Such nonsense......... under the right circumstance this will cause a crash as everyone piles into the futures like in 1987.
Agreed - what Pandit said today is lies. These guys are snake oil salesmen. Should be required to testify his comments so he will go to jail when it becomes apparent he has perjured himself. There is a fine line between saying things to reassure investors and lying your ass off to avoid getting fired.
Why not wait until later in the week... this news could have been good for 200 points on a day with no other news.
i've head this before. I've heard suggestions. all previous suggestions added substantial costs. if anyone can suggest ways which does not restrict your choice of shorts and not add substantial costs it would be a useful contribution to this thread.
Yea, Barney frank "blew his load" a bit early on this one, he should have waited to use his uptick rule comment as a way of sustaining the rally tomorrow.
It been a while since I was on Stocks but creating legal down ticks by routing certian order sizes through ARCA was a popular one...
Putting the debate on whether this rule helps or hurts the markets aside for a minute, We are no longer in the era of three exchanges with each one trading their listed stocks. Many stocks may trade on 10 exchanges, dark pools and alternative venues. One cannot build a system to check for: "a listed security must either be sold short at a price above the price at which the immediately preceding sale was effected or at the last sale price if it is higher than the last different price" without slowing down order executions so that exchanges can maintain a globally ordered list of executions. This is a more complex problem than the NBBO system. The alternative is that each exchange will enforce the rule locally against its own execution history. That could create a positive feedback loop to drive the remaining liquidity towards one big exchange. I wish the regulators wouldn't rush into this without considering the technical challenge, and the unintended consequences (such as killing the alternative exchanges). But I am not hopeful. They want a witch hunt, and this is as good as any. Damn. I will have to spend a lot of time rewriting my high-frequency systems.