In a move aimed at stabilizing the highly volatile segments of Borsa İstanbul, Türkiye’s Capital Markets Board (SPK) has introduced new trading restrictions on a group of stocks as part of its ongoing Volatility-Based Measures System (VBTS). Among the targeted equities, PINSU will be subjected to a gross settlement system, while four other stocks — CUSAN, DAPGM, EFORC, and SKYLP — will face restrictions on short selling and margin trading.
These measures will remain in effect from the opening of trading on August 13, 2025, through the close of sessions on September 12, 2025, reflecting SPK’s commitment to enhancing market integrity and protecting retail investors.
PINSU Subject to Gross Settlement Rule
PINSU investors will now operate under a gross settlement framework, meaning that only physically held shares in individual accounts can be used for transactions during the specified period. In other words, any attempt to trade using unsettled or borrowed shares will not be permitted.
This restriction, combined with the pre-existing ban on margin trading, is designed to reduce excessive price fluctuations and discourage speculative behavior. Gross settlement mechanisms are typically applied in markets to ensure more disciplined and transparent trading, especially when certain equities demonstrate erratic movements over short time spans.
The decision to apply this specific mechanism to PINSU came after the stock exhibited signs of unusual volatility, which SPK and Borsa İstanbul aim to manage with tighter trade controls.
Short Selling and Margin Trading Ban for Four Additional Stocks
In parallel, SPK also implemented short selling and margin trading bans for four other highly active stocks: CUSAN, DAPGM, EFORC, and SKYLP. These restrictions, also effective from August 13 to September 12, will limit investor operations to cash-only transactions — purchases and sales must be fully funded at the time of execution.
This policy is a common tool in emerging markets to shield less experienced investors from abrupt and dramatic losses that can occur during periods of intense speculation. By disallowing short positions and leveraged trades, the regulator seeks to cool down overheated demand and bring price movements under control.
Why Are These Measures Necessary?
The Turkish stock market has seen a notable increase in retail investor participation in recent years, leading to higher activity in small-cap and mid-cap stocks. While this has added vibrancy to local markets, it has also resulted in increased price swings, sometimes driven more by sentiment and momentum than by underlying fundamentals.
SPK’s VBTS framework is designed to act as a market stabilizer, automatically imposing precautionary rules when certain risk thresholds are crossed. These rules are triggered by predefined metrics such as excessive price changes, abnormal order flow, and volume spikes.
Such temporary interventions are not intended to punish or discourage investment, but rather to create a safer trading environment where pricing reflects more realistic valuations.
Market Reaction and Investor Impact
While gross settlement and trading bans can limit flexibility for active traders, many institutional and long-term investors support these moves. They argue that these temporary curbs reduce manipulative practices such as pump-and-dump schemes, which have hurt market credibility in the past.
Retail investors are advised to adjust their strategies accordingly. Those holding affected stocks should monitor their portfolios closely and ensure that trades are executed in accordance with the new limitations. Margin accounts and short positions, where still open, may be automatically liquidated or frozen depending on brokerage policies.
Transparency and Long-Term Confidence
SPK and Borsa İstanbul emphasized that the primary aim of these actions is to uphold transparency, promote long-term investment, and prevent market distortion. The institutions reminded market participants that similar precautionary measures will continue to be enforced whenever necessary.
Market analysts note that these rules are aligned with global best practices, particularly in periods of heightened volatility or economic uncertainty. Türkiye’s market regulators have increasingly adopted data-driven surveillance systems to flag abnormal patterns, thereby improving oversight across the exchange.
Looking Ahead: Will More Stocks Be Affected?
It is possible that additional equities could face similar restrictions if current volatility trends continue. Traders and investors should stay informed about daily bulletins from Borsa İstanbul and the Public Disclosure Platform (KAP), which frequently publish updated information about active measures.
Moreover, the broader economic environment — including inflation rates, interest rate policy, and geopolitical developments — will continue to influence trading behavior in the coming months. As such, further applications of VBTS restrictions are not unlikely.
Investor Tips During VBTS Periods
For those navigating the current restrictions, financial advisors suggest several best practices:
Avoid speculative buying in highly volatile stocks
Do not rely on leverage or borrowed shares during active restriction periods
Diversify holdings to reduce exposure to any one stock affected by VBTS
Monitor regulatory updates from SPK and Borsa İstanbul frequently
Focus on fundamentals rather than technical hype or social media trends
By adopting a more cautious and informed approach, investors can protect their capital while still participating in Türkiye’s growing capital markets.
Conclusion of a Regulatory Trend
The application of VBTS restrictions on PINSU, CUSAN, DAPGM, EFORC, and SKYLP is part of a broader trend where Turkish regulators aim to professionalize market behavior without discouraging innovation or participation. As Türkiye’s markets continue to mature, such interventions may become less frequent, but for now, they serve as essential safeguards.
Investors should view these measures not as setbacks but as signs of a market trying to balance accessibility with responsibility, ensuring that both new entrants and seasoned players operate on a level playing field.
