Market puzzled by Bafin ban

Financial figures

Some trading desks were closed for business this morning while the market waited for clarity on a ban announced overnight by the German securities regulator Bundesanstalt für Finanzdienstleistungsaufsicht (Bafin). The 889-word decree left many questions unanswered, but prohibits the naked short selling of eurozone government bonds, credit default swaps (CDSs) on those bonds and 10 German financial stocks. Some banks reacted by calling a halt to anything that might fall foul of the new rules.

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