May 4, 2009
It's about time that this has come up for review. My vote is for the very simple "Proposed Uptick Rule: A market-wide short sale price test based on the last sale price or tick (a proposed uptick rule)."
Keep the process as simple as possible as this will reduce the possibility of mistakes and make it easier for everyone to understand and comply.
I understand the issues around trading in 1 cent increments and believe that 2-3-5 cents would provide an appropriate circuit breaker in the process.