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• W302332166 abstract "I. INTRODUCTION This article summarizes the recent history of sale regulation, and academic research on the subject. It then discusses the impact of the market crisis beginning in 2007 on sale regulation, the current debate over the Securities and Exchange Commission's (SEC) revisions to Regulation SHO, and a general issue of public perception of risk and regulatory policy in complex financial markets. II. OVERVIEW OF SHORT SALE REGULATION Short sales serve three purposes. First, traders use sales to profit from anticipated declines in stock prices, selling borrowed shares at a high current and hoping to repay the loan with shares purchased at a subsequent lower price. Second, market makers, responding to incoming buy orders for stocks they do not have in inventory, sell shares that they do not possess but can acquire within designated settlement periods as part of their market-making function. Third, sales are an important component of complex electronic trading and hedging strategies; for example, to manage overall portfolio risk, participants combine long positions that increase in value as prices increase with positions increasing in value as prices go down. Short sales in market making or complex trading and hedging strategies do not target anticipated declines in the of stocks; they facilitate transactions by others, or are part of a broader technique based on the relative prices of different securities. These now constitute the largest share of selling, especially as electronic trading comprises such a large share of market activity. For example, Credit Suisse notes that only 0.7 percent of hedge funds' sales are dedicated shorts, or designed to profit from anticipated declines in specific stock prices. (1) Dedicated short selling, however, generates the most attention in regulatory debates. Those defending selling maintain that sellers improve markets by investigating and disclosing information about over-valued stocks. (2) Corporate issuers, holders of particular stocks, or other parties maintain, however, that sellers, by selling at progressively lower prices, spreading negative rumors about companies, and other manipulative methods, commonly induce stock declines by concerted selling rather than correct inflated prices. Market declines historically produce calls for tighter controls on selling. In 1932 J. Edward Meeker reviewed how this debate was an important part of financial crises going back hundreds of years, (3) and Charles Jones discussed how the debate played out in the 1930s and in the market declines in 2008. (4) In 1938 the SEC issued Rule 10a-1 under the Securities Exchange Act, prohibiting sales of exchange-listed securities at levels below the last sale price, or at the last sale unless that was above the next preceding different price (a zero-plus tick); the purpose was to prevent sellers from driving prices down through sales at progressively lower prices. (5) The Securities and Exchange Commission reviewed recent history of sale regulatory proposals in a 1999 concept release. (6) The SEC's Report of the Special Study of the Securities Markets in 1963 suggested that sale regulation did not prevent the harmful effects of selling that the rules were designed to prevent, but acknowledged that the data to support such conclusions needed improvement. (7) In 1976, the SEC proposed temporary suspensions of sale pricing rules to permit analysis of how the markets would function without them. (8) Eight of the twelve comments on the proposal, including those by the New York Stock Exchange (NYSE) and Amex, opposed the suspensions, arguing that even temporary relaxation of sale restrictions would damage the markets. The SEC withdrew the proposal in 1980. The House Committee on Government Operations issued a report on selling in 1991. …" @default.
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• W302332166 title "Review of the Policy Debate over Short Sale Regulation during the Market Crisis" @default.
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