Filip Bogaert

Het verbod op short selling

WP 2010-03

The article provides a general definition of naked and covered short selling and assesses the impact of short selling on the settlement procedures, efficient price discovery and market liquidity. Subsequently the Belgian emergency measures concerning short selling, which were introduced by the Royal Decree of 23 September 2008, are thoroughly examined. By way of conclusion CESR's recent model of a pan-European disclosure regime for net short position in shares is reviewed and compared with the Belgian emergency measures.