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Earlier today, French finmin Baroin extended for another 90 days the short sale ban on financial...

  • Thursday, November 10, 2011, 4:05 PM ET
    Earlier today, French finmin Baroin extended for another 90 days the short sale ban on financial stocks introduced August 12. Performance since then: French ETF (EWQ) -5.8%, SocGen (SCGLY.PK) -21.3%, BNP Paribas (BNPQY.PK) -14.6%, Credit Agricole (CRARY.PK) -23.3%.
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    I'm surprised no one commented on this yet. Short sale bans are a death sentence to markets. Politicians and those that know nothing about markets think it prevents the market from declining, but it only encourages it. When you ban short sellers, you ban the only party that is required to purchase the security. This substantially reduces market liquidity and plays the AC/DC tune 'Highway to Hell' as they watch their investment go straight down. Long investors then can only sell to others wanting to enter a long position, increasing the spread between bid and ask, and extended losses to sellers and holders.

    Can someone please vote for a politician that understands how financial markets work?
    10 Nov 2011, 05:00 PM Reply Like
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