Stock Exchanges Propose Modernized Uptick Rule

Law360, New York (March 24, 2009, 12:00 AM EDT) -- The four leading U.S. stock exchanges on Tuesday submitted a joint proposal for preventing abusive short-selling that would update a rule first instituted in 1938.

In a letter to the U.S. Securities and Exchange Commission, Nasdaq OMX, NYSE Euronext (NYX), Bats Exchange and the National Stock Exchange proposed a modernization of the uptick rule, which the SEC is currently considering reinstating.

The rule, which expired in July 2007 after being in place since 1938, requires a stock to go up in price before a short sale...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.