So in two weeks apparently they are instituting new short sale rules which are something like as follows
If a stock is down 10 percent you can not hit the bid to get short, you must be taken on the offer
Also, if your firm is collectively short more than they are long, if you are long while the rest of the firm is short you have to be taken on the offer to get out of the stock.. otherwise youre going to melt down with the stock ... so if you get long before you find out its fraud and your firm is short youre going to be fucked and held down the whole way down
and this rule persists for the day after any -10 percent downmove.
Got a link?
Way to effectively kill the short market. Looks like the Meltup continues!
Short Sale Price Test Restriction Mode -- what its called
i wasnt at the meeting this morning when they announced it but gonna try to get a link to it somewhere. oddly doesnt google
If you can find anything definitive, I'd love to take a look. They've been talking about new short sales rules for months, but I'm not aware of any concrete decisions.
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