September 21, 2009
Dear Chairman Shapiro,
As an individual investor, I would like to submit my comments during your extended comment period in support of reinstating the Uptick Rule (above bid rule).
I believe legitimate short selling should be allowed, however since the uptick rule was removed, the door has been open for illegitimate use of short selling, high frequency trading and front running to take advantage of long term investors, resulting in further market instability. You can help improve the integrity of our markets by reinstating the Uptick Rule and banning illegal naked short selling, which is ongoing in the markets.
Many operators who oppose this reinstatement will be able to have their interests represented in person during your sessions, while individual investors, such as myself, will not. For this reason, I am providing my comments today urging you to take action.
I thank you for providing a forum for comment.
Yours Truly,
David Coombs