图杰·奥兹索伊（Tugce Ozsoy）报道称，近期基金危机抹去了伊斯坦布尔上市企业数十亿美元市值，土耳其股市正走向熊市。
By Tugce Ozsoy Turkish stocks are on course to enter a bear market after the recent fund crisis erased billions of dollars from Istanbul-listed firms.
周三早盘，博斯阿鲁斯·伊斯坦布尔100指数一度下跌1.7%，报12,084点，较5月初创下的高点下跌20%；如果市场收于这一水平，该指数将进入熊市区域。按美元计算，BIST 100已经下跌约25%。
The Borsa Istanbul 100 Index fell as much as 1.7% to 12,084 points early on Wednesday, down 20% from the highs hit in early May, putting it into bear territory if the market closes at such levels. In dollar terms, the BIST 100 is already down about 25%.
自一场危机爆发以来，土耳其市场一直处于动荡之中。危机起因是投资基金遭遇流动性问题，这些基金持有大量流动性相对较差股票的头寸。由于Tera Portfoy Yonetimi AS和Pusula Portfoy Yonetimi AS管理的基金未能满足赎回请求，尽管监管机构和央行采取了措施，抛售潮仍蔓延至博斯阿鲁斯·伊斯坦布尔市场。
Turkish markets have been in turmoil ever since a crisis that began with liquidity problems at investment funds holding large positions in relatively illiquid stocks. As funds run by Tera Portfoy Yonetimi AS and Pusula Portfoy Yonetimi AS failed to meet redemption requests, the selloff rippled across the Borsa Istanbul despite steps from the regulators and the central bank.
此后，已有131只基金被清算，数名金融行业高管被拘留或逮捕。
Since then, 131 funds have been liquidated, while several financial industry executives have been detained or arrested.
土耳其成立了一个委员会，负责监督陷入危机的投资基金清算工作。该委员会将由土耳其副总统切夫德·伊尔马兹（Cevdet Yilmaz）领导。总统雷杰普·塔伊普·埃尔多安表示，政府将迅速推出行政和法律改革，旨在使资本市场建立在更稳健的基础之上。
Turkey has created a board to oversee the liquidation of investment funds caught up in a crisis. The board will be under Turkish Vice President Cevdet Yilmaz. President Recep Tayyip Erdogan said the government will swiftly introduce administrative and legal changes aimed at making capital markets operate on a sounder footing.
这轮暴跌在9月已使土耳其市场市值蒸发1000亿美元，也将焦点投向该国快速增长的基金业某些领域中的冒险行为。该指数9月跌幅超过15%，成为2020年以来最糟糕的月份。
The rout, which has erased $100 billion from the Turkish market’s value in September, has shone a spotlight on risk-taking in some corners of the country’s fast-growing fund industry. The index has lost more than 15% in September, making it the worst month since 2020.
8月底，监管机构已经收紧了对基金的规则，限制其集中押注流通股占比很小公司的基金。然而，许多投资者表示，鉴于此前已有充分预警显示一些资产管理公司出现异常上涨，这些措施来得太晚了。
At the end of August, regulators had already tightened rules on funds holding concentrated bets in companies that only have a small proportion of publicly traded shares. However, many investors say these steps came too late, given ample warning of abnormal gains at some asset management firms.