In the rough-and-tumble world of Turkey's currency markets, foreign-exchange brokers are hailing an unusual boost to the bottom line: government regulation.
Since September last year, Turkey's Capital Markets Board has prohibited non-licensed currency brokerages from handling trades for retail investors. The initiative, designed to limit uncertainty in Turkey's large unregulated retail market, initially sent business plummeting as freewheeling brokerages that dominated the business balked at signing up to stringent new rules to regulate transactions.
But regulators say that trading volumes since September have almost tripled to $1 billion-a-day after a raft of established brokerages secured official licenses, building investors' faith in the vast potential of Turkey's once-chaotic market.
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