What happens when I short-sell a warrant?

▪Investors can sell and then buy back warrants within the day. However, when warrant investors fail to cover the short-sale by the end of the trading day and are unable to fulfil their delivery obligations, they will be subject to the buying-in by the CDP on settlement date.

▪Warrant investors who are subject to the buying-in by the CDP can call the Macquarie toll-free hotline 1800-288-2880 to request for a quote in the buy-in market.

▪Warrant investors who are bearish or who wish to protect themselves against a fall in the price of the underlying may consider buying put warrants instead.