Compliance Report ISSA Recommendations 2000

ISSA - International Securtities Services Association

Compliance to the ISSA Recommendations 2000

Market: Turkey

Status: October 9, 2001

Recommendation 1
Recommendation 2
Recommendation 3
Recommendation 4

Recommendation 5
Recommendation 6
Recommendation 7
Recommendation 8

Market selection

Recommendation 2

Securities Systems must allow the option of network access on an interactive basis. They should cope with peak capacity without any service degradation, and have sufficient standby capabilities to recover operations in a reasonably short period within each processing day.

1. How often, over the last twelve months, has the depository been required to:

Change its published settlement timetable?
Due to the fluctuations in the Turkish financial markets, published settlement deadlines have been extended since February 2001, by the Istanbul Stock Exchange. As of August 16, 2001, the temporary extended deadline of 4:00 pm became the permanent/official deadline.

Extend the time of opening for settlement input by users?
See above.

Delay start of day processing?
Never.

2. Does the depository operate real time or multiple batch processing for settlement? For organized market settlement, fulfilment of obligations by the participants, triggers the program, that is run for the real time distribution of receivables to clearing participants.
All other payments and deliveries executed by the participants within and out of Takasbank system, and the connection of Takasbank system to the payment and delivery systems of the Central Bank of Turkey are also real time.

3. Does the depository allow interactive communication (on line real time) with its users, enabling settlement input and amendment? Yes. All participants of Takasbank are online connected to Takasbank proprietary system via leased line. They can execute payments, transfers and settlement orders, monitor their account balances, and get reports real time throughout the day.

4. Has the depository ever failed to recover an outage within the day or failed to start processing runs for a whole day; and, if so, when did that failure arise and what steps have been taken to prevent a similar event in the future? No.

1.	How often, over the last twelve months, has the depository been required to:
	Change its published settlement timetable?	Due to the fluctuations in the Turkish financial markets, published settlement deadlines have been extended since February 2001, by the Istanbul Stock Exchange. As of August 16, 2001, the temporary extended deadline of 4:00 pm became the permanent/official deadline.
	Extend the time of opening for settlement input by users?	See above.
	Delay start of day processing?	Never.
2.	Does the depository operate real time or multiple batch processing for settlement?	For organized market settlement, fulfilment of obligations by the participants, triggers the program, that is run for the real time distribution of receivables to clearing participants. All other payments and deliveries executed by the participants within and out of Takasbank system, and the connection of Takasbank system to the payment and delivery systems of the Central Bank of Turkey are also real time.
3.	Does the depository allow interactive communication (on line real time) with its users, enabling settlement input and amendment?	Yes. All participants of Takasbank are online connected to Takasbank proprietary system via leased line. They can execute payments, transfers and settlement orders, monitor their account balances, and get reports real time throughout the day.
4.	Has the depository ever failed to recover an outage within the day or failed to start processing runs for a whole day; and, if so, when did that failure arise and what steps have been taken to prevent a similar event in the future?	No.