Concluding the Transactions Performed at BİAŞ
MKK is a central system in which securities are issued, held on accounts on a beneficial owner basis, change hands and where the related rights are established. With this structure, MKK is the Central Securities Depository of Turkey.
Exchange Traded Funds Operations
Exchange traded funds (ETF) are based on indices, precious metals or foreign currencies, and aim to reflect the underlyings’ performance to investors. ETF shares are traded on the stock exchange.
In line with the requirements of investors, creation and redemption of ETFs can be carried out by means of messages conveyed through the integration infrastructure between MKK and Takasbank.
Settlement of transactions in ETFs traded on the stock exchange is also completed within the scope of settlement of transactions in stocks.
Mutual Funds Trading and Distribution Platform
The operations reflect purchase and sale transactions in participation certificates that are carried out by mutual funds issuers outside the TEFAS Platform to the MKK system, by using applications developed on a beneficial owner basis.
Issuers also have the opportunity to automatically make transfers of mutual funds by approving trading orders that are received from other MKK members regarding mutual funds.
Transfer of securities are account transfers of capital market instruments that are provided central depository services by MKK. These transfers are carried out by members.
Transfers are made on the system, regardless of any provision, through the free of payment transfer process. In case the principle of Transfer Against Payment is operated, the transfer is carried out through the DVP (Delivery Versus Payment) application.
Delivery versus payment transfer operations are concluded through automated matching processes using the integrated system established between MKK and Takasbank, in line with the instructions sent to Takasbank by members.
In addition, DVP processes and securities transactions are provided in the CDS and cash transactions in the CBRT system, without any need to transfer government securities and government lease certificates to the CBRT system. Related transactions are also carried out with SWIFT messages.
Free of Payment Transfer Operations
The operations that ensure transfer of shares in the CDS, matching instructions transmitted in the CDS and securities balance transfers are defined as "Free of Payment Transfers" (FOPTR). Operations are also carried out with SWIFT messages.
It is possible to perform asset transfer operations through end-to-end automation, in line with the European Central Securities Depositories Association (ECSDA) value transfer operations matching standards.
The transfer of capital market instruments held at foreign Central Securities Depositories are also carried out with SWIFT message and CDS screens.
Click for detailed information on the KTE and SVE SWIFT processes.