February 1, 2009
Dear Chairman Mary Schapiro,
One of the biggest errors in judgment of the last Administration was the withdrawal of the uptick
rule. It has led to unnecessary ravages in the financial markets. Sound stocks have been
damaged. Pension Funds, personal savings and much more have been decimated. The
question is to whose gain It is time to create rules to protect the average American and their
savings.
I also respectfully ask that you put a stop to Program Trading. This trading practice, introduced
in the 80s continues to flaunt the uptick rule and disadvantages individual investors as it's
trading operators step in front of all other orders when the Program Trade operators put on their
trades. It now represents more than 60% of all day trading and benefits only a select type of
trader. (You may recall it was cited as a major factor underlying the crash of 1987. Please stop
this unfair practice.
Please reinstate the uptick rule and stop program trading before it is too late.
Thank You,
James Gibson