On the basis of ARTEMIS two-probe mission magnetic reconnection (MR) outflow associated magnetic fluctuations and turbulence are analyzed on 19 February 2011. In the deep-tail, at distances between X = 45 – 51 RE, evidence for reconnection associated plasma sheet thinning was found, accompanied by heating of the plasma sheet. Correlated flow and field reversals and the large-scale Hall-effect signatures indicated the presence of the reconnection X-line. Within fast reconnection plasma outflows, magnetic fluctuations exhibit the same spectral scaling features and kinked spectra as magnetic fluctuations in the solar wind or in various parts of geospace. It was shown that the proton scale magnetic fluctuations are constrained by oblique firehose, proton cyclotron and mirror instability thresholds. For parallel plasma β|| > 1, where the thresholds converge, perpendicular magnetic fluctuations are enhanced. Magnetic compressibility decreases with the distance to the neutral sheet, however, near the instability thresholds it is comparable to the values obtained in the solar wind.