Tue, Sep 16, 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   |   
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. Investing - Big hedge funds show interest in Alibaba, Maglan joins other hedge funds in rush to Argentinian assets[more]

    Big hedge funds show interest in Alibaba From Hereisthecity.com: …Three other major hedge fund investors who have shown interest in the IPO are Dan Loeb of Third Point, David Tepper of Appaloosa Management and Dan Benton of Andor Capital Management. All three were among the roughly 800 p

  2. Investors looking at other sources for hedge fund-like returns[more]

    Komfie Manalo, Opalesque Asia: Investors who are always on the lookout for higher gains are looking at alternative sources of income, particularly exchange-traded fund industry that generates hedge fund-like returns, according to

  3. SEC charges Minnesota hedge fund manager with fraud[more]

    Bailey McCann, Opalesque New York: The SEC has brought charges against Minneapolis-based hedge fund manager, Steven R. Markusen for bilking investors out of fees and portfolio pumping. According to the complaint, the management fees earned by Archer Advisors LLC were shrinking due to the funds’ w

  4. …And Finally – Immature[more]

    From Newsoftheweird.com: Princeton University professor John Mulvey, 67 (who teaches financial engineering applications), was charged in July with stealing 21 yard signs around the town of Princeton -- signs for a computer repair business owned by a man with whom he was feuding. Nathan McCoy,

  5. Investors move capital out of Scotland ahead of referendum[more]

    Benedicte Gravrand, Opalesque Geneva: Ahead of Scotland’s independence referendum on September 18, asset managers, investors and pension savers are moving billions of pounds out of the country,