Spain and Italy moved to ban short-selling of stocks as pricesdropped and the euro traded below its lifetime average against thedollar on concerns about the European Union debt crisis.
Spain's stock market regulator, the CNMV, said it was banningshort selling of all stocks for three months, amid “extremevolatility.” Italy's Consob said its ban, scheduled to last a week,was introduced on some banking and insurance shares because of the“recent performance of stock markets.”
Today's bans echoes decisions in August of last year by France,Belgium, Spain and Italy to temporarily ban short selling offinancial stocks in an effort to stabilize markets after Europeanbanks, including Societe Generale SA, hit their lowest levels sincethe credit crisis of 2008.
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