Prohibition of short selling due to COVID-19

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Elena Papachristou

Elena Papachristou

Partner

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Alex Kontogiannis

Alex Kontogiannis

Associate

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Taking into consideration the impact of the COVID – 19 threat on the market confidence of the EU, including Greece, the Hellenic Capital Market Commission decided on 17 March 2020 to temporarily prohibit short sales and other transactions that create or increase the net short positions in shares listed on the Athens Exchange, irrespective of the venue where the transactions are executed.

The prohibition is effective as of 18 March and will last until 24 April 2020.

Apart from the sale of shares, the prohibition is also applicable to related financial instruments relevant to the calculation of the net short position, including options, covered warrants, futures, index-related instruments and certificates linked to shares.

The prohibition shall not apply to market makers performing market making activities that are conducted for hedging purposes.