It is surprising to see the UK’s Financial Services Authority – long regarded as light on rules and heavy on principles – leading the latest charge to place controls on short-selling. But the attack itself is nothing out of the ordinary.

Short-sellers have been in regulators’ cross-hairs around the world for centuries. Some sanctions have been well-intentioned, others more vindictive. But almost all attempts to curb short-selling activities have been ineffective, and sometimes worse – damaging to the markets involved.