Turkey halts 3 brokerages amid fund crisis

The Turkish Market Regulation Authority has suspended the activities of three brokerage firms linked to the investment fund crisis: "Alnus Yatırım Menkul Değerler," "Bulls Yatırım Menkul Değerler," and "Sula Yatırım Menkul Değerler." They have been decided to be liquidated due to their unstable financial conditions. This decision threatens hundreds of jobs, as the companies employ over 300 people combined. The financial sector is expected to decline as a result of asset and revenue contraction, with a possibility of more companies exiting and taking over in the coming months. Market turmoil continues with the liquidation of 131 investment funds, and Turkish stocks have lost over $100 billion since September. Additionally, the Istanbul Stock Exchange 30 index experienced a 30% decrease in trading averages last month.

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