TheFraudStopper - Then why did they need to add the grandfather clause on the same date they enacted reg SHO jan 3 2005 ? If there wasn't an entrenched Naked Short then there would have been no need for a grandfather clause to protect prior Naked Shorts ! You thick heads are screwed ! period ! JMHO Chas56789 There was never a significant NSS in this or, for that matter, any stinky pinky.