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The measure will remain in place until 21 December 2015 and temporarily prohibits short sales in any shares of five credit institutions admitted to trading on the Athens Exchange and the Multilateral Trading Facility of “EN.A” (Alternative Market of the Athens Exchange). It will also concern all depository receipts (ADRs, GDRs) representing those shares. This ban includes sales which are covered with subsequent intraday purchases.
The short selling measure applies to any natural or legal person, irrespective of their country of residence, but would be subject to the exemption for market making activities, provided that short selling transactions are conducted for hedging purposes.
ESMA considers that adverse developments which constitute a serious threat to market confidence in the Greek market still persist and that the proposed measure is appropriate and proportionate to address those threats.