‘Parallel’ fear changes capital market body’s name

Hülya Güler ISTANBUL / Hürriyet

A vast operation launched against supporters of Islamic scholar Fethullah Gülen has caused a capital market association to change its English abbreviation out of fear of being associated with Gülen’s Cemaat (Community).

As the government has stepped up its attacks on Gülen supporters from public institutions, private sector representatives who do business with state institutions have also begun to take some measures to avoid incurring the wrath of the administration.

One of the most interesting examples of such measures taken by entities to dissociate themselves from the movement, dubbed the “parallel state” by the government, was reportedly taken by Turkey’s recently reformed intermediary institution association.

The Capital Market Intermediary Institution Association (TSPAKB) has been conducting a reconstruction process that has also included discussion over the institution’s name and logo. According to sources close to the matter, the body has chosen to translate the new name of the body as the Turkish Capital Markets Association instead of the Capital Markets Association of Turkey, fearing that the latter’s English abbreviation, CMAT, would too closely resemble the word “Cemaat.”

However, the decision on the institution’s logo and English abbreviation has yet to be finalized and is still subject to change.