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Turkey Asks Brokers to Help Curb Potential Stock Volatility

  • Brokerages, arbitrage funds cooperate to settle open contracts
  • Open contracts on most affected stocks significantly fell
Customers use ATMs at a kiosk in the Beyazit district of Istanbul, Turkey.

Customers use ATMs at a kiosk in the Beyazit district of Istanbul, Turkey.

Photographer: Erhan Demirtas/Bloomberg
Updated on

Turkey’s regulator has asked local brokers to take measures to limit volatility in the nation’s stocks ahead of the expiration of September contracts in the futures market, which has daily traded volume of about $2 billion.

Brokers have closed contracts on some of the stocks in the recent rout with the most open positions, a step meant to avert what could have been a highly volatile expiration day for Turkish markets on Sept. 30. That’s according to a broker and a senior official with knowledge of the matter who spoke with Bloomberg on Sept. 27.