Thursday, 26 March 2015
Last updated 2 hours ago
Sep 2 2010 | 12:14pm ET
The European Union is poised to harmonize its short-selling policies by empowering a newly-created bloc-wide regulator to temporarily ban “abusive” and naked short-selling.
Under the proposal, due to be introduced by EU internal markets chief Michel Barnier on Sept. 15, the new European Securities and Markets Authority will receive emergency powers to ban short-selling for up to three months at a time. The bans would be renewable for three-month periods, as well.
ESMA, set to come into existence in January, would also be permitted to overrule financial regulators in individual EU countries.
“The regulation aims at addressing the identified risks without unduly detracting from the benefits that short-selling provides to the quality and efficiency of markets,” the draft law says, according to Reuters.
The hedge fund industry offered mixed praise to the measure, with the Alternative Investment Management Association lauding the harmonization while decrying the ban.
“The crisis experience has shown that imposing such bans does little to calm a market panic,” CEO Andrew Baker said.
Meanwhile, a new survey shows that Britain—home to the overwhelming majority of the European alternative investments industry—is intractably opposed to new measures empowering EU financial regulators. According to Greenwich Associates, nine out of 10 British corporations, asset managers and pension funds are opposed to giving further regulatory powers to Brussels. Financial players in France and Germany, by contrast, support the moves.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…