Towards becoming an international settlement and custody institution
Takasbank is resuming its infrastructure development and thus, forming a sound basis to be a regional settlement and custody center
Projects
Nasdaq Project
Within the scope of the strategic cooperation agreement signed on 20 January 2014 between Borsa İstanbul Inc. and NASDAQ, the resolution was taken for the development of a clearing, settlement, real time gross settlement delivery versus payment (RTGS DvP), default, collateral management and risk management system which will function in an integrated manner with the processing system and other modules to be renewed within the scope of the technological renovation studies carried out with NASDAQ and for the integration of the current Takasbank Custody, Banking and Accounting modules and the Central Registry Agency system with the newly developed system.
To that end, the Equity Market was included in the first phase of the implementation and technological transformation program scheduled to be introduced in two phases, whereas, the Debt Securities Market, Futures and Options Market and Precious Metals and Diamond Markets were included in the second phase. Practices on the Equities Market were started in January 2014, and practices on other markets were started in August 2014. The detailed analysis for the Equities Market and the implementation and development works were completed in 2014 by NASDAQ and the application tests were started.
Both the internal tests and member tests were completed in November 2015 and the Equities Market applications were launched on 30 November 2015.
Knowledge Transfer Program
Since the source codes will also be obtained together with the software within the scope of the NASDAQ Project, a knowledge transfer program was introduced in this context for purpose of transferring knowledge. In accordance with this program, a certain number of IT employees from Takasbank and Borsa İstanbul are provided training abroad and take part in the development of applications. The knowledge transfer program aims to enable the future application development and testing activities to be carried out entirely with the own resources of Takasbank and Borsa İstanbul, the system support and operations to be conducted without receiving any assistance from NASDAQ, and to develop necessary software for similar services and market them to the countries in the region.
Our Gains From The Project
- Enabling centralized risk and collateral Management,
- Convergence with the generally accepted international practices,
- Enhancing liaisons through the international reputation to be procured,
- Contributions to the fulfillment of international commitments and compliance with the standards,
- İstanbul Financial Center Project priorities,
- Acquiring the source codes of the applications
