Disclaimer: This is not a rhetorical question - I really am trying to understand the big differences between these two: Naked shorting of the primary dealers is not allowed...but, what about single stock futures? Symbols exist for many of the "protected" entities - FNM1C = FNM, BAC1C = BAC, C1C = C, GS1C = GS, JPM1C = JPM, LEH1C = LEH, MER1C = MER, MS1C = MS, FNM1C = FNM. There are others - apparently known as Universal Stock Futures. The SSFs can be shorted no problem. Granted these do not have voting rights and are limited in size by the exchange, but same idea, correct? Thanks in advance for the info.! -Gastropod