on a good note it looks like the SEC is (while a little too late for a lot of people) cracking down on short traders or least scottrade is afraid they are about to get in some trouble. I am not a short trader and never will be but got this email from scottrade.
=--------------------- Important Notice Regarding Short SalesFriday, September 19, 2008 5:10 PM From: "Scottrade Customer Service" <support@scottrade.com>Add sender to Contacts To: B@YAHOO.COM Dear Customer,
If you are a customer who sells short, this notice is to inform you that an emergency order was recently issued by the Securities and Exchange Commission (SEC) regarding short sale transactions. Customers who sell short are now subject to potential buy-in on settlement date and any time thereafter without prior notification from the broker-dealer, if the broker-dealer cannot borrow or lend the security being shorted.
Click here or copy and paste the link below for further information regarding this SEC Emergency Order (Release No. 34-58572).
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.