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Mon 4 Dec 2000 04:00 AM

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Logica moves securities online

The Central Bank of Turkey has deployed an electronic system for handling the settlement of government securities

The Central Bank of Turkey (CBT) is set to enter the electronic securities market, with the deployment of the Electronic Securities Transfer and Settlement system (ESTS). The system, which has been installed by Logica, will enable the CBT and eighty Turkish commercial banks to conduct settlement of securities business in a secure and cst effective environment.

The system reports in real time to allow sophisticated reporting of holdings, and also follows international best practice with the delivery versus payment (DvP) system. Under DvP both funds and securities are settled simultaneously to ensure that both parties fulfil their side of the exchange, eliminating risk of unfulfilled transactions. ESTS is hosted on Compaq hardware running software developed by Logica, one of several large scale implementations of Logica applications in Turkey.

“Our new ESTS system marks a strategic, technological advancement on the part of the country’s entire financial community, not just the bank,” commented Mahmut Erogul, director of IT at the Central Bank. “We at the CBT are particularly delighted to have worked with Logica, an organisation which has provided us with valuable consultancy and high quality systems for close to a decade.”

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