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Strategies & Market Trends : Z PORTFOLIO
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To: Ron McKinnon who wrote (11054)12/10/2003 9:49:45 AM
From: DanZ  Read Replies (2) of 11568
 
Ron,

Restricted securities can be hard to borrow, but that isn't what it means. Nasdaq securities are restricted because the short position meets UPC 11830. Here is a summary of UPC 11830.

Uniform Performance Code 11830 is an SEC regulation requiring Nasdaq short sales to be delivered no later then the tenth business day following the settlement date of the trade. If delivery is not made, the NASD member or customer must close out the sale (cover the short) for cash or guaranteed delivery. A security becomes restricted under this regulation when the total short position in the stock reaches 10,000 shares or more and equals or exceeds one half of one percent of the total shares outstanding. The NASD identifies these stocks on a daily basis.
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