Recent Development
The Capital Markets Board of Türkiye (the “CMB“), through its announcement made pursuant to its resolutions dated 17 September 2026 and numbered 57/1706 and 57/1707 (the “Announcement“), introduced two measures in light of the recent developments in the Borsa İstanbul A.Ş. markets.
What’s New?
Pursuant to the Announcement:
- Until a further announcement is made, broker-dealers may, to the extent consistent with their own risk policies and while taking client demands into account as far as practicable, apply the minimum maintenance margin requirement for margin trading transactions on a flexible basis, such that the minimum equity ratio may be maintained at 20%, rather than the standard 35%, until the end of the trading session on 2 October 2026.
- All investment funds founded by Tera Portföy Yönetimi A.Ş., Pusula Portföy Yönetimi A.Ş., Hedef Portföy Yönetimi A.Ş., Atlas Portföy Yönetimi A.Ş., A1 Portföy Yönetimi A.Ş., Pardus Portföy Yönetimi A.Ş. and Bulls Portföy Yönetimi A.Ş., the participation units of which are traded on the Turkish Electronic Fund Trading Platform (Türkiye Elektronik Fon Alım Satım Platformu) (“TEFAS“), have been closed to trading on TEFAS. The specific funds listed in the Announcement will be liquidated in accordance with the method to be determined by the CMB.
The funds subject to liquidation are listed by name in the Announcement, which is available here.
Conclusion
The Announcement suspends trading in the funds, which have been recently at the center of discussions, on TEFAS and initiates their liquidation.
