Turkish local government bonds have customarily been settled through the settlement system managed by the Central Registry Agency of Turkey and the local clearing house, İstanbul Takas ve Saklama Bankası Anonim Şirketi, which required foreign investors to use local intermediaries for their investments. Following a fall in non-resident holdings of Turkish government bonds, the Turkish government previously announced that certain new steps would be taken to incentivise greater foreign investor access to sovereign local debt instruments.