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Viewing cable 09CANBERRA79, AUSTRALIA EXTENDS BAN ON SHORT SELLING FINANCIAL

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Reference ID Created Released Classification Origin
09CANBERRA79 2009-01-22 05:13 2011-08-30 01:44 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Canberra
VZCZCXRO2111
PP RUEHPT
DE RUEHBY #0079 0220513
ZNR UUUUU ZZH
P 220513Z JAN 09
FM AMEMBASSY CANBERRA
TO RUEHC/SECSTATE WASHDC PRIORITY 0900
INFO RUCPDOC/DEPT OF COMMERCE WASHINGTON DC PRIORITY
RUEATRS/DEPT OF TREASURY WASHINGTON DC PRIORITY
RUEHKO/AMEMBASSY TOKYO 3367
RUEHUL/AMEMBASSY SEOUL 9667
RUEHBJ/AMEMBASSY BEIJING 9321
RUEHLO/AMEMBASSY LONDON 1970
RUEHFR/AMEMBASSY PARIS 1518
RUEHWL/AMEMBASSY WELLINGTON 5603
RUEHGP/AMEMBASSY SINGAPORE 1648
RUEHJA/AMEMBASSY JAKARTA 5346
RUEHDN/AMCONSUL SYDNEY 4155
RUEHBN/AMCONSUL MELBOURNE 5946
RUEHPT/AMCONSUL PERTH 4212
RUEHBS/USEU BRUSSELS
UNCLAS CANBERRA 000079 
 
SIPDIS 
SENSITIVE 
 
E.O. 12958: N/A 
TAGS: EFIN ECON AS
SUBJECT: AUSTRALIA EXTENDS BAN ON SHORT SELLING FINANCIAL 
SHARES 
 
REF: 2008 CANBERRA 971 
 
1. (SBU) Summary: Australia has extended the ban on 
short-selling financial stocks until March 6, due to 
volatility in bank stocks internationally.  Australian banks 
support the decision.  Concern is growing about the ability 
of Australian companies to raise funds on international 
markets; the GOA is considering options.  End summary. 
 
2. (U) Late on Wednesday January 21 the Australian 
Investments and Securities Commission (ASIC) announced it 
would extend the ban on the covered short-selling of 
financial stocks until at least March 6.  (Naked short sells 
of all stocks are no longer permitted.)  The ban on 
short-selling shares in financial firms, which when it began 
in September (reftel) initially covered all shares, was due 
to expire next week. 
 
3. (U) In its announcement (available at www.asic.gov.au), 
ASIC noted a recent increase in the volatility of financials, 
including in the US and UK.  It also noted that the UK 
Financial Services Agency (FSA) had lifted its similar ban on 
January 16, but said it could not say whether FSA's decision 
had contributed to the recent upsurge in volatility.  ASIC 
said it needed time to assess the markets and to see whether 
there were risks of predatory practices in Australian 
markets.  It will make a decision closer to March 6 on 
whether to lift the ban then. 
 
4. (U) Reaction has been predictable.  The CEO of the 
Australian Bankers Association, David Bell, called ASIC's 
decision "prudent" in a week when Australian bank stocks had 
dropped over 6% over Tuesday and Wednesday.  One banker told 
Embassy that ASIC had "no choice" but to extend the ban, 
given the volatility and recent developments in the UK.  But 
the lobby group representing fund managers and hedge funds 
was critical, and said regulators should recognize the role 
short selling plays in maintaining liquidity. 
 
5. (SBU) This comes during a week where concern about the 
ability of Australian companies, including banks, to access 
credit on foreign markets to finance debt and operations is 
palpable.  Treasurer Wayne Swan said the GOA would act if 
foreign banks cut back their lending to Australian 
businesses, although he said there was adequate liquidity in 
the system.  On January 22 Finance Minister Lindsay Tanner 
said the GOA would consider setting up a fund to lend 
directly to companies should foreign banks fail to roll over 
existing loans.  The January 21 announcement by mining giant 
BHP Billiton that it would lay off 3300 people in its 
Australian operations (and 6000 around the world) contributed 
to the sense of unease. 
 
6. (SBU) Comment:  ASIC has been cautious, keeping an eye on 
international developments and worrying about how Australia's 
small market could be affected.  Treasury contacts, although 
reluctant to go into details, told Embassy that the "usual" 
coordination took place, in other words indicating ASIC 
vetted this decision with Treasury, the Reserve Bank, and the 
Australian Prudential Regulatory Authority.  We see no 
indications of problems in any of the major banks - or even 
minor ones.  But the difficulty that even credit-worthy 
Qminor ones.  But the difficulty that even credit-worthy 
Australian companies face in accessing foreign funds is 
worrying. 
 
CLUNE