"See above - Buys on left side, sells and short sales on right side of L2 montage"/ And there is no rule that exempts MM from this rule, correct? I have been watching a sc NASDAAQ stock with large L2 bid sizes by a MM who owns 10% of the companies outstanding shares. These sahres are beig executed at the bid. I was wonderign if he is boxing his long position by shorting the stock. He is only on the bid and not the ask.
I believe the article said that it would take effect as soon as it was entered into the federal register. That should be within a couple of days, I THINK.
Guess again. Could be weeks, even months. Then again, could be tomorrow. Odds are, a month, maybe more. Go to the SEC site and read it first hand. Some of the stuff presented in the meeting did not translate well into the document. The Grandfathering is Fed Register plus 60 days. You 'll have to check for uptick rule.
Flyingtiger You seem to be the expert here on naked short selling. Could you go over the ramifications of this change in relation to stocks on the fail to deliver list. I am curious if the dealers with naked shorts on their books will force these accounts to cover, potentially sending some shares to lofty and unjustified extremes. I do not agree with naked short selling at all as it is against the rules and gives some people an unfair advantage. However some of these firms are valid shorts due to incompetence, bad management, over promotion, and over valuation. I think you would agree with this and we both could agree that even if it is a good short using naked ss's is still wrong. Also could you go over if this will effect the operations of market makers in both equities and options markets. I am going to read what the SEC put out but you may be able to give a clearer explanation after all the research you have done in this area. Thanks, Andy
I'll rely on you to check sites. Thanks for doing the legwork. As to me, I'll just try to bang on a bid and see what happens. When it works, I'll have my answer.
Dude.................. are you drunk?!!! You are confusing the shit out of this thing. I feel like I am drunk reading your posts. It works like this, BIDS on the LEFT side OFFERS on the RIGHT. You cannot 'post on offer on the BID'. The only thing remotely possible to what I think you are referring to is when the market is locked or crossed. This happens occasionally (quite often if you have shitty direct access software) when the quotes are stale or 'stuck' as it is referred to. But even then, the offers never appear on the bid, you just see a higher bid then an offer or vice versa, but they are on the correct side of the screen. If you are seeing a lot of this, or for prolonged periods, you need to talk with your software provider. Other then that, may I suggest you stop hitting the pipe so hard. RIP Uptick rule, good riddance you pain in the ass!
If you look at JAGH, you'll see a tout piece on it. http://www.mrswing.com/artman/publish/article_3486.shtml He's wrong. Not about the stock going up, but he's wrong about the "grandfathering", which he's saying effects Jagh. I put the link here because I'm telling you he doesn't knowwhat he's talking about before hand. He's right the stock has gone up. That is documented. But the grandfathering is mostly smoke and mirrors, and here's why. Cox was telling people before Memorial Day, I have an email, thank you, telling people he would abolish grandfathering, and if you watched that dog and pony show yesterday, he said it. However, in the actual document, he is referring to only those stocks on SHO. That would effect only about 250 stocks or so. There were hundreds, maybe thousands of companies that were naked shorted to death before January 5, 05, effective date for SHO. He's left them to die. Why? Jagh was told several years ago there were 300 million short then. How do you cover? Where is the money stolen from the people who bought that stock? How could the company, at the time they had TV studios, analysts, even political observers signed to produce a TV show, when they lean on the stock and push it to zero? Now, reference Sedona Corp, the company in "Phantom Shares" by Bloomberg. They have two civil actions on their behalf by the SEC, but the stock is still naked shorted to death, seriously affecting the companies ability to grow. They were w/i a week of going under. Now look at "Sedonacorp.com". Look at the releases. They have a business. Why does the XXXXXXXX Market maker sit on it every day? Why does he insist on selling at .20, when an idiot can see they could sell higher? Why has the stock never gone up three days in a row? (margin calls). If Sedona is making it inspite of all this, who is to say how many companies were put to sleep that would have made it w/o interference? How many jobs have been destroyed? I'll bet some of you guys have had your dad come home and say he was out of work. How'd it feel? That 's what this is about. If you're looking for a play, go to TASR. I don't own it. But it exhibits early stage action like CROX. Second time on sho, good fundamental news, but still very, very volatile. If it smooths out later, it could work very well for you. The CEO is a West Point Grad, class of 61 I believe. He's complained all over Washington, and look what it's gotten him. They don't care. The money is too huge. Tasr could be effected, because it's on SHO. Hope this helps. It's killin' me.