How forex market became a gambling house in Turkey quoting : "Reuters"

The foreign exchange market is certainly not a casino, but it has the potential of being turned into one. (photo by REUTERS/Murad Sezer)How forex market became a gambling house in TurkeyAuthor: Mehmet CetingulecThe ads promoting foreign exchange trading have proved to be too irresistible for many Turks over the past several years. Arif Unver, head of the Capital Market Investors Association, said that on average 80% of retail investors lose money in leveraged trading on the foreign exchange market. Until recently, the maximum leverage ratio on foreign exchange trading in Turkey was as high as 100:1, which led aspiring millionaires to turn the market into a virtual casino. Summary ⎙ Print Thousands of Turks, eager to make quick money, have acquired big losses in leveraged transactions at the foreign exchange market, leading the authorities to intervene.


as mentioned in

Analysts believe such a list would specify sectors of the foreign exchange market that would remain subject to controls. "(China should) increase the depth of the foreign exchange market, increase the number of trading tools and market participants, and establish a multi-tiered and inclusive trading platform," Fang said. Analysts and market participants said they did not expect any relaxation of the domestic foreign exchange market soon, and were unclear over the extent of the plans for liberalization. According to Fang, foreign exchange conversion limits would be gradually phased out for "microscopic areas", a term interpreted by analysts as meaning transactions by individuals and companies. Writing in a State Administration of Foreign Exchange (SAFE) publication on Thursday, Fang Shangpu said a so-called "negative list" would be established, based on prudential assessment.


collected by :John Miller

read more visit us forex