New direct link for Turkish Government debt securities

09.07.2025

Clearstream Banking1 informs clients that effective 

29 September 2025

it will enhance its coverage of the Turkish market by introducing a new direct link for the purpose of settling and safekeeping fixed income securities issued by the Republic of Türkiye Ministry of Treasury and Finance through the Central Bank of the Republic of Türkiye (Turkish Fixed Income Securities) via an omnibus account structure. This new link will be offered in addition to Clearstream Banking’s existing indirect link, which will continue to support the settlement and safekeeping of Turkish corporate bonds, equities and investment funds.

Clearstream Banking open an omnibus account directly with the local CSD, MERKEZI KAYIT KURULUSU A.Ş. (MKK). Clearstream Banking’s direct participant status will ensure an enhanced protection of clients’ Turkish Fixed Income Securities. The account will be operated by TÜRK EKONOMI BANKASI A.Ş.(TEB) with MKK.

Direct link details

CSD: MERKEZI KAYIT KURULUSU A.Ş.
Reşitpaşa Mahallesi, Borsa İstanbul Caddesi, No:4
34467 Sarıyer / İstanbul
Republic of Türkiye

Depository Code: 2T
SWIFT address: MKKCTRISXXX
Clearstream Banking securities account number with MKK: 750101

Eligible security types

The following Turkish Fixed Income Securitieswill be eligible in Clearstream Banking, via the new omnibus account:

  • Government bonds;
  • Treasury Bills;
  • Liquidity Bills;
  • Public lease certificates (Sukuks);
  • Gold bonds;
  • Gold indexed public lease certificates.

Investor eligibility and tax certification requirements

To settle and safekeep Turkish Fixed Income Securities with Clearstream Banking, clients are requested to take note of the following.

Investor eligibility requirements

Clients may only settle and safekeep Turkish Fixed Income Securitieswith Clearstream Banking if they comply with the following eligibility criteria:

  1. Beneficial owners must be considered as foreign investors, and therefore, not Turkish residents.
  2. Beneficial owners cannot be individuals.

Clients who settle and safekeep Turkish Fixed Income Securities through the Clearstream Banking omnibus account must be able to disclose beneficial owner information upon request.  If Clearstream Banking receive such a request from the Turkish authorities, clients will be contacted via a standard mandatory corporate action notification (DSCL) and requested to provide the necessary information.  Please refer to the Disclosure Requirements – Turkey section of the Market Link Guide for further details.

Tax certification requirements

Clients of Clearstream Banking who wish to hold Turkish Fixed Income Securities must provide Clearstream Banking with a One Time Certificate (OTC) certifying they fulfil the Investor eligibility requirements as mentioned above. Further details about the tax certification requirements are available in Announcement A25042. Clients may not settle or safekeep any of the above-mentioned eligible Turkish Fixed Income Securities via Clearstream Banking’s omnibus account unless their account has been correctly certified by providing the OTC. 

Clients are liable for the use of any safekeeping accounts obtained through Clearstream Banking. Clearstream Banking shall bear no responsibility for any illegitimate or erroneous use – for any trading or other purpose – of such safekeeping accounts. 

Migration procedure

At close of business on Friday 26 September 2025, Clearstream Banking will proceed with the migration of all settled Turkish Fixed Income Securities positions from their current segregated accounts at the CSD held via TEB to its own omnibus account at MKK.

To facilitate a smooth migration, Clearstream Banking will impose an earlier settlement deadline on Friday 26 September 2025.  Therefore, clients who wish to settle Turkish Fixed Income Securities on this date should ensure that their instructions are received by Clearstream Banking by no later than 12:00 CET.

All pending instructions for Turkish Fixed Income Securities, including matched instructions that did not settle at close of business on Friday 26 September 2025 will be automatically cancelled by Clearstream Banking. Clients will be informed of any cancelled instructions via MT548. Clients and their respective counterparties will have to reinstruct after the successful completion of the migration on Monday 29 September 2025 with the new account details.

As such, for trades in Turkish Fixed Income Securities with a settlement date up to and including 26 September 2025, clients should send their instructions as early as possible and ensure that these are complete, accurate and eligible for straight-through processing (STP) in Clearstream Banking and in the local market. Clients should also ensure that any necessary provision is available for the instructions and that their counterparty’s instructions are in place.

Settlement information

Procedures for domestic counterparties

Clients receiving/delivering Turkish Fixed Income Securities from/to the Turkish market must request their domestic counterparty to deliver/receive the Turkish Fixed Income Securities to/from Clearstream Banking’s account with the MERKEZI KAYIT KURULUSU A.Ş. (MKK) by referring to the following Standard Settlement Instruction (SSI):


Field

Value

MKK BIC

MKKCTRISXXX

Clearstream Banking securities account number with MKK

750101

Clearstream Banking BIC

CEDELULL

Clearstream Banking beneficial owner account number (5-digit number)

For example, 12345

Specific settlement rules / settlement restrictions

Domestic free of payment settlement

There are no restrictions for domestic free of payment settlement in Turkish Fixed Income Securities.

Domestic against payment settlement 

Domestic against payment settlement in Turkish Fixed Income Securities:

  • Can only be settled in New Turkish Lira (TRY)if against payment
  • FX denominated Turkish Fixed Income Securities can only be settled free of payment.

Bridge settlement

Bridge settlement for Turkish Fixed Income Securities is not possible.

Internal settlement

Internal settlement of Turkish Fixed Income Securities is possible against any Clearstream-eligible currency.

Instruction specifications – Xact via SWIFT and Xact File Transfer

In the following tables, M=Mandatory; O=Optional; C=Conditional; Seq=SWIFT Message (sub)sequence.


MT540

Receive Free

Seq

M

:98a:

:TRAD

//Trade date/time

B

C

:94B:

:TRAD

//Place of trade


M

:90a:

:DEAL

//Deal price 


C a

:22F:

:BENE

//NBEN

E

M

:95P:

:PSET

//MKKCTRISXXX

E1

M

:95P:

:DEAG

//Counterparty’s BIC b


or

:95Q:

:DEAG

//Counterparty’s name and address b


O

:95P:

:SELL

//Ordering party’s BIC b


or

:95Q:

:SELL

//Ordering party’s name (if BIC does not exist)


O

:97A:

:SAFE

//Ordering party’s account





MT541



Receive Against Payment



Seq

M

:98a:

:TRAD

//Trade date/time

B

C

:94B:

:TRAD

//Place of trade


M

:90a:

:DEAL

//Deal price 


M

:95P:

:PSET

//MKKCTRISXXX

E1

M

:95P:

:DEAG

//Counterparty’s BIC b


or

:95Q:

:DEAG

//Counterparty’s name and address b


O

:95P:

:SELL

//Ordering party’s BIC b


or

:95Q:

:SELL

//Ordering party’s name (if BIC does not exist)


O

:97A:

:SAFE

//Ordering party’s account





MT542



Deliver Free



Seq

M

:98a:

:TRAD

//Trade date/time

B

C

:94B:

:TRAD

//Place of trade


M

:90a:

:DEAL

//Deal price 


C a

:22F:

:BENE

//NBEN

E

M

:95P:

:PSET

//MKKCTRISXXX

E1

M

:95P:

:REAG

//Counterparty’s BIC b


or

:95Q:

:REAG

//Counterparty’s name and address b


M

:95P:

:BUYR

//Beneficiary’s BIC b


or

:95Q:

:BUYR

//Beneficiary’s name (if BIC does not exist)


M

:97A:

:SAFE

//Beneficiary’s account





MT543



Deliver Against Payment



Seq

M

:98a:

:TRAD

//Trade date/time

B

C

:94B:

:TRAD

//Place of trade


M

:90a:

:DEAL

//Deal price 


M

:95P:

:PSET

//MKKCTRISXXX


M

:95P:

:REAG

//Counterparty’s BIC b


or

:95Q:

:REAG

//Counterparty’s name and address b


O

:95P:

:BUYR

//Beneficiary’s BIC b


or

:95Q:

:BUYR

//Beneficiary’s name (if BIC does not exist)


M

:97A:

:SAFE

//Beneficiary’s account


a. Mandatory when there is no change of beneficial owner.
b. If no BIC exists for the Delivering/Receiving Agent or for the Seller/Buyer, the :95Q: Name and Address field can be used instead in each case. If the appropriate BIC does exist but is not provided, STP cannot be guaranteed and there is a risk of incurring eventual charges.

Important note: With Clearstream’s omnibus account, clients will no longer need to input the beneficial owner’s tax ID number in field :70E: of their settlement instructions, enabling straight-through processing of instructions for Turkish Fixed Income Securities.

Settlement times

There are no changes to settlement deadlines, please see Settlement times – Turkey.

Cash 

There is no change to cash-related information.

Disclosure Reporting Requirements

Local law and regulations may require Clearstream Banking, as a custodian, and upon request, to disclose details of its account holders to issuers or regulators in specific circumstances.

Consent

In order to comply with the legislation as mentioned above and, more generally, with applicable Turkish laws and regulations, clients entering into transactions in the Turkish market consent and are hereby deemed to consent to disclosure and to the appointment of CBL and/or its local agent as their attorney-in-fact, under power of attorney to collect from CBL such information to be disclosed as is required by the issuer, regulator or other requesting party. Clients not willing to give this consent cannot hold such securities and/or financial instruments in their account with CBL.

Please refer to Disclosure Requirements – Turkey.

Overview of other services

The standard services of asset servicing for mandatory corporate events, including income and redemption payment processing, will be available. Income and redemption payments will be made in TRY and can be converted into another currency upon request.

Collateral Management Services, including triparty repo and pledge will be available. Securities borrowing and lending, however, will not be available.
 

Further information

Clients should note that this new link for Turkish Fixed Income Securities will replace the existing link for this type of securities. Clearstream Banking’s existing products and services that are supported in the Turkish market, which can be found in the Market Link Guide – Turkey ,will therefore continue to be supported via Depository Code 2T.

For further information about the new link, clients may contact their Relationship Officer.

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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG clients using Creation accounts), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, and registered in Register B of the Amtsgericht Frankfurt am Main, Germany, under number HRB 7500.