TO: All NASD Members and Level 2 and Level 3 Subscribers
Three additional securities will join the NASDAQ National Market System on Tuesday, November 13, 1984. These three securities have met the NASDAQ/NMS mandatory designation requirements as of the end of the third quarter and, as required by SEC Rule HAa2-l, automatically are added to NASDAQ/NMS within 45 days of the quarter ending date.
The
Digital data doesn't require days to locate. Short interest and FTD data is able to and should be reported daily. The varying T+ cycles have proven to work in the favor of Funds that make their money shorting companies out of existence, by allowing them to be wildly over-leveraged in their positions and also creating opportunity to take advantage of methods like naked short selling. If the
TO: All NASD Members and Other Interested Persons
On May 31, 1983, the Securities and Exchange Commission ("SEC") approved an amendment to the Association's rules rescinding the Policy of the Board of Governors — Venture Capital and Other Investments by Broker/Dealers Prior to Public Offerings ("Venture Capital Policy"). Simultaneously, the SEC approved an amendment to
Would you please stop acting like any of your new rules are going to do anything. New penalties, including jail time, need to be implemented. As of now you are being insulting and ignorant. The slap on the wrists continue=the crimes still continue. You are asking the very people breaking the laws to report to you that they are breaking the law, instead they file false report after false report,
Finra should absolutely adopt all of the above changes. Any regulation that can be added for transparency in a free market should be added. All of this information should be reported daily and available to everyone to install confidence in a free market system. Above and beyond this, accountability for failure to comply should come with harsher penalties then small fines that can be incurred as a
FINRA should immediately move to require daily short interest reports. More and better information will allow for better price discovery, which is the whole point of markets. FINRA should also consider making rules that punish those who commit FTDs (Failure to Deliver). Market Makers should have their naked short selling exemptions removed or severely limited. Finally, FINRA should move to
Much more transparency is needed in regards to the number of current short sale positions including percentage that have been closed on a daily basis. For far too long retail investors have been dealt a bad hand going against hedge funds who have access to all the detail we do not. Please make the markets what they are supposed to be which is free and fair. Please enforce and intensify the rules
March 24, 2008
Dear FINRA Member:
We are writing to highlight new and existing areas that are of particular significance to FINRA's examination program for 2008. We hope you find valuable insights into some of the most important topics regarding FINRA examinations, and that it helps you assess your firm's compliance and supervisory programs.
One change to the examination program that
The simplified arbitration rules apply to arbitrations involving $25,000 or less, exclusive of interest and expenses
News reports stating that FINRA has approved a security for trading, quoting or listing are wrong in virtually every respect. FINRA does not ever qualitatively evaluate or approve a security such as a stock. Instead, FINRA verifies a broker-dealer can demonstrate it has completed its required diligence to begin quoting.
