|
|
此文章由 黑山老妖 原创或转贴，不代表本站立场和观点，版权归 oursteps.com.au 和作者 黑山老妖 所有！转贴必须注明作者、出处和本声明，并保持内容完整
ASIC extends short-selling ban until Nov
http://www.businessspectator.com ... -KLU8K?OpenDocument
Reuters and a staff reporter
The corporate regulator, the Australian Securities and Investment Commission (ASIC), has extended the ban on covered short-selling for non-financial stocks for another 28 days until November 18.
ASIC, which placed a 30-day ban on short-selling in September, said on Tuesday it would continue the ban on financial stocks until January 27.
The ban was due to expire tomorrow.
The extension is a blow for brokers and fund managers, who have been lobbying to get the ban removed, citing reduced liquidity and fears that the measure will add to volatility.
Covered short-selling, unlike naked short-selling, requires the seller to first borrow stock.
Short-selling, which is used to profit from falling share prices, is favoured by hedge funds.
Australia followed the United States, Britain and some other European markets in cracking down on a practice that regulators feared could worsen the global financial crisis.
"The financial markets are still fragile, so we feel the reopening of covered short sales should be done in stages and in a measured way over an extended period and have regard to systemic issues, particularly for financial stocks," ASIC chairman Tony D'Aloisio said in a statement.
The Australian share market has lost more than 15 per cent in value since the introduction of the ban, with the S&P/ASX 200 posting four of its biggest one-day percentage losses and four of its biggest one-day per centage gains since 1992.
The ban on covered short sales of financial stocks comprises all stocks in the S&P/ASX 200 financials index, including listed property trusts and listed fund managers.
ASIC said it would let the market know by November 13 at the latest whether it would still lift the ban on covered short selling of non-financial stocks.
It plans to outline new reporting arrangements for covered short sales on non-financial stocks later this week.
The US Securities and Exchange Commission ended its short sale ban earlier in October. |
|
我家孩子学钢琴 (2008-7-22) nitecat 
发表于 2008-10-21 10:51
