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Belgium, France, Italy, Spain Overrule European Regulator, To Impose Standalone Short-Selling Bans
Stop the presses. Barely did we have time to report that European regulators failed to impose a coordinated short selling ban, that Bloomberg reports that the countries most impact by the market plunge are about to impose standalone short-selling bans. These are Belgium, Italy, Spain and France. In other words, it really is on and the 2008 Lehman PTSD flashbacks may now resume. Until we get a headline that says it isn't. The rescue of the Borsa Italian is now more schizophrenic than that of Greece. As a reminder, in the previous post the FT quoted Abraham Lioui, a professor at the Edhec business school in France, who said “It is the worst thing to do right now. This would signal to the market there may be something fundamentally bad that is happening." He is correct. Something is fundamentally very wrong and about to break.
From the AP, google translated:
Short selling of financial stocks banned for 15 days in France
(AFP) - There are 13 minutes
PARIS - The Financial Markets Authority (AMF), Constable French stock exchange has banned short selling of financial stocks listed in France for a period of 15 days, told AFP, its president Jean-Pierre Jouyet.
"We have decided to ban short selling (...) on the actions of eleven banks and insurance companies listed on the French market, that for a period of 15 days," said Mr Jouyet.
And as a reminder, here is what happened to US financials after the September 18, 2008 SEC ban on shorting:
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Debra shot herself in the foot by being a nutbag.
Now, just for a moment, imagine high speed freeways that are routed around population centers.
I know you are slow, so I'll wait for the light to go on.
If I sleep late, research Panex. All Perry has to do is sieze that and he can just ask the feds, "Who's your daddy, bitch?"
Oh shit, did I forget the Treasurey printing plant in FT. Worth?
Dipshits. Never llet a crisis go to waste, commie fucks.
What you clearly do not understand is that Rick Perry is a globalist.
Look, being a Texan myself, I woudl love for us to secede. I also loved Debra Medina who was the only libertarian/conservative candidate for Governor. Your "nutbag" comment just shows your ignorance of the issues during the election.
If your implying that I am a commie for not liking Perry, then you have some serious problem with your reading comprehension.
I agree with you,
and that's exactly why he will win the next election ;)
I agree with both of you
Yet HE IS A PHONY, he is a GLOBALSIT FUCKSTICK could be said about everyone from Romney to Bachman, heh?
Perry is an uber politician unlike Bachman and as the flying pig says "he will win."
He will be the conservative's savior only to end up being their Obama.
Hell you know its bad when CBS is fawning over him and his pre-announcement.
Personally I think Bachman has crazy-eyes and is too stupid to even consider voting for. I think the only choice Zero Hedge readers have from here on out is whether to vote for Ron Paul or just buy more ammo and get ready for what's next :-) Then again, I'm not here to tell anyone what to think.
BTW, great work with this...you nailed it:
He will be the conservative's savior only to end up being their Obama.
this will end badly...didn't they see how "transitory" the benefits were? unless they have some grand plan to announce in next few days, this is insane!
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I just got an email from my Zeta Cartel contact.
US govt. approved Barrret .50cal for under $1k. Only used once.
What should I do?
If my very own government thinks the Zetas should have this stuff, can they really protest me having one?
That would be like hypocritical or something.
More Regulations.. that should work
Is the world ending? Google was hacked.
Another CME margin hike for night of Aug. 11th?
Gold chart looking like Silver in May.
if the euro zone will not print euros from
the helicopter then the qe 3 will become too
ridiculous to report ,then , no one will know of it.
the qe vigilantes will not have the funding
to become well healed bond vigilantes. stealing
needs to be ubiquitous and global if it is to become
a sanctified aspect of post modern endeavor.
it is your entrenched demand for coherency that
renders the world invisible to you.
.
Royal Fingerbowl "Otis Goes Postal"
http://www.youtube.com/watch?v=2yZeT2OAzbU
.
end game is the populations are bludgeoned unto
death with their own extended graces, credit.
how un fitting, ungracious, artless and impossible.
i expect a serious backlash.
Because it clearly generated positive effects last time. </snark>
BTW, that "G7 Statement" on Sunday night was not a G7 statement, is was actually a statement by seven Central Bankster Governors, about the agreed rules for the Currency-Printing-War that has begun to really escalate ... they utilized the media prop of G7 finance minister's conference to do this and disguise it as 'G7 cooperation' and 'coordination'.
As far as I'm concerned, the central banksterz drew up rules and timing strategy framework for a global QE3 and set some basic constraints and channels to try and stop it spiraling out of control, as the debt in euro and USD SHTF.
This is desperation at its best and perfectly illustrates the willingness for TPTB to do anything possible to stop the ship from sinking, which includes not playing by the rules. These European nations are blaming "false rumors" as the culprit to the market volatility instead of facing up to the imminent collapse that is at hand. As my old high school basketball coach used to say, "If you aren't cheating, you aren't trying."
http://goo.gl/CynY8
The full report: A copy of the full, 36-page report, “The Undesirable Effects of Banning Short Sales” is available at
http://docs.edhec-risk.com/mrk/000000/Press/EDHEC_Undesirable_Effects_Short_Sales_Ban.pdf. Click through for the full report.
Many of these points have been mentioned here before in the Bris 2008 piece, but still worth reading.
One of the interesting points in the paper were that the short-sale ban did not affect most of the "shorts":
The author concludes with as a result of the short-sale ban there was a
What could have been done?
"...rather than opting for this facile response, greater efforts to democratise this market and to
increase its transparency should perhaps have been made."
this can't be right...i haven't had my coffee yet. i miss one evening of ZH and i miss THIS! if the market doesn't tank today, there IS something fundamentally flawed with everything in the entire world moreover there truly is no safe haven save PMs...the rest is just manipulating the scheme to extract and stack it till collapses under the weight of all our shiny pyramids.
i can't see how but fat-cat europeans will sell to whomever, get liquid (molten even) and enjoy the rest of their vacations. this is so eerie i feel like i should start makin a scrap book of ZH headlines to show the grandkids someday:
grandkids: grandfather, tell us again of the horrow-show-great-apocalypse-collapse.
Janus: Well there was this great man, his name was Tyler Durden; and because of him, many of us were saved from the doom whose shadow closed in over the world shortly after some shiftless european twitcompoop regulators invited havok and hell by banning short selling.
grankids: was that why it happened.
janus: oh, heavens no, you stupid bastards. it stretches way back into the past...remember how i was telling you about those soft-wars they used to have in the past, they called one of them WWII. well, it was about that time that men began again to think themselves gods...(and so the story goes)
have fun today you real traders,
janus