Article: The London Whale resurfaces: Bruno Iksil speaks out

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The London Whale resurfaces: Bruno Iksil speaks out

Lucy McNulty, 17 April 2017

Bruno Iksil, the former City trader known as the “London Whale”, has spent the past five years at home with his family in France, about 50 miles south of Paris. He runs, cycles or swims each day. He plays card games with his kids and helps with their homework.

But, on January 11, he received a call from his New York lawyers that threatens to upend all that.

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Article: Naked Short Selling Banned By EU

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Naked Short Selling Banned By EU

Global Custodian, 15 September 2010

European Regulators have issued new rules aimed at controlling naked short selling and derivatives trading. Naked short selling, where the investor sells shares short without confirming the availability of the stock, has been banned.

Investors will also be forced to disclose their short position in a firm to regulators if it exceeds 0.2%, and to the market as a whole if it crosses 0.5%. Investors will have to disclose short positions on sovereign bonds, even if the position was obtained using credit default swaps.

The ban on naked short selling by the European Commission will be enforced from July 2012 after approval from the European Parliament. Previously, the seller did not have to prove their ability to obtain the stock. According to todays proposal, in order to “to enter a short sale an investor must have borrowed the instruments concerned, entered into an agreement to borrow them, or have an arrangement with a third party to locate and reserve them for lending so that they are delivered by the settlement date [at the latest 4 days after the transaction].” Continue reading “Article: Naked Short Selling Banned By EU”