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Takasbank offers international settlement and custody services to both domestic and foreign institutions on the basis of its overseas securities and cash correspondent accounts.
Through its correspondent relations with an international settlement and custody institution, Euroclear Bank, and as a SWIFT member, Takasbank is able to offer international securities correspondance services for all securities accepted by Euroclera Bank and for all national markets connected to it.
Takasbank is also an active member of SWIFT system which is the international financial tele-communication network. In this way, international transactions are realized with instructions having high data security, which are entirely sent in electronic form and transaction reports are received and sent again by the same system.
Domestic Settlement and Custody Services for Foreign Financial Institutions
Takasbank offers domestic settlement and custody services to foreign financial institutions . In case a foreign resident corporate investor makes a request and Takasbank deems it appropriate; a Custody Agreement in English is signed together with its annexes.
This service agreement covers the settlement transactions of securities in custody, the services related to the transmission of information related to these securities disclosed to public, the intermediation for exercising the rights provided by the securities, giving transaction confirmations, delivery of account status and account statements to the customer via SWIFT and services related to foreign currency transactions.
International Settlement and Custody Services Abroad for Domestic Financial Institutions
Takasbank provides international settlement and custody services for the domestic financial institutions, among which the banks and brokerage houses.can be counted at the first place.
In case the related financial institution applies to and requests from Takasbank to receive this service and if deemed appropriate by the bank; "Foreign Settlement and Custody Agreement" prepared in addition to the existing custody agreement is mutually signed. A sub-account is allocated for the related financial institution with Euroclear Bank, then trading is started through delivering the confirmation of account opening as well as the account number and transaction instruction formats to the financial institution.
With this service, apart from providing an effective cash and securities settlement, correspondent service and custody facility to our brokerage houses, which usually trade in the international OTC-over the counter-markets, Takasbank aims to provide a low-cost and comprehensive custody service to the financial institutions, which are in need for safekeeping of securities issued abroad in foreign currency (such as insurance companies using these securities as collateral). The securities kept in GDR form under Takasbank account with Euroclear Bank are converted into ordinary shares by making GDR cancellation and transferred to a securities correspondent in any country upon the customer’s request.
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