NASD is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to increase the frequency of the short interest reporting requirements under Rule 3360 from monthly to twice per month.
Module 1: Stocks and Stock Options is intended primarily for futures professionals as an introduction to securities and securities law concepts. FINRA will not require broker/dealers to administer the content of Module 1 to securities registrants. Firms should decide on their own whether their employees would benefit from the basic securities overview.
Staff grants exemption from the Short Sale Rule for certain transactions executed through a member's passively-priced trading system.
April 3, 2007
Mr. Louis J. Karcher
Principal & Chief Compliance Officer
Pipeline Trading Systems LLC
60 East 42nd Street, Suite 624
New York, NY 10165-0006
Re: NASD Rule 5100: Request for Exemptive Relief
Dear Mr. Karcher:
This is in
FINRA: First off, thank you for accepting commentary on this matter. We need more transparent markets. In the crash of 2008 - I watched TV talking heads (ex hedge fund managers mind you) telling people to buy BEAR STEARNS among my days of going to school and working three jobs getting my FINANCE DEGREE between that time. It took me forever to get a foot in the door because the lack of
Effective Date: June 12, 1998
SUGGESTED ROUTING
Senior Management
Institutional
Internal Audit
Legal & Compliance
Options
Systems
Trading
Executive Summary
On June 12, 1998, the Securities and Exchange Commission (SEC) approved amendments to National Association of
Establishing "firewalls" that prevent the execution of short sales in securities not on a member's "Easy to Borrow" list would be consistent with Rule 3370(b). A member that only conducts a review after a short sale order has been executed to ensure that the security is on the "Easy to Borrow" list would not be in compliance with Rule 3370(b).
Pursuant to a Securities and Exchange Commission request, each SRO has agreed to make reported short sale trading data publicly available.
GUIDANCE
Options Position and Exercise Limits
SUGGESTED ROUTING
KEY TOPICS
Institutional
Legal & Compliance
Options
Senior management
Trading
Training
Exercise Limits
Hedge Exemption
Options
Position Limits
Rule 2860
Executive Summary
On March 30, 2005, NASD filed for immediate effectiveness with
the Securities and Exchange Commission (SEC) amendments to
FINRA Modifies the Process for Firms to Designate Their Allocation Methodology for Options Exercise Assignment Notices
<p>NASD members must make an affirmative determination for all short sales prior to executing the sale (absent an exemption), including short positions not carried overnight.</p>
