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The securities regulator Hellenic Capital Market Commission is investigating some 150 cases whether foreign funds and other institutionals violated short-selling rules earlier this year when the top four bailed-out banks banks launched rights issues.
Short-selling involves investors borrowing shares to sell on the market and later buying them back at a lower price for a profit.
The HCMC investigation is focusing on suspicion that some funds or individuals participating in rights issues offered by National Bank of Greece, Alpha , Piraeus and Eurobank were shorting bank stocks days before they were due to receive their allotted shares from the issue.
The regulator was reportedly tipped off by heavy trading volumes and a sharp fall in bank share prices just before the new shares began trading on the market, HCMC officials said, adding that the investigation is expected to conclude in January.