Tue, May 3, 2016
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. Hedge funds see $14.3bn outflows in Q1, CTAs and multi-strategy lead net inflows[more]

    Komfie Manalo, Opalesque Asia: The hedge fund industry saw net outflows of investor capital in the first quarter of the year, totaling $14.3bn, data from Preqin showed. This continues from the $8.9bn overall net outflows that funds recorded in Q4

  2. Third Point calls Q1 "catastrophic" for hedge funds[more]

    Bailey McCann, Opalesque New York: The first quarter of this year was rocky for hedge funds based on aggregate performance from the industry, but now we are beginning to hear what the managers thought of it as quarterly letters make their way to investors. Dan Loeb, CEO of New York-based $17 bill

  3. Asia - Stabilization of China's capital outflows may hinge on Janet Yellen, Fink says China to do well this year as bubble threat postponed, Chinese hedge fund to invest in India’s infrastructure[more]

    Stabilization of China's capital outflows may hinge on Janet Yellen From Bloomberg.com: Whether China’s recent stabilization of its currency and capital outflows continues -- or downside pressure reignites -- may hinge in large part on Janet Yellen. If the Federal Reserve chair sticks to

  4. …And Finally - After all, judges are human too[more]

    From Newsoftheweird.com: In March, one District of Columbia government administrative law judge was charged with misdemeanor assault on another. Judge Sharon Goodie said she wanted to give Judge Joan Davenport some files, but Davenport, in her office, would not answer the door. Goodie said once the

  5. Comment - Unmasking the men behind Zero Hedge, Wall Street's renegade blog[more]

    From Bloomberg.com: Colin Lokey, also known as "Tyler Durden," is breaking the first rule of Fight Club: You do not talk about Fight Club. He’s also breaking the second rule of Fight Club. (See the first rule.) After more than a year writing for the financial website Zero Hedge under the n