Australia's securities regulator lifted its eight-month ban on covered short selling of financial stocks on Monday bringing the country into line with all major developed markets that had already lifted their temporary bans on the practice.
However, the Australian Securities & Investments Commission, which lifted the ban citing a stabilisation of market conditions, warned it would “immediately” reimpose the ban if it believed that market conditions warranted such a move.
Although the effectiveness of the short selling ban had been questioned with critics arguing it hit trading volumes but did not necessarily reduce market volatility, analysts said ASIC's warning would likely deter future short selling activity in Australia.
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