July 15, 2008
Division of Trading and Markets:
I have been a full-time active securities trader for the past 6 yrs., and involved in the securities markets for almost 40 years. I have previously written to the Division about short selling and the abandonment of the up-tick rule which I believe have been very detrimental to the securities markets. Today I watched the Senate Banking Committee hearing and heard Commissioner Cox say that the Commission would be enacting a “special something” to prohibit naked short sales affecting the securities of primary dealers, FreddieMac & FannieMae. Doesn’t the current set of rules and regulations prohibit naked short sales?
Thank you for your attention to my question.
Joe Schmidt