Alpari Switches Trades with Turkish Lira Pairs to Close Only Mode

The lineup of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term brokers that have restricted trading on the Turkish lira following last week’s failed coup attempt has been growing bigger and bigger. Among the latest entries into this group of brokers is Russian retail FX broker Alpari.

In a note to its clients, Alpari said that it will transfer trades on EUR/TRY and USD/TRY currency pairs to the close only mode, effective tomorrow, July 22, 2016. On August 1, 2016, the open positions on these instruments will be closed and pending orders will be deleted. This basically means that traders will not be allowed to open new trades with the Turkish lira.

Another broker that notified its clients that TRY pairs have been placed under trading limitations is FxPro. The CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term and FCA regulated brokerage has transferred TRY pairs to close only mode on MT4 and MT5 accounts while they have been completely disabled on cTrader.

Earlier today, the Turkish lira fell to a fresh historic low of 3.0970 against the U.S. dollar after President Tayyip Erdogan announced yesterday a three-month state of emergency.

A few hours before the decision, ratings agency S&P lowered its sovereign credit outlook for Turkey to 'negative' from 'stable'. The rating agency also lowered its opinion of Turkey’s local currency debt one notch to double-B plus, sweeping its lira obligations into junk as well.