Turkey’s SPK extends margin-equity flexibility to October 30
Turkey’s Capital Markets Board extended temporary maintenance-equity flexibility through the October 30 session. Brokers can retain a minimum 20 per cent ratio instead of 35 per cent where their risk policies permit, taking customer requests into account. The October decision prolongs a measure introduced on September 17 and preserves broker discretion over its use.
Economics & Markets··Morning
October decision extends a September measure
Turkey’s Capital Markets Board, known as SPK, extended temporary flexibility in the maintenance-equity requirement for credit-financed securities positions through the end of the 30 October trading session. The decision appeared in its bulletin dated 3 October. The board cited developments in Borsa Istanbul markets and said the measure aimed to protect investors’ rights and interests while supporting reliable, transparent and stable market functioning.[1], [2]
The extension was adopted under decision 65/1779 in bulletin 2026/68. The previous duration had ended at the close of the 2 October session. The initial flexibility was announced on 17 September in bulletin 2026/60 under decision 57/1706. The October decision changes the duration of an existing measure, keeping the arrangement in place for a further period with an endpoint explicitly tied to the close of trading.[1]
Brokers can retain a lower maintenance threshold
Article 17 of the securities-credit, short-selling and lending regulation, Series V, No 65, ordinarily requires a minimum maintenance-equity ratio of 35 per cent throughout a credit-financed position. SPK’s temporary arrangement allows intermediaries to use a minimum of 20 per cent. Maintenance equity is the equity the customer must retain while that credit-financed transaction continues. The flexibility concerns this ongoing requirement and the point at which additional collateral is requested.[1]
Endeks24 describes the lower ratio as moving down the threshold for a margin call, the request to replenish collateral in a credit-financed position. The board’s decision retains the condition that an intermediary’s own risk policy must permit use of the flexibility. It also asks intermediaries to take customer requests into account as far as possible when applying the measure.[1]
Broker discretion remains part of the arrangement
The decision grants brokers discretion rather than placing every credit-financed customer account on the lower threshold. Its legal basis is the purpose provision and article 128/1-a of Capital Markets Law 6362. The October announcement prolongs the maintenance-equity measure through the stated session endpoint, while keeping its risk-policy conditions in force. A later board decision would be required to change that announced endpoint.[1]
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