|
|
From the Opalesque team: According to Australia-based Hatfield Liptak Advisors’ October newsletter, Standard & Poor’s Fund Services had placed 57 funds from 25 managers ‘on hold’ in September following a ban on short selling announced by several regulators worldwide, including the Australian Securities and Investments Commission. It is unclear as to whether the tags applied to Australian funds only or to global funds.
The Australian Securities and Investment Commission (ASIC) announced on 21st September that naked, and covered, short selling were banned. This caused enough confusion for the Australian Stock Exchange (ASX) to delay the market open for an hour until clarification was made available to the market participants.
The Australian funds affected by the S&P tag, including multi-manager funds, are predominantly from the long/ short, tactical and diversified sectors within the alternative strategies category. Standard & Poor’s said the ‘on hold’ rating would be reviewed on a case-by-case basis.
Since then, S&P has removed the ‘on hold’ tag for 18 funds, according to Money Management (Australia). According to S&P Fund Services analyst Simon Scott, of the initial 57 placed ‘on hold’, 22 have now had their ratings reinstated.
Meanwhile, within the Australian regulatory system, the Australian Financial Review reported on 30 September that ASIC defended the 30 day ban on short selling. Further the paper quotes ASIC’s...................... To view our full article Click here
|
|
RSS
