March 25, 2009
Dear Madame or Sir:
I strongly recommend the short sale up tick rule be reinstated as follows:
The amount of the up tick for short sales should be .10 (10 cents). This amount will be in line with the .125 up tick rule amount that was in effect prior to decimalization. Any amount less than .10 will be subject to manipulation
I also strongly recommend the stock to be delivered on settlement date because of a short sale be available on trade date and if not available on trade date the short sale should not be executed. This action will drastically reduce naked short sale because the current SEC rule only requires close outs on settlement date deliveries that are open because of short sales. The SEC will never have enough auditors to police the current SEC rule.
Yours truly,
Joseph Leegan CPA
Subject: Up tick Rule
----- Original Message -----
From: "SEC Help"
To: "Leegan, Joseph"
Sent: Wednesday, March 25, 2009
Subject: SEC Response - File HO1322577
Dear Mr. Leegan,
Thank you for your comment on the uptick rule. The Commission has announced that it will consider proposals relating to short sale price tests at an open meeting scheduled for April 8, 2009. The meeting will be webcast from the SEC's website at www.sec.gov/news/openmeetings.shtml.
Should the Commission vote to publish a proposal for comment, a comment file for the rulemaking will be created once the proposal is published by the Commission. Your comment will be placed in that file.
Sincerely,
Office of Investor Education and Advocacy
U.S. Securities and Exchange Commission
--------------------------------------------------------------
From: Joseph Leegan
Sent: Monday, February 23, 2009
To: Help
Subject: Short Sales
Dear Madame or Sir,
Why do you refuse to restore the up tick rule for short sales?
It a simple change that would curtail some of the markets tremendous decline.
Regards,
Joseph Leegan