Headlines 

Turkey Crisis Deepens as Sanctions Threat Sends Lira to New Low

Turkey’s lira sank to a record low and bonds tumbled as heightened concern over a respond in kind to U.S. sanctions over a detained American pastor. The iShares MSCI Turkey exchange-traded fund plunged 7.5 percent — the lowest level since 2009. As the currency tumbled, Turkish policymakers changed Turkey Changes Reserve Rules to Boost Banks’ Dollar Liquidity “The real issue is the economic situation and there are no signs of central bank independence or tighter fiscal policies — which are needed to stabilize asset prices,” said Shamaila Khan, AllianceBernstein’s director…

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Headlines 

This Tiny Hedge Fund Just Made 8,600% On a Vix Bet

Not everyone got crushed when the market collapsed. For traders at a little-known Denver hedge fund who saw it coming, it was the score of a lifetime — a $17.5 million payday on a $200,000 bet. “People were laughing at us, saying this could never happen, this should never happen,” Justin Borus, the 41-year-old founder and manager at Denver-based Ibex Investors, said in an interview. “We saw people pricing this as a 1-in-5,000 event, but it was more like a one-in-five-year event.” Borus’s team bet that an exchange-traded fund linked to…

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