Saxo Bank, a leading Forex broker headquartered in Denmark, has recently announced its expansion into the Turkish Forex market. The brokerage itself won't be regulated in Turkey, but it has acquired nearly 90% of a regulated Turkish broker, Deger Menkul Degerler, which will now be called Saxo Capital Markets Menkul Degerler A.S.
Saxo Bank joins only a handful of brokers that are legally allowed to operate in Turkey, including Integral Securities (formerly Ulukartal Forex), XTB, Gedik Securities and Finans Invest Securities (an offshoot of finansbank). The Turkish Forex industry made headlines recently when the decision was passed in August 2011 by the Turkish regulatory body CMB that Turkish brokers must be regulated, but no regulation was immediately available. Some firms were able to continue serving traders with a temporary license, but most brokers in the region were forced to halt their services and to scramble for regulation application. Since then, brokers have been slowly re-entering the market, and Saxo Bank is the latest to achieve this goal.