NEW YORK (MarketWatch) -- The Germans are cracking down on the "naked shorts."
No, it's not a risqué fashion statement. German regulators are planning to ban naked short-selling, a controversial market practice that's been blamed for accelerating selling pressure on securities. The move is believed to be having its own unwanted effect, driving down the price of U.S. stocks.
http://online.wsj.com/article/SB10001424052748703957904575251950759622006.html?mod=mktw
"Shorts borrow a share, sell it immediately, then if the bet pays off they later buy it back at a lower price, pocket the difference and return the share to the person they borrowed it from.
"Naked short selling is when an investor essentially shorts a stock that he hasn't actually borrowed."
See MarketBeat analysis of 'naked' short ban.
Germany's move comes as European stocks come under pressure from the debt crisis there. Deutsche Bank AG /quotes/comstock/13*!db/quotes/nls/db (
DB 59.75, -1.49, -2.43%) shares fell 2.5% in afternoon trading, they've fallen 20% since mid-April. Commerzbank AG /quotes/comstock/11e!fcbk (
DE:CBK 6.05, +0.04, +0.63%) shares also have stumbled, falling to 6.05 euros on the Frankfurt Stock Exchange after breaking 6.50 euros at the end of March.
The banks are under heavy selling pressure for their holdings of Greecian debt. That makes them targets for the shorts just like Lehman Brothers and other banks were the target of short sellers in September 2008. Then, the Securities and Exchange Commission temporarily banned short-selling, not just naked shorting, on 799 financial stocks.
If one thing the move by German regulators underscores, it's that uneven regulation across the globe of markets leads to uncertainty and, possibly panic, when one country moves unilaterally. Domestic markets don't operate in a vacuum. We live and invest in a global marketplace -- one that is in desperate need of consistent regulation, naked or fully clothed.
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