Wall Street & Technology is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Compliance

08:10 AM
Connect Directly
RSS
E-Mail
50%
50%

Combating Shortselling: Exchanges Submit Comment Letter to SEC Proposal

BATS, NYSE and Nasdaq urge SEC to adopt modified uptick rule with circuit breaker provision.

BATS Exchange, the New York Stock Exchange and Nasdaq Stock Market, issued a comment letter to the Securities and Exchange Commission in regards to a proposal to combat abusive short selling.

“We worked closely with the Commission to implement new rules and emergency measures in the wake of the market turmoil in late 2008,” said BATS Exchange COO Chris Isaacson, in a company release. “BATS Exchange is pleased to join with NYSE and Nasdaq to propose a Modified Uptick Rule and Circuit Breaker, measures which would go a long way towards dealing with this issue so critical to the success of U.S. equity markets,” Mr. Isaacson said in the release. He continues in the release, that “BATS is well positioned to continue playing an important role, along with other exchanges and the SEC, to help design and implement effective regulation aimed at curbing abusive short selling and other potentially manipulative practices.”

Read the complete joint letter.

Register for Wall Street & Technology Newsletters
Video
Stressed Out by Compliance, Reputational Damage & Fines?
Stressed Out by Compliance, Reputational Damage & Fines?
Financial services executives are living in a "regulatory pressure cooker." Here's how executives are preparing for the new compliance requirements.