Turkey fines 10 foreign firms for illegal short selling

By Gokhan Ergocun

ISTANBUL (AA) - Turkey's capital markets watchdog imposed fines totaling 26.4 million Turkish liras ($3.25 million) on 10 foreign financial firms for unlawful short selling transactions.

According to a Capital Markets Board (SPK) statement, Credit Suisse Securities Europe Limited was fined $960,500, Barclays Capital Securities Limited $867,600 and Merrill Lynch BofA International was fine $778,300.

The other companies fined were Wood and Company Financial Services AS ($173,750), J.P. Morgan Securities PLC ($147.750), Goldman Sachs International ($107,200), Moon Capital Master Fund and Renaissance Capital Limited (both $72,250), UBS AG London Branch, ($40,500) HSBC Bank PLC2 ($23,000).

SPK stated that the firms did not notify the brokerage house that their transactions were short selling while issuing their orders.