TEB Securities Services*, part of the TEB-BNP Paribas Group strategic partnership, today announces that it has been appointed as Account Operator for Euroclear Bank’s new link to Turkey.
TEB Securities Services*, part of the TEB-BNP Paribas Group strategic partnership, today announces that it has been appointed as Account Operator for Euroclear Bank’s new link to Turkey.
This new link, which went live in July, will bring greater efficiency and standardisation to the Turkish market, giving international investors easier access to this market. This broadening of Euroclear Bank’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 MKK (the local CSD in Turkey), broadening their connectivity within the Euroclear eco-system.
Ertunç Gurson, Head 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. 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, added:
“Investing in domestic capital markets require 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.”
* TEB is a BNP Paribas joint venture and TEB Securities Services is a department within TEB in cooperation with BNP Paribas Securities Services
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About BNP Paribas Securities Services (securities.cib.bnpparibas)
BNP Paribas Securities Services, a wholly owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider. Backed by the strength of the BNP Paribas Group, we provide multi-asset post-trade and asset servicing solutions for buy and sell-side market participants, corporates and issuers. With local expertise in 36 countries and a global reach covering 90+ markets, our network is one of the most extensive in the industry, enabling clients to maximise their investment opportunities worldwide.
