From: Robert Morrow [Morrow321@aol.com]
I support the complete elimination of the "uptick" rule in all securities. S7-23-03 does not go far enough. What makes specialists and market makers so special that they can short stocks on a downtick and we as individual investors can't? Specialists and market makers are horse and buggy whip dinosaurs in the age of the Lexus 430. Allowing THEM to short on downticks and not the average person is total rip-off to Americans. It not like specialists and market makers actually make markets or anything, so why give them favors?
I say put everything on competing ECNs: with executions cheap, immediate, liquid and with razor type spreads. We supposedly are in a free market, capitalistic society and I find it laughable that we even have to think about whether shorting stocks on downticks should be allowed.
There is no need to test this on 300 stocks over 2 years. Companies should not be allowed to opt out: the elimination of the uptick rule should be mandatory for ALL stocks on ALL exchanges ALL the time. No need to test this idea. Finally, if I am not allowed to short stocks on a downtick, then specialists and market makers should not be allowed either - monopolies just ain't right. There needs to be fairness for ALL market participants.