Summary
FINRA has released an updated Security Futures Risk Disclosure Statement (2020 Statement) to replace the one that was last updated in 2018, and a supplement (2020 Supplement) that reflects the disclosure updates described herein.1 The 2020 Statement incorporates all cumulative changes made to date, which include, among others, conforming changes for updates to the market-wide circuit
Amendments to Standardized Options Exercise Procedures and Extension of Contrary Exercise Advice Cut-Off Time
SUGGESTED ROUTING
Senior ManagementLegal & ComplianceOperationsSystemsTrading
Executive Summary
On July 28, 1994, the Securities and Exchange Commission (SEC) approved an NASD rule change that deals with clearance and settlement requirements applicable to NASD member firms functioning as market makers in The Nasdaq Stock Market™ (Nasdaq) or the OTC Bulletin Board Service (OTCBB®).
<p>For purposes of reporting to TRACE only, a member may enter only <i>bona fide</i> commissions in the "commission" field and may charge a commission only in specified transactions.</p>
Short sellers should be required to report their short positions daily, of all trades on the lit exchange and the dark pools. Failure to do so should results in forfeiting all profits made and in case of a loss, short sellers should be fined half of the amount they lost, if short sellers continue to not follow the rules fines should increase for 2nd and 3rd offense, after the third strike, a
The market manipulation we have witnessed for the past 6 months has been a real eye opener for investors in American markets. Implement your new rules as quickly as possible please. Transparency is key for fair markets. Fine violators in appropriate amounts similar to South Korea's model. Investors are losing faith in our markets and in your organizations ability to self regulate. This is
I do not want to see companies fined for breaking rules and laws. For instance, if a company is found to be naked shorting, it should be forced to close all short positions immediately. Failure to do so should result in prison time for senior staff. If I counterfeit a dollar I go to prison. The same should apply if I counterfeit a share. If law enforcement took a cut of my counterfeit dollar,
Funds need to report when they are short. Daily weekly monthly I do not care but it must be reported. If long positions and options need to be reported short positions should too. Beyond that any other positions should be reported. It is crazy what we all the rich elite to get away with. They make the rules and police themselves. So unfair, hence why the rich get richer and the poor get poorer.
I would like all sides to play by the rules. I think players that go short have the right to do so but should have to disclose their postions just like going long through a 13f or what have you. Every share in existence should be able to be tracked to every person that owns said shares, it is already being done in cyrpto. Overall an emphasis on transparency in the market needs to be better.
This page provides electronic access to materials for registered attendees of the 2019 FINRA New York Region Member Forum. Materials are also available electronically via the conference app. Please check back regularly as we continue to add session materials; all materials will be posted by the start of the conference.
Session Materials
Thursday, December 12, 2019
9:00 a.m. – 9:05 a.m
