General information - Turkey
Reference
CFCL eligible fund types
CSD link
Please refer to the Market Link Guide - Turkey for more information about funds available via the CSD link.
Eligible funds
Investment funds (open-ended), investment trusts (closed-end investment funds), hedge funds and money market funds eligible for secondary market settlement only in the Turkey CSD, Merkezi Kayıt Kuruluşu (MKK) or Takasbank can be made eligible in CFCL.
Primary market subscription, redemption or switch for investment funds admitted to Takasbank’s TEFAS platform (Türkiye Elektronik Fon Alım Satım Platformu) are not CBL-eligible.
Custody chain and depository
Turkey is a non-T2S market.
The OneClearstream service level provides clients with a single point of access to all markets with comprehensive instruments coverage. This is complemented by full harmonisation of asset services and connectivity channels between CFCL, CBL and CEU. This service is available to all clients via a single interface and log on.
The service description is valid for CFCL clients, unless otherwise highlighted in the documentation.
Type of link | Indirect |
CSD (as CBL’s depository) | Custodian (as CBL’s depository) | CBL (as CFCL’s depository) | |
Name | 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) | Clearstream Banking S.A. |
FATCA GIIN | Not available | JGXS32.00000.LE.792 | N1V1GJ.00000.LE.442 |
LEI | 789000XLUXTY4KRN2E81 | 549300P1SLJZB82YLP69 | 549300OL514RA0SXJJ44 |
Country of incorporation | Turkey | Turkey | Luxembourg |
Account type | Investor accounts (even though Omnibus Account Structure is recognised under Turkish Law (for ICSDs and Foreign CSDs) for Turkish government debt securities, Clearstream investors should maintain their safekeeping activities with CBL under segregated accounts opened in the name of final beneficiary for all assets types, including Turkish government debt securities). | Investor accounts (even though Omnibus Account Structure is recognised under Turkish Law (for ICSDs and Foreign CSDs) for Turkish government debt securities, Clearstream investors should maintain their safekeeping activities with CBL under segregated accounts opened in the name of final beneficiary for all assets types, including Turkish government debt securities). | Segregated |
Legal Account name/holder | Accounts are in the name of beneficial owners. | Clearstream Fund Centre S.A. | Clearstream Fund Centre S.A. |
Depository
Depository | Local custodian/Agent |
CBL | TÜRK EKONOMI BANKASI A.S. Depository Code: 2T |
Operational arrangements
This section describes the operational arrangements of the Turkey market:
For CFCL clients | Remarks | |
Settlement in T2S | No | |
Settlement free of payment | Yes | Refer 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 payment | Yes | Refer to Settlement services - Turkey (Specific settlement rules / settlement restrictions) for important market-specific requirements. |
Settlement against payment in central bank money | No | CBL acting as a sub custodian for CFCL holds a cash account at TEB. Against payment settlement of external transactions takes place at the Takasbank for cash equities and ETFs. Only CSD-member banks can have an account at the local central bank. |
Short selling of entitlement | No | |
Settlement penalty fees | Yes | |
Partial settlement | Yes | Partial settlement is exceptional and subject to bilateral agreement. |
Recycling | No | |
Settlement with Euroclear | No | |
Hold and Release | Yes | Instructions that have been "locked in" for settlement or provisioned and released to the domestic market can no longer be held back from settlement. |
Allegements | No | |
Transaction Linking | Yes | |
Bilateral Cancellation | No | |
Registered securities | Yes | Issuers can choose to issue securities in either bearer or in registered form. |
Transaction Management | No | The CSD (MKK) does not process market claims. However, TEB processes compensations manually based on client requests. The CSD (MKK) does not process transformations. |
Proxy voting | Yes | |
Liquidity Hub Connect | No | |
Sale and purchase of rights | No | |
Repo services | No | |
Miscellaneous | Yes | Turkish securities are held on segregated MKK (CSD) 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 CFCL. |
Market restrictions | Yes | |
FTT | No | |
Daily reconciliation | Yes | |
Link eligible for use in Eurosystem credit operations | No | |
Moment of entry of instructions | The moment of entry is the instance when the CSD system receives transfer orders. | |
Irrevocability of instructions | Transactions can be unilaterally cancelled before settlement. Securities and cash transfers become irrevocable at the point of settlement on CSD system. | |
Finality of instructions | Once the transfer of cash and security is completed, settlement becomes final and irrevocable. | |
Legal arrangements
The below section is valid on the date of the legal opinions that were issued and might be subject to change.
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.
As CBL is our sub-custodian, please refer to the Market Link Guide - Turkey for the complete information about legal arrangements.
Cash correspondent details
Currency: | Turkish Lira (TRY) |
CCB name: | Türk Ekonomi Bankası A.Ş. |
CBL account: | TR360003200000000009000000 |
Swift address: | TEBUTRIS930 |