Subject Matter
Put on hold confirmation in the context of intra-day short sales
Question
Under Article 6 of the ITS, if the intention is to execute a short sale and cover intra-day, a locate and easy to borrow confirmation is sufficient provided that the broker is informed that the short sale will be covered by purchases during the same day as the short sale takes place. However, if a put on hold confirmation is sought (even if not strictly required for liquid shares), is there still a requirement to provide a same-day request for confirmation to the third-party that the short sale will be covered by purchases during the same day?
Level 1 Regulation
Short Selling Regulation (SSR) Regulation (EU) No 236/2012