Greece extends short selling ban
06 November 2012 Athens
Image: Shutterstock
The Hellenic Capital Market Commission (HCMC) has decided to extend a ban on short selling for three months, effective from 1 November.
The additional three-month ban is an extension of the HCMC’s previous ban—which it introduced in August—that expired on 31 October.
The European Securities and Markets Authority (ESMA) released its opinion on Greece’s ban extension on 1 November.
“ESMA considers that there are adverse developments which constitute a serious threat to financial stability and to the market confidence in Greece.”
“ESMA [also] considers that the duration of the measure is justified and appreciates the HCMC’s statement in its notification of intent whereby the measure may be lifted during the period of enforcement of the measure, if considered necessary,” said a statement from ESMA.
Spanish regulator the CNMV has also decided to extend its short selling ban for a further three months, also effective from 1 November. The ban is an extension of a seven-day ban that it introduced on 23 July.
The EU regulation on short selling and aspects of credit default swaps came into effect on 1 November.
The additional three-month ban is an extension of the HCMC’s previous ban—which it introduced in August—that expired on 31 October.
The European Securities and Markets Authority (ESMA) released its opinion on Greece’s ban extension on 1 November.
“ESMA considers that there are adverse developments which constitute a serious threat to financial stability and to the market confidence in Greece.”
“ESMA [also] considers that the duration of the measure is justified and appreciates the HCMC’s statement in its notification of intent whereby the measure may be lifted during the period of enforcement of the measure, if considered necessary,” said a statement from ESMA.
Spanish regulator the CNMV has also decided to extend its short selling ban for a further three months, also effective from 1 November. The ban is an extension of a seven-day ban that it introduced on 23 July.
The EU regulation on short selling and aspects of credit default swaps came into effect on 1 November.
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