A cluster of big name hedge funds have started betting against French companies, moving in after the lifting of a short-selling ban imposed earlier this year to calm financial markets, an analysis of regulatory filings showed.
France joined Italy, Spain, Belgium, Austria and Greece in dropping short-selling bans last week. They had banned the practice for many stocks two months ago to curb extreme stock market volatility caused by economic uncertainty that has resulted from the coronavirus lockdowns.Hedge funds engage in so-called"short-selling" by borrowing a stock from an institutional investor, such as a pension fund, and selling it back when the shares fall, pocketing the profit.
Regulatory filings in the seven days since the bans ended showed that France accounted for more than half the 125 regulatory notifications of changes to short positions against companies in the six markets. London-based Marshall Wace also added to its bet against Air France last week. It rose to 2.72per cent on May 20 from 2.66per cent on March 31.
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