Greece extends short selling ban for credit institutions
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Greece extends short selling ban for credit institutions 10 November 2015 Athens Reporter: Drew Nicol
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The Hellenic Capital Market Commission (HCMC) is extending the short selling ban of shares in five credit institutions until 7 December.
The ban, which was due to expire on 9 November, will affect shares on the Athens Exchange and the FTSE/Athex Banks Index, regardless of the venue where the transaction is executed or over-the-counter transactions.
It also concerns all depository receipts representing those shares, as well as sales that are covered with subsequent intraday purchases.
Market makers will once again be exempt from the prohibition when the short selling transactions are conducted for hedging purposes.
The European Securities and Markets Commission (ESMA) has endorsed the decision, stating: “ESMA considers that adverse developments which constitute a serious threat to market confidence in the Greek market still persist and that the proposed measure is appropriate and proportionate to address those threats.”
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