THE HEDGE fund industry yesterday said plans to introduce a pan-European short-selling regime needed to be improved.
Under a new scheme being recommended by the Committee of European Securities Regulators (CESR), a short position of 0.2 per cent or more must be disclosed to regulators.
When the position reaches 0.5 per cent and thereafter it should be disclosed publicly as well, spelling out not only the stock shorted but also who is managing the position.
Aima, the hedge fund trade body, said it was pleased that CESR had decided not to recommend an outright ban, but said the thresholds for disclosure were too low.
It also said that all disclosure should be done on an aggregate basis, instead of detailing individual stocks.