Euroclear has selected TEB Securities Services, part of the TEB-BNP Paribas Group partnership, as account operator for Euroclear Bank’s new link to Turkey.
This new link, which went live in July, is set to bring greater efficiency and standardisation to the Turkish Market giving international investors easier access to this market.
Meanwhile, the broadening of Euroclear’s network will allow international investors to hold and settle Turkish government debt securities through their existing Euroclear accounts.
As account operator, TEB Securities Services will have the right to operate the omnibus account that Euroclear Bank opened under its newly-structured membership at the local central securities depository in Turkey, MKK.
According to BNP Paribas, this will help to broaden TEB Securities Services’ connectivity within the Euroclear ecosystem.
Ertunc Gurson, head of TEB Securities Services, said: “This appointment highlights the strength of our offering in Turkey and of our relationship with Euroclear Bank. This new link represents another important step in the development of the Turkish capital markets, making it easier for international clients to invest in the government debt securities market.”
Gurson continued: “Foreign investors will benefit from a global product offering which will bring Turkish Government bonds in line with other mature markets. We look forward to supporting clients as they invest in the country.”
Frank Slagmolen, deputy head of global capital markets at Euroclear, commented: “Investing in domestic capital markets requires simplicity, efficiency, cost-effectiveness and risk minimisation. We are pleased, together with our partner TEB Securities Services, to make settling in Turkish instruments safer and easier for international investors, by becoming the first foreign CSD with direct omnibus account access to the market.”
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