A mystery trader nicknamed the 'Dude' is causing chaos in Turkey's financial markets
By the end of February, Yatirim Finansman had bought assets in excess of 1.2 billion turkish lira (£293.64; $420 million), compared to its nearest competitor, UBS, which has bought just over 700 million lira's (£170 million; $243 million) worth, according to data from Bloomberg.The mysterious "dude's" trades have also helped increase the average daily volume of trading on Turkey's blue-chip Borsa Istanbul by 8% this year.
The unknown trader is making such big bets that at least one unnamed bank has stopped shorting Turkish stocks as it believes that the trader is using an automated, algorithmic trading system to make their trades.One fund manager, Kerem Baykal said that the trader has "deeper pockets than anyone else in the game and can move the market in any direction."Neither Borsa Istanbul, nor Yatirim Finansman had made any comment on the mysterious trader at the time of writing.
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