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Borsa Istanbul volatility and fund investigation

Updated 7 times since CLSTR started tracking revisions of this situation.

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2026-10-15 20:43 UTC → 2026-10-22 00:01 UTC · added ~~removed~~

The Borsa Istanbul BIST 100 index experienced volatility in early October 2026, driven largely by the trading activities of Bank of America (BofA) clients. After a brief recovery on October 13, the index faced downward pressure, recently closing at 12,118.29 points, representing a 1.08 percent loss. This decline was exacerbated by BofA customers contributing net sales totaling 1.95 billion TL, impacting stocks such as Akbank and Turkish Airlines. This volatility coincides with an ongoing investigation into investment funds, where authorities have placed assets under judicial control for 109 individuals following allegations of market manipulation and unfair gains. This follows the previous suspension of trading for 131 investment funds on the TEFAS platform, which caused shares like Özata Denizcilik and Destek Faktoring to drop 88 percent. Borsa İstanbul General Manager Korkmaz Enes Ergun clarified that the institution has fulfilled its regulatory duties by notifying the Capital Markets Board (SPK) regarding suspicious funds. However, allegations have surfaced claiming that 130 warnings issued by Borsa İstanbul were not acted upon by the SPK, a claim the regulator has denied, asserting that all notifications are “meticulously evaluated.” In response to security concerns, officials emphasized that Private Pension System (BES) assets are protected by a multi-layered audit network involving the SPK, SEDDK, Takasbank, and the Pension Monitoring Center (EGM). These measures ensure assets remain independent of insurance companies' balance sheets and cannot be seized or included in bankruptcy proceedings. Meanwhile, TCMB Governor Fatih Karahan noted at IMF and World Bank meetings that core inflation is slowing and preference for the Turkish Lira remains strong despite high energy prices. On October 21, the market trend continued downward as the BIST 100 index closed 1.8 percent lower at 11,577 points, with losses recorded across all sector indices.

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