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BaFin clamps down on shorts

19 May 2010  |  2657 views  |  0 Source: BaFin

The Federal Financial Supervisory Authority (BaFin) on Tuesday temporarily prohibited uncovered short sales of debt securities of euro zone countries admitted on a domestic exchange to trading on the regulated market. It also temporarily prohibited credit default swaps (CDS) in which the reference liability is at least also a liability of a euro zone country and is not used to hedge default risks (uncovered CDS).

Moreover, BaFin prohibited uncovered short-selling transactions in the shares of the following companies from the financial sector:

* AAREAL BANK AG
* ALLIANZ SE
* COMMERZBANK AG
* DEUTSCHE BANK AG
* DEUTSCHE BÖRSE AG
* DEUTSCHE POSTBANK AG
* GENERALI Deutschland HOLDING AG
* HANNOVER RÜCKVERSICHERUNG AG
* MLP AG
* MÜNCHENER RÜCKVERSICHERUNGS-GESELLSCHAFT AG

These prohibitions will apply from 19 May 2010, 00.00 hrs., to 31 March 2011, 24.00 hrs, and will be reviewed on an ongoing basis.

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