We are pleased to share an interview with Dr. Ekrem Arıkan, the CEO and Board Member of Merkezi Kayıt Kuruluşu A.Ş. (MKK), who has recently assumed the role of Chairman of the Association of Eurasian Central Securities Depositories (AECSD). The interview focuses on his professional experience in the Turkish financial sector, which also reflects the evolving landscape of global financial markets and the important role of financial market infrastructures. Additionally, the interview sheds light on MKK’s role in Turkish capital markets and its global presence. We believe that the innovative initiatives and services introduced under Dr. Arıkan’s tenure at MKK will prove beneficial as well as interesting for AMEDA member institutions.

 1. A brief introduction of Dr. Ekrem Arıkan’s background in the Turkish capital markets.

Dr. Ekrem Arıkan, with over 25 years of experience, predominantly as a senior manager in the financial sector, has made a substantial impact on the Turkish capital markets, through the innovative initiatives that he led.

Dr. Arıkan began his career as a computer engineer at Microsoft as an International Program Manager, focusing on Windows operating system development for Turkish markets, and later held various managerial positions at Ziraat Teknoloji A.Ş. and Ziraat Insurance Company, providing IT services for Ziraat Finance Group, the largest governmental bank of Türkiye. His career path includes pivotal roles at Enerji Piyasaları İşletme A.Ş. (EPİAŞ), which was founded in year 2015 as the energy exchange company of Türkiye, where he contributed to the establishment of the Transparency Platform, strategic planning, and international collaborations.

In 2016, he joined Borsa Istanbul Group at Takasbank A.Ş. as the Executive Vice President for Information Technology. He led projects like the BISTECH transition, the gold backed cryptocurrency (BiGA) project based on blockchain technology, establishment and structuring of the Takasbank R&D center, takeover of check clearing system from the Central Bank of the Republic of Türkiye, establishment of the EPİAŞ Natural Gas Market Clearing and Collateral Management services, opening of the SWAP market, the development of the Türkiye Electronic Fund Trading Platform (TEFAS) and Pension Fund System applications, also enterprise architecture and  IT infrastructure.

Since 2019, he has been serving as the CEO and Board Member at Merkezi Kayıt Kuruluşu A.Ş. (MKK), the Central Securities Depository and Trade Repository of Türkiye. Here, he has been instrumental in launching numerous products and services, enhancing the organization’s capabilities and range of services. These initiatives include depository services provided to the Turkish Mercantile Exchange, establishment of the Omnibus Account structure and membership of Euroclear Bank and the Central Securities Depository of Azerbaijan (MDM),  founding of the Crowdfunding Platform, development of the Electronic Trade Repository, implementation of the Electronic General Meeting System (e-GKS)  in the Indonesian capital market and acquisition of the MKK Real Estate Information Center (GABİM) company from the Turkish Association of Appraisers. Moreover, he led development and establishment of the Data Analysis Platform, Investor Information Center (e-YATIRIMCI) application, Bearer Shares Registry System, Investor Risk Monitoring System, Intermediary Institutions MKK Data Analysis Platform (Pusula) and the Real Estate Based and Developing Financial Instruments Information System (GEFAS). He’s currently leading the efforts of MKK to establish the Capital Markets Risk Monitoring Center for Turkish capital markets.

As of September 2023, Dr. Arıkan, in his capacity as CEO and Board Member of MKK, has undertaken the role of Chairman of the Association of Eurasian Central Securities Depositories (AECSD). Additionally, he has enhanced his influence in the international financial world by becoming a Board Member of the World Forum of CSDs (WFC), as the representative of AECSD.

2. Overview of the MKK.

MKK plays a pivotal role as the Central Securities Depository of Turkish Capital Markets, operating under the supervision and regulation of the Capital Markets Board of Türkiye and the Central Bank of Türkiye. Officially licensed as a Financial Markets Infrastructure Institution and an R&D Center, MKK operates an in-house developed depository system (MKS) and maintains direct links with foreign CSDs like Euroclear Bank and MDM for omnibus accounts that deposit Turkish government debt instruments, and Austrian CSD – OeKB and for the shares of an Austrian company that is dual listed on Vienna Stock Exchange and Borsa Istanbul. MKK also acts as the Financial Accounts Center and Registrar in Turkish capital markets.

MKK concentrates its services on four main pillars as Depository, Trade Repository, Corporate Governance and Investor Services.

Under the Depository Services, MKK provides central securities depository services for dematerialized capital market instruments that are traded in Borsa Istanbul Equities, Fixed Income and Derivatives markets, Takasbank Lending Market and Funds Platform (TEFAS), Turkish Mercantile Exchange (TURIB) e-Warehouse Receipts Spot Market and Crowdfunding Platforms. MKK also provides depository services for bearer shares of companies not regulated under the Capital Markets Law, and for company shares listed on the Turkish Republic of Northern Cyprus Stock Exchange.

Trade repositories play a crucial role in financial markets by collecting and maintaining records of derivatives trades. This process aids regulators in monitoring systemic risk build-up and ensuring financial stability. Recognizing this critical function, the Capital Markets Board of Türkiye authorized MKK to serve as Türkiye’s official Trade Repository. This designation enables MKK to effectively monitor systemic risks within Turkish capital markets. MKK’s e-VEDO System is instrumental in recording transaction details for over-the-counter and exchange-traded derivatives from both financial and non-financial counterparties. This system adheres to EU regulations and aligns with standards set by the European Securities and Market Authority (ESMA) and European Market Infrastructure Regulation (EMIR). As of December 2023, approximately 230 members are actively reporting to this system daily, generating almost 350,000 notifications each day.

Since 2020, MKK has notably enhanced the e-VEDO services. These enhancements include T+0 reporting, Fixed Income Reporting, and the YRTS Investor Risk Monitoring System. Additionally, it includes YRTS Group Credit and Interest Rate Reporting, the VAP Data Analysis Platform, and the GEFAS. These developments have significantly bolstered MKK’s capability in managing and mitigating systemic risk in Turkish capital markets.

MKK also provides a wide range of products and services that improve corporate governance practices of companies.

MKK is the operator of Public Disclosure Platform (KAP) which is the primary source of information of Turkish Capital Markets. The XBRL based KAP system is also developed by MKK’s R&D center. All listed companies, intermediary institutions, portfolio management companies, audit firms, rating firms, regulatory authorities and funds have to disclose their notifications within the scope of mandatory public disclosure obligations on KAP. On annual basis around 150.000 notifications disclosed on the system and KAP web page gets 43.000 visits/day. The mobile application of KAP has more than 200.000 users.

As part of its corporate governance service range MKK furthermore develops and operates systems such as the Electronic General Meeting System (e-GKS) and Companies Information Portal (e-ŞİRKET). MKK’s most recent addition to these services was the Electronic Board of Directors System (e-YKS). e-GKS is a product that MKK implements in markets around the world.  And as a quite new service, the e-YKS system enables all board and committee meeting processes including sharing of information and documents in addition to direct real-time communication and voting for currently more than 160 companies in Türkiye.

Under our Investor Services, by means of e-YATIRIMCI system, investors can view the account balance and portfolio distribution of their accounts held with MKK, put/remove blockage on their securities, access corporate actions information on their shares, receive periodic notifications with regards to their transactions, monitor their limits on crowdfunding platforms, prepare and send notifications with regards to their bearer shares and monitor their holdings in these shares.

3. MKK’s global presence.

From its establishment, MKK has been instrumental in fostering extensive cooperation within the international capital and financial markets. This effort aligns with the Turkish Government’s “Century of Türkiye” vision, enhancing MKK’s global reputation.

MKK’s technological expertise, extensive knowledge, and experience place it among the leading CSDs globally, particularly in terms of global collaborations. It has signed Memorandum of Understanding (MoU) with 20 foreign CSDs. MKK actively participates in working groups and conferences hosted by major CSD Associations such as ECSDA, AECSD, AMEDA, WFC, and ISSA, through its memberships in all these regional industry organizations.

In recent years, MKK’s global reach expanded significantly. MKK signed a sales agreement with Africlear Global (2016) for the use of e-GKS in Kenya and Nigeria, followed by another sales agreement signed with the Indonesian CSD – KSEI (2017). Currently a customized version e-GKS is widely used in this country by issuer companies and shareholders. In 2023, more than 1,300 general meetings performed in Indonesia by means of e-GKS.

Through the direct link established with Euroclear Bank in 2020, MKK’s global reach peaked. As MKK’s first foreign CSD member, Euroclear Bank provides direct access to Turkish capital markets for its clients; Euroclear Bank has direct and indirect links with over 50 countries. In addition to Euroclear Bank, MKK concentrated its efforts to onboard new foreign CSDs in the coming years.

Following its pioneering link with Euroclear Bank, MKK welcomed the National Deposit Center (MDM) of Azerbaijan as a member in 2021. This partnership allows Azerbaijani investment institutions and investors to directly engage in clearing and custody operations for Turkish government debt securities through the MDM omnibus account at MKK. In a reciprocal arrangement, MKK opened an omnibus account under MDM by the end of 2022.

4. Turkish capital market’s future outlook according to Dr. Arıkan.

This year marked a milestone for Turkish capital markets as the number of investors surged past 11 million. This record-breaking increase was fueled by the pandemic, through the pursuit of return by market players, and the influx of new investors brought in by public offerings.  The number of investors holding equities, which was 1.2 million at the end of 2019, reached to 8.5 million as end of 2023.

The number of listed companies, which exceeded 530 this year, will increase further and investment instruments will become more diversified. Today, the total market value of securities held at MKK has reached USD 435 billion. 56 IPOs were completed in 2023. This trend also led to a substantial increase in the number of investors in Türkiye.

As interest in the stock exchange grows, the value of our companies is expected to rise, further bolstering the growth of our nation’s economy.

5. MKK’s strategic priorities for the future.

At MKK, our vision for the future is anchored in technological innovation, operational efficiency, and expansion of our services. This vision is driven by a comprehensive strategy that includes a significant emphasis on developing new products and services, in line with our unique position as the Central Securities Depository and Trade Repository of Türkiye.

Key to our strategy is the transformation of our application infrastructures. The launch of the new version of our Electronic General Meeting System (e-GKS 2.0) will mark a major upgrade in the exercise of management rights, in addition to new upgrades in MKK’s other advanced corporate governance platform, the Electronic Board of Directors System (e-YKS). These improvements are not just about technology, they represent a leap forward in how we engage with and serve our stakeholders.

We are constantly enhancing our existing products and services, including significant improvements in our depository system MKS. Our Data Analysis Platform (VAP) and Public Disclosure Platform (KAP) are also undergoing substantial updates to offer more comprehensive and user-friendly services. Through the development of the Sustainability Compliance Report Taxonomy, our stakeholders use KAP more extensively with regard to sustainability disclosures. In parallel, our e-YATIRIMCI application is being enriched with new functions, reports, and integrations, further solidifying our position as an investor-oriented and innovative institution in capital markets.

MKK contributes to the management of systemic risk in our capital market through its trade repository services and its risk monitoring platforms such as the Investor Risk Monitoring System (YRTS).  MKK is currently working with other stakeholders on establishing the Capital Markets Risk Monitoring Center platform for Turkish capital markets.  Through this platform the risk elements that may arise in different areas of the market will be gathered in a single center and monitored 24/7. Almost every year we expand our services with the introduction of new financial instruments in our markets catering to an increasingly diverse group of market players. However, our focus extends beyond domestic advancements. We are planning to implement our range of corporate governance and data services in more markets around the globe.

We are taking significant steps to integrate foreign and domestic capital markets. This includes establishing direct links and account relationships with foreign central securities depository institutions, a move that will not only expand our global footprint but also facilitate international investment flows. Furthermore, we are exploring opportunities for dual listing and similar business models with foreign markets, which will provide unprecedented access and exposure for both Turkish and international investors. Finally, our development of a foreign investor account document management system is set to ease the investment process for international investors in Türkiye, reinforcing our commitment to being a globally integrated and accessible financial hub. These initiatives are pivotal in realizing our vision of connecting Turkish capital markets with the world, fostering a more inclusive and dynamic financial ecosystem.

MKK will continue its transformative journey, one that positions us at the forefront of financial technology innovation. Our strategic priorities, especially in developing new value-added products and services, reflect our ambition to not only lead in the Turkish capital markets but also make a significant impact on the global stage.

6. Dr. Ekrem Arıkan’s message to distinguished AMEDA members.

As the CEO & Board Member of MKK, Central Securities Depository & Trade Repository of Türkiye located at the intersection of many regions, we are proudly a member of also AMEDA and other regional associations. I am very aware and give much importance to international cooperation, especially to compensate missing times and relations due to the pandemic.  Also, as the Chairman of AECSD, I am committed to fostering and supporting collaboration between our esteemed member countries of AECSD and AMEDA that have different and valuable experiences.

During my chairing term of AECSD, I would like to sincerely emphasize that one of our primary goals will be improving interregional interaction and fulfilling the potential of collaboration between our regions. I am very sure we can do it by the help of all our member countries and working together and synergistically towards our common goals.

Our collective efforts will be instrumental in bolstering cross-border investment flows, a key step towards the advancement of capital markets and economies in both regions.

May the coming year of 2024 bring our esteemed colleagues an abundance of happiness, success for our institutions and peace in our region.

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1. Overview of Risk Management in CDCs, CSDs, and CCPs

Why is risk management important for CDCs, CSDs, and CCPs?

Risk management holds significance for custody companies, depository and clearing houses as well as central counterparties due to their responsibility in handling significant volumes of securities, cash transactions and settlement activities. Inadequate risk management can result in losses that have the potential to disrupt market stability and harm investors interests. Therefore prioritizing risk mitigation is crucial, for upholding the integrity of markets while ensuring trust among participants.

The Role of Risk Management in Ensuring Market Stability

Effective risk management in CDCs, CSDs, and CCPs helps to ensure market stability by minimizing the likelihood of financial disruptions and failures. By identifying and mitigating risks, risk management helps prevent systemic risks from spreading throughout the market. Additionally, effective risk management helps to ensure that financial transactions are settled promptly and accurately, reducing the potential for financial losses or disputes.

2. Types of Risks in CDCs, CSDs, and CCPs

Credit Risk

Credit risk refers to the risk of loss due to the failure of an entity to fulfill its contractual obligations. In CDCs, CSDs, and CCPs, credit risk arises from the potential failure of counterparties to settle trades or meet margin requirements.

Operational Risk

Operational risk refers to the risk of loss resulting from inadequate or failed internal processes, systems, or human error. In CDCs, CSDs, and CCPs, operational risk can arise from technology failures, cyberattacks, and human error.

Systemic Risk

Systemic risk refers to the risk of widespread market disruption caused by a failure by one or more entities. In CDCs, CSDs, and CCPs, systemic risk can arise from the interconnectedness between market participants, such as clearing members, settlement banks, and other financial intermediaries.

Liquidity Risk

Liquidity risk refers to the risk of loss resulting from the inability to meet payment obligations as they become due. In CDCs, CSDs, and CCPs, liquidity risk can arise from a lack of available cash or securities to settle trades in a timely manner.

Legal and regulatory risk

Legal and regulatory risk refers to the risk of loss resulting from non-compliance with laws and regulations. In CDCs, CSDs, and CCPs, legal and regulatory risk can arise from changes in laws and regulations, non-compliance with existing laws and regulations, or litigation risk.

3. Risk Management Strategies in CDCs, CSDs, and CCPs

Risk Management Strategies in CDCs, CSDs, and CCPs

Risk identification strategies                                                                                                                                                                     AMEDA

CDCs, CSDs, and CCPs can identify risks by conducting regular risk assessments, monitoring market developments, and staying informed of changes in laws and regulations. Risk identification strategies also involve assessing the specific risks associated with counterparties and transactions and identifying emerging risks.

Risk assessment strategies

Risk assessment strategies involve quantifying and prioritizing risks and evaluating the potential impact of identified risks on the organization and the broader market. These strategies also involve stress testing and scenario analysis to evaluate the potential impact of extreme events on the organization and the market.

Risk Mitigation Strategies

Risk mitigation strategies involve implementing measures to reduce or eliminate identified risks. Examples of risk mitigation strategies include diversifying counterparties, increasing margin requirements, implementing controls to reduce operational risk, and maintaining sufficient liquidity.

Risk monitoring strategies

Risk monitoring strategies involve ongoing monitoring of identified risks and the effectiveness of risk mitigation strategies. These strategies also involve regular reporting to senior management and relevant stakeholders, as well as close collaboration with regulators and other market participants to ensure systemic risks are effectively managed.

4. Role of Technology in Risk Management for CDCs, CSDs, and CCPs

Technology plays a crucial role in risk management for CDCs, CSDs, and CCPs. These institutions use advanced technologies to identify, mitigate, and monitor risks effectively.

How Technology is Used to Identify Risks

CDCs, CSDs, and CCPs leverage sophisticated software and systems to identify potential risks. These technologies utilize algorithms and data analytics to scan markets and detect any anomalies that may pose a threat to the institution. Automated surveillance systems are put in place to monitor market data and flag any unusual activity that may require further investigation.

How Technology is Used to Mitigate Risks

Institutions use various technologies to mitigate risks, including enterprise risk management systems, fraud detection systems, and blockchain technology. These systems enable CDCs, CSDs, and CCPs to identify and mitigate potential risks at an early stage, which can prevent significant losses.

How Technology is Used to Monitor Risks

CDCs, CSDs, and CCPs use real-time monitoring tools to track and monitor changes in the market and detect any unusual activities that may pose a risk. Advanced tracking technologies enable these institutions to monitor assets and transactions effectively, increasing the level of transparency and reducing the risk of fraud.

5. Regulatory Environment for CDCs, CSDs, and CCPs

Regulatory Environment for CDCs, CSDs, and CCPs

The regulatory environment for CDCs, CSDs, and CCPs is stringent, with regulators playing a fundamental role in risk management.

The Role of Regulators in Risk Management

Regulators are responsible for supervising and ensuring that CDCs, CSDs, and CCPs maintain adequate risk management procedures. Regulators work closely with these institutions to identify and mitigate risks effectively and put in place appropriate measures to prevent future risks.

Regulatory Requirements for CDCs, CSDs, and CCPs

CDCs, CSDs, and CCPs are required to comply with various regulatory requirements to ensure adequate risk management. These requirements include maintaining a robust risk management framework,

implementing effective controls over their operations and providing regular reporting to regulators.

Conclusion and Future Outlook for Risk Management in CDCs, CSDs, and CCPs

Effective risk management is vital for the success of CDCs, CSDs, and CCPs. Technology plays a crucial role in identifying, mitigating, and monitoring risks, while regulators ensure compliance with regulatory requirements.

Key Takeaways from Effective Risk Management in CDCs, CSDs, and CCPs

Effective risk management requires a robust risk management framework, including adequate controls and real-time monitoring tools. Institutions must implement these frameworks and work closely with regulators to maintain stability and prevent significant losses.

The Future of Risk Management Technology and Regulations for CDCs, CSDs, and CCPs

Risk management in CDCs, CSDs, and CCPs has a bright future. Artificial intelligence and blockchain, for example, are projected to play a larger role in risk management in the future. To guarantee sufficient risk management, regulators are likely to continue to improve their monitoring and regulatory requirements.

Finally, good risk management is critical for the stability of custodial companies (CDCs), central depository and clearing houses (CSDs), central counterparties (CCPs), and the financial system as a whole. These institutions can reduce potential losses and promote market stability by recognizing, analyzing, reducing, and monitoring risks. While regulators play a vital role in ensuring that CDCs, CSDs, and CCPs follow regulatory requirements, it is the institutions’ responsibility to create and maintain appropriate risk management policies. With the ongoing development of financial markets and new technology breakthroughs, CDCs, CSDs, and CCPs must stay diligent in their risk management efforts to assure the financial markets’ sustained safety and stability.

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In a historic move, the WFC Secretary is now a joint effort between ACG and ECSDA, bringing together the strengths and expertise of both organizations.

For those unfamiliar with the WFC, it is a world group of CSDs that comprises five regional CSD associations, representing approximately 125 member CSDs.

These associations include the Asia-Pacific Central Securities Depository Group (ACG), the Americas’ Central Securities Depositories Association (ACSDA), the Association of Eurasian Central Securities Depositories (AECSD), the Africa and Middle East Depositories Association (AMEDA), and the European Central Securities Depositories Association (ECSDA).

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Caroline D. Pham

Commissioner, U.S. Commodity Futures Trading Commission

Samuel Riley

Head of Securities Services, Clearstream

Javier Hernani Burzako

Head Securities Services, SIX

Guillaume Eliet

Chief Executive Officer, Euroclear ESES CSDs

Kong Qingwen

General Manager, CSDC

Vojtěch Belling

Executive Director, Department of Financial Regulation and International Cooperation, Czech National Bank

Olga Cantillo

Executive President & CEO Latin American Stock Exchange (Latinex)

Michele Hillery

General Manager of Equity Clearing and DTC Settlement Service, DTCC

Francisco Béjar Nuñez

Head CSD Services, SIX

Piero Cipollone

Deputy Governor, Banca d’Italia

Jennifer Robertson

Head of Unit, European Commission

Jesús Benito

Head of Domestic Custody and TR Operations, SIX

Alexandre Kech

Business Head Digital Securities, SDX

Anna Kulik

Secretary General, ECSDA

Paul Symons

Chief Sustainability Officer and Group Chief of Staff, Euroclear

Attila Toth

Principal, Equity and Capital Market Infrastructure, Capital Markets Development Team, EBRD

Rhomaios Ram

Chief Executive Officer, Fnality

Jennifer Peve

Managing Director, Global Head of Strategy and Innovation, DTCC

Ondrej Dusilek

Chief Executive Officer, CSD Prague

Jim Turnbull

Deputy Director- Head of Product Group Capital and Financial Markets Development, EBRD

Bruce Butterill

Executive Director, Americas’ Central Securities Depository Association (ACSDA)

Holger Neuhaus

Head of division on Market innovation and integration, European Central Bank

Jim Micklethwaite

Director, Head of Operations, Thomas Murray Ltd

Muhammad Lukman

Chief Executive Officer, NCCPL Pakistan

Charlie Geffen

Chair, UK Accelerated Settlement Taskforce

Abdulla Jaffar Abdin

Chief Operating Officer Bahrain Clear; Chairman, AMEDA

Kevin Sampson

President, CDS

Olga Jordão

Chief Executive Officer, Euronext Securities Porto

Jens Hachmeister

Managing Director, New Digital Markets, Data & Issuer Solutions, Clearstream

Vipin Y.S Mahabirsingh

Managing Director, Central Depository & Settlement Co Ltd (CDS Mauritius)

Mark Gem

Chair of the Board, ECSDA and WFC; Chairman of the Clearstream Risk Committee

Andreas Lundell

AVP Head of Product, CSD Technology, Market Technology, Nasdaq

Manmohan Singh

Chief Executive Officer, Clearstream Banking Luxembourg S.A

Glen Fernandes

Head of Digital Business Design, Euroclear Group

Ilse Peeters

Head of Government Relations and Public Affairs, Euroclear

Oleksii Yudin

Chairman, National Depository of Ukraine (NDU)

Giorgi Laliashvili

Head of Financial Markets, National Bank of Georgia

Rares Togan

Senior Business Analyst, Securities and Trading, Montran

Martin Watkins

Chief Executive Officer, Montis Group

Andrea Gentilini

Head of Division, Innovation, Payments, Market Infrastructures and Governance CSSF

Miguel Espinoza

Head of Product, Securities and Trading, Montran

Alina Dragomir

Senior Policy Officer, Markets and Digital Innovation Department, ESMA

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Prague, Czech Republic will host the activities of the World Forum of Central Securities Depositories (WFC), which is scheduled to take place from 24 to 26 next May, said chairman of Africa & Middle East Depositories Association (AMEDA) on Thursday.

The forum will gather the participation of more than 135 central depository and registry companies around the world, and witness a GM for each regional association to discuss the special developments for each region.

World Forum of CSDs is made up of five regional associations of central depository and registry companies represented by the Asia-Pacific CSD Group (ACG), and the Americas’ Central Securities Depositories Association (ACSDA).

In addition to that, the Association of Eurasian Central Securities Depositories (AECSD), Africa & Middle East Depositories Association (AMEDA), and the European Central Securities Depositories Association (ECSDA).

Abdulla Abdin, president of AMEDA and vice president of WFC, stressed the importance of the global forum to keep pace with the nature of the recent changes taking place in various markets and systems for central depository and registry activities.

WFC will also discuss the nature of the challenges facing global registry and depository companies, the most prominent of which is the lack of awareness of their importance and vital role, Abdin added.

Abdin added the global conference focuses on several main pillars, including facilitating cross-border investment flows, FMI DLT Pilot Programs: Lessons Learned and Challenges Ahead, Settlement Efficiency, Global view and systemic risk in post-trade services.

Furthermore, he pointed out that the activities will also witness the holding of AMEDA members for a general meeting on the sidelines of the conference, to discuss some issues related to the organization and its members.

The general meeting will be held within the framework of aiming to consolidate the role of AMEDA in Africa and the Middle East, in cooperation with the WFC.

The idea of establishing a global forum for Central Depository companies was AMEDA’s and was presented during the activities of the CSD international conference held in South Africa in 2011, said Riham Khedr, secretary general of AMEDA.

Khedr added, that during the same meeting, CSD conference changed to WFC conference. Moreover, it was agreed that the AMEDA would take over the first term of the Presidency of the global forum in 2011.

The forum aims to ensure the presence of Central Depository companies in the international financial organisations such as the World Bank, CPSS-IOSCO, ISSA, AGC, and Thomas Murray, Khedr stated.

In conclusion, the tasks of the World Forum of Central Securities Depositories (WFC) to assist Central Depository companies (CSDs) in all issuing recommendations and to encourage potential investors to invest in promising members markets.

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