NAKED SHORTS START CLOSING OUT BY TODAYS CLOSE! THIS ALL BEGAN W/ THE SYMBOL CHANGE ON 04/18! NAKED SHORTS MUST BEGIN TO COVER BY CLOSE OF THE MARKET TODAY! Market Makers must start closing out their naked fake AXXA shorts by close of business today IMO! By today's close the market makers have to close out aka deliver their fake naked shorts that they started on April 18th since it would be the end of 13 business days. TODAY IS BUSINESS DAY 13 with the starting date of the symbol change of 04/18/2018.......... Each day going forward they will have to contininuosly close out their fake AXXA naked shorts imo....as each day goes by and they reach the 13th business day for whatever date they naked shorted the stock they will have to close that days position imo.
S2focus Member Level Thursday, 05/03/18 05:54:30 PM
Re: None 0.020
Post # of 30622
FINRA regulation on NSS: I want everyone to read this paragraph and tell me how screwed these MMs are.
Therefore, while market makers (including options market makers) engaged in bona-fide market making will continue to be excepted from the locate requirement of Rule 203(b)(1), even when effecting short sales in threshold securities, we have decided at this time not to extend an exception to market makers from the requirements to close out fails to deliver in such securities that remain for thirteen consecutive settlement days. Moreover, as discussed previously, Rule 203(b)(3)(iii) provides that until the market maker, or the participant that clears for the market maker, takes action to close out any such fails to deliver that remain ten days after the normal settlement date, the market maker shall be unable to rely on the exception in Rule 203(b)(2)(iii) from the requirement to "borrow or arrange to borrow" for further short sales in such security.
IN SHORT, this means that the MMs CANNOT NSS the stock anymore until their original short positions have been covered. If they are unable to cover their short position on Monday the 7th from April the 18th then the stock will be flagged.
AT THAT POINT no more NSS will be authorized and all shares needed will have to be bought from the market.
