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To: Janice Shell who wrote (24216)	10/26/1999 12:51:00 PM
From: marcos	Respond to of 26163

That's fine in the options market, where what is being traded is risk. But it doesn't belong in the sharemarket. Which is just that - a market in shares. That case is more complex, of course - the shorter was to some extent covered by warrants for one thing ... but i do disagree with the part of the judgement i bolded. Not on legal grounds because i'm not clear on the law in that jurisdiction, but on grounds of common sense. Either it is a sharemarket or it is not. If it is not, there should be posted a large sign at the entrance stating clearly that it is not. One reasonable exemption might be to permit specialists/MMs to short naked some small percentage of the outstanding intraday, so as not to disrupt the flow of trading as they went about looking for shares to borrow. But then again - it could be argued that they should carry an inventory for that purpose. I think that's the way i'd go if i was starting up a stock exchange. No funny business - everything open and above the table, insider trades tagged and posted in realtime, and any outfit tardy or crooked in its audited filings gets halted and heavily fined immediately.