This year, the Turkish prime minister's favourite saying has been that the global economic crisis would touch Turkey "only tangentially". Arguably, he is right. The root cause of the financial meltdown was the collapse of the sub-prime mortgage bond market, and this was not the preferred type of security for many Turkish investors. Now, after waiting for the securities markets to settle, the Capital Markets Board (CMB) of Turkey has introduced the Communiqué on the Principles of Asset Covered Securities (Serial: III, No: 38), enabling issuers of securities to diversify financing opportunities.
November 01 2009