Shares Rocket Up As Ban Slapped On the Short-Sellers ; Markets

Evening Standard - London › September 19, 2008

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Summary

SHARE prices went haywire today after an emergency move to ban short-selling was launched by the Financial Services Authority last night.

Leading banks and financial institutions' shares rocketed by as much as 90% in a buyers-only market. "It's a reverse bloodbath," said Tom Hougaard of spread-betting firm City Index. "Market-makers now have carte blanche to murder any short positions in banks." City professionals reacted angrily today to the emergency rules on shortselling and the Prime Minister's call for the City to clean up its act. Said one trader: "His remarks were deeply offensive.

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Shares Rocket Up As Ban Slapped On the Short-Sellers ; Markets

The FSA is a perfectly good regulator and we don't need any more bashing after...

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