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Ausweitung der Leerverkaufsverbote auf Futures


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Hab heute eine Nachricht von meinem Broker erhalten in der folgendes verlautet wurde:


Short Selling Restriktionen weiter ausgebaut

Hiermit möchten wir Sie informieren, dass die Restriktionen in Frankreich, Italien und Spanien erweitert wurden. Im Zuge dessen ist es nicht mehr möglich, ungedeckte short Positionen auf folgende Indizes einzugehen:


Eurostoxx 50




Bitte beachten Sie auch das cash- und futuresbasierte Derivate hiervon betroffen sind, deren Basiswert einer der obigen Indizes ist.


Was ist davon zu halten? Hab über google nichts zum Thema gefunden. Kann man jetzt keine Futures mehr auf EUROStoxx und CAC40 handeln? Erst wenn jemand Short geht und sich gleichzeit jemand bereits erklärt long zu gehen wird ein Kontrakt gebildet und das OpenInterest steigt um 1. Ist doch so?!?

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Ja, ist so..


In welchem Land ist dein Broker? In Frankreich scheint es in der Tat ein Short-Selling Verbot, sogar auf Index-Futures zu geben. Überall sonst ist es soweit ich weiss ok. Hier ist das Eurex-Statement vom 18. Aug:


To all Trading Members of Eurex Deutschland and Eurex Zürich, all Clearing

Members of Eurex Clearing AG and Vendors


Content may be most important for:

All departments


Action required High Priority



Last week a number of national supervisory authorities in Europe released short

selling bans which differ from one another both in content and scope of

application. These bans also deviate, in some parts substantially, from existing

German regulations. Since July 2010, a ban for uncovered short selling has been

in place in Germany that applies to stocks and debt securities of European

governments and to uncovered CDS on government bonds issued in the euro zone.


As a matter of principle, products traded at Eurex are only subject to German

law. However, it is possible that trades conducted at Eurex are affected by

rulings of foreign regulators. We therefore recommend that each Trading Member

reviews and assesses the released short selling bans independent of the German

legal situation.


Currently there is a high level of uncertainty regarding the short selling

ban’s specific scope of application. The Management Boards of the Eurex

Exchanges are thoroughly examining the precise application of the short

selling bans and are discussing these with the respective regulators.


In the meanwhile, we refer to the trades exempted from short selling bans in

the national regulators’ publications. As an example, please refer to the

following question and answer list published by the French regulator:



Newedge spricht auch nur vom AMF (Franz. Regulator):


The AMF adjusts its position regarding the rolling forward of net short positions taken before the publication of its Decision of 11 August 2011


Given the existing practical difficulties and time constraints, the AMF has adjusted the position it had established before today’s press release with regard to the implementation of the ban on the taking of net short positions in relation to pre-existing positions built through expiring derivatives. As a result thereof, the AMF admits that investors holding a net short position in relation to one of the securities concerned through expiring derivatives are allowed to roll forward their position, even if such a rolling results in the creation of a net short position with a further expiry date, provided that the net short position so created does not exceed the one held previously.


Point 3 of the Frequently Asked Questions as published on the AMF website was adjusted accordingly.


Hört sich so an, als gäbe is in FR, oder auch für Firmen, die indirekt unter der Fuchtel der AMF stehen, in der Tat ein Short-Selling Verbot für Index-Futures mit franz. Banken als Komponenten im Underlying.

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Hmmmm... CFD ist ja vom Marketmaker und die dürfen doch alles da es nicht an den echten Märkten gehandelt wird. Nach meinen Verständnis ist das dann Brokersache und keine Gesetzesangelegenheit.

Wenn z.B. eine Aktie nicht leer verkauft werden kann, dann gilt das auch für den CFD. Zumindest ist das bei IG so.

*Important note: The column ‘Can go short?’ only indicates whether there are currently any factors (of which we are aware) prohibiting short positions on the share concerned. There is

no guarantee that you will be able to go short of any share cited. In addition, there may be an extra charge (a borrowing charge) which will be included in the interest adjustment applied

to your position. To determine whether a charge applies, call our dealers in advance of trading. The ability to borrow and the cost of borrowing stock can be changed at short notice.


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