The Turkish Brokers Association of Turkish Brokers (TSPAKB) released its May Forex volume turnovers. May figures were reported at 126,869,583,940 TL which was a 77% increase from April’s number of 71,264,455,633 TL. In dollar terms, the volume represented 70 yards of trading vs 39.2 in April.
The huge spike in volume can be attributed to two main items. First, the May TSPAKB’s figures were composed of 12 reporting brokers, as compared to only collecting from 10 brokers in April. Second, increased volatility in May led to across the board increases in volumes versus April’s trading numbers.
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As the amount of Turkish regulated brokers increase, we could be seeing another phenomenon that is helping to lead to the increase of volumes. Namely, Turkish traders who are clients of non-Turkish regulated brokers may be repatriating their funds with domestic regulated brokers, as the local options for trading increase.
Overall, the May figures reveal that the Turkish market continues to be posting solid growth after 2011’s slowdown due to new regulation being enacted.