May 11, 2009
Gentlemen: Thank you for considering the proposal of one of the most important regulatory issues since 1934.
We would recommend the operation of the rule be virtually unchanged from the past, using level, level and uptick of 12 1/2 cents as the increment.
The idea of enacting an uptick requirement after a stock has dropped 10% is closing the door after the horse is out.
Given that stocks trade in penny or less increments, now, should not present a problem with all the necessary programming to be done.
The worst thing to hit the market is the ETF of being able to go "Long" a Basket of "Shorts". Now, what rules does THIS circumvent???
There is a huge Options Market available out there to provide the Shorts and Hedgies a means of doing their diabolical work, with time limits, thankfully, so let them use this, rather than pressuring for no Uptick.
We, as a former broker of many years ago, plus being retired, self employed investors of our few dollars, have seen our Countries' Market Caps, as well as ours and those of friends and relatives be completely decimated by what we call an illegal practice of unfettered Short Selling, plus Failure to Deliver.
Please put this on the Fast Track to saving our Economy, and our Country. There is a Buyer for every Seller, and we feel these Buyers may not have our best interests in the forefront.
Robin and P.R. Langrall