Brexit and Short-Selling Disclosures

16 Pages Posted: 13 Jul 2016

Date Written: July 12, 2016


The unexpected result of the referendum on the Brexit was followed by the highest number of disclosures of short-selling positions since the enforcement of the European short-selling disclosure regime in the UK. This paper analyzes the disclosures of short positions which took place around the Brexit and shows the distribution and magnitude of reported short positions per sector. From the data, it emerges that among short-sellers the Brexit outcome was not expected, and that the sectors where the short-sellers expected the biggest losses following the Brexit are the sectors that are severely affected by the loss of value of the British Pound, namely the travel, construction, food, and retail sector.

Keywords: Brexit, referendum, short-selling, short-sale disclosures

JEL Classification: G12, G18

Suggested Citation

Koehl, Alexandra, Brexit and Short-Selling Disclosures (July 12, 2016). Available at SSRN: or

Alexandra Koehl (Contact Author)

Allianz Global Investors ( email )

Frankfurt am Main, Hessen

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