“JP Morgan slapped with massive penalty by SPK”

JP Morgan Fined 32.7 Million Liras for Market-Distorting Actions

The Capital Markets Board of Turkey has fined JP Morgan 32.7 million liras for market-distorting actions due to transactions carried out in Borsa Istanbul. The Board conducted inspections and imposed an administrative fine of 32 million 795 thousand 908 liras and 88 cents on the US bank in accordance with the 5th article of the Communiqué on Market Distorting Actions. JP Morgan was cited for making a purchase or sale, sending orders to different price levels, making transactions to affect opening or closing prices, execution of transactions aimed at influencing end-of-day or end-of-term settlement prices, and making transactions to increase, decrease, or keep prices constant.

The penalty imposed on JP Morgan comes amidst a decline in the Borsa Istanbul, which hit its historical high level of 5704 points just after the New Year. Since then, the BIST 100 index has entered a downward trend and decreased by 22 percent on average in the past 5 months, impacting some stocks more than others.

The Capital Markets Board continues to conduct inspections in markets without interruption to maintain fair trade practices and legitimacy in the capital markets.

 

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