GREECE: Greek HCMC Short Selling Ban on Bank Shares

Tuesday November 10 2015

On the 9th of November 2015, the Hellenic Capital Market Commission (HCMC) notified ESMA and other competent authorities of its intention to make use of its powers of intervention in exceptional circumstances and to renew the current emergency measure introduced on the 30th of September 2015. The renewal concerns exactly the same instruments as the original measure foreseeing an exemption for market making activities in the affected financial instruments.

The measure consists in a ban on short selling of shares of five credit institutions admitted to trading on the Athens Exchange and comprising the FTSE/Athex Banks Index, irrespective of the venue where the transaction is executed. The temporary prohibition includes sales of shares covered by subsequent intraday purchases. The temporary prohibition of short selling applies to all depository receipts (ADRs, GDRs) and warrants representing shares of such credit institutions admitted to trading on the Athens Exchange and comprising the FTSE/Athex Banks Index.

The above mentioned credit institutions are:

• Alpha Bank A.E. (ISIN GRS015013006)
• Attica Bank S.A. (ISIN GRS001003003)
• National Bank of Greece S.A. (ISIN GRS003003019)
• Eurobank Ergasias S.A. (ISIN GRS323003004)
• Piraeus Bank S.A. (ISIN GRS014003008)

The renewal of the emergency measure entered into force as of 00:00:01 hours (CET) on the 10th November 2015 and will remain in place until 24:00:00 (CET) on 7th, December 2015.

Click on the link above for further details.