Omnibus Accounts Operations
Merkezi Kayıt Kuruluşu A.Ş. (MKK) enhances flexibility and operational efficiency for custodian banks, and foreign central securities depositories through its omnibus account structure, which is part of its post-trade services. The omnibus account model allows custodian banks and central securities depositories to hold securities belonging to multiple investors under a single pooled account, consolidating investors' assets for safekeeping. Instead of opening separate accounts for each investor, all client assets are maintained in a single account.
Through this structure, foreign custodians and CSDs can manage their clients’ accounts under a single omnibus account within MKK. This model enhances the efficiency of safekeeping and settlement processes while also facilitating international investors' access to Turkish capital markets. International central securities depositories serve as a bridge in global securities markets, making securities traded across different markets more accessible to international investors.
MKK has established direct links for government debt securities with Euroclear Bank starting in 2020, with Azerbaijan's National Depository Center (MDM) starting in 2022, and with Clearstream Banking S.A. and the Central Securities Depository of Kazakhstan (KCSD) starting in 2025. Through the operational link established with the Austrian central securities depository OeKB in 2009, the shares of a foreign company started to be traded on Borsa İstanbul for the first time in MKK's history. As for the shares traded on the Vienna Stock Exchange within the scope of the dual listing, depository, corporate actions and transfer services are provided through the omnibus account opened under the name of MKK at OeKB.
The legal framework for omnibus accounts is set out in Article 12/A of the Communiqué on the Procedures and Principles for the Book-Keeping of Dematerialized Capital Market Instruments (Serial: IV, No: 62), published in the Official Gazette No. 30809 on June 22, 2019. This article regulates the Foreign Central Securities Depository (FCSD) accounts opened at MKK for capital market instruments collectively held on behalf of non-resident beneficial owners. It defines the rules and obligations for FCSDs concerning account operations and stipulates that all intermediary institutions and banks with general custody licenses in Türkiye must comply with the same regulations as FCSDs regarding the custody services they provide to non-resident beneficial owners.
As per the decision of the Capital Markets Board (CMB) based on this Communiqué, omnibus accounts may only hold government debt securities. The securities in these accounts are registered under the same process as other securities held at MKK—under the name of the account holder. However, Article 12/A specifies that "foreign central securities depository is accepted to be the fully authorized representative to dispose and directly exercise all rights in the name and for the account of beneficial owners of the capital market instruments held in these accounts and the ownership of which belongs to beneficial owners."