• Sep
  • 23
  • 2008
  • 3:57 PM

Normal Close on NYSE Today

By: Ray Pellecchia
File Under: NYSE, NYSE Arca

We just published the following Trader Update:

3:27pm 09/23/2008
NYSE Trader Update
Today's Close
Consistent with the NYSE understanding of SEC Short Sale Rule and upon advice from the SEC, the NYSE will conduct a normal close today for its securities. NYSE expects its Specialists to close their securities using standard closing procedures.

And I just caught Duncan on Fox Business News explaining that NYSE is working out with the SEC a solution for the specialists to be able to make markets in view of the short-sale restrictions. Am on the run at the moment but will try to post a link to the interview.

UPDATE: There appears to be no direct link to individual videos, but it's currently on this page under the category "Financial Turmoil."

Comments

Ray, i can totally understand and agree with banning "naked shorts" but this whole banning thing is wrong and is destroying the mechanics of the trading markets. Just look at the recent volume since this move to ban short selling. I just read in Traders magazine that the SEC is considering the uptick rule again and even said something in regard to Nickel increments as a way to add liquidity for short selling on an uptick. BTW, I also believe that any move to further restrict specialists adding liquidity is a mistake and again, the market quality will suffer. What a mess and these knee jerk decisions are making matters worse and putting the blame on the wrong issues. Thanks.

by tony dey on September 23, 2008 6:16 PM

Thanks for the posted link to the interview!

by Mark T. on September 23, 2008 6:36 PM

Wow, we've been smoked 2 days in a row. Well, at least we can start to look forward to a good, old-fashioned short covering rally by the end of the week.

Oh, wait... there's not going to BE a short covering rally? People would actually want to buy into this market if it's gonna rally?

Well, at least Warren Buffett is still alive. Perhaps the SEC should look into banning his death.

-DT

by Dinosaur Trader on September 24, 2008 12:41 AM

Of course the SEC should bring back the uptick rule. When NY stocks open (especially low floats) the spread is minimum 50cents, and more like 75cents to a dollar. If the an uptick were required, you would see less of the wild swings of dollars or MORE on the open. Its just common sense.... If there were a rule (the uptick rule for those paying attention) to prevent one from lifting an offer 1.20 higher and then turning around and smashing a bid 80 cents lower, this would make trading a little more fluid. Yet another idea created by traders that will most likely never see the light of day. Although some old rules often lack the pizazz of new ideas, they existed for a reason. Kinda like when our parents and parents parents, told us we should be 20% down on a new home...not such a stodgy idea afterall huh?

by jt on September 24, 2008 8:57 AM

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