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To: Ellen who wrote (2801)	5/15/1998 10:22:00 AM
From: TraderGreg	Read Replies (1) \| Respond to of 6528

Good post except for the fact that the big naked shorting is done outside of the US by those who laugh at regs like that...and get away with it. And judging by the ferocity with which it continues, I wouldn't look to the NASD or SEC for anything other than highly selective enforcement. TG

To: Ellen who wrote (2801)	5/15/1998 10:29:00 AM
From: TopCat	Read Replies (1) \| Respond to of 6528

Ellen, Thank you for you thorough response. >>It does, however, bring up the issue of whether "bona fide market making" provides an exemption to the requirement. Now, my question would be, is illegal naked shorting considered to be "bona fide market making"? Doubt it.<< I don't follow you here. The question is....is naked shorting considered "bona fide market making?" Answer is yes... >>>Therefore, a member who is registered as a Nasdaq market maker and is involved in bona fide market making activity is not required to make an "affirmative determination" prior to selling short the securities in which the firm is registered.<<< Now, what constitutes "illegal" naked shorting???? TC