{"id":189667,"date":"2010-02-24T22:36:00","date_gmt":"2010-02-25T03:36:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/02\/24\/sec-adds-restrictions-to-short-sales\/"},"modified":"2010-02-24T22:36:00","modified_gmt":"2010-02-25T03:36:00","slug":"sec-adds-restrictions-to-short-sales","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/02\/24\/sec-adds-restrictions-to-short-sales\/","title":{"rendered":"SEC Adds Restrictions to Short Sales"},"content":{"rendered":"<p>It&#8217;s pretty weak tea compared to the uptick rule, but <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601103&amp;sid=aLZZMYHxmtDw\">it&#8217;s better than nothing<\/a>:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>The U.S. Securities and Exchange Commission curbed some bearish stock bets, ending a yearlong debate between individual investors and Wall Street with a solution that fails to satisfy anyone.<\/p>\n<p>SEC commissioners voted 3-2 today to restrict short sales of a company\u2019s stock once it falls 10 percent from the previous day\u2019s closing price. When the 10 percent threshold is triggered, traders could only execute short sales for the stock at a price above the market\u2019s best bid. The curb would be in place through the following day.<\/p>\n<p>General Electric Co., Charles Schwab Corp. and more than 5,600 people who signed a petition sent to the SEC wanted a short-selling restriction that was always in effect, similar to the so-called uptick rule the agency abolished in 2007. Goldman Sachs Group Inc. and hedge funds Citadel Investment Group LLC and D.E. Shaw &amp; Co. lobbied against a limit. <\/p><\/blockquote>\n<p>You only need to know who was for it, and who was against it, and go against the Vampire Squid.<\/p>\n<p>Short selling has a role, but there needs to be a balance between what ever &#8220;price discovery&#8221; function it has, and the ability that it gives for people to create wild swings in prices for speculation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s pretty weak tea compared to the uptick rule, but it&#8217;s better than nothing: The U.S. Securities and Exchange Commission curbed some bearish stock bets, ending a yearlong debate between individual investors and Wall Street with a solution that fails to satisfy anyone. SEC commissioners voted 3-2 today to restrict short sales of a company\u2019s &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004,985],"tags":[],"class_list":["post-189667","post","type-post","status-publish","format-standard","hentry","category-finance","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/189667"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=189667"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/189667\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=189667"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=189667"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=189667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}