Well here we go again.
Less than a month after the UK Brexit referendum led (most) Forex brokers to take precautionary measures – such as raising margin requirements for both new and existing positions, and setting some currency pairs to Close-Only – the attempted overthrow of the Turkish government over the weekend is doing the same.
While a very different situation of course than Brexit, the uncertainty surrounding the situation in Turkey (despite the government and law enforcement’s successful quick quashing of the coup) has led FCA and ASIC regulated retail forex broker ThinkMarkets to set all Turkish Lira currency crosses to Close-Only status. Meaning, that clients with existing Lira positions may close them if they want, or leave them open, but no new opening trades can be made.
LeapRate received a statement from ThinkMarkets management on the subject:
At ThinkMarkets we have assessed the current situation in Turkey, and set all Turkish crosses to close-only. Depending on the next steps we may restrict margin and size until the situation normalises.
We will continue to follow the situation at both ThinkMarkets and at other Forex brokers as the story develops.