February 23, 2009
Mary Schapiro - Will YOU PLEASE reinstate the Uptick Rule that Cox decided to remove... after YEARS of successful implementation, helping maintain order and fairness in the markets. The short sighted explanation/excuse for removing the rule is only MAYBE VALID, if ALL the owners of a stock ACTUALLY actively participate/manage their position. Instead, small concentrated efforts can be used to manipulate a stock price down. The lax enforcement of (short) borrowing rules WAS A CRIME, but black box trading algorithms can still completely dominate a stocks activity ... It MAY generate more trading volume/revenue, but it is certainly NOT in the best interest of the investing public... but you knew that already, didn't you?
The markets ONLY WORK if there is confidence ... How much MORE can be afforded to be LOST?