ISTANBUL - The Turkish Capital Markets Board (SPK) regulator said it had suspended the Turkish brokerage of U.S. Raymond James Financial Inc until an capital adequacy ratio had been reached.
"A decision has been taken to suspend operations of Raymond James (in Turkey) until a capital adequacy (ratio) has been reached," the SPK said on Friday, without elaborating.
Raymond James spokeswoman Anthea Penrose in Florida said the company declined to comment. Shares in Raymond James Financial were down 9.9 percent at $18 dollars at 1626 GMT, compared with a fall of around 4 percent in U.S. stock indexes.
The financial services provider owns the third-largest brokerage house in Turkey by market share, according to the firm's website, and has four offices in Turkey -- three in Istanbul and one in Izmir.
Raymond James offices in Turkey also provide financial services such as equity research, investment banking as well as portfolio and fund management.
Turkish stocks have lost almost 60 percent in value this year, but the Turkish financial sector has been spared of most of the turmoil hitting the sector abroad because of strong balance sheets and limited foreign loan exposure.
No Turkish financial institution has folded because of the current global financial crisis.