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スペインの証券取引委員会は、株価の暴落を防ぐために?短期の売り取引?の3カ月の禁止を発表
La CNMV prohíbe las apuestas bajistas en toda la Bolsa hasta el 23 de octubre
Las autoridades españoles e italianas toman medidas para atajar la volatilidad en los mercados
La prohibición ya estuvo en marcha entre agosto de 2011 y el pasado febrero para la banca
La medida aplaca las fuertes caídas en la Bolsa y saca al Ibex de mínimos desde 2003
La prima de riesgo marca máximos sobre los 640 puntos básicos por las dudas sobre España
The CNMV prohibits all bearish bets on the stock until October 23
Spanish and Italian authorities take measures to address market volatility
The ban was already in place between August 2011 and last February for banking
The measure appeased the sharp falls in stock markets and removes the minimum Dow since 2003
The risk premium on the 640 brand maximum points by doubts about Spain
See the evolution of major stock
David Fernandez Madrid 23 JUL 2012 - 19:01 CET
Spanish and Italian authorities take measures to address market volatility
The ban was already in place between August 2011 and last February for banking
The measure appeased the sharp falls in stock markets and removes the minimum Dow since 2003
The risk premium on the 640 brand maximum points by doubts about Spain
See the evolution of major stock
David Fernandez Madrid 23 JUL 2012 - 19:01 CET
The crisis has given birth to a new dogma: buy an asset hoping that the price rise is to invest-even at the risk of a bubble is formed, and sell it hoping that their price fall is speculate. Almost atavistic fear of hedge funds or hedge funds has led to the National Market Commission (CNMV) to prohibit a second time in less than a year conducting bearish bets on all listed companies. The veto, which came into force immediately, will extend for a period of three months. "The situation of extramarital experiencing volatility European equity markets could disrupt the orderly functioning and affect the normal development of financial activity," said the CNMV. "In these circumstances it is necessary to review the operation of securities markets in order to ensure the maintenance of financial stability," he added. The ban on bearish bets an hour after it was reported that the Italian market supervisor (Consob) announced a similar measure. However, in the case of Italy the restriction affects only companies in the financial sector (banks and insurance companies) and vigancia is one week. The announcement of the two supervisors had an immediate effect on the Madrid and Milan, which largely corrected the heavy losses that accumulated in the early hours of the session. The Dow plunging 35 reached 5.4%, minimum 10 years playing, and close the drop was limited to 1.1% as many hedge funds were closed precipitously apuesas bears. The operation is basically short borrow shares of a company in exchange for a commission and for a specified period. The investor that borrows its price expected to fall and sold on the market hoping to buy them back cheaper later pointing the difference. The measure is in place in Spain until 23 October but in Italy expires on Friday On August 11, 2011 the CNMV adopted the first ban on investments in short. However, the differences with the veto of yesterday are significant. First, the body that presides Julio Segura has always argued that the effectiveness of this measure is greater the more countries involved in a coordinated manner. While last year the ban on bearish bets they took together Spain, Italy, France and Belgium, now only the first two have used this defensive weapon and not with the same pulling power. The second difference relates to the securities affected. While in 2011 the restriction was limited only to financial sector companies, now extends to all listed companies. "The precautionary ban affects any transaction in shares or indices, including cash transactions, derivatives on exchanges or over the counter derivatives [unregulated], which involves creating a net short position or increase an existing, albeit intraday. Means that net short position resulting in a positive economic exposure to a falling share price, "reads the note by the CNMV. When a year ago vetoed the bets bears the initial term of the measure was 15 days. However, the deadline was extended and the ban was not lifted until 16 February this year as the volatility in the securities concerned (banks) had "forwarded". more informationThe risk premium of Spain plays topGuindos strongly denies that the State needs a bailoutAlmunia urges Spain to ask the rescue fund to buy debtThe Bank of Spain discouraged the intervention speculation The stock supervisor analyzed the impact of the veto and its effectiveness. The result of this study was not left very satisfied with the measure now has reapplied. Last May Segura presented to Congress the annual report of the CNMV. During his speech devoted much time to explain the conclusions that were drawn with the ban on shorts. "The move helped reduce the indicators of credit risk and the volatility of stock prices affected. However, these stabilizing effects were limited mainly to medium-sized entities, affecting virtually no large banks, and tended to fade after a few weeks of application of the prohibition. Moreover, the veto was rigged some persistent adverse effects in terms of reduced liquidity and trading volume, which adversely affected the quality of market performance, "he said. The bearish positions affecting 45 Spanish stocks, according to recent data registered in the CNMV. These bets are equivalent to a market value of 2,313 million euros. Short positions in relation to higher social capital are given in Indra (10.5% in the hands of the shorts), Bankinter (6.1%), Banco Popular (5.9%), Abengoa (5.5 %) and Mediaset (5.5%). Most speculators are British and American hedge funds. In the market believes the stock lenders are in many cases the compaías stable shareholders (funds) to charge interest in excess of 7% per transfer their shares for several weeks. From the opposition, the PSOE leader, Alfredo Perez Rubalcaba, had called this morning to recover the ban. "The attacks of speculators in the stock market in a few hours allow huge profits," said the Socialist leader.
スペインの証券取引委員会は、株価の暴落を防ぐために?短期の売り取引?の3カ月の禁止を発表
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