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Transfer Services

  • Services Related to On-exchange Transactions

The settlement of trades of stocks, exchange traded funds, corporate debt securities that take place in various markets of the ISE are conducted by Takasbank on a participant basis. In the securities leg of the related operations, Takasbank pool accounts at MKK are used. The settlement process is run through the integrated system that is established between MKK and Takasbank. After the ISE sends the daily transaction information to Takasbank, the clearing institution undertakes netting of operations on a participant, investor and securities basis. Netted transaction information is then sent to MKK on the night of the transaction day. Based on the received information, MKK reflects the operations that take place on a participant basis to beneficiary owner basis with respect to securities.


On settlement day, starting from owner accounts at MKK, securities are first transferred to intermediary institution pool accounts and then to Takasbank pool accounts in the MKK system in order to meet securities obligations of participants. Similarly, the securities that will be distributed from Takasbank follow a route from pool accounts to the right owner account in the system. The related operations are executed with full electronic processes.

Settlement of transactions in corporate debt securities are finalised with securities transfers conducted by participants to/from the related pool accounts in the MKK system.

  • Exchange Traded Funds

Exchange Traded Funds (ETFs) of which shares are traded on exchange, aimed to benefit from the assets that they are based on, are either constituted on an index, a precious metal or a foreign currency.

ETFs based on an index invest on securities that comprise the index with regard to their weights. In this regard, ETF shares that include stocks are actually baskets comprised of various stocks.

ETF creation and redemption operations for index based ETFs are conducted upon investor instructions by messages that are transmitted through the integrated infrastructure between MKK and Takasbank.

ETF creation and redemption operations are finalized by conducting transfers after the blocking  of stocks held in accounts at MKK and cash accounts held at Takasbank simultaneously or mutually with regard to creation and redemption operations.


In redemption operations of index based ETFs; ETFs in investor accounts are reduced, stocks and –if included- cash in the index are transferred to investor accounts in MKK and Takasbank. In creation operations; in return for the reduced stock and cash amounts, ETFs are created and transferred to investor accounts. Blockages and transfers for creation and redemption operations are conducted through the messaging structure and integrated systems between Takasbank and MKK.

ETF creation and redemption procedures are conducted continously intra day through the integrated systems of MKK and Takasbank with messages transmitted in a secure and uninterrupted manner.

ETF trade settlement procedures are conducted within the context of  settlement of transactions in stocks.

  • Mutual Fund Transfers

Transactions by mutual fund issuers are reflected to MKK on a beneficiary owner basis with specially developed applications.

Issuers are able to execute mutual funds transfers automatically through meeting trading orders sent by other MKK participants that they authorised.

  • Securities Transfers

The transfer of capital market instruments, for which MKK provides central depository services, between right owner investors is conducted by participants.

Securities transfers on the system, which are not conditional to cash or any other counter delivery, is executed by free transfer processes. If simultaneous delivery versus payment principle is operated during the transfer, the DVP process is run.

DVP operations are finalized, with the instructions that are sent by participants to Takasbank, in automatic processes through the integrated system that is established between MKK and Takasbank.

 
  • Operations Regarding The Markets Operated By Takasbank

TEFAS

TEFAS (Electronic Fund Trading Platform of Turkey) (under task number 48 of Istanbul Finance Center Project), was accepted as the “Istanbul International Financial Center Strategy Document” in accordance with the decision no. 2009/31 of the Supreme Planning Council on 29 September 2009 to establish Istanbul as an international finance center. The aforementioned Strategy Plan involves the tasks to establish Istanbul as an international financial center, the private and government institutions responsible for performing their assigned tasks and the project calendar as attachments. In the action plan, MKK was jointly entrusted with Takasbank on the Task no. 48 about the “Electronic Fund Trading Platform of Turkey”. Takasbank and MKK completed their works on the new fund distribution platform in January 2011, enhancing marketing of funds for fund managers.

 

Securities Lending & Borrowing Market

Among the capital markets instruments benefiting from MKK’s central depository services, share certificates and exchange traded funds traded on ISE National Market and Collective Products Market, can also be traded on Takasbank Securities L/B Market.

Among the capital markets instruments benefiting from MKK’s central depository services, share certificates and exchange traded funds traded on ISE National Market and Collective Products Market, can also be traded on Takasbank Securities L/B Market.