But using the ASX  short-selling reports to arrive at  short interest positions would  be a big, impractical exercise,  Steele said.  It would be more efficient  if custodians (rather than brokers)  supplied managers’ short  positions to the exchange since  they capture, settle and report  this data each day on a tradedand-  settled basis, Steele said.  Offshore managers investing in  the Australian market use subcustodians  that could provide  this information.  Also, custodians would be  more suitable to provide this  information since brokers do  not always carry a record of  holdings for clients, and investors  sometimes use a number  of brokers to conduct trades,  Steele added. 

ASIC believes a staged  lifting of the ban is appropriate  due to the volatility in  the market. As Investment &  Technology went to press, its  position was that the ban on  short-selling financial stocks  would remain at least until  January 27, 2009.