The Impact of the Fund Crisis on the Sector and the Search for Trust
Following the fund crisis, the loss of trust experienced by portfolio management and brokerage firms threatens trading volumes and employment.
Anadolu Yatırım General Manager Nuri Sevgen stated that the fund crisis, amounting to approximately 800 billion TL, has negatively affected the sector and that trust must be restored.
Scope and Scale of the Fund Crisis
Anadolu Yatırım General Manager Nuri Sevgen stated that the ongoing fund crisis covers 131 funds with a size of approximately 800 billion TL. It was stated that approximately 300 billion TL of this amount is held in two major money market funds.
Trading Volume and Employment Pressure
Stating that the daily trading volume on the stock exchange has dropped by about 30 percent, Sevgen noted that personnel expenses make up an average of 44 percent of costs in brokerage firms. It was emphasized that the decline in commission revenues will create pressure on employment.
Share Repo Transactions and Risks
While evaluating potential losses in money market funds, Sevgen drew attention to share repo transactions, explaining with examples the structure where stocks are shown as collateral to provide financing and the potential risks involved.
Crisis Management and Liquidity Warning
Emphasizing that crisis management must be coordinated from a single center, Sevgen warned that if trust cannot be established, liquidity issues could lead to different risks, pointing out the importance of reducing uncertainty.