HCMC extends short-selling ban

16/04/2020

Τhe HCMC decided on 15.04.2020, i.e. before the initial expiry date which was 24.04.2020,  to extend the short selling ban on Greek listed shares to 18.05.2020 at 24:00 (CET). This decision was taken in coordination with the NCAs of France, Belgium, Spain and Austria. The Greek watchdog highlights in its decision the necessity of the extension, due to the continuation of the current extraordinary conditions in all European markets, including the Greek one. According to the recent announcement and the subsequent updated Q&A, the creation or increase of a net short position via an index or basket is prohibited if the underlying shares for which the HCMC is the RCA  accounts to 50% or more of such index or basket. The short selling ban may be revoked earlier than 18.05.2020, if the market conditions permit so; our firm constantly monitors the situation, so stay tuned !

Should you have any questions in respect to the above, you can reach out to our partners Michael Tsibris, Giannis Koummetis or to our associate Konstantinos Gkountis.