A month after the short sale ban was implemented in French and Spanish banks, we thought it important (and perhaps educational for our European politician readers) to note the performance - French banks are down 14% and Spanish banks -8%. Can we finally put to rest the idea that a speculative cabal of mean short-sellers is responsible for the market's jitteriness? Perhaps it is simply a market trying to discern reality from manipulated machinations?

Chart: Bloomberg

On a broader basis, Senior Financials in Europe trade 90bps wider at 319.5bps since the short-sale ban began, Subordinated Financials are 164bps wider at 558bps. Single-name financials performance since the short-sale ban began include UniCredit +165 to 495bps, Intesa Sanpaolo +150 to 455bps, Banca Monte de Paschi +147 to 555bps, SocGen +147 to 447.5bps, Credit Agricole +116 to 335bps, and Banco Santander +52 to 350bps