Brokerage Houses' Maturing Bills and Their Effects on the Market

While the echoes of the mutual fund crisis continue, the maturity dates of bills issued by brokerage houses for the financing of leveraged trades are approaching. The decline in demand in money market funds—the largest buyers of these issuances, which amount to approximately 3.2 billion liras—carries the risk of forcing institutions to sell shares, potentially triggering a new wave of selling on Borsa Istanbul.

Mutual Fund Crisis and Markets

While Borsa Istanbul is trying to heal the wounds of the mutual fund crisis that peaked with a liquidity crisis last week, regulatory bodies continue their interventions without interruption. The Capital Markets Board has lifted the limits on buybacks until a second announcement, while share buyback notifications from companies have also accelerated.

Volume of Bills to Be Matured

There are currently 124 bill issuances waiting to be redeemed at various maturities, with the total size of these issuances standing at 3 billion 193.7 million liras. Along with bills maturing this month, issuances with 2027 maturities are also present in portfolios.

Selling Pressure and Credit Volume

The decrease in demand in money market funds could result in brokerage houses selling their assets regardless of price in order to meet their redemption obligations. According to data from the Capital Markets Association of Türkiye, the leveraged trading volume reached 129.2 billion liras as of the end of August 2026.

Margin Calls

While the number of accounts utilizing credit became 46,081, the credit volume per investor rose to a historical high of 2.8 million liras. These growing figures also triggered margin calls, reaching 1.13 billion liras on the first trading day of the week according to Takasbank data.