Jim Rich

Exchanges Propose Weakened Uptick Rule

I don't recall when the original was created. It may have actually meant something back when an uptick meant a full 1/16th of a dollar -- how many remember just a few years ago when you couldn't just bid to the nearest penny. If you are going to short you should have to pay a premium for the privilege of trying to affect something you don't own. The proposal suggests an uptick rule only be active if the stock is already down 10% for the day? LOLx10. I counter that you should have to pay a 1% premium to the current price for the privilege of shorting.