Short Sale Transactions in Istanbul Stock Exchange from the Perspective of Margin Transactions and Global Financial Crisis (Kredili İşlemler ve Küresel Kriz Açısından İMKB’de Açığa Satış İşlemleri) (Turkish)

In the process of global financial crisis, short sale transactions were banned at the countries having a developed capital markets to protect consumers and financial system. The U.S. Securities and Exchange Commission and U.K. Financial Services Authority were the leading regulators adopted such restrictions. In this article, the author considers whether banning approach to the short sale transactions represent the right policy for the global and local financial markets' systemic safety. Essential reasons of the recent financial crisis are based on fundamental problems of the economy and financial system rather than market based speculations. Therefore, by analysing relevant arguments in the literature and statistical data, it is concluded that administrative policies emerging to ban on short sale transactions would not enough to reverse crisis conditions. On the other hand, the author suggests short sale transactions on ISE would need additional regulation and supervision to enhance market and transaction safety