Türkiye Says $18.3B Fund Liquidations Won't Pressure Stock Market
5 Articles
5 Articles
The liquidity crisis that broke out in Borsa Istanbul with successive defaults of giant funds continues to grow with heavy sanctions and new rules that make it difficult for the SPK to access investor money. The shake-up, centered on the Tera and Compass groups, which manage billions of pounds of assets, also fueled systemic risk concerns in the markets as it led the index to the circuit breaker.
On Turkey's main site, Borsa østanbul (BIST) was a scheme of financial pyramids built around the managers of Tera Portföy and Pusula Portföy. Funds showed returns of thousands of per cent, investing investors in shares of associated companies and creating a vicious circle: the growth of quotations attracted new investments, bought the same papers that [...] The post Turkey blows up the fund pyramid and collapses the Istanbul Stock Exchange on AN…
BURAK BOYOĞLU-ISTANBUL The liquidity problem stemming from investment funds on the Istanbul Stock Exchange has become one of the main topics on the market's agenda following the default announcements from Pusula Portfolio and Tera Portfolio...
In the wave of hard selling on the Istanbul Stock Exchange on September 16, the BIST 100 index fell 5.54 percent, the loss during the day exceeded 7 percent, and the circuit breaker worked. Compass Portfolio's disclosure that some funds were unable to meet investors' requests for money back in a timely manner made visible the liquidity problem that had accumulated in the fund market for weeks. The net outflow from mutual funds since August 28 am…
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