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Alternative Market Briefing

Spain and Italy re-introduce bans on short selling

Wednesday, July 25, 2012

From Komfie Manalo, Opalesque Asia: The regulatory bodies of Spain and Italy have re-introduced bans on short-selling, only months after allowing the practice.

Spain’s ban on short selling will last until October 23, 2012, while the Italian ban on the short sale of certain financial stocks will run through July 27, 2012. The bans do not cover ordinary bonds but do cover bonds that convert into equity, international law firm Schulte Roth & Zabel (SCZ) reported in a Alert yesterday.

In February this year, Spain joined France and Belgium in lifting the short-selling bans that had been enforced in 2011. The regulatory authorities of France, Belgium, Italy and Spain had then ordered temporary bans on short positions in the stock of specified financial institutions within their respective jurisdictions.

According to SCZ, the Spanish regulator, the Comisión Nacional del Mercado de Valores (CNMV), has instituted a three-month ban on the short sale of all stocks listed on Spanish exchanges. The CNMV said that it was putting a halt to "any transaction which might constitute or increase a net short position on stocks admitted to trading in a Spanish regulated market" over which it has authority.

The CNMV defines a net short position as 'any position......................

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