JP Morgan Securities Applies to Cancel Turkey License

JP Morgan Securities Inc., the securities unit of JPMorgan Chase in Turkey, announced Wednesday that it will apply to the Capital Markets Board to cancel its operating license. If the regulatory body approves the request, the firm will cease its capital market activities, which will either result in a total end to operations or a change in business scope that removes its brokerage status.

The company did not provide a specific reason for the withdrawal. Clients with claims or receivables related to investment services have three months from the announcement to submit supporting documentation to the firm and the board.

The exit follows a period of significant market instability in Turkey. The Borsa Istanbul 100 Index has declined more than 15% since mid-September. Additionally, a fund scandal has reportedly locked the investments of 500,000 people, erasing $100 billion from Turkish equities.