SPK eases margin-maintenance rule through Oct. 2 and halts TEFAS trading in seven portfolio managers' funds
Published · Updated
What happened
The SPK said on 2026-09-17 that it had taken measures after monitoring recent market developments. It temporarily broadened flexibility in the equity-maintenance ratio for margin transactions until 2026-10-02 and suspended TEFAS trading in funds run by seven named portfolio management companies, with numerous related funds moved toward liquidation.
Why it matters
The measures show the market regulator using both market-support tools and enforcement powers on the same day. That can alter trading conditions, fund flows, and counterparty behavior in Türkiye's equity and fund markets over the next several sessions.
On 17 September, Türkiye's Capital Markets Board (SPK) announced a package of market measures after saying it had been monitoring recent developments. The board allowed more flexible application of the equity-maintenance ratio in margin transactions until 2026-10-02, while also closing all TEFAS trading in funds managed by Tera Portföy, Pusula Portföy, Hedef Portföy, Atlas Portföy, A1 Portföy, Pardus Portföy and Bulls Portföy; multiple funds were designated for liquidation. The combination of temporary market-support relief and targeted enforcement makes this a building market-governance situation, with a near-term path to further regulatory tightening or stabilization steps if stress in Borsa İstanbul persists.
Watch for
SPK bulletin on 2026-09-18 or 2026-09-19 announcing any extension of temporary margin-ratio flexibility beyond 2026-10-02 or additional trading restrictions Takasbank end-of-day collateral and margin circulars on 2026-09-18 or 2026-09-19 reflecting revised implementation for leveraged equity accounts TEFAS platform status pages on 2026-09-18 through 2026-09-20 confirming continued closure or reopening conditions for funds managed by the seven named portfolio companies Borsa İstanbul data on 2026-09-18 or 2026-09-19 showing exchange-level changes in short selling, circuit-breaker use, or volatility-related market notices
Sources
- SPK'dan sermaye piyasalarına ilişkin yeni tedbirler · aa.com.tr
- 17.09.2026 Tarihli Basın Duyurusu · spk.gov.tr
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