CRA was established in accordance with the Turkish Capital Markets Law - Articles on Dematerialization of Capital Market Instruments (Art. 10/A, Interim Provisions 6 and 7, dated December 18th, 1999). CRA serves as the central depository for the following securities types: equities, mutual fund certificates, exchange traded funds, corporate debt securities and bank bills. All transactions regarding dematerialized capital market instruments (e.g. opening of investor accounts, pledging securities, transfer of securities, transfer of securities as collaterals, dematerialization operations) are conducted by CRA participants via Central Registry Software, CDS, which is a proprietary software developed in-house. In November of 2005 all stock certificates including the certificates formerly kept at Takasbank were dematerialized. Between April 2005 and March 2006, all mutual fund certificates were dematerialized at the CRA platform. In August 2006, first dematerialized corporate bond, and recently in September 2009 first dematerialized bank bills were issued through CRA.

CRA also manages and represents the Investor Protection Fund. This involves, conducting all the formalities on behalf of the Fund as per the applicable regulatory provisions and implementing liquidation formalities of intermediary institutions, which are subject to gradual liquidation per CMB resolution.

Main shareholders are Takasabank(65%) and ISE(%30) and those shares represented with four out of seven board representatives. For participants interest, The Association of Capital Market Intermediary Institutions of Turkey has one  representative despite it has 5% of shares. Furthermore, the public interest is represented by CMB with one representative.CRAs Board of Directors is composed of one representative from CMB (Chair of the Board), two representatives from Takasbank, two representatives from ISE, one representative from The Association of Capital Market Intermediary Institutions of Turkey and the General Manager of the CRA. Representative from CMB leads the Board and, alongside the other members of the Board, ultimately seeks to preserve the full range of shareholder, user and public interests.The distribution of  CRA board representatives relative to the ownership structure is set  according to the best interest of participants, shareholders, and the public.

The Central Depository, CRA, is governed by the Turkish Capital Markets Law - Articles on Dematerialization of Capital Market Instruments (Art. 10/A, Interim Provisions 6 & 7), The Regulation Concerning Incorporation, Operation and Supervision of the Central Registry Agency, Communique about Terms and Conditions Governing Book-entry Recording of Dematerialized Capital Market Instruments and relevant decrees of the Capital Market Law. In addition, CRA has set rules regulating its operations via Business Practices and Operational Rules Document and General Letters addressed to members.

CRA is authorized by CMB as the Central Registry for dematerialized capital market instruments. Principles for related operations are determined by a communique of the CMB. Participants of CRA are also subject to same authorities, relevant laws, and related rules and regulations.

Enforceability of transactions arising from the Capital Markets Law, Article  10/A: According to the article, the date of  notification  to the Central Registry will be taken as reference in claiming against third parties the rights on the dematerialized capital market instruments.

CRA members are intermediary institutions, issuers, banks, asset management companies and Takasbank. Participation Criteria are included in CRA Communiqué Section 3.

• Central depository for all dematerialized capital market instruments.
• Securities account management
  • Main accounts by participants (Custodian banks, brokers and issuers)
  • Sub-accounts under participant accounts by investors
  • Special accounts for collaterals etc.
• Free of Payment Transfers
• Corporate actions management
• Issuer/registrar interface
• Investor information center (call center, periodic and on request account information via WebInvestor, e-mail and SMS alerts)
• Reporting services for institutions
• Legal Operations (Distraint, Right of Retention, Bankruptcy, Usufruct)
• Representation and management of the Investors Protection Fund

CRA also conducts the securities side of the transactions listed below. CRA provides these facilities on an online-real time basis with Takasbank.

•  Equity Trade & Settlements
• DVP
• Collateral management
• Securities lending and borrowing 

Equities, Mutual Fund Certificates, Exchange Traded Funds and private sector debt instruments, and bank bills.

100% Dematerialized

Detailed information about CRA Procedures  can be obtained  from Business Practices and Operational Rules Document at
http://www.mkk.com.tr/MkkComTr/tr/piyasa/bil_kitaplar.jsp.
 English version is not available for the moment.

Takasbank, who is also a FEAS affiliate member, is responsible for clearing activities of the equity market and for settlement of the cash side. Depending on the participant cash and security position, Takasbank sends notification to CRA in order to complete the security side of the settlement. Settlement of equities is executed on a real time basis by CRA depending on Takasbanks notification.

Trade Day (T+0)

1.       Buy/sell orders are sent by investor to Intermediary Institutions and Banks

2.       Intermediary Institutions and Banks send customer orders electronically to ISE

3.       ISE sends matched contracts information to Intermediary Institutions

4.       ISE sends gross contracts information to Takasbank  at the end of the day.

5.       Takasbank nets gross contracts and sends net contracts information to CRA

6.       Takasbank notifies Intermediary Institutions about their net fund/equity positions

7.       CRA creates customer based net trade records

Correction  Day (T+1)

8.       Intermediary Institutions and Banks send corection information to ISE

9.       ISE sends correction information to Takasbank at the end of the day.

10.    Takasbank sends correction information to CRA

11.    CRA adjusts trade records according to the correction information

Settlement Day (T+2)

12.    Sellers' liabilities are automatically closed with the securities that exist in sellers' accounts.

13.    Buyers' receivables are distributed to buyers' accounts in accordance with Takasbank notification.

Detailed information on Clearing and Settlement Procedures can be obtained through Takasbank, who is also a FEAS affiliate member.

Please see  Clearing and Settlement Procedures

Please see  Clearing and Settlement Procedures

Please see  Clearing and Settlement Procedures

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