Wednesday, 17 December 2014
Last updated 12 hours ago
Sep 18 2008 | 12:21pm ET
The Securities and Exchange Commission yesterday took new steps to restrict short-selling, and its chairman said that it is mulling new disclosure requirements for hedge funds.
The regulator adopted two new rules yesterday designed to push traders and brokers to deliver borrowed shares for shorting to buyers. It also promulgated a rule barring deception of brokers about the delivery of borrowed shares to buyers.
“In order to ensure that hidden manipulation, illegal naked short selling, or illegitimate trading tactics do not drive market behavior and undermine confidence, the SEC today took several actions to address short selling abuses,” Cox said. “In addition to these initiatives, which will take effect at 12:01 a.m. ET on Thursday, I am asking the Commission to consider on an emergency basis a new disclosure rule that will require hedge funds and other large investors to disclose their short positions.”
Under the proposed emergency, all investors managing more than $100 million, including hedge funds, will be “required to promptly begin public reporting of their daily short positions,” Cox said in a statement. The proposal must be approved by the commission before its adoption.
Cox also said that the SEC would issue a second round of subpoenas to “significant” hedge funds, seeking disclosure of “past trading positions in specific securities.” The agency this summer demanded information from hedge funds about market manipulation of financial shares.
View The New Rules HERE
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.