Amarantus Bioscience Holdings Inc (AMBS)

[sevenOdouble]

Oops, my bad, I meant the "Daily Short Sale Volume File" instead of RegSHO, so just replace those two and what I said is still fairly accurate, yet simplified.

But what all those FINRA Daily Short Sale Volume lists have done is confuse a lot of people. Ask FINRA, even they will direct you to the OTC Equity Short Reports that come out 'bimonthly' if you want to know the short interest.

Put simply:
Until a security is delivered, it is considered to be technically short. If I sell some AMBS today, it will show up as a short sale on FINRA records until my MM meets the buying MM "at the window". This can take up several days. All you are really looking at is the sell side volume minus any flips or buy side through the same dealer. For example. If I buy 1000 shares of AMBS and you sell 2000 shares and we are both using NITE and this is the only volume they handled all day long, the system would show NITE is short 1000 shares until they deliver your stock to the buyer.

Stock is never delivered the same day you sell it. That would not be possible.

It's explained at the FINRA site.
Pursuant to a Securities and Exchange Commission request, FINRA has agreed to make reported short sale trade data publicly available. FINRA will make two types of files available: (1) Daily Short Sale Volume Files and (2) Monthly Short Sale Transaction Files.

The Daily Short Sale Volume Files provide aggregated volume by security on all short sale trades executed and reported to a FINRA reporting facility during normal market hours. The Monthly Short Sale Transaction Files provide detailed trade activity of all short sale trades reported to a consolidated tape.

For additional information regarding the available data, please see Information Notice 9/29/09 or contact FINRA Operations at [phone]

http://www.sec.gov/foia/docs/failsdata.htm

Please note that fails-to-deliver can occur for a number of reasons on both long and short sales. Therefore, fails-to-deliver are not necessarily the result of short selling, and are not evidence of abusive short selling or “naked” short selling.

"Naked" Short Sales
http://www.sec.gov/spotlight/keyregshoissues.htm
In a "naked" short sale, the seller does not borrow or arrange to borrow the securities in time to make delivery to the buyer within the standard three-day settlement period. 3 As a result, the seller fails to deliver securities to the buyer when delivery is due (known as a "failure to deliver" or "fail").

Failures to deliver may result from either a short or a long sale. There may be legitimate reasons for a failure to deliver. For example, human or mechanical errors or processing delays can result from transferring securities in physical certificate rather than book-entry form, thus causing a failure to deliver on a long sale within the normal three-day settlement period. A fail may also result from naked short selling. For example, market makers who sell short thinly traded, illiquid stock in response to customer demand may encounter difficulty in obtaining securities when the time for delivery arrives.

Naked short selling is not necessarily a violation of the federal securities laws or the Commission's rules. Indeed, in certain circumstances, naked short selling contributes to market liquidity. For example, broker-dealers that make a market in a security generally stand ready to buy and sell the security on a regular and continuous basis at a publicly quoted price, even when there are no other buyers or sellers. Thus, market makers must sell a security to a buyer even when there are temporary shortages of that security available in the market. This may occur, for example, if there is a sudden surge in buying interest in that security, or if few investors are selling the security at that time. Because it may take a market maker considerable time to purchase or arrange to borrow the security, a market maker engaged in bona fide market making, particularly in a fast-moving market, may need to sell the security short without having arranged to borrow shares. This is especially true for market makers in thinly traded, illiquid stocks such as securities quoted on the OTC Bulletin Board, as there may be few shares available to purchase or borrow at a given time.

SEC Everything about Short Sales
http://www.sec.gov/spotlight/shortsales.shtml

AMBS is indeed on the REG SHO list
http://www.nasdaqtrader.com/trader.aspx?id=regshothreshold

Having said and quoted all of the above, this doesn't mean that no Naked Short selling is going on, it could be, yet the Threshold can be triggered with long shares that are not cleared yet. I hope this clears up any confusion?!