Recommendation 1 Recommendation 2 Recommendation 3 Recommendation 4

Recommendation 5 Recommendation 6 Recommendation 7 Recommendation 8

Market selection

Recommendation 6

Convergence of Securities Systems, both within countries and across borders, should be encouraged where this eliminates operational risk, reduces cost and enhances market efficiency.

1.	Is the depository linked electronically and in real time with other segments of the core market infrastructure (e.g. trading platforms, netting systems, matching platforms, payment systems)?	Yes. Takasbank is electronically linked to Istanbul Stock Exchange trading platforms and to the payment(EFT) and delivery(ESTS) systems of the Central Bank of Turkey in real time.
2.	Is there one or more depository or settlement system in the market?	All trades realized at the ISE are cleared and settled at Takasbank. Central Bank only carries out clearing and settlement of OTC government debt trades. Takasbank also facilitates true DvP settlement on gross-basis for those transactions that are not subject to organized market settlement.
3.	If there are several, has a consolidation been considered? If yes, by when?	No. However, there is a convergence between Takasbank and the Central Bank of Turkey's EFT and ESTS systems (RTGS payment and delivery systems) provided by TETS (Takasbank Electronic Transfer System) which is an online online real time interface for the participants to facilitate cash and government debt securities transfers.
4.	Does (do) the securities system(s) allow other domestic or foreign systems to establish direct links on an equal basis to local members?	No.
5.	Does (do) the securities system(s) allow foreign market participants to become direct participants?	No. However, foreign market participant can set up custody accounts with Takasbank. In this case, they are deemed as clients not as participants.