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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008CENTRAL REGISTRY AGENCY INC. OF TURKEYAFFILIATE MEMBERYakup ErgincanCEOThe dematerialization rate for publiclytraded shares have reached 99.84%,whereas nearly all (99.99%) of mutual fundcertificates are dematerialized at the end of2007.The electronic book-keeping system which wasintroduced to the Turkish capital market by CRAhas completed its second year in 2007. Sinceits establishment CRA’s main strategy has beenincreasing its technological investments toimprove the operational and proceduralinfrastructure for an efficient and safe settlementand custody system. This strategy provided awell reward and our in-house developedtechnological model has been awarded a meritprize by the TUBITAK-TTGV-TUSIAD (TheScientific and Technological Research Councilof Turkey-Technology Development Foundationof Turkey-Turkish Industrialists’ andBusinessmen’s Association) TechnologyAwards granted for the 7th time in 2007.2007 was a pivotal year for us due to the legallimitations imposed, according to theprovisional clause no. 6 of the Capital MarketsLaw, on the management of financial andmanagerial rights of physical shares which werenot dematerialized until the end of the year. Thedematerialization rate for publicly traded shareshave reached 99.84%, whereas nearly all(99.99%) of mutual fund certificates aredematerialized at the end of 2007. Non-publiclytraded shares have been dematerialized byinvestors up to 98% of those securities’ totalmarket value.Positive feedbacks from our participantsencouraged us to improve our service level withfurther developments in the system as the CRAcontinues to increase the variety of its productsand services. The types of securities eligible forcustody in CRA will be extended to includegovernment bonds and treasury bills in the nearfuture, a project which was started incooperation with the Central Bank of Turkey andTakasbank in the end of 2006. Thesedevelopments will certainly solidify thesignificance of CRA to the Turkish financialsystem.At the international level, as a member ofECSDA, CRA supports harmonization effortssuch as the European Code of Conduct forClearing and Settlement towards a safer andmore efficient European clearing and settlementinfrastructure. As a member of the MTC 43Mirror Committee we are actively involved inbringing ISO TC 68 international financialservices standards to the Turkish businessinfrastructure.In cooperation with the market actors and ourparticipants we will continue to increase boththe variety and quality of our services. I believeour recent efforts reflect CRA’s motivation toaccomplish that goal.General InformationCRA was established in accordance with theTurkish Capital Markets Law in 2001. CRA servesas the central depository for the followingsecurity types: equities, mutual fund certificates,exchange traded funds and corporate debtsecurities. CRA has also adapted its system toserve for Turkish government bonds and treasurybills for implementation concerning which a CMBdecision is awaited. All transactions regardingdematerialized capital market instruments (e.g.opening of investor accounts, pledgingsecurities, transfer of securities, transfer ofsecurities as collaterals, dematerializationoperations) are conducted by CRA participantsvia Central Registry Software, CDS, which isproprietary software developed in-house. InNovember of 2005 all stock certificates includingthe certificates formerly kept at Takasbank weredematerialized. Between April 2005 and March2006, all mutual fund certificates weredematerialized at the CRA platform. In August2006, after approximately 5 years, the firstcorporate bond in Turkish Capital Markets wasissued through CRA.CRA also manages and represents the InvestorProtection Fund. This involves, conducting all theformalities on behalf of the Fund as per theapplicable regulatory provisions andimplementing liquidation formalities ofintermediary institutions, which are subject togradual liquidation per CMB resolution.Form of SecuritiesDematerialized.Type of Commercial EntityFor-profit, user-owned joint stock company. Feestructure is subject to CMB approval.Regulated byCRA’s overall functions are subject to theoversight and approval of the CMB.Ownership30% Istanbul Stock Exchange (ISE)64.9% ISE Settlement and Custody Bank(Takasbank)5% The Association of Capital MarketIntermediary Institutions of Turkey (TSPAKB)0.1% Istanbul Gold Exchange (IGE)Memberships to InternationalOrganizationsEuropean Central Securities DepositoriesAssociation (ECSDA)International Securities Services Association(ISSA)Future OutlookFCRA is currently working on the followingprojects:• Enabling shareholders to participate in theissuers’ general assembly meetings remotely, byusing electronic signatures or by assigning aproxy on their behalf through the CDS.• Increasing the level of straight throughprocessing, especially for corporate actions, andfull synchronization of message formats withinternational (ISO TC 68) standards.• Increasing the report types available to ourmembers, including business intelligence reportsand investor behavior pattern analysis, whileproviding analytical tools to manage them.• Introduction of a web portal in order toenhance transparency and information access ofmarket participants.• Extension of the coverage of the InvestorProtection Fund to include all securities inaddition to shares within the context of theongoing alignment with the European Unionacquis.• Dematerialization of shares of thosecompanies which are not traded at the stockexchange but have the number of shareholdersexceeding a certain threshold so as to beconsidered as open to public.• Provision of depository services for warrantsand mortgage-backed securities.* Please refer to page 80 for the Turkey country report.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. Cagatay Duruk E-mail cagatay.duruk@mkk.com.tr Website www.mkk.com.trPAGE 148
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2008CSDI CENTRAL SECURITIES DEPOSITORY OF IRANAFFILIATE MEMBERAlireza HajinorouziCEOOur objective is to guarantee the securityand efficiency of Iran’s stock marketthrough developing and improving thesettlement procedure of the securitiestrades via concentrating on increasing theefficiency and reducing the risk and costs.Objectives:To guarantee the security and efficiency ofIran’s stock market through developing andimproving the settlement procedure of thesecurities trades via concentrating onincreasing the efficiency and reducing therisk and costs.1- Establishing a modern system ofregistration, depository, settlement andclearing.2- Guaranteeing the settlement process ofsecurities trades in accordance with globalstandards.3- simplifying the process of transferring theownership of securities and reducing theclearing costs of the trades.4- Decreasing the risks related to tradessettlement to the lowest point, through riskmanagement tools.5- Establishing a pervasive database for thesecurities and shareholders of the companies.6- Performing the corporate actions,economically and efficiently.7- Reinforcing the investor’s trust throughincreasing the efficiency of trades Settlementand a transparent informing.8- Providing the possibility of mutualcooperation with global markets.9- Providing a suitable ground for increasingthe volume of trades in the market.Plans:A) Promoting and optimizing thedepository system1- Performing the executive preliminaries fordelivering the new depository software.2- Implementation of the delivery process,experimental installation and the finaltransference to the new depository system.3- Procurement of the required hardware forestablishing new depository system.4- Anticipating and providing backup systemsfor encountering probable risks.5- Training the human resources anddeveloping the technical knowledge of staffand members.6- Anticipating the required interfaces andstudying the conditions of transferring existinginformation to the new system.B) Reforming the methods and executiveprocesses1- Precise identifying and documentingcurrent procedure.2- Reviewing and reforming currentprocedures with the objective of shorteningthe office work, promoting the efficiency andreducing the costs.3- Reducing paper work and at lastproceeding towards an electronic Settlementsystem.4- Increasing the smoothness and safety ofthe existing processes through establishing aprecise and pervasive controlling system.(Using safety factors in published documents,increasing the automation, reviewingaccessibility levels to the system and humancontrols)5- Completing the shareholding informationfor performing corporate actions.C) Improving the clearing procedure andthe trades settlement1- Changing the method of Settlement fromthe current semi mechanized system to a fullymechanized and efficient system throughusing Real Time Gross Settlement (RTGS)system.2- Procuring required interfaces forcommunicating with the banking network ofIran.3- Choosing a settlement bank and signingrequired contracts with the bank provided thatthe settlement is performed through the bankpayment system.4- Concluding the design and executivepreliminaries of making a Settlementguarantee fund.5- Anticipating the required fields for makingthe risk management tools, operational e.g.short buy, pledge and lending/borrowingsecurities.6- Guaranteeing the clearing of trades andaccepting the role of CCP.7- Providing the required foregrounds forperforming corporate actions on behalf ofissuers.D) Amending regulations and requiredinstructionsE) Other activities1- Revising and improving the comprehensiveestablishment and organizing the office worksystem.2- Designing and using new productions andservices in order to be accountable to thegrowing demands of the market.* Please refer to page 128 for the Iran country report.CONTACT INFORMATIONContact Name Mr. Alireza Hajinorouzi E-mail info@csdiran.com, intl.affairs@csdiran.comWebsite www.csdiran.com Address 14, Azhari St., Hafez Ave., Tehran 1134844413Phone +9821 667 49 180 Fax +9821 667 49 257PAGE 93
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