September 19, 2008
2008-067

Archived - Minister of Finance Supports Temporary Ban on Short Selling of Canadian Financial Stocks

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The Honourable Jim Flaherty, Minister of Finance, today issued the following statement:

"I welcome the decision of the Ontario Securities Commission and the Canadian Securities Administrators to institute a temporary ban on short selling of the stocks of certain Canadian financial institutions.

"This measure, which parallels actions taken by the U.K. Financial Services Authority and the U.S. Securities and Exchange Commission, is being taken to protect the integrity of securities markets in Canada. It is necessary at this time of global financial turbulence to ensure that securities markets here in Canada do not become subject to abusive trading practices.

"I would also emphasize that Canada’s banking and insurance industries are well capitalized and our financial system is sound."

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For further information, media may contact:

Office of the Minister of Finance
613-996-7861

David Gamble
Media Relations
Department of Finance
613-996-8080

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