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Technology Stocks : Quarterdeck: Making a Striking Comeback!
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To: OFW who wrote (3188)9/28/1998 11:44:00 PM
From: Dale Stempson  Read Replies (1) of 3307
 
>>> This message appears on orders of QDEK through E-Trade this morning: Short Sales in this security are subject to NASD regulations, UPC 11830. Shares may be difficult to borrow.Anybody got any thoughts? <<<

FWIW, the message also appeared today for SYQT. Here's the detail:

NASD UNIFORM PRACTICE CODE (UPC)

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.

Reference site: nasdr.com

Regards - Dale
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