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.
