Turkey was one of the markets I used to cover when I was a trader. Amongst the EMEA emerging markets, Turkey is one of the most popular/active in terms of hedge

Turkey was one of the markets I used to cover when I was a trader. Amongst the EMEA emerging markets, Turkey is one of the most popular/active in terms of hedge fund trading. They made a concerted effort in recent years to upgrade their market infrastructure (including the introduction of direct market access, where brokers will sponsor their clients to connect to the exchange electronically). I think it's unlikely that the new market actor(s?) are taking big directional bets (although it's certainly possible). I think it's more likely that they're market-making or executing futures or index arbitrage strategies (in which case, what would look like a directional bet in the cash equities market would be offset by a corresponding trade in another security or derivative.