FxPro switches Turkish Lira trades to close only mode

abdelaziz Fathi

The lineup of forex brokers that have restricted trading on the Turkish lira, following a slide in the currency to a record low against the dollar on Tuesday, is seemingly growing bigger. Among the latest entries into this group of brokers is FxPro.

Turkish Lira

In a note to its clients, Cyprus-based and FCA regulated platform said it had transferred trades on EUR/TRY and USD/TRY currency pairs to the close only mode until further notice.

“You can still close any currently open positions, and the pairs will be available for placing orders again as soon as possible,” FxPro said.

Turkey’s currency saw wild moves as investors fretted about President Tayyip Erdogan’s push to cut interest rate despite rising double-digit inflation and widespread calls to reverse course.

At one point yesterday, Turkey’s currency nosedived more than 15% to a record low of 13.44 against the dollar before trimming some of those losses. For perspective, the lira crashed more than 120 percent from a year ago. It was trading at 3.5 to the dollar in mid-2017.

The new restrictions also come as Turkey’s banking watchdog has been working hard to make it tougher to bet against the local currency. Last year, it has limited the amount of liras Turkish banks can make available to foreign investors and also barred local lenders from trading liras with three global banks.

FxPro launched its operation in 2007 and is jointly regulated by the UK’s FCA and Cyprus’ CySEC. The firm is a former sponsor of Fulham and Aston Villa football clubs. Further, FxPro is an established broker that once was planning a potential initial public offering. Although the broker was hoping to follow the listing of its rivals, such as CMC Markets and IG, it had canceled float plans after the FCA introduced stricter rules for activities of firms selling CFDs to retail customers.

Read this next

Digital Assets

AAX ranked world’s second largest spot exchange, only behind Binance

Crypto trading volumes experienced their first surge in activity since March as the majority of digital assets began their recovery from the recent grim price action, according to a new report by Cryptocompare.

Digital Assets

Bitpay teams up with Cardlytics to provide 15% cashback rewards

Crypto payment service provider Bitpay announced a partnership with Cardlytics Inc (NASDAQ:CDLX), which it says will offer more rewards for BitPay cardholders on its platform.

Digital Assets

BlackRock digs further into crypto with spot bitcoin private trust

BlackRock, the world’s largest asset manager with almost $8 trillion in AUM, has launched a spot bitcoin private trust for institutional clients in the United States.

Digital Assets

SEC fines Bloom Protocol, orders refund to BLT token purchasers

Blockchain startup Bloom, which raised $30 million in funds via an initial coin offering (ICO), has agreed to return the money to token purchasers and pay a $300,000 fine, the SEC announced.

Institutional FX

FX volume takes step back at Singapore Exchange in July

The Singapore Exchange (SGX), the country’s paramount exchange operator, has released its monthly volumes across its FX, derivatives and commodities segments for July 2022.

Market News

The Week Ahead: 12 August from David Madden, Market Analyst at Equiti Group

There was a spike in volatility last week when the US CPI report ticked down to 8.5% from 9.1%, missing the forecast of 8.7%. The announcement led to chatter the Fed might not carry out a 0.75% interest rate hike in September.

Digital Assets

Pomelo Pay adds crypto payments capabilities from TripleA

According to a June survey conducted by Deloitte, nearly 75% of retailers plan to accept either cryptocurrency or stablecoin payments within the next two years.

Executive Moves

Talos appoints “boss, mentor, and friend” Neal Pawar as strategic advisor

“Foundational technologies are needed for institutions to fully embrace this potential, however, and in my opinion Talos’s platform is steadily becoming the de facto industry standard for digital asset trading.”

Technology

Avelacom enhances Middle East connectivity amid new market trends

Avelacom found that smaller markets in the region were not sufficiently covered by third-party vendors.

<