Greece: Short-selling ban continued
Further to our Marketflash M15015, dated 7 October 2015, the Hellenic Capital Market Commission (HCMC) has decided to extend the ban on the short selling of shares of the credit institutions admitted to trading on the Athens Exchange. This comprises the FTSE/Athex Banks index, as stated below, irrespective of the venue where the trade is executed and is also applicable to OTC transactions. The short selling ban also applies to depository receipts (ADRs, GDRs) and warrants representing shares of the said credit institutions.
The decision was reached by the HCMC, taking into account the relevant opinion issued by ESMA on 9 November 2015 and the fact that the procedure and the specific terms of the forthcoming banks recapitalisation process are currently in progress.
FTSE/Athex Banks Index:
- Alpha Bank A.E.
- Attica Bank S.A.
- National Bank of Greece S.A.
- Eurobank Ergasias S.A.
- Piraeus Bank S.A
The ban shall not apply to:
- Market Makers performing transactions on the above shares;
- Market Makers performing transactions on the stock derivatives of the above shares;
- Market Makers performing transactions on warrants of the above shares;
- Market Makers performing transactions on ETFs and Index derivatives of which the above shares are part of their composition;
- All the above exemptions referred to market making activities permitted only when the short selling transactions are conducted for hedging purposes.
The ban is currently planned to be in force until 8 December 2015.
For further details please refer to the announcement available on the HCMC website.
We continue to monitor the situation in the Greek market and will provide further information as it becomes available.
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