Oz turmoil over short-selling ban

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The last-minute decision by the securities regulator to ban covered short selling caught fund managers, who had lent shares as part of regular business last week, by surprise.

The Australian Securities and Investment Commission (ASIC) banned all forms of short selling across the entire market, going further than regulators in London and New York, who banned short selling only on certain stocks.

"We've never seen a market without short selling. We're all flying in the dark," said Morgan Stanley equity strategist Gerard Minack.

ASIC was forced to tweak its ban, saying "prohibitions on covered short sales will not apply to hedging a position that was taken by an entity prior to 22 September".