Follow Us

Follow us on Twitter  Follow us on LinkedIn
 

24 February 2012

Consob: Restrictions lifted on net short positions on financial securities


Default: Change to:


2011年8月12日に適用され、その後、延長されていた空売り制限が2012年2月24日にようやく解除された。この制限は、金融銘柄について空売りポジションの作成もしくは既存のポジションを拡大することを禁じるものであった。


Consob decided not to extend further the prohibition to assume or increase short positions on shares in the financial segment. This decision is in line with that already decided by other European authorities which, in the past, had taken similar steps and takes into consideration current market conditions.

The other measures adopted at the time in relation to shares listed on Italian regulated markets remain in any case in force for an unspecified period of time, introducing into the Italian order - ahead of forecasts - some of the restrictive measures contained in the European Community Regulation on short sales and some aspect of credit default swaps that will come into force on 1 November. These measures consist of:

  • the disclosure obligation to Consob of significant short positions (above 0.2 per cent in the share capital; resolution no. 17862 of 10 July 2011);
  • the prohibition of making "nude" short sales, i.e. those not backed by the availability of the securities at the time of order, regardless of the place of trading (Resolution no. 17993 of 11 November 2011).

It is also noted that the European Community Regulation envisages the possibility, if certain conditions are met, of taking emergency measures, including the prohibition to assume or increase short positions on shares of the financial segment. This prohibition can in any case be reintroduced if market conditions so require and, once up and running, under the scope of the measures envisaged by European Community Regulation.

Consob will continue to monitor systematically the regular satisfaction of obligations to deliver shares during settlement.

Press release



© Consob - Commissione Nazionale per le Società e la Borsa


< Next Previous >
Key
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information



Add new comment