May 19, 2009
Why would you consider an Up-Tick Rule that allows a 10% drop before it kicks in and then is based on the Bid price rather than the last sale?
This proposal would continue the Hedgefuds license to steal. No regular Investor without direct access to Level II quotes would even be aware of what they are doing to his holdings. It would allow the Hedgefunds to operate in secret as usual. The Exchanges of course don't want a decrease in the volume they enjoy with short selling attacks.
The Obama Administration promised transparency and accountibility. This proposed "New Up-tick Rule" doesn't provide either! Please restore the original up-tick rule with a 5 or 10 cent up-tick required before shorting.