Volatility Shield Lifted on Borsa Istanbul: Six Stocks Return to Unrestricted Trading

As the curtain falls on the Volatility Based Measures System (VBTS) restrictions, Borsa Istanbul marks a pivotal transition for six equities. The termination of short-selling and margin trading bans on August 3, 2026, is set to reshape liquidity flows and trading dynamics.

Unrestricted Trading Resumes for Key Equities

Following the expiration of measures on July 31, 2026, the following companies have returned to unrestricted trading effective today:

■Çelik Halat Ve Tel Sanayii A.Ş. (CELHA)

■Cosmos Yatırım Holding A.Ş. (COSMO)

■Investco Holding A.Ş. (INVES)

■Pergamon Status Dış Ticaret A.Ş. (PSDTC)

■Prizma Pres Matbaacılık Yayıncılık Sanayi Ve Ticaret A.Ş. (PRZMA)

■Verusa Holding A.Ş. (VERUS)

Unraveling Market Constraints

The removal of these measures, particularly the heavier restrictions on specific tickers, signals a shift in regulatory tolerance and market mechanics:

■Bans on order cancellation, quantity reduction, and price deterioration have been lifted for COSMO and PRZMA.

■Restrictions on market orders and limit order entry, along with data dissemination limits during call auctions, are no longer in effect.

■The gross settlement requirement, known locally as Brüt Takas, has been removed for CELHA, COSMO, and PRZMA, accelerating settlement cycles.

■Short-selling and margin trading prohibitions have been lifted for all six stocks, reintroducing leverage opportunities.

From a credit risk and macroprudential standpoint, the removal of these restrictions signals that regulatory bodies believe the volatility in these assets has normalized. Yet, the reinstatement of leveraged positions introduces new credit exposure risks. The lifting of gross settlement is particularly crucial as it frees up liquidity for market makers, but investors should remain cautious of potential price corrections as the artificial constraints are removed.