Short selling ban gets closer

FRANCE and Germany have united in their call for a possible ban across the EU on naked short selling and told the European Commission they want proposals next month.

This marks a change for France which last month responded negatively when German Chancellor Angela Merkel surprised everybody by unilaterally banning naked short selling of shares in German banks and eurozone government debt.

Internal Market Commissioner Michel Barnier was planning to have legislation ready by October but his spokesperson said this will now be ready by early September.