INFORMATIONALAmendments to NASD Rule 3370, Affirmative Determination RequirementsSUGGESTED ROUTINGKEY TOPICSExecutive RepresentativesLegal & ComplianceOperationsNASD Rule 3370Short Sale Orders Executive SummaryNASD is delaying the effective date of amendments to Rule 3370 (Prompt Receipt and Delivery of Securities—the "Affirmative Determination" Rule)
I M P O R T A N T
Officers * Partners * Proprietors
TO: All NASD Members and Other Interested Persons
Earlier this year, the provisions under the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA") with respect to withholding on dividends and interest was repealed by Congress.
Shortly after the repeal of withholding, the Interest and Dividend Tax Compliance Act of 1983 ("
Market makers and Hedge funds have turned the stock market into a casino. The practice of short selling and even worse naked short selling are nothing short of criminal. Allowing these firms to manipulate the price of shares at will, in dark pools, without any threat of consequences is reprehensible. How the SEC continues to allow this practice shines light on their impotence and questions the
Hi, Thank you for this opportunity. I am a retail investor. The lax reporting structure allows "naked short selling" to occur. Eliminate T+2 reporting. Besides reporting, please make the perpetrators of Naked Short Selling forfeit all the profits and serve actual jail time and ban forever from trading.
There are lots of rules. Few are enforced. There are lots of fines, but none that actually deter illegal market practices. Enforce and fine accordingly with imprisonment and insolvency. No more illegal manipulation thru dark pools, no more illegal shorts and fraudulent shares, no more hiding short positions, no more kicking ftds down the road.
Please stop the naked shorting, dark-pool secrecy, ladder attacks, spoofing, and all other manipulation within the market! Oh, and yes WAY MORE (Short) accountability needs to be implemented! The people are not stupid! We see what's going on and it is going to end up ruining our country! Why? Greed and Thievery!!!
I honestly hope this isn’t just a tactic to calm the masses with the obvious corruption going on in our market. I don’t know if it is possible to keep track of shares to prevent naked shorting, but that would be a great start. There has to be a way of reporting rapidly how many shares have been shorted especially in dark pools!
Naked shorting illegal. Excessive FTD are punished. SSR actually enforced and shorting cannot be done in dark pools. Price manipulation banned. When buying volume is higher than selling volume, the price should NOT be going down. Please look into and start enforcing fair market trading. Thank you.
This market manipulation should not be happening in the USA. A lot of people got hurt Financially and mentally. The number one reason I don't like the Short Sellers is because they are hurting the USA economy. The shorts sellers to me personally are the biggest scammers in the history of the world. They need to pay the bill to everyone including the US economy
Inverse fund products provide a necessary alternative to shorting an over-valued security while minimizing the risk with a direct short of a security. Additionally, leveraged products are an alternative to margining ones account, which can lead to margin calls. Lastly, most brokerages have internal controls to limit individual's exposure to any risks that may be associated with
