Italian Regulator Extends "One Week Only" Shorting Ban Through September 14 Due To "Persistent Conditions"
Europe is so fixed, and so jawboned to death, that the Italian regulator who launched this year's BanWagon episode of financial stock short selling bans with what was supposed to be just a one-week ban of shorting, has just extended the ban for nearly two more months, through September 14. The reason: "persistent conditions" - in other words Europe appears to be only fixed and stuff on a transitory basis. But yes, absolutely nobody could see this coming.
Consob: extended until 14 September, the ban on short selling bank stocks
Consob, in view of the persistent conditions of uncertainty in financial markets, has today decided to extend until 18:00 pm Friday, September 14 pv the prohibition of short selling securities in the banking and insurance, introduced on 23 July with Resolution no. 18283 and expiring at 18:00 today.
The prohibition applies both to short-selling securities backed by loans ("covered") and "bare", already prohibited by resolution (No. 17993) 11 November 2011. Intermediaries are required to take all necessary measures and precautions to strict compliance with the measure.
It 'a duty to notify Consob without delay for those operators wishing to use the exemption for the activity of market making .
On site www.consob.it are available the full text of the measure (Resolution no. 18298 of July 27, 2012), the list of affected securities, the exemption for communications relating to the business of market making as well as FAQ (Frequently Asked Questions).
Rome, July 27, 2012