October 9, 2008
1- The SEC should re-instate the uptick rule on ALL short sales.
2- The SEC should aggressively and actively ENFORCE existing rules against naked short selling.
3 - The SEC should PERMANENTLY halt trading in all short and ultrashort stock market ETFs
4 - The SEC should institute these changes immediately without any further warning for maximum impact
5 - The SEC should go to the US government and request mandatory reporting of short selling activity in foreign markets and application of economic sanctions upon countries where significant abuses continue
6 - The SEC should ban mark-to-market accounting for instruments for which there is no orderly market
The SEC needs to do its job NOW. Soon it may be too late.