So a few things to help make this clearer. 1) The title is pretty misleading, the identity is known to regulators. Most funds will use a sell side bank who h

So a few things to help make this clearer. 1) The title is pretty misleading, the identity is known to regulators. Most funds will use a sell side bank who has access to the market to put their orders out. Especially for a country like Turkey where it doesn't make much sense to buy your own pipe. Its just the rest of the market who doesn't know the identity of the firm. This is common in all countries. 2) Developing countries markets almost always have very little liquidity so its not surprising for a firm to come in with a global macro view and move hte market when trying to put their position on. In fact its the one place where people still act like the opening scene, atleast I think it was the opening scene, from Liar's Poker (http://www.amazon.ca/gp/product/B003E20ZRY/ http://www.amazon.ca/gp/product/B003E20ZRY/) where the trader tries to bully the market by deciding bonds should go up so he buys a whack of them and then when the market fails to move he doubles down on his bet and buys more causing the rest of the market to go along with him. You can't really strong arm developed world markets but you still can bully developing countries markets in this way. You are essentially playing chicken. The problem is always how do you close your position. If buying so much moves the markets then its obvious that selling will also do the same. usually you are forced to sell your position to a big sell side firm who can take the exposure.