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NYSE ARCA rejects all SELL SHORT EXEMPT orders

Posted By: jcline (And Various Comments Afterwards)


NYSE ARCA rejects all SELL SHORT EXEMPT orders

I just received this in an email........

Effective Friday, October 5, 2007, NYSE Arca will reject all Sell Short Exempt (SSE) Orders in accordance with the Securities and Exchange Commission (SEC) mandate.

This action is designed to address the issues surrounding "naked" short selling.

Please contact your NYSE Relationship Representative or the NYSE Arca Trade Support Desk at 888.513.9873, if you have any additional questions.

***Edit... this email was sent to all members who have their systems.

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http://www.redi.com/forms/SSEmemo.pdf

SEC's FINAL RULE
http://sec.gov/rules/final/2007/34-55970.pdf


jcline1: Effective October 8, 2007, all sales must be marked as either "sell long" or "sell short". Rule 200(g) of Regulation SHO requires an order to be marked “sell long” only if the seller is deemed to own the security and either the security is in the physical possession or control of the broker-dealer


jcline1: Clients are reminded of the SEC’s recent revisions to Regulation SHO which, among other things, eliminated the “sell short exempt” order type. Accordingly, on or before October 5th, 2007, “sell short exempt” (SSE) will no longer be available on REDI


This is HUGE...no joke people.

Former SEC Chairman, Arthur Levitt said this on May 7th, 2007...“An event will soon occur to bring about a day of reckoning, and the potential political response will be swift, severe and overstated,” Mr. Levitt said.