The deadline for investors to reveal details of their short selling in rights issue shares has passed, with just over 20 declarations involving UK companies. And while HBOS - the supposed victim which prompted the FSA to bring in its new disclosure rules - seems relatively unaffected, the shorts have been going to town on Bradford & Bingley.
According to the filings, investors have shorted a total of 15% of B&B shares, with GLG Partners and Tiger Global Management having the two biggest positions. B&B shares are now down 1.25p at 67.25p.
As for HBOS, shorters have declared positions of just below 3.5%. This has done nothing for the bank's shares, which are down 8p to 274.25p and sit below the 275p cash call price.
For all the FSA's efforts this seems - apart from B&B - a bit of a damp squib. Either no one was shorting HBOS at all, or they have reduced or closed their positions before the deadline. Anyone who has now declared, does not have to do so again, even if they now take a hefty short position.
