The Australian Securities and Investment Commission has made the following decisions to apply from the opening of the market on Monday, 22 September 2008:
- Naked short selling banned
- Covered short selling banned (subject to limited authorised market-maker exemptions)
- ASIC will reassess and advise the market in 30 days, whether or not it will at that time, or at a later date, reopen covered short sales for non-financial stocks.
ASX will implement the changes by removing all stocks from the permitted list of naked short sales.
Impact on CMC Markets Stockbroking Customers
As CMC Markets stockbroking does not authorise its clients to conduct short selling transactions on securities, nor provide a facility for doing so, there will be no impact on services that are provided by CMC Markets Stockbroking.
Should you have any questions regarding this, then please contact the Client Services team:
Telephone: 1300 360 071
Email:
brokingservice@cmcmarkets.com.au
Kind regards
CMC Markets Stockbroking
