Short selling


Public net short positions

Please click on the link below to download an excel file containing the net short positions on shares received by Consob which satisfy the requirements for disclosure provided for in EU Regulation no. 236/2012

IMPORTANT NOTICE: Following ESMA Decision of 16 March 2020, as renewed most recently on 16 December 2020, Position Holders are required to report to national competent authorities their net short positions ("NSP") when they reach the threshold of 0.1% of the share capital. The new obligation applies from 16 March 2020 till 19 March 2021, it being understood that NSPs as of that date have to be notified to the competent authority no later than 15:30 CET on 22 March 2021; the Decision can be renewed further.

All NSPs are to be reported using Consob online notification system (see below)

The ban on net short positions in Italian shares expired on 18 May 2020, at 23.59 pm (See Consob press release of 18 May 2020).

Report to Consob your net short positions

To be able to submit a net short position to Consob, you must be registered in our system. You can register here.

If you have registered, but you have lost your password, go here.

If you hold username and password, you can report to Consob your net short positions here.

The user manual is available here

Please send any query or request for assistance to the following email address:

More information on short selling

From the 1st of November, 2012, the Regulation (EU) no. 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps applies.

The Regulation requires holders of net short positions in shares or sovereign debt to notify the Relevant Authority of such positions when they reach, fall below or exceed certain thresholds, no later than 15.30 of the day following the trading day on which the relevant position is held.

For shares, the relevant threshold is set at 0.2% of the share capital of the company concerned and any following change of 0.1%.

The Regulation requires that net short positions in shares equal to 0.5% of the share capital or above have to be disclosed.

Moreover, the Regulation bans uncovered (also called naked) short selling on shares and sovereign bonds, i.e. short selling which is not backed by stock lending or similar measures.

According to the Regulation, competent Authorities may adopt emergency bans to short selling (even if backed by stock lending) or to net short positions, when some conditions are satisfied.

The Regulation introduces an exemption regime for market makers and primary dealers.

Through this section is possible to:

  1. consult data on net short positions in shares, updated and historical;
  2. consult the legal framework on short selling;
  3. register to Consob reporting system on net short positions in shares;
  4. for those registered, report net short positions in shares;
  5. consult the user manual of Consob reporting system;
  6. get information on the exemption for market maker activities in shares;

Any question can be sent to: