“There’s a giant bull in the [Turkey stock market] china shop,” exclaims one trader, but (unsually for Turkey), “nobody knows anything for sure” about who he, she, or it is. As Bloomberg reports, a mystery investor who first appeared a year and a half ago with $450 million of bets on a single day, almost double the market average, is now executing major transactions with increasing frequency, scaring away competitors who can’t figure out when he or she will strike next, traders and bankers said.
Turgay Ozaner and his partners at Istanbul Portfolio have been scouring the official daily trading recap for months for signs of the shadowy figure’s identity, but it’s a code they’ve yet to crack. As Bloomberg reports,
‘Nobody knows anything for sure,’ Ozaner said in his office in a picturesque neighborhood on the shores of the Bosporus. ‘And this is Turkey, where usually we all know what’s going on.’ At least one European bank’s clients have stopped taking short-term positions in Turkish stocks after concluding the investor is using an algorithmic system in which complex formulas decide trades, while others are avoiding the market until they have more information, a person familiar with the matter said.
This post was published at Zero Hedge on 03/13/2016 –.
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