Proposals For Restoration of The Uptick Rule
On April 8, 2009, the SEC voted to seek public comment on the following proposals to restore a form of the uptick rule.
The SEC disclosed the 273 page text of the proposals on April 17, 2009. The comment period closed on June 19, 2009.
Market-Wide, Permanent Approach:
- Proposed Modified Uptick Rule: A market-wide short sale price test based on the national best bid (a proposed modified uptick rule).
- Proposed Uptick Rule: A market-wide short sale price test based on the last sale price or tick (a proposed uptick rule).
Security-Specific, Temporary Approach:
- Circuit Breaker: A circuit breaker that would either:
- Ban short selling in a particular security for the remainder of the day if there is a severe decline in price in that security (a proposed circuit breaker halt rule).
- Impose a short sale price test based on the national best bid in a particular security for the remainder of the day if there is a severe decline in price in that security (a proposed circuit breaker modified uptick rule).
- Impose a short sale price test based on the last sale price in a particular security for the remainder of the day if there is a severe decline in price in that security (a proposed circuit breaker uptick rule).
Read more about this topic: Uptick Rule
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