Naked Shorting-Hedge Fund & Market Maker manipulation? Message Board

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Microcap & Penny Stocks : Naked Shorting-Hedge Fund & Market Maker manipulation?

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From: basserdan	8/19/2009 7:02:09 PM
	3 Recommendations Read Replies (1) of 5034

Kaufman on SEC Expanding Uptick Comment Period: “Way Beyond Deliberative” August 17, 2009 WASHINGTON, DC - Sen. Ted Kaufman (D-DE) released the following statement today after the Securities and Exchange Commission (SEC) announced it is again seeking public comment on reinstating some version of the uptick rule: "For the markets to have credibility, we need urgency at the SEC to restore a level playing field for investors. The SEC's process to date has been way beyond deliberative behavior. It's been four months since the SEC proposed reinstating a version of the uptick rule, and we're still in the comment period. What's worse, if the SEC was going to seek additional comment, it should have issued immediately a proposed rule that short sellers must pre-borrow the stock or that DTCC implement a centralized "hard locate" system, two solutions that would end naked short selling with an enforceable rule that are still sitting on the SEC's shelf. I'm concerned the SEC is too worried about the effects of its proposed rules on convenience for high speed trading programs than it is on protecting investors through action. As we learn more every day about market developments like flash orders, co-location of servers at the exchanges, high frequency trading and dark liquidity pools, which have happened with SEC approval, I'm concerned the SEC still is not putting investor interests first." kaufman.senate.gov

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