SEC to Traders: Time-out for Short Selling

The SEC, acting in concert with the U.K. Financial Services Authority, has halted short selling in trading 799 financial companies "to protect the integrity and quality of the securities market and strengthen investor confidence." The action is immediately effective. Links to the emergency orders (Release No. 34-58588, Release No. 34-58591, Release No. 34-58592) and Form SH provided in the today's Press Release.  The action comes after the SEC issued a new "abusive" naked short-selling rule. That action became effective yesterday and applies to the securities of all public companies, including all companies in the financial sector. [Press Release | Release No. 34-58572] [JH]