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  • European Commission Delegated Regulation On Short Selling And Credit Default Swaps - Frequently Asked Questions

    Date 05/07/2012

    What is short selling?

    Short selling is the sale of a security that the seller does not own, although the seller will subsequently need to buy the security in order to be able to deliver the security to the buyer. Short selling can be divided into two types:

    1."Covered" short selling is where the seller has borrowed the securities, or made arrangements to ensure they can be borrowed, before the short sale.

    2."Naked" or "uncovered" short selling is where the seller has not borrowed the securities at the time of the short sale, or ensured they can be borrowed.

  • Short Selling: European Commission Adopts Delegated Act Detailing Rules On The Ban On Uncovered Sovereign Credit Default Swaps And Short Sales Of Shares And Sovereign Debt

    Date 05/07/2012

    The European Commission has today adopted a Delegated Act which sets out important technical rules needed to ensure the uniform application and enforcement of the Short Selling Regulation. In particular, the delegated act specifies the cases in which sovereign credit default swaps are considered covered, and therefore not banned in accordance with the Regulation. Investors can demonstrate that the sovereign credit default swap contracts they have entered into are covered by demonstrating either a quantitative or a qualitative correlation between the hedged assets and liabilities and the sovereign credit default swap. Other issues addressed in the Act include technical rules relating to the reporting of short positions in shares and sovereign debt, and the thresholds which can trigger a short term suspension of short selling in illiquid shares and other financial instruments. A related regulatory technical standard on short selling was also adopted by the Commission today, based on a draft submitted by the European Securities and Markets Authority (ESMA).

  • Japan’s Financial Services Agency Publication Of The English Version Of Insurance Inspection Rating System (Inspection Rating System For Insurance Companies)

    Date 05/07/2012

    The Financial Services Agency (FSA) announced today the English version of “Insurance Inspection Rating System (Inspection Rating System for Insurance Companies)”, which was published on March 30, 2012.

  • Tokyo Sock Exchange Statement On The Result Of The JFTC's Review Of The Osaka Securities Exchange And Tokyo Stock Exchange Group Combination

    Date 05/07/2012

    Tokyo Stock Exchange Group, Inc. (hereafter "TSE Group") and Osaka Securities Exchange Co., Ltd. (hereafter "OSE") agreed on the business combination in November last year. In accordance with the Anti-Monopoly Act, TSE Group and OSE filed a notification to the Japan Fair Trade Commission (hereafter the "JFTC") on January 4 this year and the JFTC has reviewed the business combination since then. We understand that the JFTC has conducted strenuous review within a short period of time, taking into full account the competition conditions in various fields of business.

  • EEX And TEİAŞ Sign Memorandum Of Understanding For A Cooperation On The Establishment Of A Turkish Energy Exchange

    Date 05/07/2012

    Today, the European Energy Exchange (EEX) and TEIAŞ, the Turkish Electricity Transmission Company, have signed a Memorandum of Understanding for a co-operation on the establishment of an organized energy market. Turkey represents one of the biggest and most dynamic energy markets with an important geographical position within the Southeastern European and Asian region.