Subject: File No. S7-08-09
From: nan krish

December 2, 2009

Has SEC ever done a study that without shorting price discovery and liquidity is IMPOSSIBLE? Please direct me to any study or site that has the relevant information. If there is never a study done then SEC should do one to show why shorting is so important for price discovery and liquidity. What happens if there is no shorting, does all the stock prices keep rising to infinity?