binsleep... sorry if I forgot to get this to you... I have 'binsleeping' on the job.... (Strongus... it is going to be a very nice October!)
Grandfather Provision Eliminated
Here is why October 15th is a historic date for all stocks. On this date a major countdown begins for failed to delivers.
SEC Regulation SHO sets out rules governing short sales, including the mandatory close-out requirement that applies to securities in which a substantial amount of fails to deliver have occurred (“threshold securities”). Clearing agency participants and broker-dealers for which they clear positions (“participants”) must take immediate action to close out a fail to deliver position in a Threshold Security that has lasted for 13 consecutive settlement days by purchasing securities of like kind and quantity (“close-out requirement”).
The amendment eliminates one of the exceptions to the Close-out Requirement for fails to deliver established prior to a security becoming a Threshold Security (“grandfather provision”). The amendment requires Participants to close out any previously-grandfathered fails to deliver in a security that is on the Threshold Security List on October 15th. The close-out must occur within 35 consecutive settlement days of October 15th. If a security becomes a Threshold Security after October 15th, all fails to deliver must be closed out within 13 consecutive settlement days.
"To assist firms with compliance, NASDAQ added all NASDAQ-listed securities to the Regulation SHO Pilot List and maintained the list on line. To further accommodate firms, NASDAQ, will continue to maintain the list for the Reg SHO price test change until October 4, 2007. In addition, effective October 5, 2007, broker-dealers will no longer be able to mark sales “short exempt”; instead all short sales must be marked “short”."
Regulation SHO Threshold Security List Might find some trading jewels listed
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