Thu, Oct 23, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Greece - CMC bans short selling

Thursday, April 29, 2010
The Hellenic Capital Markets Commission (HCMC) has issued an announcement banning short selling of all shares listed on the Athens Stock Exchange.

Key Issues

Ban applies to all shares listed on the Athens Stock Exchanges Covers both on-exchange and OTC trades Applies to both naked and covered short sales In force from 28 April until 28 June 2010

The ban takes effect on 28 April 2010 and is set to remain in force until 28 June 2010. It covers transactions executed on regulated markets, multilateral trading facilities (MTFs) and over-the-counter markets, and applies to both naked and covered short sales. However, the ban is understood to be similar in scope to the previous ban on short selling imposed by the HCMC in October 2008, so it is understood that it only applies to physical short sales and does not catch derivative transactions or transactions in other instruments which are not listed on or cleared through ATHEX (e.g., ADRs).

There is a limited exemption for registered market makers on the spot equity market of the regulated market (and in limited circumstances for market makers on the derivatives market or of exchange traded funds listed in the regulated market, which are, for hedging purposes, short selling shares which are underlying instruments or constitute the underlying index of the derivative instruments for which they carry out the market making duties).

An English version of the press release is available at: Source.

This gives a little more detail about what the HCMC intends as compared with the terse announcement put out when the HCMC previously banned short selling on 10 October 2008. That ban remained in force until 15 May 2009, when the ban was lifted, leaving in place an uptick rule, the requirement to flag short sales through the Athens Stock Exchange and a public disclosure requirement for net short positions greater than 0.10% of the issued shares.

Clifford Chance LLP, London, UK
www.cliffordchance.com


Bg

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   

Banner

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Commodities - Oil wreaking havoc on small-cap energy stocks sliding 36%[more]

    From Bloomberg.com: Owning almost anything in the U.S. stock market has been a losing proposition since September. Owning smaller energy companies has been a catastrophe. Hercules Offshore Inc. and Resolute Energy Corp. are among 19 oil-and-gas equities in the Russell 2000 Index that lost more than

  2. Investing - Hedge funds favor equity long/short, Strategic bond managers hedge against further high yield sell-off[more]

    Hedge funds favor equity long/short From Securitieslendingtimes.com: Equity long/short strategies will generate good returns for hedge funds in the future, according to a panel at this year’s Risk Management Association Conference on Securities Lending in Naples, Florida. Panellists Sand

  3. Legal - Ex-hedge fund analyst weeps as judge hands down 5 year sentence, Former Columbus investment manager Steven P. Moore indicted on theft charges, SEBI confirms ban for Hong Kong hedge fund, SEC announces enforcement action against compliance officer[more]

    Ex-hedge fund analyst weeps as judge hands down 5 year sentence From Hereisthecity.com: An ex-hedge fund analyst was sentenced to 5 years in prison for his role in insider-trading scheme. The New York Post reports that former hedge fund analyst Matthew Teeple was sentenced Thursday to fiv

  4. Goldman in talks to acquire IndexIQ[more]

    From Bloomberg.com: Can Goldman Sachs put ETF investors on a liquid diet? Goldman is in talks to acquire IndexIQ, Reuters has reported. Index IQ is a small exchange-traded-fund firm known mostly for products that replicate hedge fund strategies, called "liquid alternative" ETFs. While IndexIQ has 11

  5. Other Voices: CALPERS dilemma should be a warning to hedge funds wanting institutional investors[more]

    From Ian Hamilton, founder of IDS Group. A quick comment on the CALPERS’ disinvestment from the hedge fund market and the jitters it is causing. Pension Funds should not be sheep and follow CALPERS’ decision as the issues that CALPERS has with hedge fund investments are in many ways unique t