UPDATE WITH MORE DETAILS FROM BORSA ISTANBUL'S STATEMENT
By Gokhan Ergocun
ISTANBUL (AA) – Unusual conditions in foreign over-the-counter FX swap markets do not reflect the true picture of Turkish lira markets, Turkey's Borsa Istanbul said Thursday.
These conditions cause uncalled-for price movements, it said in a statement.
It added: “Pricing is continuing in a healthy way as usual in the swap market of our stock exchange. “
Accessing domestic markets from the foreign over-the-counter market would contribute to healthy pricing, the statement added.
“Foreign banks which are active in Turkey and members of Borsa Istanbul markets and institutions which are active in foreign over-the-counter markets can transact in our stock exchange. We invite all market players, ” it concluded.
Under Turkey's new economy program, announced in September 2018, one of Borsa Istanbul's chief strategies is creating markets for managing the risks of Turkey's financial institutions, the press release noted.
It added that Borsa Istanbul continues to work to create liquid and efficient markets in line with international standards.
“One of the significant results of the G20 Pittsburgh summit [in 2009] was including Over-the-Counter markets' derivative transactions in centralized exchange markets, ” said the press release.
The Borsa Istanbul FX Swap Market, established last October, has so far reached a transaction volume of $40 billion.
Over-the-counter markets mean unorganized markets which usually list companies that cannot meet stock exchange listing requirements.
