Akgiray, speaking at the PriceWaterhouseCoopers Business School’s “Roadmaps for Business in the Post-crisis Period” event on Tuesday, noted that the forex market is “completely unregulated” and that thousands of people lose money on a daily basis. He added that the task of regulating this market was given to the SPK and that new regulations are expected to be put into place by Jan. 15. “If we look at the mistakes of the past, it’s wrong to say there was little regulation; there might’ve even been too much regulation. There are markets that are excessively regulated and others that aren’t regulated at all … The difference between the two needs to be closed. The excessive regulation in some markets needs to be rolled back, and a more goal-oriented regulation needs to occur along with more transparency. Regulation should be designed with the belief that if the market is well regulated, it will lead to better payoffs,” Akgiray said.
Akgiray added that the stock market was also used as an investment tool by many and was not under the ownership of “a few speculators.” He said small steps taken to regulate the stock market recently by the SPK have been effective in regulating speculation.
