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From Komfie Manalo, Opalesque Asia:
Hong Kong’s regulator and head of IOSCO’s technical committee yesterday suggested a global approach to short selling for a more harmonized trade. Meanwhile, commentators in Australia have accused short-selling as the cause of down markets.
Hong Kong regulator calls for international approach to short selling
Martin Wheatley, CEO of Hong Kong’s Securities and Futures Commission (SFC), said a more consistent international regulatory policy to short selling would minimize regulatory arbitrage and simplify compliance process.
He made the suggestion in his speech at the Australian Securities and Investments Commission (ASIC) in Sydney yesterday (03-Mar-09).
Wheatley, who heads the task force on short selling under the International Organization of Securities Commissions (IOSCO) Technical Committee, said the task force has sought market views and received many useful submissions from various industry groups in major markets.
In November 2008, IOSCO Technical Committee launched task forces to support G20’s aims. The aim was to analyse the issues of short-selling, unregulated financial markets and products, and unregulated financial entities and report by February. Findings are to be input into the next G20 summit in April 2009.
He said the issues that the task forces had discussed included whether naked short selling should be banned outright, the measures...................... To view our full article Click here
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