May 5, 2009
As a 23 veteran of the financial service industry, I feel the original uptick rule was sufficient in its current form. It should be reinstated as it was prior to the change.
As an industry professional it is my opinion that the lack of this rule was a significant factor in the extreme volatility experienced by the equity markets in 2008.
Our clients represent a cross section of retail investors from $500,000 to $2,000,000 in assets. They were not aware of the change to the rule and were not prepared for the extremes that were brought on by the change.
It is my strong opinion that reinstating the previous uptick rule is in the best interest of my clients, the equity markets and ultimately the growth of the our economy.
I respectfully submit these comments and appreicate the opportunity to be heard on this issue.