ESMA Agrees To Proposed Short-Selling Ban By Greek HCMC

The European Securities and Markets Authority (ESMA) has issued yesterday its official opinion agreeing to a seven-day emergency short selling prohibition proposed by the Hellenic Capital Market Commission (HMCM) under the Short Selling Regulation.

The ban will take effect on 00:00:01 hours (CET) 30 June 2015 and remain in place until 24:00:00 (CET) on 6 July 2015 and temporarily prohibit transactions in any financial instrument that create, or increase, a net short position on any of the shares admitted to trading on the Athens Exchange and Multilateral Trading Facility “EN.A”.

ESMA considers that adverse developments which constitute a serious threat to market confidence in the Greek market have arisen and that the proposed measure is appropriate and proportionate to address the above mentioned threats.