You could hear the squeals of agony all over Mayfair. Whatever next? The UK markets regulator, the Financial Services Authority, had had the nerve to toughen up the regime on short-selling.

From now on any investor holding short positions in more than 0.25 per cent of stock in a company conducting a rights issue would have to own up to it. No more lurking in the shadows, unloading shares in a cash-strapped business that you planned to buy back soon at a much lower price.