UK puts ban on 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.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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