On Sep 15 an article appeared on Bloomberg that drew a gloomy picture for the brokerage services industry in Turkey. Some important highlights from the article are as follow:

About one third of brokerages posted losses in the first quarter. Austria-based Erste and Kuwait-based Burgan are eliminating jobs while Moscow’s Renaissance Capital is planning to shut its Istanbul office. Thirty-three analysts rate Halkbank (BIST:HALKB), one more than those who rate Goldman Sachs. The Borsa Istanbul 100 Index has fallen 15 percent this...