September 14, 2009
Thanks for the oppportunity to make a comment on the proposed alternative uptick rule. After studying the modified uptick rule proposed by the national exchanges, I was comfortable that it would provide the protection we need from abusive short sell. I agreed with their recommendation of also having a circuit breaker that would kick in after a stock dropped in price at a rate significate to impose a break.
It's your call whether to go with the modified or alternative uptick rule. If your confident the alternative rule will have the desired effect lets go with it, but please include a circuit breaker. There has to be a good reason for the exchanges to recommend it, and alot of people are expecting one to be put in place.
Johnny Peters ChFC