UK bans short selling in Portuguese bank shares 05 July 2013London Reporter: Mark Dugdale
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The shares of three Portuguese banks were banned from short selling in the UK on 4 July.
The Financial Conduct Authority imposed the ban, which was in force between 8am and 11.59pm, because of the volatility of recent trading in the UK. The ban applied to the shares of Banco Comercial Portugues, Banco Espirito Santo, and Sonae Industria SGPS.
The ban followed a similar move in Portugal. The country/’s financial markets regulator prohibited short selling in the shares of the banks there.
The UK also banned short selling in Italian banks Banco Popolare, Mediolanum, Banca Carige and Intesa Sanpaolo shares on all UK exchanges on 27 February “following a significant price movement and in consultation with another competent authority".
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