July 10, 2008
To Commissioner Nero...
SEC Delays Regulation SHO Amendment...
The Securities and Exchange Commission is re-opening the comment period on the Amendments to Regulation SHO.
Purpose Of The Proposal...
"...to further reduce the number of persistent fails to deliver..."
"...to eliminate the options market maker exception to Regulation SHOs close-out requirement..."
Commission staff obtained data on securities with extended fails to deliver from a National Securities Clearing Corporation (NSCC) participant...
A review of this data reveals that a high number of fails to deliver were not closed out as a result of the options market maker exception.
Let's Review...
Apparently, the SEC's own data shows that 'persistant, extended fails to deliver' would be reduced if they 'eliminate the options market maker exception'...
So why would you possibly delay implementing the elimination of the market maker exception, when your data proves it would do exactly what the proposal is trying to do, which is reduce the fails to deliver...??
Put down the fiddle, and put out this fire...
A Concerned, Damaged, Victimized Shareholder.