Turkey: Temporary ban on short-selling bank shares

17.10.2019

Clearstream Banking1 advises its customers that effective

immediately

the Turkish Capital Markets Board issued a temporary ban on short selling certain bank shares, driven by U.S. sanctions against Halkbank.

The impacted bank shares (with their exchange tickers) are:

  • Akbank T.A.Ş. (AKBNK.E)
  • Türkiye Garanti Bankası A.Ş. (GARAN.E)
  • Türkiye Halk Bankası A.Ş.  (HALKB.E)
  • Türkiye İş Bankası A.Ş. C grubu (ISCTR.E)
  • Türkiye Sınai Kalkınma Bankası A.Ş. (TSKB.E)
  • Türkiye Vakıflar Bankası T.A.O. (VAKBN.E)
  • Yapı ve Kredi Bankası A.Ş. (YKBNK.E)

The decision also brings a requirement for the brokers to ensure that the securities being sold are safekept in their books. This would impact trading of non-resident institutional investors as well as local investment and pension funds.

Customers are advised to pass on this information to relevant stakeholders as necessary. 

Further information

We continue to monitor this topic with our local sub-custodian and will inform you of any developments.

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.

---------------------------

1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.