Turkey Market Regulator Chief Steps Down During Fund Crisis
Turkeyโs market regulator chief, Mahmut Sutcu, stepped down on Monday during the fallout of a fund crisis thatโs upended the countryโs markets.
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Turkeyโs market regulator chief, Mahmut Sutcu, stepped down on Monday during the fallout of a fund crisis thatโs upended the countryโs markets.
Turkeyโs markets regulator ordered interim payments of as much as 1 million liras ($20,400) to investors whose money has been trapped in some funds being liquidated as authorities try to contain a crisis that has shaken the countryโs financial markets.
Turkeyโs fund-industry crisis is inflicting some of its heaviest losses on smaller, less-liquid stocks, widening a divide with large-cap names that have benefited from regulatory support.
Turkey froze assets tied to executives at several investment firms, expanding an investigation into a fund-industry crisis that has already triggered redemption failures, arrests and a sharp selloff in stocks.