Italian Regulator Extends "One Week Only" Shorting Ban Through September 14 Due To "Persistent Conditions"

Tyler Durden's picture

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.

From Consob

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 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

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financial apocalyptic contagion's picture

like this is gonna help

Divided States of America's picture

One day they will ban all deposit withdrawals from banks also. I am sure that would make everyone feel really secured with whats going on.

CPL's picture

They already did that on the 19th...for US citizens...for their protection.



Make sure you aren't an old war hero though.  You get erased like you've never existed.


HoofHearted's picture

Really, baby, I'm only going to do it this once then never again. Well, except for that time and the time before and the next time or two. But really, I love you!!!!

johnQpublic's picture

who is this 'nobody' person?

he sees everything coming

maybe 'nobody' should be in charge

knukles's picture

Persistent conditions. 
Like AIDS, alcoholism, the wars on (fill in the blank), inequality, anal political commentary, financial hype, self centeredness,  famine, hunger, disease, war, fiat money and stupidity but to mention a few.
Ought extend the bans on them all.

T'would do as much good

WhyDoesItHurtWhen iPee's picture

Desperate times = Desperate measures

More to come.

HD's picture

If Fed institutes an "open ended QE" it the same thing - a defacto short ban.

Beam Me Up Scotty's picture

Then it will take 3.00 to generate a dollar in GDP, then 4, then 5 then 6....

When you are swirling the drain, the closer you get to the drain, the faster you spin

MillionDollarBoner_'s picture

yeah, but them "dollars" ain't worth shit to start with - so what's your beef?

Silver Dollars, on the other hand...

Dr. Engali's picture

Yeah that will fix everything. It certainly worked in the past /sarc

YesWeKahn's picture

Italian regulars are idiots. They only need to talk about it, they never need to do the actual ban. All they have to say is "We will ban the shorts if the conditions worsen".

Joebloinvestor's picture

Ban all short selling till conditions improve.

Then ban all stock trading till conditions improve.

Then pound sand till conditions improve.

dracos_ghost's picture

They didn't say September of what year.

TrainWreck1's picture

It's a metric week.

Coameric99's picture

I'm confused, the Equity Markets around the WORLD are rallying.  Why the SHORT SELL BAN?  Everything is fine we don't need anymore stimulus.

earleflorida's picture

when you take away the antibiotics for a sickly body... all that is to come is atrophy in a masochistic society ?

Vet4RonPaul's picture

Who on earth is stupid enough to invest in Italian stocks, banks and bonds?  Greeks?! haha.   There are a lot of great people there but the made men clearly run the show from the lowest street cleaner to the judges and everyone in between.  I've been in that country many times and its cuisine is the best in the world; hands down.  Invest in their women, wine and food but stay clear of absolutely everything else!

hedgehog9999's picture

Perfect, now long selling will commence immediately.