The link to the 7 steps of how Naked Short selling happens spells it out. You could be right. https://theintercept.com/series/penny-stock-chronicles/ While no exact system of measurement exists, most systems point to the level of trades that fail to deliver from the seller to the buyer within the mandatory three-day stock settlement period as evidence of naked shorting. Naked shorts may represent a major portion of these failed trades. Read more: Naked Shorting Definition | Investopedia http://www.investopedia.com/terms/n/nakedshorting.asp#ixzz4SN1EF9ZS Follow us: Investopedia on Facebook Notice most systems. Most meaning not all ! LOL