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The European Securities and Markets Authority (ESMA) has issued its official opinion agreeing to a further renewal, for a period of four weeks, of the emergency short selling prohibition originally imposed by the Hellenic Capital Market Commission (HCMC) under the Short Selling Regulation on Tuesday 30 June.
The ban will take effect at 00:00:01 hours (CET) 4 August 2015 and remain in place until 24:00:00 (CET) on 31 August 2015 and temporarily prohibits transactions in any financial instrument that creates, or increases, a net short position on any of the shares admitted to trading on the Athens Exchange and Multilateral Trading Facility “EN.A”.
The renewal differs from the previous restrictions as it includes an exemption for market makers as the Greek financial markets are now open and market making activities are important providers of liquidity for the Greek shares, as well as for warrants, derivatives, index derivatives and ETF related to Greek shares.
ESMA considers that adverse developments which constitute a serious threat to market confidence in the Greek market still persist and that the proposed measure is appropriate and proportionate to address those threats.
