As detailed in the March edition of The Front Page, CESR has proposed a model for a pan European short selling disclosure , and has followed this with a report http://www.cesr.eu/data/document/10_453.pdf setting out technical details for various areas

  • determination of economic exposure for the purposes of calculating a net short position
  • calculation of changes in a net short position
  • clarification at the level at which to net and aggregate short positions within an organizational structure
  • further development on the mechanics of disclosure
  • a more detailed definition of the exemptions from disclosure obligations

CESR is recommending that the European Institutions introduce the pan-European short selling disclosure regime as soon as possible.