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The naked short on the March silver contract is the HSBC "customer" account. I had posted about this situation a couple of days ago on X, pointing out that the OI was one of the highest ever at this point in the delivery cycle: https://x.com/DtDS_WSS/status/1904572463012282757 Over the last two days, that HSBC "customer" account has issued delivery notices on 417 contracts (2.1 million ounces) dropping the open interest as of this morning's open to 223 (1.1 million ounces). Last notice day is tomorrow (March 28) so they have delayed to the last moment… This isn't the first time HSBC was...

The stock market fell deeper into the red amid reports that Germany will issue new restrictions on bearish trading. SNIP Germany will ban so-called naked short-selling from midnight, a lawmaker with the ruling Christian Democratic Union told Dow Jones Newswires. He added that Chancellor Angela Merkel will announce the plan in her speech to the lower house of parliament Wednesday morning. Naked short selling—which differs from short selling in that the sold shares aren't borrowed in advance—came under fire at the height of Greece's struggle to refinance its debt, with many euro-zone governments saying such transactions in credit-default swaps, a...

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Credit default swaps, potentially the next domino to fall in the ongoing financial crisis, are the debt equivalent of naked shorts on stocks, according to the chairman of the Securities and Exchange Commission. In prepared testimony that he will deliver before the Senate Banking Committee this morning, SEC chairman Christopher Cox equated the sale of the unregulated bond derivatives with naked short selling and called on Congress to give his agency authority to regulate the derivatives. "Economically, a CDS buyer is tantamount to a short seller of the bond underlying the CDS," said Cox. "Whereas a person who owns a...