Borsa İstanbul Implements New Precautionary Measures on Multiple Stocks and Investors

Borsa İstanbul has expanded its precautionary measures to include two additional stocks, Kontrolmatik Teknoloji and Işıklar Enerji Yapı Holding, as part of ongoing efforts to manage market volatility and protect retail investors.

The decision, announced by Türkiye’s Capital Markets Board (SPK) and Borsa İstanbul, subjects these equities to temporary trading restrictions under the Volatility-Based Measures System (VBTS). While the specific mechanisms applied to Kontrolmatik Teknoloji and Işıklar Enerji Yapı Holding were not detailed in the initial announcement, similar measures in recent periods have included limitations on short selling, margin trading, or the imposition of gross settlement rules to curb excessive price fluctuations.

This latest action follows a series of volatility-based interventions in Turkish equity markets. In August 2025, SPK applied gross settlement rules to PINSU and restricted short selling and margin trading for CUSAN, DAPGM, EFORC, and SKYLP from August 13 to September 12, 2025, after those stocks exhibited signs of unusual volatility. More recently, on March 1, 2026, the Board announced broader temporary measures to preserve market stability, including a prohibition on short selling transactions in Borsa İstanbul’s equity markets until March 6, 2026, and a reduction in the order-to-trade ratio from 5:1 to 3:1.

The VBTS framework is designed to enhance market integrity by imposing tighter controls on securities experiencing erratic movements. Gross settlement mechanisms, when applied, require traders to use only physically held shares in individual accounts, prohibiting transactions based on unsettled or borrowed shares. Such restrictions aim to discourage speculative behavior and reduce excessive price swings during periods of heightened instability.

Market participants are advised to monitor official notifications from Borsa İstanbul and the Capital Markets Board for precise details regarding the scope and duration of the measures applied to Kontrolmatik Teknoloji and Işıklar Enerji Yapı Holding. The restrictions are expected to remain in effect for a defined period, subject to review based on market conditions and volatility indicators.