I would ban it all together. How can you logically sell something you never bought ? The whole idea is absurd just like derivatives but one step at a time ;-).
It may be because it is not all that obivous to some. There have been a number of large selloffs despite driven by shorts despite the uptick rule. Personally, I am in favor of reinstating it, but it won't change much until the SEC cracks down on naked shorts. That's the real problem with the short market, IMO.
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