April 6, 2009
Madam Chairman.
Please reinstate the uptick rule to exactly how it was before Christopher Cox removed it. And no more shenanigans and playing shell game with the regulation.
Stop listening to the lobbyist for hedge fund short sellers and their broker dealers, and NYSE and other stock exchanges. They do not speak for the common investors. Do not buy into their deceit, shenanigans and shell game. They will lie to you to get what they want. Decimalization of stock prices or fast trading computer programs should not prevent you from reinstating the uptick rule.
Just put every thing back the way they were before Christopher Cox betrayed America and Capitalism and led the common investor, equity share holders, 401 k investors and mutual fund investors to their financial slaughter. He delivered the common investors into the hand of the short sellers to be slaughtered. There has been loss of lives because of his mistakes. 5 people were mentioned on CNBC for having committed suicide due to financial losses they suffered from this economic crisis created by Christopher COX. And there are more that died in silence and their demise never made the evening news.
Do not prolong this economic crisis. Reinstate an effective short sale price test. Reinstate an effective short sell restriction. End and dismantle trading on all the short ETFS also called inverse ETFS or leveraged ETFS. Because they circumvent the uptick rule and violate Reg.T margin requirements. These shorts ETFS are a loop hole for shorting with out an uptick. You must close the loop holes fro an effective short sell restriction.
Restrict quant fund program trading because the cause massive volatility.
Program trading was responsible for the 1987 crash. You must reinstate the circuit breakers and trading curb to how they were before Christopher Cox removed them.
The common investor, 401k employees, mutual fund investor, all public traded companies and their equity share holders need the protection of the SEC against hedge fund short sellers and their broker dealers. Please reinstate the uptick rule the way it was before.
The word reinstate means complete restoration to how it was before and not modified.
You need to wrestle the control of the stock market and our national economy from the greedy paws of the hedge fund short sellers.
No one cent or 3 cent uptick restriction because that will be ineffective and useless. No passive quote modification because it is completely bogus and dishonest.
The passive quote will allow them to initiate a short sale transaction based on only a posted quote that was not executed, or that no one actually paid that quoted price. Meaning, that they will continue to short stocks without an uptick. Nothing has changed. The SEC is again playing a shell game.
The uptick requirement should be at about 25 cents with actual price execution. It is called a short sell restriction for the purpose of restricting short selling to prevent manipulations and panic share decline. The SEC should impose an effective short sell restriction and not a water down version. They should reinstate the uptick rule exactly the way it was before, and because of decimalization, the uptick requirement should be at 25 cents.
The NYSE sighted the change from fractions to decimalization of stock prices, as one of the reasons why the uptick rule was removed. Unbelievable.
They should be able to convert fractions to decimal for example 1/4 is equal to 25 cents.
The reistatement of the uptick rule, means complete restoration to how it was before and not modified.
Simply put. Just put every thing back the way they were in 2006 before Christopher Cox became Chairman of the SEC and made all the changes that led to this economic crisis.
Thanks.
AJ
Mission Viejo California