Turkey Joins Greece, South Korea in Curbing Short Sales After Global Rout

Friday, August 12, 2011
By Paul Martin

By Michael Patterson and Benjamin Harvey

Turkey moved to curb short sales and threatened “severe penalties” for stock manipulation, joining nations from Greece to South Korea in trying to stem bearish bets after the worst tumble in global shares since 2008.
The minimum cash or equity required to initiate a short sale on theIstanbul Stock Exchange was raised to 70 percent from 50 percent, according to an e-mailed statement from Turkey’s Capital Markets Board today. In a short sale, an investor borrows a security and sells it, expecting to profit from a decline by repurchasing it later at a lower price.

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