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Re: GOLDENBOLLOX post# 4097

Friday, 08/13/2010 12:58:20 AM

Friday, August 13, 2010 12:58:20 AM

Post# of 18385
here you go, talk to THIS guy:

In July 2006, the SEC proposed to amend Regulation SHO, to further reduce failures to deliver securities.[30] SEC Chairman Christopher Cox referred to "the serious problem of abusive naked short sales, which can be used as a tool to drive down a company's stock price." and that the SEC is "concerned about the persistent failures to deliver in the market for some securities that may be due to loopholes in Regulation SHO.


(Ask this guy what exactly has changed since 2006? Nevermind, I'll answer that for you, instead of 13 days, MM's now have 3 days to cover FTD's)



The above-referenced firm, a FINRA registered Market Maker, attests that it is subject to the closeout requirements of Rule 204T of Regulation SHO with respect to the position referenced below, which was acquired solely for the purpose of meeting its bona fide market making obligations. The firm understands that the extension of its close-out requirements under SEC Rule 204T applies only to those transactions in which it is acting as a bona fide Market Maker and that the applicant must close out the fail-to-deliver position no later than the beginning of regular trading hours on the morning of the third settlement day after the settlement date for the transaction that resulted in the fail-to-deliver position (T+6).

(Copy of application is at bottom of page/link, and MM's send these in by the Dozen daily, all kinds of reasons, no excuses/reasons barred)
http://finra.complinet.com/en/display/display.html?rbid=2403&record_id=9880&element_id=7005&highlight=naked+selling#r9880



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