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The investment funds/trusts execute transactions by accessing Takasbank system via user codes and passwords taken from Takasbank.
Our bank provides the following services to the investment funds and trusts.
1.1. Custody service
The custody accounts of the investment funds and trusts are kept with Takasbank as member account. The stock certificates and private sector bonds in the portfolio of the fund/trust are followed after dematerialization in the accounts opened as member account under Takasbank account held with CRA. Any movement from the fund/trust account in CRA system will be reflected to the accounts in Takasbank system. The securities issued domestically by the Treasury are followed in the accounts opened directly with Takasbank. The funds/trusts can obtain information related to custody accounts from Takasbank system.
1.2. Securities Settlement Transactions
1.2.1. Stocks Market Settlement Transactions
The transactions executed in the ISE Stock Market on behalf of investment funds and trusts are segregated from contract information and buy-sell information is formed for each fund/trust. The settlement of the transactions executed on behalf of the fund/trust is performed between the trading institution and the fund/trust account by making a transfer. For the sale from fund/trust account, the related stocks are transferred to the selling brokerage house for fulfilling the settlement obligation and the brokerage house covers its settlement debt. In the same manner, for the buying investment fund/trust, the brokerage house receiving the settlement receivable, transfers the related stocks to fund/trust account.
The transfer records are automatically formed on security basis according to the contract information of the transactions executed by the brokerage houses on behalf of the fund/trust. The transfers of the fund/trust are realized by using the transfer records, which are formed from the contract information in order to have controlled exits from the accounts. If an exit is requested from the fund account other than the aforementioned records the transfer instruction entered by the fund is submitted to Takasbank’s approval. Approval is requested by the Board of the Fund or Founder of the Fund with the explanation of the transfer to be performed other than the sale transaction. Takasbank approves or rejects the transfer.
1.2.2. Bonds and Bills Market Settlement Transactions
The institutions trading in the ISE Bonds and Bills Market on behalf of Investment Funds/Trusts, are also responsible for the settlement of transactions executed on behalf of funds/trusts. The settlement of transactions executed on behalf of the fund/trust is performed between the trading institution and the fund/trust account by making a transfer as explained in the section named Securities Transfer Transactions 2.3. Investment Fund, Private Pension Fund, Exchange Traded Fund and Investment Trust Transfer. In case the trading institution has securities debt subject to transfer at the time of the transfer, this debt will automatically be covered by the system.
However, as it is not possible to transfer the securities purchased from the Stock Exchange via reverse repo by the members to another account, the transfer of the securities purchased via reverse repo on behalf of the fund/trust will automatically be executed by the system. On the maturity date of the transaction, the said securities will be automatically removed by the system from the fund/trust account during netting and transferred to the account of the member intermediating the transaction.
1.2.3. Valuation Procedures
Our bank is calculating unit prices and market values of the securities in the portfolios of Investment Funds and Trusts within the framework of the principles determined by the Capital Markets Board.
1.2.4. Control and Monitoring Procedures
The founders, managers or operators of Investment Funds and Trusts enter the information relating to their portfolios (portfolio value, total value of the fund etc.) on a daily basis by using the FONOPER software applied by our bank and such values are compared and reconciled with the values calculated by our bank.
1.2.5. Reporting Procedures
The information entered into our system via FONOPER software is transferred to the Capital Markets Board on a daily basis.
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