JUNE 2013 - FEAS

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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013TAKASBANK - ISE SETTLEMENT AND CUSTODY BANK, INC.Murat ULUSGeneral Manager & Board MemberDuring the course of 2012, Takasbankcontinued its studies to become a CentralCounterparty (CCP) for all organizedcash and derivatives markets as well asSecurities Lending Market.Gaining the trust of sector through the quality andresilience of services provided since its foundation,Takasbank continues its studies endeavoring tobecome an international settlement and custodyinstitution competing in the global post-trade arenaby the structural transition it is passing through.Takasbank is changing its institutional profileaccording to its new vision and mission targetingto be an institution providing services compatiblewith international standards. Takasbank is goingthrough a serious transition in both institutionalidentity and product variability in line with the visionto provide central counterparty services and tobecome an international clearing and settlementinstitution at the first place.During the course of 2012, Takasbank continuedits studies to become a Central Counterparty(CCP) for all organized cash and derivativesmarkets as well as Securities Lending Marketit operates and establish a central collateralmanagement system.Within the context of studies in order to becomean international settlement and custody institutionwhich started in 2011, Takasbank aims to providesettlement & custody services in a standardmanner to a wide variety of customers globally.Parallel to this aim and within the framework ofcapital market linkages project carried on by BorsaIstanbul, throughout the year, Takasbank alsocontributed to the enhancement of internationalsettlement transactions via developing post-tradeaccount structure with foreign counterparties.On November 2012, Takasbank and the MisrCentral Clearing, Depository and Registry (MCDR)signed a “Memorandum of Understanding(MoU)”. The MoU will provide added value to thetechnical cooperation and post-trade servicesdevelopment in terms of market linkage carried onbetween Borsa Istanbul and Egypt Exchange. OnApril 2012, Takasbank, Central Registry Agencyand SIX Securities Services Group (SIX x-clearand SIX SIS) signed a MoU aiming to establisha mutually beneficial relationship between thesignatory institutions. On March 2012, Takasbankand Korean Securities Depository (KSD) signed“Information Exchange, Training and TechnicalSupport Agreement” aiming to establishcooperation between TURKEY Electronic FundPlatform and FundNet operated by KSD.Within the responsibility of its FEAS membership,Takasbank actively participated to the FEASInvestors Summit and the Working Committee(WC) meeting of FEAS held in Istanbul, Turkeyon May 2012. In this WC meeting, Takasbankpresented “Post-Trade Linkage Models” report.Takasbank also participated to the GeneralAssembly (GA), Executive Committee (EC) andWC meetings held in Sofia, Bulgaria on September2012. In this GA, Takasbank was elected as themember of the EC.Within the context of FEAS efforts of sharingaccumulated knowledge and experience withits peers, Takasbank filled out FEAS Dealers’Associations Task Force Questionnaire on“Handling Investor Complaints”.GENERAL INFORMATIONTakasbank is incorporated as an investment bank andis authorized as the Central Clearing Institution, theCustodian for the Mutual Funds and Pension Fundsincorporated in Turkey and the National NumberingAgency.Services Provided• Clearing and settlement for the organized cash andderivative markets,• Domestic and cross-border cash settlement andtransfer facilities,• International custody services,• Real Time Gross DvP settlement among brokersand custodians for equities via SWIFT system• Central counterparty (CCP) on the TakasbankMoney Market (TMM) for short term TRL borrowingand lending transactions,• Operates the Takasbank Securities Lending andBorrowing Market (SLBM),• Operates the Turkish Electronic Fund DistributionPlatform Allocates ISIN for securities issued inTurkey• Settlement bank services for Turkish ElectricityMarket.• Collateral Agent for Mortgage Financing Firms• Trade Repository Services for OTC DerivativesTransactionsBrief HistoryTakasbank started as a department within the IstanbulStock Exchange in 1988. In 1996, it was transformedinto an investment bank and renamed as TakasbankForm of SecuritiesDematerializedCONTACT INFORMATIONForm of Settlement and Transfers:Book-entryLegal StatusJoint stock companySettlement PeriodEquities: T+2Debt Securities: T+0Derivatives: T+1 (single stock futures and optionsT+3)Type of Commercial EntityPrivate sector for-profit companyDoes Takasbank Act as a CentralCounter Party?Takasbank acts as a CCP for TMM, CCP for regulatedderivatives market, expected to be for cash andTakasbank SLBM within 2013.Regulated byCapital Markets Board of TurkeyBanking Regulation and Supervision AgencyCentral Bank of TurkeySize of Guarantee Fund(As of December 2012)ISE Equities Market: US$ 34 millionISE Bonds and Bills Market: US$ 41 millionTurkDEX: US$ 61 millionOwnershipBorsa Istanbul : 36.66%Banks (16) : 31.34%Brokerage Houses (63) : 32.00%Board of Directors11 MembersIstanbul Stock Exchange: 4Banks: 3Brokerage Houses: 2Capital Markets Board: 1and the President and CEO of Takasbank.Memberships to International OrganizationsANNAECSDAFEASIIFISSAISO TC68/SC4OICSWIFTFuture OutlookIn 2013, Takasbank intends to:• Actively participate in the studies of “IstanbulInternational Finance Center” project;• Continue its efforts to become a CCP for allmarkets and, SLBM and establish a centralcollateral management system;• Contribute to develop post-trade account structurewith foreign counterparties• Continue its efforts for attracting interest for TurkeyElectronic Fund Platform, and developing the infrastructurefor the integration with international fundplatforms• Contribute to the enlargement of the range of traderepository services which began on September2011, with the For-Ex trades & transactions, toencompass other OTC derivatives products.* Please refer to page 51 for the Turkey country report.Contact Name Ms. Necla Küçükçolak E-mail international@takasbank.com.tr Website www.takasbank.com.trPAGE 96
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2013THE ASSOCIATION OF CAPITAL MARKET INTERMEDIARY INSTITUTIONS OF TURKEY (TSPAKB)Attila Köksal, CFAChairmanLooking forward, in 2013, in line with thenew Capital Markets Law, the Association’smember base will be extended to coverother capital market institutions to bedefined by the Capital Markets Board.While 2012 was another challenging yearfor the world economy, the Turkish economyperformed relatively well as its credit ratingwas upgraded. Accordingly, interest rateswent down, the Turkish lira appreciated, andthe Turkish stock market was among the bestperformers in the world. In addition, severalregulatory amendments were undertaken,the most important amongst them being theintroduction of the new Capital Markets Law bythe end of the year.From our Association’s point of view, weconcentrated on financial education. We arerunning a nationwide financial education projectin cooperation with the Capital Markets Boardand Borsa Istanbul. In this context, in 2012,our Association has formed a working groupcomposed of professionals from the financialindustry in order to build a comprehensiveprogram based on behavioural financeprinciples.In the first phase of the program, a blogand a Facebook page were launched, inorder to encourage household savings. Theworking group is also planning to prepareeducational programs, including e-learningvideos. Meanwhile, another working groupwith the participation of markets professionalswas formed in late 2012, with regard to initialpublic offerings. The Association is planning todetermine best practices for public offerings toensure the sound growth of the market.TSPAKB continued to serve as the informationhub of the industry in 2012. We improved theinfrastructure through which we are collectingdata from our members, and developed anin-house software. Our goal is to become themain information source for the industry.Looking forward, in 2013, in line with the newCapital Markets Law, the Association’s memberbase will be extended to cover other capitalmarket institutions to be defined by the CapitalMarkets Board. I am confident that this changewill enable our Association to strengthenits contribution to the growth of the Turkishfinancial industry.HISTORY AND DEVELOPMENTThe Association of Capital Market IntermediaryInstitutions of Turkey has been established inMarch 2001 as the self-regulatory organizationin the Turkish capital markets. 100 brokeragefirms, 1 derivatives brokerage firm and 42banks, authorized for capital market operations,constitute the members of the Association as ofend-2012.The Association’s licensing and record-keepingauthority has been assigned to the CapitalMarkets Licensing and Training Agency in June2012. The Association has 40% stake in thisAgency which was established in 2011.In 2013, in line with the new Capital MarketsLaw, the Association’s member base willbe extended to cover other capital marketinstitutions to be defined by the Capital MarketsBoard. Accordingly, the name of the Associationwill also be modified.The Association aims to:• Contribute to the development of capitalmarkets and intermediation activities;• Facilitate solidarity among its members;• Safeguard prudent and disciplined conductof business by its members;• Prevent unfair competition among members;• Enhance professional know-how in thesector.CONTACT INFORMATIONThe main functions of the Association are to:• Establish professional rules and regulations;• Set safety measures to prevent unfaircompetition;• Monitor professional developments,changes in rules and regulations and informmembers;• Evaluate complaints against its members;• Impose disciplinary action on members,when necessary;• Assist in the resolution of disputes arisingfrom off-exchange transactions among itsmembers or between its members andinvestors;• Appoint arbitrators upon the request ofconcerned parties;• Conduct research on Turkish andinternational capital markets;• Offer training programs;• Cooperate with related foreign institutions.FUTURE OUTLOOK• The Association will continue to take part inthe national financial education program.• The Association will continue to contribute tothe IPO campaign in cooperation with BorsaIstanbul.• The Association will continue to take part inthe Istanbul Financial Centre Project.Legal StatusNot-for-profit association.Regulated byCapital Markets Board.Board of Directors7 persons chosen among members by theGeneral Assembly, every two years. The GeneralAssembly is the highest decision-making body,where each member firm has one voting right.Memberships at International OrganizationsAFIE (Asia Forum for Investor Education):www.afie.asiaASF (Asia Securities Forum):www.asiasecuritiesforum.orgFEAS (Federation of Euro-Asian StockExchanges): www.feas.orgICSA (International Council of SecuritiesAssociations): www.icsa.bzIFIE (International Forum for Investor Education):www.ifie.orgIOSCO (International Organization of SecuritiesCommissions): www.iosco.org* Please refer to page 51 for the Turkey country report.Contact Name Alparslan Budak E-mail research@tspakb.org.tr Website www.tspakb.org.trAddress Buyukdere Caddesi No 173 1. Levent Plaza A Blok Kat: 4 1. Levent 34394 Istanbul TURKEYPhone +90 (212) 280 8567 Fax +90 (212) 280 8589PAGE 97
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JUNE 2013 - FEAS

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