Turkey's market authorities have canceled the license of Tera Yatirim Menkul Degerler and suspended trading on its stock, part of a continued dismantling of the brokerage at the heart of the country's fund crisis. The Capital Markets Board also ordered the firm's gradual liquidation owing to "financial deterioration," according to a bulletin published late Tuesday. The Borsa Istanbul halted trading of Tera Yatirim shares as of Oct. 28 and temporarily suspended trading on Tera Finansal Yatirimlar Holding, another Tera Group unit.
The turmoil has wiped out more than $100 billion of market value from Turkish stocks since mid-September, when Tera Yatirim and other high-profile asset managers failed to meet redemption requests and sent investors rushing to withdraw their money. Dozens of finance executives, including Tera Group Chairman Emre Tezmen and Tera Yatirim CEO Emir Munir Sarpyener, are under arrest pending trial. Tera Yatirim's shares have fallen 95% since mid-September, while some funds overseen by its asset-management unit have defaulted.
Earlier this month, Tera's investment bank failed to make 6.05 billion liras ($121.4 million) in principal and coupon payments. The market regulator last week suspended the activities of three other brokerages tied to the fund crisis, and on Monday it halted operations of Tera's asset-management unit.
Tera Yatirim employed 129 people at the end of 2025, according to the firm's annual report.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing