TORA announces short selling solution 22 June 2012Hong Kong Reporter: Georgina Lavers
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TORA has introduced a reporting solution intended to meet new regulatory requirements in Hong Kong that call for short selling positions to be reported.
The new solution aims to enable hedge funds to meet the Hong Kong Securities and Futures Commission's (SFC) compulsory requirements by consolidating a report of short positions which comply with both the SFC's approved list of equities, which can be shorted, and the newly prescribed reporting thresholds.
The report tool integrates with the TORA Compass execution and order management platform to generate reports on demand or scheduled reports for the weekly or daily requirement set by the SFC.
The new rules from the SFC come into effect on 18 June, with the first reporting day of net short positions on 22 June 2012 and a T+2 reporting deadline on 26 June 2012. Net short positions are then required to be reported weekly with a contingency for the SFC to enforce daily reporting in the event, for example, of a rapid market decline.
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