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To: ~digs who wrote (14535)	10/10/2003 7:41:39 PM
From: ~digs	Read Replies (1) \| Respond to of 48461

SEC seen nearing new short-selling rules October 10, 5:39 PM EDT .. At present, short-sale regulations vary from market to market. The SEC was said to be considering imposing on all markets a Nasdaq-style "bid-test" rule and eliminating a New York Stock Exchange-style "tick-test" rule. Under present rules, an exchange-traded stock cannot be shorted if its latest price ticker move is down. But since the debut two years ago of stock price decimalization in America, ticker prices often flicker too fast to follow. The SEC was said to be looking at possibly applying to all markets the Nasdaq "bid-test" rule, which bars shorting a stock whose latest bid is below the previous bid. Such a change could hurt markets presently without a shorting rule, sources said. Other possible SEC changes said to be under consideration include a test program to lift short-sale restrictions on a number of super-liquid, large-capitalization stocks; stricter margin requirements for shorting and a crackdown on "naked" shorting, or selling short shares not yet borrowed. finance.myway.com