Turkish military coup: ThinkMarkets takes swift action to protect customers

As geopolitical turmoil unfolds in Turkey, ThinkForex takes swift action and ensures that risk management is a major priority


Geopolitical events that are currently taking place in Turkey have attracted the attention of astute FX brokerages which are taking swift action to protect their customers against volatility.

As the military uprising against the incumbent President of Turkey Tayyip Erdogan began to take place, the currency markets reacted accordingly.

Speaking today to London-based ThinkMarkets (previously ThinkForex), it has been evident that a prudent approach is being pursued.

This morning, the company set its trading system to close-only on pairs involving the Turkish Lira and also began to look at restricting the margin and size as the situation unfolds.

A spokesman at ThinkMarkets today explained to FinanceFeeds “Due to the sudden slump in the Turkish lira the firm will limit transactions to prevent market volatility impacting client trades.”

“Our risk teams will be rigorously assessing the situation and we may look at limiting margin requirements on Turkish lira instruments as events unfold.”

“As a risk averse firm we have taken this measure quickly & swiftly to ensure that we safeguard the interests of our clients and mitigate our risk, hence our decision to limit any further exposure as uncertainty prevails in one of the most influential emerging market nations” continued the spokesman.

Indeed, it is likely that volatility may well follow suit, and therefore ThinkMarkets’ prudent and timely precautionary measures speak volumes.

Read this next

Digital Assets

Revolut receives FCA’s go-ahead to launch crypto trading

British fintech and banking firm Revolut has received a regulatory go-ahead to launch its cryptocurrency services in the UK.

Digital Assets

GBTC share is trading at 36% below bitcoin spot price

Grayscale Bitcoin Trust share has widened its discount relative to the underlying cryptocurrency held in the fund, the highest margin ever since its debut in 2013. Digital Currency Group’s flagship GBTC shares traded at a discount of 35.8% to net asset value (NAV) today.

Digital Assets

Crypto lender Nexo investigated by 8 US state regulators

State securities regulators in New York, California, Kentucky, Maryland, Oklahoma, South Carolina, Washington and Vermont are investigating crypto lender Nexo for allegedly failing to register its Earn Interest Product.

Metaverse Gaming NFT

Astar Network’s ad features 329 top brands to support Web3 in Japan

Blockchain innovation hub Astar Network is making strides in promoting the Web3 adoption worldwide. In yet another milestone, the smart contracts platform has run a national newspaper ad in Japan that set a new global record with participation from 329 blue-chip firms.

Digital Assets

Pyth Network welcomes onchain data from crypto market maker Auros

“By sharing our high-frequency trading data with a truly onchain decentralized network, we aim to foster innovation that will lead to better financial solutions for all participants.”

Digital Assets

Tokeny integrates Ownera to boost liquidity of tokenized assets

“The adoption of FinP2P will result in higher liquidity and better access to capital and assets by providing regulated firms with one secure point of connection to multiple digital asset networks across the globe.”

Digital Assets

BingX launches subsidy vouchers to cover user losses in copy trading

“With the introduction of copy trade subsidy vouchers, new users can easily try out trading strategies without incurring losses.”

Digital Assets

Talos expands sales team: Frank van Zegveld, Matt Houston, Hillary Conley

“The extensive leadership and industry expertise of these new hires will enable us to build long-lasting relationships as we continue to build out our global presence in EMEA and beyond.”

Executive Moves

FX and CFD broker Emporium Capital hires industry veteran Robert Woolfe as COO

His past experience within the FX and CFD industry includes top roles at Capital Index, London Capital Group, GKFX, ETX Capital, and IG.  “I’m delighted to be part of the Emporium Capital team and spearheading the brokerages global expansion plans”, he said about the appointment.