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SEC Not Planning On Restricting Short Selling
The SEC doesn't plan to restrict short selling after the practice was banned in 4 European countries - France, Spain, Italy and Belgium all announced short-sale bans that went into effect on Friday, 8/12.
The SEC banned short-sales for three weeks in September 2008, but does not feel it's necessary now. According to the Agency, it already has rules in place that restrict abusive short selling that preempt the need for a ban. An SEC spokesperson had this to say:
“We do not intend to further restrict short sales, as the commission already has in place restrictions on short selling that are triggered when a stock is experiencing significant downward price pressures."
That must be a relief to traders - who saw their European counterparts go "ballistic" over a rule change that they felt would have no meaningful impact. [Bloomberg, 8/12/11]
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