Hedge funds slam ban extension

Financial Standard – The hedge fund industry has condemned the Australian Securities and Investments Commission’s (ASIC) decision to extend the ban on short selling on non-financial stocks, declaring it will have "severe and immutable long-term effects".

ASIC extended the ban on short selling for non-financial stocks by another 28 days to November 18. Although the ban has been extended, ASIC expects to lift the ban as of the next day’s trading but it would largely depend on the "state of the markets".

The short selling ban on financial stocks will continue until January 27, 2009.

ASIC maintained that while the US had lifted its bans, UK and others are sustaining the ban.

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