GREECE: HCMC announce ban on short selling of shares

Tuesday September 1 2015

On 31 August 2015, the Hellenic Capital Markets Commission (HCMC) announced a ban on the short selling of shares. The announcement contains the following information:

1. The HCMC has prohibited the short selling of shares and units of Exchange Traded Funds (ETFs) admitted to trading on the Athens Exchange. Additionally, the Multilateral Trading Facility of ‘EN.A’ (Alternative Market of the Athens Exchange) of which the relevant competent authority is the HCMC is prohibited.
    
2. The short selling prohibition of paragraph 1 includes sales which are covered by subsequent intraday purchases.
    
3. The short selling prohibition of paragraph 1 applies to all depositary receipts (ADRs and GDRs) and warrants representing shares of the above mentioned credit institutions.
    
4. The prohibition on short sales of this article shall not apply to Market Makers performing transactions on:
   The shares of the above credit institutions;
   The derivatives of the above shares;
   The warrants of the above shares;
   The ETFs and Index derivatives in which the above shares are part of their composition.

   All above exemptions concern transactions conducting for hedging purposes in the ambit of market making activities.
    

5. The measure shall be in force as of 00:00:01 hours (CET) on the 1st of September 2015 until 24:00:00 (CET) of the 30th of September 2015.
    

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