Market Link Guide - Turkey


Key features

CSD link as defined under CSDRa


Type of link


a. CSD Regulation (EU) No 909/2014 art. 2 (29)




The Merkezi Kayıt Kuruluşu (MKK)a is also referred to as the Central Registry Agency (CRA). The MKK uses the brand name Merkezi Kayıt Istanbul

Türk Ekonomi Bankası A.Ş. (TEB)


Not available



Not available


Country of incorporation



Account type

Investor accounts b

Investor accounts

Account name

Accounts are in the name of beneficial owners

Accounts are in the name of beneficial owners

a. The MKK is the Turkish investor CSD for Government debt securities and the issuer CSD for other Turkish securities. Refer to Market infrastructure – Turkey for further details.
b. Omnibus account structure is currently not recognised under Turkish law. While certain exceptions may apply to foreign CSDs and custodians, these exceptions have not been fully implemented yet.

Operational arrangements

Settlement in T2SNo 
Settlement free of paymentYesRefer to Settlement services – Turkey (Specific settlement rules / settlement restrictions) for important market-specific requirements. Internal transfer securities free (type 31) instructions, that is, deliveries without matching receipts are not allowed for Turkish securities.
Settlement against paymentYesRefer to Settlement services – Turkey (Specific settlement rules / settlement restrictions) for important market-specific requirements. 
Settlement against payment in central bank money account of CBL customersNoCBL holds a cash account at TEB. Against payment settlement of external transactions takes place on the cash account of TEB at the local central bank. Only CSD-member banks can have an account at the local central bank.
Bridge settlementNo 
Partial settlementYesPartial settlement is exceptional and subject to bilateral agreement.
Settlement penalty feesYesRefer to Settlement process - Turkey.
Hold and releaseYesInstructions that have been "locked in" for settlement or provisioned and released to the domestic market can no longer be held back from settlement.
Transaction linkingYes 
Registered securitiesYesIssuers can choose to issue securities in either bearer or in registered form.
Transaction managementNoThe CSD (MKK) does not process market claims. However, TEB processes compensations manually based on customer requests. The CSD (MKK) does not process transformations.
Multi Market SecuritiesYesAT0000818802 (SHS DO AND CO AG ORD BR), listed at the Wiener Börse and at the Borsa Istanbul.
Lending and borrowingNo 
Proxy votingYes 
Investment FundsYesETFs, open-end investment funds, investment trusts (closed-end investment funds), hedge funds, money market funds eligible for secondary market settlement in MKK or Takasbank only.
Important note: Primary market subscription, redemption or switch to Takasbank’s TEFAS platform (Türkiye Elektronik Fon Alım Satım Platformu) are not CBL-eligible.
Liquidity Hub ConnectNo 
Sale and purchase of rightsNo 
Repo servicesYesDebt securities only. Refer to the CmaX Product Guide.
Market restrictionsYesRefer to Investment Regulation - Turkey.
MiscellaneousYesTurkish securities are held on segregated MKK accounts in the name of the respective beneficial owner. Investors other than Turkish resident individuals must possess or obtain a Turkish tax ID before settling transactions in Turkish securities. Turkish individual investors must communicate their Turkish national ID number before settling transactions through CBL.
Daily reconciliationYes 
Link eligible for use in Eurosystem credit operationsNo 
Bilateral cancellationNoTransactions can be unilaterally cancelled before settlement.

Settlement finality

In general, trades are first pre-matched and then settled when obligations are fulfilled by both parties. The settlement is irreversible when completed and cannot be unwound.

Legal arrangements

The below section is based on the legal opinion obtained by CBL that was issued on 26 December 2019. The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter.

No insolvency proceedings against the custodian


Custodian’s liability for negligence

Under the agreement the custodian is not immune from legal actions by CBL.

Book-entry regime with in rem rights


Recognition of nominee concept

Nominee concept not explicitly recognised under local law, though CBL will be recognised as account holder of the account held in its name but on behalf of its underlying customers (akin to a nominee) provided that the custodian opens as many accounts as there are underlying investors.

No right of retention to the custodian


Segregation of assets at the custodian


No right of use


No upper-tier attachments

No specific rule in respect of upper tier attachments.

Insolvency of the custodian with no impact on CBL's rights 

Confirmed for securities.

Shortfall pro-rated among holders

No specific rule in respect of shortfall.

Settlement finality in case of insolvency