Market Link Guide – Turkey
Key features
CSD link as defined under CSDRa | Yes |
Type of link | Indirect for equities, corporate bonds and investment funds Direct for fixed income securities issued by Rebuplic of Turkey Ministry of Treasury and Finance through the Central Bank of the Republic of Turkey (Turkish Fixed Income Securities) |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
CSD | Custodian | |
Name | The Merkezi Kayıt Kuruluşu (MKK)a is also referred to as the Central Registry Agency (CRA). The MKK uses the brand name Merkezi Kayıt Istanbul | Türk Ekonomi Bankası A.Ş. (TEB) |
FATCA GIIN | Not available | JGXS32.00000.LE.792 |
LEI | 789000XLUXTY4KRN2E81 | 549300P1SLJZB82YLP69 |
Country of incorporation | Turkey | Turkey |
Account type | Investor accountsb | Investor accounts |
Account name | Accounts are in the name of beneficial owners | Accounts are in the name of beneficial owners |
a. The MKK is the Turkish investor CSD for Government debt securities and the issuer CSD for other Turkish securities. Refer to Market infrastructure – Turkey for further details.
Operational arrangements
| Yes/No | Remarks | |
| Settlement in T2S | No | |
| Settlement free of payment | Yes | Refer to Settlement services – Turkey (Specific settlement rules / settlement restrictions) for important market-specific requirements. Internal transfer securities free (type 31) instructions, that is, deliveries without matching receipts are not allowed for Turkish securities. |
| Settlement against payment | Yes | Refer to Settlement services – Turkey (Specific settlement rules / settlement restrictions) for important market-specific requirements. |
| Settlement against payment in central bank money account of CBL clients | No | CBL holds a cash account at TEB. Against payment settlement of external transactions takes place on the cash account of TEB at the local central bank for government debt securities and at the Takasbank for cash equities, corporate bonds/notes and ETFs. Only CSD-member banks can have an account at the local central bank. |
| Bridge settlement | No | |
| Partial settlement | Yes | Partial settlement is exceptional and subject to bilateral agreement. |
| Settlement penalty fees | Yes | Refer to Settlement process - Turkey. |
| Hold and release | Yes | Instructions that have been "locked in" for settlement or provisioned and released to the domestic market can no longer be held back from settlement. |
| Allegements | No | |
| Transaction linking | Yes | |
| Registered securities | Yes | Issuers can choose to issue securities in either bearer or in registered form. |
| Transaction management | No | The CSD (MKK) does not process market claims. However, TEB processes compensations manually based on client requests. The CSD (MKK) does not process transformations. |
| Multi Market Securities | Yes | AT0000818802 (SHS DO AND CO AG ORD BR), listed at the Wiener Börse and at the Borsa Istanbul. |
| Lending and borrowing | No | |
| Proxy voting | Yes | |
| Investment Funds | Yes | ETFs, open-end investment funds, investment trusts (closed-end investment funds), hedge funds, money market funds eligible for secondary market settlement in MKK or Takasbank only. Important note: Primary market subscription, redemption or switch to Takasbank’s TEFAS platform (Türkiye Elektronik Fon Alım Satım Platformu) are not CBL-eligible. |
| Liquidity Hub Connect | No | |
| Sale and purchase of rights | No | |
| Repo services | Yes | Debt securities only. Refer to the CmaX Product Guide. |
| Market restrictions | Yes | Refer to Investment Regulation - Turkey. |
| FTT | No | |
| Miscellaneous | Yes | Except for Turkish Fixed Income Securities, Turkish securities are held on segregated MKK (CSD) accounts in the name of the respective beneficial owner. Investors other than Turkish resident individuals must possess or obtain a Turkish tax ID before settling transactions in Turkish securities. Turkish individual investors must communicate their Turkish national ID number before settling transactions through CBL. |
| Daily reconciliation | Yes | |
| Link eligible for use in Eurosystem credit operations | No | |
Moment of entry | Yes | The moment of entry is the instance when the CSD system receives transfer orders. |
| Irrevocability | No | Transactions can be unilaterally cancelled before settlement. Securities and cash transfers become irrevocable at the point of settlement on CSD system. |
Settlement finality | Once the transfer of cash and security is completed, settlement becomes final and irrevocable. |
Local legislation
The below section is valid on the date of the legal opinions that were issued and might be subject to change. The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter. The scope of the legal opinions is limited to the local legislation applicable to the relevant CSD (and intermediary, if any). For links using an intermediary located in another jurisdiction, please find a separate Local legislation section for the jurisdiction of the intermediary below. For clients accessing local markets via other Clearstream entities, please also review the Local legislation section in the relevant Market Link Guide for such Clearstream entity.
Local legislation of the CSD/Intermediary | |
Date of legal opinion | 31 March 2025 |
Nature of rights on securities | Substantive law of the jurisdiction will govern the nature of the rights on the securities. Rights on the securities are of other nature/type (chose in action, right to provide instructions to CSD on behalf of Clients, co-ownership rights, trustee rights, sui generis rights, etc.). Sub-accounts are not possible. |
Recognition of nominee concept | Nominee concept not expressly recognised under local law, but possible to hold assets in name of another entity. |
No right of retention to the CSD under local law | CSD does not have a lien or similar encumbrances on the securities under local law. |
No upper-tier attachments | Securities would not be subject to attachment. |
No right of use without prior consent | Laws of the jurisdiction restrict CSD from using securities without Clearstream’s prior consent. |
Segregation of assets at the CSD | Cash equities and corporate bonds are safekept under segregated accounts per beneficial owner. Fixed income securities will be safekept under omnibus account of Clearstream via its direct link at local CSD (MKK) as of 29/09/2025. |
Loss of assets | No general restrictions on ability to recover lost assets or on indemnification under local law. |
Ability to recover client assets in the event of insolvency of CSD | Securities would be recoverable. |
Ability to recover client assets in the event of insolvency of Agent | Securities would be recoverable in the event of insolvency of the agent. Cash would be recoverable. Securities would be recoverable in the event of insolvency of the Subcustodian. Claim to cash as a general creditor in case of insolvency of the Subcustodian. |
Shortfall pro-rated among holders | Shortfall in the securities may be allocated pro rata, but counsel noted certain nuances. |
Settlement finality in case of insolvency | Transfer orders may be revoked in certain circumstances. |