New Short Sale Rules The SEC may propose sweeping new short-sale rules âin the next few months.â The measures are designed to standardize short-sale rules across all stock markets. The new rules will reportedly eliminate the NYSEâs âtick testâ and implement a âbid-testâ wherein a seller must sell short above the most recent downtick bid. This method is currently in use for NASDAQ securities. Experts anticipate that the new rules will apply to all markets, including ArcaEx and Island, who have the least stringent short-sale rules in the industry. A pilot program is also expected that will eliminate short-sale restrictions altogether on liquid stocks. Borrowed stock used in short sales will also now need to be delivered within three days from the short sale. Currently, there are no borrowed stock delivery deadlines.