por admin » Mié May 19, 2010 1:12 pm
Francia furiosa con Alemania por no haber recibido una notificacion al respecto, los paises afectados deberian ser consultados dijo la ministra de Finanzas. Dijo tambien que Francia no va a proibir el naked short selling de deuda soberana ya que es un mercado muy pequenio para ellos.
EU Call for Unity on Short-Selling Ban Angers France
By MATTHEW DALTON and TERENCE ROTH
BRUSSELS—Germany's unilateral ban on so-called naked short sales of securities caught other European Union governments unawares, drawing an angry response from France even as financial markets fretted that other countries might follow suit after EU finance ministers meet Friday.
French Finance Minister Christine Lagarde said France had received no word of the German plans. "Governments affected should be consulted," Ms. Lagarde said at a press conference. "France is not considering banning naked [credit default swaps] on sovereign debt. It's a very narrow market and that sort of trading is not very active in Paris."
Michel Barnier, the European Union's internal market commissioner, gestured during a news conference following the meeting of European Union finance ministers in Brussels on Tuesday.
.Germany overnight suddenly outlawed naked short selling—a practice that involves selling financial instruments without first borrowing them or ensuring they can be borrowed. Types of securities affected are bank shares, government bonds and credit default swaps, a kind of insurance against default risk.
The German news hit European financial markets with another bout of nerves. Some market watchers said the move highlighted Europe's struggle to find a cohesive response to the threat that the Greek debt crisis could spread.
"The short-selling ban is intended to stop what German politicians feel is a speculative attack against the euro," said Hans Redeker, chief currencies strategist at BNP Paribas in London. "This interpretation is foolish to say the least. The decline of the euro and inner EMU [bond yield] spread widening has very little to do with speculation, but is the result of excessive debt and deficits, fiscal and monetary authorities undermining the legal framework in which a stable currency was supposed to work. Consequently, foreign investors are withdrawing from EMU debt instruments."
The European Commission, the European Union's executive arm, suggested that Germany acted peremptorily on an issue that would be discussed by all EU finance ministers on Friday. "These measures will be even more efficient if they are coordinated at European level," said Michel Barnier, the European commissioner for financial regulation. "It is important that member states act together and that we design a European regime to avoid regulatory arbitrage and fragmentation both within the EU and globally," Mr. Barnier said.
The commission is examining the issue closely and plans to outline its proposals for regulation within a few weeks, including requirements to disclose short positions and restrictions on naked short-selling, Mr. Barnier said. European governments have blamed "speculators" for driving up borrowing costs through their massive selling of government bonds and credit-default swaps.
The euro came under new pressure amid a market perception that an EU-wide crackdown on short-selling could make the common currency the main way for investors to express bearish views on the region's debt crisis. The currency plunged to a fresh four-year low of $1.2143 in Asian trading hours. The currency bounced back later in Europe, partly on rumors that the European Central Bank could soon intervene with euro purchases.
The cost of insuring European sovereign debt against default using credit-default swaps dropped sharply early Wednesday as investors reacted to the German news by abandoning bets that those costs would rise.
Journal Community
..Other European governments said Wednesday they are considering following Germany's ban and that discussions are taking place.
Chancellor Angela Merkel, speaking in German parliament Wednesday, said the regulation will stay in force until it is replaced by an EU-wide statute. "This will all remain in place until other rules are established on a European level," Merkel said.
Ms. Merkel said German finance ministry officials would present Germany's ideas to representatives of other EU countries in Brussels Friday. That date marks the first meeting of a task force set up by Herman Van Rompuy, president of the European Council of governments, to study better ways to resolve economic crises and improve budget discipline across the EU. The task force includes representatives from each of the 27 EU states, with most countries expected to send their finance ministers.
The German finance ministry said the German ban could be expanded to include naked short-selling of all German shares, stock derivatives, derivatives related to euro-zone government bonds and any euro-currency derivatives that "don't have a role in hedging against currency risks."
Germany's crackdown is at least in part politically inspired. The country's parliament has been demanding tighter financial regulation at a time when Ms. Merkel is seeking parliamentary support for approving Germany's share of the massive EU bailout facility for highly indebted governments of the 16-nation euro zone.
Ms. Merkel's center-right coalition has a majority in the Bundestag and could clear Germany's bailout contribution without help from the Social Democrats. But the measure must also go before the upper house, which is seated by Germany's 16 federal states, and Merkel's coalition parties lost their majority there after losing a key regional election earlier this month.
"This was driven by the electorate, to gain political support," said Carsten Brzeski, an economist at ING Bank in Brussels. Mr. Brzeski said Ms. Merkel cracked down on short selling "to show that politics is still ahead of markets and that they are running the show."
It wasn't clear whether such an EU-wide ban would find agreement in the U.K., which because of its dominant banking sector would be needed before such a ban could be effective. The U.K.'s Financial Services Authority declined to comment Wednesday on whether a similar ban was possible there. The agency said in a statement that the ban doesn't cover the branches of German companies in the U.K.
Belgium's financial market regulator CBFA is discussing whether to follow Germany's ban on the naked short-selling of euro-zone government debt and credit default swaps, a spokeswoman said Wednesday. She said talks are currently being held with other national regulators, through the Committee of European Securities Regulators.
—Adam Cohen in Brussels, Adam Bradbery in London, Jonathan House in Madrid and Andrea Thomas and Patrick McGroarty in Berlin contributed to this article.