一起市场操纵丑闻持续困扰着土耳其，该国作为新兴市场的地位正受到威胁，其上市公司也面临被全球指数剔除的风险。
A market manipulation scandal is continuing to rock Turkey, with the country's emerging market status coming under threat and the country's listed companies now at risk of being frozen out of global indexes.
2025年第四季度，有传言称一些投资管理公司通过大量买入那些流动性较差、自由流通股比例较低的小型上市公司来人为推高股价。随后，土耳其资本市场管理局（SPK）表示，这些投资行为“无法用经济现实或相关公司的财务基本面来解释”。9月份，Pusula Portföy成为首家宣布旗下基金违约的资产管理公司；其竞争对手Tera Portföy也在随后几天表示，其两只基金也发生了违约。
Allegations began swirling in the fourth quarter of 2025 that investment management firms were artificially inflating stock prices by piling into small, illiquid listed companies with low free float rates. Turkey's Capital Markets Board (SPK) later said the investments in the stocks "could not be explained by economic realities or by the financial fundamentals of the companies concerned." In September, Pusula Portföy became the first asset manager to report a fund default, with rival Tera Portföy saying in the following days that two of its funds had also defaulted.
9月份，土耳其的基准指数BIST 100暴跌了16.7%。由于大量投资基金遭受严重损失并面临赎回压力，SPK不得不介入，下令清算131只投资基金。这些被清算的投资基金管理的资产总价值约为1万亿土耳其里拉（约合202亿美元）。
Turkey's benchmark BIST 100 stock index plummeted 16.7% in the month of September. Deep losses and redemption pressure at a swathe of investment funds saw SPK step in and order the liquidation of 131 investment funds days later. The funds ordered to liquidate collectively oversaw assets worth around 1 trillion Turkish lira ($20.2 billion).
9月21日，伊斯坦布尔证券交易所宣布，数十只处于该丑闻核心的股票将在10月初被从BIST 100指数中剔除。
On Sept. 21, Borsa Istanbul announced that dozens of stocks that had been at the heart of the scandal would be removed from the BIST 100 at the start of October.
周四，指数提供商MSCI威胁称，鉴于这一丑闻，将考虑撤销土耳其的“新兴市场”地位，并表示将立即暂停对土耳其股票证券的任何指数相关调整，直至另行通知。
On Thursday, index provider MSCI threatened to revoke Turkey's status as an emerging market in the wake of the scandal. It said it was applying a freeze on certain index-related changes for Turkish equity securities, effective immediately and until further notice.
MSCI在一份声明中表示：“作为2026年市场分类评估的一部分，我们注意到机构投资者对某些小型上市公司的基金持股可能存在协同交易行为的严重担忧。这种行为损害了自由流通股比例的准确性以及市场的公平性。”
"As part of the MSCI 2026 Market Classification Review, MSCI highlighted serious concerns raised by institutional investors about possible coordinated trading through fund holdings closely affiliated with certain smaller listed companies, which undermines the reliability of free float estimates and market integrity," the company said in a statement.
MSCI 表示，将寻找具体且可信的进展，包括对有利益拥有权的详细及时披露、针对协同交易行为的强有力监测与执法，以及用于识别和处理结构性扭曲自由流通量的透明、基于规则的框架。该股权冻结意味着土耳其公司不会被纳入部分 MSCI 指数，也不会被转入更大型公司指数，且现有公司不会因其股份数量变化或对外资可获取股份比例的调整而获得更高的指数权重。
"MSCI noted that it would look for tangible and credible progress, including granular and timely disclosure of beneficial ownership, robust surveillance and enforcement against coordinated trading behavior, and a transparent rules-based framework for identifying and treating securities with structurally distorted free float." The equity freeze means Turkish companies won't be added to certain MSCI indexes or moved into larger-company indexes. Existing companies won't receive higher index weightings as a result of changes to their share counts or the proportion of shares available to foreign investors.
MSCI 周四补充称，若到 2027 年 6 月前进展不明显，将考虑进一步措施，包括对 MSCI 土耳其指数从新兴市场或独立市场地位进行潜在重新分类的咨询。土耳其并非 MSCI 周四的唯一目标。
"Should sufficient progress not be evident by June 2027, MSCI will consider additional measures, including a consultation on a potential reclassification of the MSCI Turkey Indexes from Emerging Market to Frontier or Standalone Market status," MSCI added on Thursday. Turkey wasn't the only country in MSCI's firing line on Thursday.
该指数提供商表示，同时启动了将 MSCI 印尼指数重新分类为“独立市场”的提案，这实质上将印度尼西亚从新兴市场地位中剔除。
The index provider said it was also launching a proposal to reclassify the MSCI Indonesia Indexes to "Standalone Market" status, effectively downgrading Indonesia from emerging market status.
MSCI 表示，其在 6 月曾报告称，市场参与者对印度尼西亚股票市场的可投资性提出了“重大关切”，这些关切包括“持续存在的股份结构不透明以及疑似的协同交易行为”。
MSCI said it had reported in June that market participants were raising "significant concerns regarding the investability of the Indonesian equity market." These included "persistent opacity in shareholding structures and suspected coordinated trading behavior," it added.
MSCI 表示，“尽管印尼当局已宣布改革，包括对持股比例超过 1% 的股东进行更详细的披露、更精细的投资者分类披露、高持股集中（HSC）报告，以及面向 15% 最低自由流通量的路线图，但机构投资者强调了持续实施的必要性以及这些公告带来的持续实质性影响的证据。”
"While the Indonesian authorities have announced reforms, including enhanced disclosure of shareholders with ownership above 1%, more granular investor classification disclosure, High Shareholding Concentration (HSC) reporting, and a roadmap towards a minimum free float requirement of 15%, institutional investors have emphasized the need for consistent implementation and evidence of sustained material impact from these announcements," MSCI said.
市场参与者向MSCI表示，迄今为止，印度尼西亚股票市场尚未持续出现足够的进展。尽管已宣布改革，但市场功能失调方面的重大担忧仍然存在，包括持续存在的疑似协调交易行为以及缺乏有意义执法的证据。它表示，MSCI指数中对印度尼西亚证券的现有冻结将继续有效，直至另行通知。
"Market participants have indicated to MSCI that, to date, sufficient progress has not been observed consistently across the Indonesian equity market. Despite the announced reforms, significant concerns remain around market dysfunction, including continued suspected coordinated trading behavior and lack of evidence of meaningful enforcement." It said an existing freeze on Indonesian securities in MSCI Indexes would remain in place until further notice.