Saxo Bank

The Copenhagen-based multi-asset broker Saxo Bank has said it has decided to end operations through its Turkish subsidiary, Saxo Capital Markets Menkul Değerler A.Ş., to reduce complexity in the organization and bolster relationships with strong partners in Turkey.

The company's office in Istanbul will be shut down, according to a statement released on June 28. 

Christopher Dembik, Economist of Saxo Bank, claims that a new crisis is coming and explains it in four points:

• Shortening economic cycle means more frequent crises
• ‘Great Divergence’ model saw China assuming the US’ leadership role
• We have likely reached the limits of adjusting monetary policy
• States have compromised a return to growth due to debt

Online currency trading platforms braced on Sunday for extreme market moves due to events around Greece, imposing higher margins on much trading of the euro and in some cases preventing traders taking up new speculative positions.

Economists and other experts have told Anadolu Agency that investor confidence in Turkey will not flag despite potential political instability after June 7's general election.

The election saw four parties earn enough votes to enter the Turkish parliament, sparking speculation about a return to coalition government or a second, snap election.

By Francesco Canepa and Blaise Robinson

European shares snapped a four-day rally on Wednesday with Greeks shares under pressure as anti-bailout party Syriza consolidated its lead ahead of the Jan. 25 general election.