UK bans short selling of financial shares

LONDON (AP) -- Britain's Financial Services Authority says it is
temporarily banning short-selling of shares in publicly traded financial
companies. The FSA says the new rule will take effect at midnight local
time.

The rule will remain in place until Jan. 16, 2009, but the FSA said it
would review the situation again after 30 days and may extend the ban to
other sectors.

FSA chief executive Hector Sants says his organization still regards
short-selling as a legitimate investment technique, but he says "extreme
circumstances" have required new rules to protect against further
financial turmoil. 


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