Retail broker Capital.com is hiring for a new local CEO for Turkey, suggesting the broker plans on expanding into the country.
The job spec heavily implies that the role would entail the establishment of a locally regulated entity in Turkey.
Like other countries with a history of inflation, Turkey has an odd relationship with the FX/CFD industry, with many of its restrictions on the product seeming to be less about client protection – as is the case in places like the UK – and more about fears around the value of its currency.
The country has heavy restrictions on OTC trading products as a result.
For example, local firms cannot offer leverage of more than 10:1 and there is a minimum margin requirement of TL 50,000 ($1,191).
As in every market where leverage restrictions have been imposed, the market has become a very popular one for offshore brokers as a result of these restrictions.
