Changes that I see as needed in no particular order of import: 1. All borrowed shares should be tracked in the system and only be able to be lent out 1 time maximum. No more than 200% of the entire float at one time. Shareholders should be be paid the lending fee directly and then the broker can take out what fee they deem necessary. This transaction should be transparent to the investor and
Thank you for considering these changes and taking an interest in retail investor opinions about them. I will keep it brief. First, it is no secret that stock shorting has become a practice that works in a way that is predatory to American businesses. Second, with decades of deregulation within financial markets the people who do engage in the more predatory forms of shorting have used antiquated
(a) Position Limits
Except with the prior written approval of FINRA pursuant to the Rule 9600 Series for good cause shown, no member shall effect for any account in which such member has an interest, or for the account of any partner, officer, director or employee thereof, or for the account of any customer, a purchase or sale transaction in an index warrant listed on a national securities
Continuing Education Planning
Establishing "firewalls" that prevent the execution of short sales in securities not on a member's "Easy to Borrow" list would be consistent with Rule 3370(b). A member that only conducts a review after a short sale order has been executed to ensure that the security is on the "Easy to Borrow" list would not be in compliance with Rule 3370(b).
TO: All NASD Members
Recently, Norman T. Wilde, Jr., Chairman of the NASD, received a letter from Vice President George Bush advising of the Administration's formation of a Task Group to review the existing system of federal regulation of financial institutions and services.
The Vice President explained in his letter that the Task Group would very much appreciate obtaining the views of
SUGGESTED ROUTING
Senior ManagementInstitutionalLegal & ComplianceOperationsSystemsTrading
Executive Summary
On June 29, 1994, the Securities and Exchange Commission (SEC) approved a new short-sale rule for Nasdaq National Market® securities traded on The Nasdaq Stock Market™ (Nasdaq). The rule takes effect September 6, 1994, for an 18-month pilot period.
The Nasdaq® short-sale
I am in support of FINRA being in control of the short interest compilation and most fine grained dissemination. I am in support of the most extreme reporting conditions. Reporting should be daily, there is too much time for them to change their books. There is also zero reason they can't report their holdings daily, they have computers, it's not like they actually do anything without
Pursuant to a Securities and Exchange Commission request, each SRO has agreed to make reported short sale trading data publicly available.
It would be perilous to impose further checks that can be arbitrarily initialized by brokers with an existing conflict of interest via execution of Dark pools or naked shorting. With the flux of retail investors and the massive flux of public man-hours allocated to investigation of the current regulatory systems. Even with tepid limitations on tort in Canada; The existing premium paid for latency
