The strategic growth of the Turkish CSD and trade repository since 2019 : From financial infrastructure to market intelligence
Abstract
Regulatory change, digitalisation, rising transparency requirements, and the growing strategic importance of data have continued to reshape the post-trade industry since 2019. For central securities depositories (CSDs), these developments have reinforced the importance of core infrastructure functions while also creating pressure to expand into new areas such as trade reporting, market intelligence, digital corporate governance, and investor-facing services. This paper examines these developments through the case of Merkezi Kayıt Kuruluşu A.Ş. (MKK), Türkiye’s Central Securities Depository and Trade Repository, and discusses how its strategic growth since 2019 reflects broader changes in the CSD business model. This is done by first outlining recent trends in CSD and post-trade services and then analysing MKK’s development across four main service pillars: depository services, data services, corporate governance services, and investor services. Based on this review, the paper shows that MKK’s progress illustrates how a national CSD can move beyond its traditional role as a core post-trade infrastructure towards a broader market infrastructure model combining resilience, connectivity, analytics, and digital service delivery in different markets both local and global. The paper concludes that the next phase of CSD development is likely to depend on the ability of market infrastructures to combine trusted core services with innovation, regional interoperability, and more intelligence-driven solutions for issuers, investors, and regulators. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.
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Author's Biography
Ekrem Arıkan is Chief Executive Officer and Board Member of Merkezi Kayıt Kuruluşu A.Ş. (MKK), the Central Securities Depository and Trade Repository of Türkiye. Since joining MKK in 2019, he has led the institution’s technology and organisational transformation, expansion of its international presence, and development of new market infrastructure services. Under his leadership, MKK has broadened its product range across depository, data, corporate governance, and investor services, including links with international central securities depositories (CSDs), the export of the electronic general meeting system (e-GKS) to Indonesia, and platforms such as e-VEDO, VAP, e-YATIRIMCI, HPKS, YRTS, GEFAS, PUSULA, and KVMKS. Prior to joining MKK, Ekrem held senior technology and business development roles at Microsoft, Ziraat Finance Group, the Turkish Energy Exchange EPİAŞ, and Takasbank where he served as Executive Vice President for Information Technology. He holds degrees in computer engineering and Master of Business Administration, and a PhD in business administration focused on corporate governance and digital maturity. Ekrem has been the Chair of the Development of Financial Services Commission for the Twelfth Five-Year Development Plan (2024–2028) led by the Presidency of Strategy and Budget of the Presidency of the Republic of Türkiye. Prior to this, he was a member of the same commission during the Eleventh Five-Year Development Plan (2019–2023). Ekrem serves as Chair of the Association of Eurasian Central Securities Depositories (AECSD) and as a board member of the Africa & Middle East Depositories Association (AMEDA). In September 2025, he was elected as Chair of the Board of the World Forum of Central Securities Depositories (WFC).
