I couldn't agree more. Uptick rule is useless, and counterproductive. But somehow I don't see them letting go of it that easily....I guess we'll see what happens
Last weeks Barrons in the mutual fund section had comments by Erin Arvedlund to the same effect. She described a straight down short move on a SSF, say because of bad news, while bagholders with the stock are waiting for an uptick. Haven't thought through what arbitrage possibilities might be there when these SSF start trading.
I wonder what "bag holders" Barrons was speaking of. If you were long, you wouldn't be left holding the bag, and if you weren't, you might be frustrated not being able to get short, but you sure wouldn't be holding the bag.
IB would really increase business if they offered bullets because their rates and speed of execution is on par with most of the better prop firms.
would love to see bullets at IB. been driving me nuts lately trying to get short as the stock slowly ticks down well past my predetermined entry point . Was'nt aware these were even available to retail customers . will have to check out the brokers offering them .
You're a bright guy daniel. I'm sure I don't need to echo any generic arguments to help you understand why we have 13 votes and we also probably have that many Pro firm reps. Personally, I don't care. I wonder if IB is anticipating SSFs eliminating the need for bullets, and because it appears IB is committed to providing SSF access with competitive rates they don't want to over reach and take on another rather complicated back room business.