March 26, 2009
The uptick rule should not be diluted like the exchanges are proposing.
A better approach would be to reinstate the original uptick rule and add the current proposal of short selling only higher than the highest bid price in addition to requiring an uptick and dropping the 10% price decrease trigger completely.
For whatever reason they are wanting the shorts to have the advantage. A 10% drop in one day before any action is almost like leaving things the way they are.
Revive the uptick rule in the spirit it was originally intended!