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Strategies & Market Trends : From the Trading Desk

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To: David Meyer who wrote (3311)	6/21/1998 7:05:00 PM
From: Baudwalker	Read Replies (1) of 4969

Steve pointed me to NASR.com to research the subject whereupon I found the following: nasdr.com This link provides NASD Conduct Rule 3370. "Prompt Receipt and Delivery of Securities" which is pertinent to the undeclared short sales issue. Of particular interest are the rules regarding the requirements for "Affirmative Determination" that the stock is indeed available for the intended trade. It appears that there are transactions where the "Affirmative Determination" requirement does not apply: e.g. "bona fide market making transactions by a member (NASD) in securities in which it is registered as a Nasdaq market maker" I can see how such exceptions become necessary to facilitate making a responsive market, but unfortunately they also establish opportunities for abuse.

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