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Strategies & Market Trends : Z PORTFOLIO
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To: Ron McKinnon who wrote (11059)12/10/2003 9:59:51 AM
From: DanZ   of 11568
 
Here is the actual text of UPC 11830. For what it's worth, I just bought some TIVO at 6.33. I don't care much for the fundamentals and the chart looks weak too. The only two things going for it in the short term is that it's oversold and the guy that gave you the idea has a good track record. I only bought 2,000 shares just in case he's wrong this time. lol

11830. Mandatory Close-Out for Short Sales

(a) A contract involving a short sale in Nasdaq securities described in paragraph (b) hereof, for the account of a customer or for a member's own account, which has not resulted in delivery by the broker/dealer representing the seller within 10 business days after the normal settlement date, must be closed by the broker/dealer representing the seller by purchasing for cash or guaranteed delivery securities of like kind and quantity.

(b) This requirement shall apply to Nasdaq securities, as published by the Association, which have clearing short position of 10,000 shares or more and that are equal to at least one-half (1/2) of one percent of the issue's total shares outstanding.

(c) This mandatory close-out requirement shall not apply to bona fide market making transactions and transactions that result in fully hedged or arbitraged positions.

[Adopted eff. July 14, 1993.]
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