Striking development at Borsa Istanbul: Morgan Stanley cancels its membership

Turkey woke up to detentions within the scope of an investigation into the Istanbul Metropolitan Municipality. 87 people, including Istanbul Metropolitan Municipality Mayor Ekrem İmamoğlu, were detained. Following the operation, sharp movements occurred in the market. While gold and the dollar hit record after record, Borsa Istanbul experienced a sharp decline, and circuit breakers were triggered twice.

Following the operations, a notable move also came from Morgan Stanley. The US-based giant investment bank voluntarily cancelled its stock exchange membership at Borsa Istanbul. The following statement was made by Borsa Istanbul A.Ş. to the Public Disclosure Platform (KAP) on March 19, 2025:

"The application of Morgan Stanley Menkul Değerler A.Ş. (Member Code: MSI) to completely waive its operating licenses was approved by the Capital Markets Board, its Restricted Authorized Intermediary Institution Certificate was cancelled, and it was removed from Borsa membership by the decision of our Exchange's Board of Directors dated 12/03/2025."

Morgan Stanley Menkul Değerler A.Ş. had been serving as an intermediary institution operating in Turkish capital markets for many years. The company's waiver of its operating licenses and its removal from membership are considered a notable development regarding the presence of foreign investment banks in Turkish markets.

STATEMENT FROM THE DMM

The Presidency's Directorate of Communications Center for Combating Disinformation issued a statement regarding the news in question. Regarding the reports that Morgan Stanley has withdrawn from Borsa Istanbul, the Center for Combating Disinformation stated the following:

News shared in some media outlets with the claim that “World-famous bank Morgan Stanley has withdrawn from Borsa Istanbul” contains manipulation. Morgan Stanley had previously applied to waive its existing operating licenses. This application was approved by the Capital Markets Board, the institution's Restricted Authorized Intermediary Institution Certificate was cancelled, and it was removed from Borsa membership by the decision of the Borsa Istanbul Board of Directors dated March 12, 2025. Morgan Stanley A.Ş. has not been actively brokering transactions on Borsa Istanbul for many years. The claim that Morgan Stanley's waiver application, which was accepted on March 12, is a result of current developments in our country does not reflect the truth. Do not give credence to speculative statements that could disrupt the functioning of the capital market.