ESMA extends short selling ban of Greek securities for seven more days

The European Securities and Markets Authority (ESMA) has today issued its official opinion agreeing to a renewal, for a period of seven days, of the emergency short selling prohibition originally imposed by the Hellenic Capital Market Commission (HMCM) under the Short Selling Regulation on Monday, June 29th.

The ban will take effect at 00:00:01 hours (CET) July 7th, 2015 and remain in place until 24:00:00 (CET) on July 13th, 2015 and temporarily prohibits transactions in any financial instrument that creates, or increases, a net short position on any of the shares admitted to trading on the Athens Exchange and Multilateral Trading Facility “EN.A”.

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 the above mentioned threats.

To read the official opinion regarding this move, which is based on protecting credit default swaps, click here.

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ESMA extends short selling ban of Greek securities for seven more days


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