Bill Introduced to Reinstate the Uptick Rule 47 comments
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As some traders are already aware--on January 8, 2009, Rep. Gary Ackerman [D-NY] introduced Bill HR 302 IH in the House Of Representatives to "require the Securities and Exchange Commission to re-instate the uptick rule on short sales of securities."
The bill has now been referred to the Committee on Financial Services, and is co-sponsored by:
Rep. Carolyn McCarthy [D-NY]
Rep. Anthony Weiner [D-NY]
Rep. Carolyn Maloney [D-NY]
Rep. Michael Thompson [D-CA]
Rep. Nita Lowey [D-NY]
Rep. Michael Capuano [D-MA]
Rep. Ed Perlmutter [D-CO]
Here is the text of the bill:
SECTION 1. REINSTATEMENT REQUIRED.
Within 90 days after the date of enactment of this Act, the Securities and Exchange Commission shall--
(1) reinstate rule 10a-1 of the Commission’s rules (17 CFR 240.10a-1);
(2) rescind rule 201 of regulation SHO (17 CFR 242.201); and
(3) take such other actions as may be necessary to reinstate the price test restrictions that applied to short sales of securities prior to the Commission’s action in the proceeding entitled ‘Regulation SHO and Rule 10a-1’, adopted June 28, 2007 (Release No. 34-55970; File No. S7-21-06).
This is a bill to which all "longs" should immediately take the opportunity to write or email the aforementioned sponsors and your Representatives en masse, and state your full support.
As traders are fully aware, the uptick rule's rescission in June 2007 contributed directly to short-sellers (including funds) being able to relentlessly "pin the bids" of stocks, such as financials, forcing stock prices lower and lower, and causing massive damage to long investors. To date, shorts have conducted endless bear raids with impunity (and will continue to do so unless and until the uptick rule is restored).
The fact that the uptick rule had not already been re-instated, in the first place, throughout the entire market crash, is downright absurd (and suspicious). Regardless, there is now a bill on the table...and it is every "long" trader's responsibility to do his or her part- and get Congress off its butt to finally do something relevant for the stock market. And, the more the bill's sponsors and/or your Reps hear you all- the better.
This is the time to help effect real change in D.C.
Write or Email your Representative here.
Let's roll...
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1
Now that's a friggin laff riot!
Shorts really don't want to cover PERIOD!
If they can destroy a company via rumor and innuendo, into bankruptcy or, what's the new term ('Nationalization?') by sparking fear selloffs, they'll NEVER NEED TO COVER!!!!!!!!!!!!!
Shorts have done TREMENDOUS damage to the market/country/world.
Get real shortstuff and be honest (at least with yourself).
(1) Why is the Short interest a trailing report for the previous **month**, this should be a real time continuously disclosed system.
(2) Why don't Hedge funds have to disclose their short positions, where as Mutual funds have to declare their long positions.
The Hedge fund lobbyists convinced the SEC to not disclose the short positions on a daily basis. Can anyone tell me why the shorts should warrant that protection?
Dear I say the SEC is a deeply captured institution...
Naked Shorting IS a problem, the uptick rule is not.
Please stop playing politics with market mechanism and confusing the ignorant masses.
HCS
What the hell is Schapiro doing/not doing?
Voted for Obama, but he appears to be captive to hedgefunds as well...
Very sad.
This is killing our country.
We'll end up in a bloody revolution in this country if they're not careful.
www.house.gov/apps/lis...
So- you can see that, on some base level, certain members of Congress is at odds with the SEC as well. It's not just the Uptick Rule. It's also about FASB 157's mark to market provision- whose resolution is limping along with ongoing "studies" and serious foot-dragging. The entire Uptick Rule and M2M affair has been extremely suspect since June 2007 and Sept 2006, respectively (their inception dates).
As I have said (read some of my other articles on SA, (or at bloggingstocker.blogsp.../ )- there is a shadowy road to and from FASB 157 (and the Uptick Rule). It continues....however, one day- the truth will come out. Unfortunately- millions of average Americans have been decimated in the process. I wish it were conspiracy theory- but, my belief is that it is not..There are too many things that remain unexplained (although pretty obvious)...
On Feb 18 04:36 PM ironpants wrote:
> gtmcduffy: I have asked my 'representative' and received no response
> whatsoever.
> We'll end up in a bloody revolution in this country if they're not
> careful.
When will they face the reckoning?
On Feb 18 06:19 PM ironpants wrote:
> gtmcduffy: If congress and the SEC is that corrupt, it's 'the end
> of days' for the market, effectively.
>
> When will they face the reckoning?
I just want this market back to a sense of normalcy.
On Feb 18 06:38 PM ironpants wrote:
> gtm: I think you are correct.
>
> I just want this market back to a sense of normalcy.
To those who say it will not make a difference -well, if it will not then why do you care?
To those who are opposed -get a grip, your days of theft are nearing an end... Inflated stock prices do not bother the shareholders or the companies. Those who claim to be market Ghandis doing the shareholders or the companies a favor by driving share prices down by selling BORROWED' to what they 'feel' the prices should be worth are hilarious to listen to. They can do the shareholders or the companies a real favor and get thier hands out of thier pockets, Theft is theft regardless the grandiose wrappings that shorts wish to cloak it in...
On Feb 22 06:14 PM trendsrus wrote:
> Uptick rule is needed NOW...
>
> To those who say it will not make a difference -well, if it will
> not then why do you care?
>
> To those who are opposed -get a grip, your days of theft are nearing
> an end... Inflated stock prices do not bother the shareholders or
> the companies. Those who claim to be market Ghandis doing the shareholders
> or the companies a favor by driving share prices down by selling
> BORROWED' to what they 'feel' the prices should be worth are hilarious
> to listen to. They can do the shareholders or the companies a real
> favor and get thier hands out of thier pockets, Theft is theft regardless
> the grandiose wrappings that shorts wish to cloak it in...
Frickin pansie longs don't understand market dynamics and always try to lay blame on the uptick rule and short sellers.
What do you think cause huge rallies? Short covering. Why do think certain stocks go down huge? Cause their fundamentals are trash. If you have good fundamentals your stock will go up in time and if it goes down to a level that represents good value it will be bought. Simple as that.
Longs stop whining!!
Allow shorts and longs to buy and sell without any BS uptick rules.
On Mar 10 12:44 PM mbbcat wrote:
> Uptick rule is nothing short of Gov't sponsored manipulation - how
> about a DOWN-TICK-RULE to match ?