Malaysia’s stock-market regulators have extended their short-selling suspension for a second time in a bid to curb excessive speculation and ensure stability and confidence in the market. The bans came into force in mid-March after stock markets suffered historic losses as the spread of the coronavirus in Europe began to force countries to shut down their economies.

The Federal Financial Supervisory Authority (the "BaFin") did not issue any restrictions on short selling and did not see any reason to do so. Data is a real-time snapshot *Data is delayed at least 15 minutes. © 2020 CNBC LLC. Main Street investors have increased their buying of stocks during the current market downdraft. On 12 March 2020, the Commissione Nazionale per le Società e la Borsa (the "CONSOB") issued a one-day ban (effective on 13 March 2020) on short sales backed by stock lending in 85 companies listed on the Milan Stock Exchange. On 16 March 2020, the European Securities and Markets Authority (the "ESMA") issued a decision to temporarily require the holders of net short positions in shares traded on an EU regulated market to notify the relevant national competent authority if the position reaches or exceeds 0.1% of the issued share capital.1 This lowers the previous reporting threshold of 0.2%. On 18 March 2020, the Austrian financial markets regulator (the "FMA") banned short selling on the Vienna Stock Exchange for one month, in efforts to shield the equities market from volatility. Six European countries have imposed such bans in recent days.

Generally speaking, trades in index derivatives were taken into account when computing the net position on each share affected by the ban. The ban covered any transaction on shares or indexes, including cash transactions, derivatives (including OTC) and intra-day transactions. The move to temporarily ban the practice came after the pan-European Stoxx 600 index plunged 34% over the course of the month to mid-March, including notching its biggest single-day percentage decline in history on March 12. Transactions where there was a market making function were also excluded from the ban. The U.K. and Germany did not impose bans. However, the creation or increase of net short positions through indexed financial instruments or baskets of shares was excluded from the ban when the shares subject to the ban represented less than 50% of the composition of the index or basket.

Buy-Side, Europe, Regulation April 17, 2020 10:26 AM GMT Short selling ban extended across Europe. ", Index-related instruments where relevant shares comprised less than 50% of index weight, Market making activities pursuant to Article 17 of the Regulation (EU) No 236/2012 (the "SSR"), Index-related instruments where relevant shares comprised less than 20% of index weight, Market making activities pursuant to Article 17 of the SSR, Hedging a pre-existing long position with a pre-existing short position as long as the net short position was not increased, Fixed income instruments or instruments that gave an exposure to the creditworthiness of any share issuers (such as credit default swaps), Creation of, or increase in, net short positions when the investor who acquired a convertible bond had a delta-neutral position between the equity component of the convertible bond and the short position taken to cover that component, Creation of, or increase in, net short positions where it was hedged by a purchase that was equivalent in terms of proportion on subscription rights, Financial instruments that were borrowed under a loan transaction, Index-related instruments where relevant shares did not comprise more than 20% of index weight, Net short positions which were created or increased exclusively to hedge subscription rights or equity components of convertible bonds previously purchased, Index-related instruments (including derivatives over index-related instruments) where relevant shares comprised less than 50% of index weight, 1 Notification is required in accordance with point (a) of Article 28(1) of the Short Selling Regulation (ESMA70-155-9546).

PRESIDENT TRUMP Must Ban Short Selling Like They Just Did in Europe or Implement the Uptick Rule to Save the US Economy!

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October 9, 2020
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Other regulators (including the UK) said that there was no evidence to suggest that short selling had been the driver of recent market falls and emphasised the important role short selling plays in liquidity provision and price discovery, but in some cases nonetheless imposed lower thresholds for reporting short positions to ensure that regulators were able to monitor positions closely. The move came after the pan-European Stoxx 600 index plunged 34% over the course of the month to mid-March, including notching its biggest single-day percentage decline in history on March 12. On 18 March 2020, the Hellenic Capital Market Commission (the "HCMC") banned short selling on the Athens Stock Exchange originally until 24 April 2020. Studies conducted since 2008 show that the cost of trading U.S. securities subject to short-selling restrictions rose more than 200% after a ban. The ban only applied to index-related instruments where relevant shares represented more than 20% of the index weight and did not apply to market making activities. Restrictions in short selling in Austria, Belgium, France, Greece and Spain have been extended despite warnings of unintended consequences. The loss of these benefits would need to be carefully balanced before determining that any intervention to prevent short selling was appropriate. On 16 September 2020, the European Securities and Markets Authority (ESMA) issued a decision renewing its original decision on 16 March 2020 temporarily to amend the threshold for notifying net short positions to Competent Authorities under the Short Selling Regulation (SSR) from 0.2% of issued share capital to 0.1%.

Malaysia’s stock-market regulators have extended their short-selling suspension for a second time in a bid to curb excessive speculation and ensure stability and confidence in the market. The bans came into force in mid-March after stock markets suffered historic losses as the spread of the coronavirus in Europe began to force countries to shut down their economies.

The Federal Financial Supervisory Authority (the "BaFin") did not issue any restrictions on short selling and did not see any reason to do so. Data is a real-time snapshot *Data is delayed at least 15 minutes. © 2020 CNBC LLC. Main Street investors have increased their buying of stocks during the current market downdraft. On 12 March 2020, the Commissione Nazionale per le Società e la Borsa (the "CONSOB") issued a one-day ban (effective on 13 March 2020) on short sales backed by stock lending in 85 companies listed on the Milan Stock Exchange. On 16 March 2020, the European Securities and Markets Authority (the "ESMA") issued a decision to temporarily require the holders of net short positions in shares traded on an EU regulated market to notify the relevant national competent authority if the position reaches or exceeds 0.1% of the issued share capital.1 This lowers the previous reporting threshold of 0.2%. On 18 March 2020, the Austrian financial markets regulator (the "FMA") banned short selling on the Vienna Stock Exchange for one month, in efforts to shield the equities market from volatility. Six European countries have imposed such bans in recent days.

Generally speaking, trades in index derivatives were taken into account when computing the net position on each share affected by the ban. The ban covered any transaction on shares or indexes, including cash transactions, derivatives (including OTC) and intra-day transactions. The move to temporarily ban the practice came after the pan-European Stoxx 600 index plunged 34% over the course of the month to mid-March, including notching its biggest single-day percentage decline in history on March 12. Transactions where there was a market making function were also excluded from the ban. The U.K. and Germany did not impose bans. However, the creation or increase of net short positions through indexed financial instruments or baskets of shares was excluded from the ban when the shares subject to the ban represented less than 50% of the composition of the index or basket.

Buy-Side, Europe, Regulation April 17, 2020 10:26 AM GMT Short selling ban extended across Europe. ", Index-related instruments where relevant shares comprised less than 50% of index weight, Market making activities pursuant to Article 17 of the Regulation (EU) No 236/2012 (the "SSR"), Index-related instruments where relevant shares comprised less than 20% of index weight, Market making activities pursuant to Article 17 of the SSR, Hedging a pre-existing long position with a pre-existing short position as long as the net short position was not increased, Fixed income instruments or instruments that gave an exposure to the creditworthiness of any share issuers (such as credit default swaps), Creation of, or increase in, net short positions when the investor who acquired a convertible bond had a delta-neutral position between the equity component of the convertible bond and the short position taken to cover that component, Creation of, or increase in, net short positions where it was hedged by a purchase that was equivalent in terms of proportion on subscription rights, Financial instruments that were borrowed under a loan transaction, Index-related instruments where relevant shares did not comprise more than 20% of index weight, Net short positions which were created or increased exclusively to hedge subscription rights or equity components of convertible bonds previously purchased, Index-related instruments (including derivatives over index-related instruments) where relevant shares comprised less than 50% of index weight, 1 Notification is required in accordance with point (a) of Article 28(1) of the Short Selling Regulation (ESMA70-155-9546).

PRESIDENT TRUMP Must Ban Short Selling Like They Just Did in Europe or Implement the Uptick Rule to Save the US Economy!

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