July 8, 2008
Hi
Naked short selling is a cancer killing the American economy from within. I've traded UK stock and options for years, and there is simply no justification for a market makers' exemption on short selling. Its simply a free ticket to drive down stock prices. We don't do it here, and I think that means a much fairer market. You now have a situation, brought about by the MM exemption, where you have many times the float of a company trading in a day, held in options and sold short naked. Often on companies with a tiny market cap.
This is not right, and the rest of the world is starting to wise up to it, and turning away from your rigged markets. You have it within your power to change the situation. I suggest you do before it is too late. Your country will be glad you did.
Best regards
Colin