Collateral securities on dematerialized instruments of the capital market

The globalization and liberalization operations in the world economy have increased the transaction volume in capital markets and have diversified the financial assets that have provided fund exchange in these markets. This escalation in the financial system has led to the paper crisis in the traditional holding system. As a result, a new system has been created in which capital market instruments are now issued directly in an electronics-based environment while legal transactions related to these instruments are carried out in a computer-based environment. Financial collaterals, which are the most effective tools for risk management in financial markets, have been developed in EU directives and international conventions that can satisfy the needs of the financial system in this new technological infrastructure. In this study, the legal framework of Article 47 of the Capital Markets Law, which was drafted in parallel with the international normative regulations, will be drawn in terms of civil law. The aforementioned provision needs to be evaluated together with Article 13/V of the Capital Markets Law, which is based on the notification made to the Central Securities Depository in asserting the rights on dematerialized instruments against third parties. It is of utmost importance that financial collateral agreements are evaluated in all aspects in terms of establishment, execution and claiming against third parties in a capital market where rights can be acquired both within and outside the central registry system on the same dematerialized instrument.