May 29, 2007
I have reviewed some of the comments here.
1) The grandfather clause should be removed in a 30 day time frame. With a system in flux there is not need to grandfather anything.
2) No shorting should take palce if on the SHO list.
3) A fine should be in place on brokers if shares are on the SHO list and the fine based on number of shares. Not a small fine. A 1/4 to 1/2 percent of shorts could be allowed for a day or two.
3) Brokers should have a reserve of shares to loan in case of customers selling loaned out shares.
4) The SHO list should include the broker name and the number of naked short shares along with the total short shares.
5) The Short interest should be reported each week and one day after the trade date. The trade date will tell investors just as much at the settlement date.
With the age of computers there is no reason the above list can not be done. I beleive this will help not only the long investors but also the short investors. Investors need more current infomation.