Athens Exchange lifts some short selling restrictions
30 August 2010 Athens
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The Hellenic Capital Markets Commission (HCMC) has decided to lift the prohibition of covered short selling on listed shares traded in ATHEX, whereas the prohibition of naked short selling will continue to be in effect. In particular, the short selling on listed shares traded in ATHEX will be allowed from 01/09/2010, under the following prerequisites:
1. The seller of any listed share should ensure at the time of the short sale that the shares will be available on the settlement day (T+3).
2. Orders related to short selling of listed shares have to be entered in the ATHEX at a price higher than the price of the last trade realized (up-tick rule).
3. The ATHEX members executing short sales, are obliged to report it during the entry of the specific sale order into the ATHEX trading system (short selling flagging obligation).
In case of any technical failure, members can alternatively report the short sale, or the buy-to-cover trades by sending an e-mail to shortselling_technical@helex.gr , not later than the end of the same's day trading session.
4. Any investor that opens a short position on a specific share, exceeding the 0.10% of the total number of shares of the issuing company, is obliged to directly report this position to the ATHEX, which announces it to all investors through the Daily Price Bulletin, not later than the following day. The same obligation applies for any later change in this percentage.
Investors can report this position or any later change on it: either by sending an e-mail to Information_Services@helex.gr, or by sending a fax to +30-2103366101.
5. The ATHEX Daily Price Bulletin will publish both the level of short sales executed per security and the total number of shares per company subject to lending.
1. The seller of any listed share should ensure at the time of the short sale that the shares will be available on the settlement day (T+3).
2. Orders related to short selling of listed shares have to be entered in the ATHEX at a price higher than the price of the last trade realized (up-tick rule).
3. The ATHEX members executing short sales, are obliged to report it during the entry of the specific sale order into the ATHEX trading system (short selling flagging obligation).
In case of any technical failure, members can alternatively report the short sale, or the buy-to-cover trades by sending an e-mail to shortselling_technical@helex.gr , not later than the end of the same's day trading session.
4. Any investor that opens a short position on a specific share, exceeding the 0.10% of the total number of shares of the issuing company, is obliged to directly report this position to the ATHEX, which announces it to all investors through the Daily Price Bulletin, not later than the following day. The same obligation applies for any later change in this percentage.
Investors can report this position or any later change on it: either by sending an e-mail to Information_Services@helex.gr, or by sending a fax to +30-2103366101.
5. The ATHEX Daily Price Bulletin will publish both the level of short sales executed per security and the total number of shares per company subject to lending.
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