May 5 (Bloomberg) -- Mutual funds, traders and even companies that blame short-sellers for driving down share prices oppose bringing back the so-called uptick rule, which may deter U.S. regulators from resurrecting the provision.
Fidelity Investments opposes all five rules the Securities and Exchange Commission proposed last month to regulate short- selling, including a return of the uptick measure, senior vice president Brian Conroy said at a public meeting in Washington today. Executives from companies including General Electric Co. said they prefer an alternative to the uptick.
The SEC is weighing options to dictate when traders can bet shares will fall after lawmakers said short-sellers attacked banks reeling amid the worst financial crisis since the Great Depression. SEC Chairman Mary Schapiro said any new rules will uphold the benefits of short-selling while restricting market abuses.
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Mutual Funds, Traders, Companies Oppose Resurrection of Uptick
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