June 17, 2011
June 17, 2011
Dave Hart
4735 SW 91st Drive
Gainesville, Fl
E. M. Murphy
Secretary
U.S. SEC
100 F Street NE
Washington, DD 20549
RE: Short Sale Reporting Study
Dear Ms. Murphy:
As an engaged individual investor I would like to take this opportunity to voluntarily respond to the Short Sale Reporting Study. It is my intention to make it brief and to the point.
My Concerns:
Individual investors need better protection because stock investing will be an necessary and essential part of their retirement activities. Currently, I refuse to invest in ETFs simply because of the flash crash which took place in May 2010.
Wall Street has lost all credibility with the American public and the SEC needs to step forward and do a better job of policing the illicit trades.
High Frequency Traders have been given too, too much latitude in their trading activities. Much of this is due to their relationship with firms who are unaccountable to any agency, including yours.
Action Summary:
Re-instate the uptick rule
Allow short sales only on 25 % of a stock float.
Enforce the Fail to Deliver rules in place.
Complete transparency of what a trade is: Short Long or combination and whether or not it is a covered trade.
The execution of a trade should be recorded in such a format for public viewing as well as the government.
As an individual investor, I welcome the opportunity to comment on Section 417(a)(2) of the Dodd-Frank Act. Real – time trade reporting will improve the information available to investors as well as reduce opportunities for market manipulation.
Sincerely,
Dave Hart
/dh