Tue, May 26, 2015
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   |   
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. Comment - Top hedge fund managers talk about how easy their jobs have gotten, BlackRock to Schroders warn of Argentina’s $20bn bond glut, The 35-year “investment supercycle” is drawing to a close, says Bill Gross, Gundlach: When the Fed starts hiking rates, 'GET OUT' of this asset class[more]

    Top hedge fund managers talk about how easy their jobs have gotten From Businessinsider.com.au: Time was, before the financial crisis hit, corporate boards treated multi-billion dollar hedge fund managers like Jehovah’s Witnesses pounding on their doors and flashing bibles. But no more.

  2. T Rowe's challenge to Dell deal may fuel critics of 'appraisal'[more]

    From Reuters.com: An increasingly popular tactic used by hedge funds and others to extract more money from buyouts could soon face a major courtroom test when a big investor in Dell Inc may argue that it should be paid a higher price for the 2013 acquisition of the PC maker. The strategy, known as "

  3. News Briefs - Ergen says LightSquared plan unfairly favors hedge funds, Why hedge fund managers make good advisory clients, I learned a lot about dad-bros after spending 4 days in Vegas with 2,000 hedge funders[more]

    Ergen says LightSquared plan unfairly favors hedge funds LightSquared Inc.’s bankruptcy plan gives hedge funds that invested in the broadband company a leg up while blocking telecommunications firms from competing with it, a fund owned by Dish Network Corp. Chairman Charles Ergen said in

  4. Opalesque Exclusive: SEC approves proposed changes to Form ADV, '40 Act - comment period to follow[more]

    Bailey McCann, Opalesque New York: Hedge funds and providers of liquid alternatives will want to pay close attention to proposed reforms approved by the SEC yesterday. The changes will require more frequent reporting, as well as a closer look into social media, liquid alternative strategies, and

  5. Opalesque Exclusive: Ovation Partners targets opportunities where few "natural lenders" participate[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Changes in financial regulations post-2008 (Dodd-Frank and Basel III) are forcing banks to significantly alter their core lending businesses. And as mid-sized

 

banner