Traders Predict Chaos After Short-Selling Ban
Financial chaos is about to hit the world’s second-largest government bond market, traders were saying as they responded to the German ban Tuesday, The Telegraph reported.
The German ruling against shorting of credit default swaps of any European government, that came into effect in the wee hours Wednesday, saw the euro plummet to a new four-year low, the newspaper said.
Traders are viewing the ban with a combination of shock and fury. The Telegraph quoted one bond trader saying he expected Wednesday’s trading session to be one of the most turbulent living memory: “It will be complete chaos, I really don’t know what the Germans think they are doing,” he said.
One instant impact of the German’s move was that the price of insuring European government debt dropped as the markets were hit by a “short squeeze,” in which investors holding short positions have to get rid of their holdings and purchase bonds, forcing their cost up.
dealbook.blogs.nytimes.com/2010/05/19/traders-predict-chaos-after-short-selling-ban/?src=busln
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