April 13, 2009
Dear whom it may concern,
The proposed application of new short-sale rules is a step backwards for American securities markets. Short-sale rules are unnecessary, manipulative in nature, and go against the idea of fair and efficient markets. It seems that this proposal is not based on empirical evidence, but instead on political pressure. Short-sellers have been vilified, despite the fact that they serve as providers of liquidity and keep prices of securities closer to their true value by preventing bubbles. Short-sellers are integral to the price discovery mechanism, in creating rules that punish short-sellers the SEC will be distorting the price discovery mechanism and increasing transaction costs for all market participants in the form of larger bid/ask spreads. I ask you to make the right decision and realize that calls for uptick rules are nothing more then a knee-jerk reaction by people who mistakenly associate falling market with short-selling activity. In order for U.S. markets to be efficient, competitive, and healthy the rules to buy and sell should not be biased toward one side. Please do not pass the new short-sale regulations.
Sincerely,
Martin Truszkowski