May 4, 2009
Restoration of the uptick rule, as it existed before elimination, is absolutely required to restore confidence in the market. The use of circuit breaker modification or restricting it to specific stocks totally negates the purpose of an uptick restriction. The elimination of the uptick rule and the ability to "issue" stock for short sale, naked short sale, undoubtedly contributed to the excessive volatility of the market and and the depth of the market decline.