Wednesday, August 01, 2007 3:13:21 AM
I saw this comment when I logged into my account regarding GTEM:
"UPC 11830 Restriction
The Uniform Practice Code (UPC) 11830 Indicator indicates the stock is on list is compiled daily by the NASD based on data from the National Securities Clearing Corporation (NSCC). Securities subject to this "restricted" status are those with an aggregate 'clearing' short position of 10,000 or more shares that is equal to or exceeds one half of one percent of the total shares outstanding.
If the delivery of shares is not completed within the prescribed time frames, any subsequent short sale order on one of these "restricted" securities will be subject to mandatory close out provided that a fail-to-deliver situation exists 10 days after normal settlement date. In fail-to-deliver transactions, the normal clearance and settlement process is interrupted by a failure to receive the security in question.
This buy-in requirement was intended to add stability to the marketplace. This rule helps assure investors that restricted securities are available to cover short positions in times of extreme market volatility. The requirement may also help prevent short-selling abuses that could be harmful to individual investors. For more detailed information, please visit the NASD regulatory web site."
Looks like the extent of short selling has reached a zenith!
)
"UPC 11830 Restriction
The Uniform Practice Code (UPC) 11830 Indicator indicates the stock is on list is compiled daily by the NASD based on data from the National Securities Clearing Corporation (NSCC). Securities subject to this "restricted" status are those with an aggregate 'clearing' short position of 10,000 or more shares that is equal to or exceeds one half of one percent of the total shares outstanding.
If the delivery of shares is not completed within the prescribed time frames, any subsequent short sale order on one of these "restricted" securities will be subject to mandatory close out provided that a fail-to-deliver situation exists 10 days after normal settlement date. In fail-to-deliver transactions, the normal clearance and settlement process is interrupted by a failure to receive the security in question.
This buy-in requirement was intended to add stability to the marketplace. This rule helps assure investors that restricted securities are available to cover short positions in times of extreme market volatility. The requirement may also help prevent short-selling abuses that could be harmful to individual investors. For more detailed information, please visit the NASD regulatory web site."
Looks like the extent of short selling has reached a zenith!
)
"All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident."
- Arthur Schopenhauer (1788-1860)
Stop Naked Shorting!
http://www.thesanitycheck.com/
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
