GNCC Capital Inc (GNCP)

[BigBake1]

Well actually yes, FINRA found the data to be meaningless as well, and when the SEC pushed to provide Daily Short Volume reports, FINRA saw the same issue, that it is partial data that cannot be properly attributed to either long or short trade transaction and is easily conflated due to riskless principal transactions. They actually offered a better means of marking these transactions so that riskless principal would not obscure the short volume data and be misconstrued by unsophisticated investor types as SHORTING. Jess Habermann worked at FINRA and saw this very issue.

Since the reporting of short sales by these market participants is problematic and not  
 useful in terms of market transparency, and since, importantly, these market  
 participants are generally afforded exemptions from having to borrow stock when  
 effecting short sales, all such sell orders and trades could be marked with a specific  
 designation other than that of a long or short sale, such as a sale made or order  
 entered in connection to market making, riskless trading, or acting as a block  
 positioner. Then, the daily and monthly short sale information published by FINRA  
 would in a more meaningful way reflect true short selling activity taking place.

https://www.sec.gov/comments/sr-finra-2009-064/finra2009064-1.pdf