Position/collateral transfers between accounts. • Corporate actions of collaterals deposited against derivatives as margin. • Management of the Guarantee Fund. • Interest payment for cash margins and the Guarantee Fund cash part. • Training of clearing members. The future functions that are under development are: • Clearing by T+1 (instead of T+0) • Integration with the dematerialized system (TurkDEX-Takasbank-Central Registry Institution) • Give-up (for the clearing members) • Physical delivery feature for certain types of contracts • Analysis and development of options contracts Please see the May 2005 Edition of the <strong>FEAS</strong> Semi Annual Report for detailed information on clearing house functions of Takasbank for TurkDEX.
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 FIGURES RELATED TO THE FIRST SIX MONTHS CLEARING HOUSE ACTIVITY Total Number of the Clearing Members (end of July 2005): 53 Total Value of the Open Positions (end of July 2005): USD 175 million Breakdown of the total value of the open positions by type: Total Value of the Collaterals (end of July 2005): USD 31.3 million Cash Government Debt Securities 74% 23% 6% Breakdown of the total value of collaterals by the type of collateral: CONTACT INFORMATION Total Number of the Open Positions (end of July 2005): 74,335 Breakdown of the clearing members by type: Number of Open Positions (Contracts) Brokerage Houses Banks 39% 14% FX Index Interest Rate 83% 11% 2% 1% FX Equity The first six months activity of 2005 at the TurkDEX proved to be promising for the future. Takasbank, as the Clearing House for TurkDEX has once again assured its position in the local and international markets as an expert institution in clearing and settlement activities. Together with all of its other activities, Takasbank will continue to excel in the clearing house services for TurkDEX. Breakdown of the total value of the open positions by the origin of its holder: Foreign Local Total Value of the Guarantee Fund (end of July 2005): USD 9.3million Breakdown of the total value of the guarantee fund by the type of collateral: Government Debt Securities Bank Letter of Guarantee Cash Contact Name Mr. Osman Gunsel Topbas E-mail international@takasbank.com.tr Website www.takasbank.com.tr 80,000 60,000 40,000 20,000 4 0 / 2 0 60% 61% 8 1 / 2 0 4 0 / 3 0 8 1 / 3 0 20% 1 0 / 4 0 40% 19% 5 1 / 4 0 9 2 / 4 0 3 1 / 5 0 0 3 / 5 0 3 1 / 6 0 7 2 / 6 0 1 1 / 7 0 5 2 / 7 0 PAGE 13
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