http://www.sec.gov/rules/other/2008/34-58611.pdf Amended Emergency Order Bans opening net short futures positions after the effective date of the emergency order. B. Options and Futures Contract Expiration The Order includes an exception from its requirements to allow short sales that occur as a result of automatic exercise or assignment of an equity option held prior to effectiveness of the Order due to expiration of the option. We are amending the Order to also allow short sales that occur as a result of the expiration of futures contracts held prior to effectiveness of the Order. IT IS THEREFORE ORDERED that, pursuant to our Section 12(k)(2) powers, the requirements of the Order shall not apply to any person that effects a short sale in any Covered Security as a result of automatic exercise or assignment of an equity option, or in connection with settlement of a futures contract, that is held prior to effectiveness of the Order due to expiration of the option or futures contract.
Rephrased: Opening net short futures positions is banned, unless the position was initiated prior to the effectiveness of "the Order" and results in a short sale upon expiration. This affects all futures and derivatives that allow a trader to open a net short position in any of the listed financial stocks, although they tell us "bona fide" hedging is still allowed. I like how their reason is to "prevent substantial disruptions in financial markets". Rather, they are the substantial disruption. It's time to move this entire industry offshore, away from the jurisdiction of these apparatchiks.
Please point out where they state this only affects SSFs. I can atleast point to this: If you short an index future that includes any number of the listed financial firms you are effectively instigating "an economic net short position (i.e., through actual positions, derivatives, or otherwise) in the issued share capital of a firm covered by this Order."