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From: CommanderCricket4/9/2009 8:37:50 AM
1 Recommendation  Read Replies (1) of 206094
 
Summary Of The SEC's Short-Selling Proposals
# APRIL 8, 2009, 10:20 A.M. ET


By Sarah N. Lynch

Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)--The U.S. Securities and Exchange Commission on Wednesday was set to unveil a series of proposals that they may consider as an effort to restrict short-selling. What follows is a summary of their proposals:

*Market-wide short-sale bid modified uptick test: This proposal would require trading centers to establish policies which prevent the short-sale of an order at a down-bid price. It is similar to Nasdaq's old bid test.

*Market-wide short-sale uptick test: This is similar to the old uptick rule and would prohibit someone from conducting a short-sale at or below the last sale price, unless such price is above the next preceding different price.

*Circuit breaker/halt rule: This would impose a ban on short-selling in a particular security for the day if a stock falls below 10% in a single trading session.

*Circuit breaker/modified uptick rule: It would impose a short sale price test based on the national best bid for a security for the remainder of the trading session if a stock falls below 10%.

*Circuit breaker/uptick rule: This would impose a short sale price test based on the last price in a particular security for the remainder of the day if a particular stock falls below 10%.

-By Sarah N. Lynch, Dow Jones Newswires; 202-862-6634; sarah.lynch@dowjones.com
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