Venbey Yatırım Fined Over $110K by Turkish Capital Markets Watchdog
- Turkish forex broker Venbey Yatırım is fined after an on-site inspection by the local authorities.
Turkey's financial watchdog, the Capital Markets Board, has informed the public in its latest bulletin that it fined the local brokerage Venbey Yatırım following a physical on-site inspection of the firm's premises and assessment of its operations.
The Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi brokerage has incurred two penalties worth a little over $113,000 combined. Venbey Yatırım was fined TRY 325,617 over incorrect reporting of client funds regarding the calculation of capital adequacy ratio. A second penalty of TRY 26,049 was incurred over its failure to update its margins at Takasbank - according to Turkish regulation all client funds are held at Takasbank which belongs to the government, and if a client loses money the broker can withdraw it from Takasbank, and if a client makes money the broker has to update the margins at Takasbank.
We can expect to see this as just the first move in an upcoming wave of fines according to an expert on the Turkish market. Hüseyin Gürsöz, CEO of boutique software and solution provider Meta Technologies, said: "The Capital Market Boards of Turkey is supervising some FX brokers since the Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders of the Turkish Lira hit the market. There are big losses on some brokers' side and they are having trouble to reach capital adequacy ratio. Fines started with Venbey Yatırım and we can expect more fines regarding capital adequacy ratio."
Turkey's financial watchdog, the Capital Markets Board, has informed the public in its latest bulletin that it fined the local brokerage Venbey Yatırım following a physical on-site inspection of the firm's premises and assessment of its operations.
The Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi brokerage has incurred two penalties worth a little over $113,000 combined. Venbey Yatırım was fined TRY 325,617 over incorrect reporting of client funds regarding the calculation of capital adequacy ratio. A second penalty of TRY 26,049 was incurred over its failure to update its margins at Takasbank - according to Turkish regulation all client funds are held at Takasbank which belongs to the government, and if a client loses money the broker can withdraw it from Takasbank, and if a client makes money the broker has to update the margins at Takasbank.
We can expect to see this as just the first move in an upcoming wave of fines according to an expert on the Turkish market. Hüseyin Gürsöz, CEO of boutique software and solution provider Meta Technologies, said: "The Capital Market Boards of Turkey is supervising some FX brokers since the Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders of the Turkish Lira hit the market. There are big losses on some brokers' side and they are having trouble to reach capital adequacy ratio. Fines started with Venbey Yatırım and we can expect more fines regarding capital adequacy ratio."