Turkish delight

Turkish delight

SIX Securities Services signs a Memorandum of Understanding (MoU) with Takasbank and MKK to provide international clearing, settlement and custody services for the Turkish market.

The clearing and settlement arms of SIX Securities Services, SIX x-clear Ltd and SIX SIS Ltd, signed an MoU with Takasbank and MKK, Turkey’s domestic providers for post trade services, to establish international post trade services for Turkey.

With this step, SIX Securities Services continues its global expansion and reiterates its commitment as a truly international service provider.

This move is a precursor to the further opening up of Turkey’s financial markets to international investment and aligns with SIX Securities Services’ internationalization strategy.

Through this agreement, SIX Securities Services will play the roles of international Central Counterparty (CCP) for the Turkish market and global custodian for Takasbank. In return, Takasbank will become a full-service provider for the Turkish market via a direct CSD link with SIX SIS Ltd.

Urs Wieland, CEO SIX x-clear Ltd: “We are excited by the prospect of working with the Turkish market as a whole. Now we are focusing on implementation and moving quickly to bring this comprehensive offering to our mutual customers. This is just the beginning of what we believe to be enormous potential in the region.“

The agreement also covers the exploration of joint business opportunities – especially in the area of Islamic finance products and access to the respective markets. The MoU, signed in April in Zurich is the result of two years of discussion and collaboration between all four institutions.

Tomas Kindler, Head of Clearing Relations concludes:”We are delighted that our efforts are starting to bear fruit and opening new business opportunities in Middle East.”