NOUVELLES RECOMMANDATIONS SEC Options

[francois69]

Si je comprends bien, on ne plus rester "short" pendant plus de 3 jours ???!!
Merci d'éclairer ma lanterne!

[linuxpower]

Oui c'est ça mais çà concerne que les stocks.

Yesterday, we informed you of the new short selling rule adopted by the Securities
and Exchange Commission (SEC) on September 17, 2008 (the "Rule"). In the Rule, the SEC expressed concern "about the possible unnecessary or artificial price movements based on unfounded rumors regarding the stability of financial institutions and other issuers exacerbated by "naked" short selling." SEC Release No. 34-58572 <http://www.sec.gov/rules/other/2008/34-58572.pdf>. In order to allay some of these concerns, the SEC imposed enhanced delivery requirements on short sales of equity securities. What this means for you is that if you sell an equity security short, and there is a failure-to-deliver the securities you shorted by the settlement date (Trade Date + 3), we are required to close out your
short position no later than the beginning of the regular trading hours of the next business day (T+4).

We have received some questions as to whether TradeStation will notify you (or attempt to notify you) prior to closing out your short position in accordance with the new Rule.

THE ANSWER IS YOU WILL RECEIVE NO FURTHER NOTICE.

If required to do so by the Rule, we will take whatever action is necessary, including closing out your short position at or before the market opens on T+4. As a reminder, when you opened your equities account, you agreed that "all of your
transactions shall be subject to all applicable laws, rules and regulations." (Section 2 of the TradeStation Securities Account Agreement.)

Please consider this message as your ONLY NOTICE that we intend, from time to time as the Rule requires, to "buy-in" and close out your short sale position(s), without further notifying you, no later than market open on the fourth day after your trade date (T+4). As a reminder, any losses suffered or lost opportunities realized as a result of any such buy-ins to close out your position to satisfy the
Rule will be solely your financial responsibility. We strongly recommend that you
read the SEC Release and Rule and incorporate the limitations associated with this
new rule into your trading strategies and decisions.

Due to the industry impact of today's Securities and Exchange Commission emergency order on short selling (the SEC Order), EFFECTIVE IMMEDIATELY, we will not be able to facilitate short sales for any of our clients in any of the Financial Firms included on the list attached to the SEC order. <http://www.sec.gov/rules/other/2008/34-58592.pdf>. The SEC order is in force until October 2, 2008 unless further extended.

IN THE EVENT ANY CLIENT ATTEMPTS TO ENTER A SHORT SALE IN VIOLATION OF THIS ORDER WE WILL IMMEDIATELY CLOSE OUT THE POSITION AND THE CLIENT WILL BEAR TOTAL RESPONSIBILITY FOR ANY LOSSES SUFFERED OR LOST OPPORTUNITIES REALIZED AS A RESULT OF THE BUY-IN.

For additional information, please visit the SEC website at www.sec.gov.

[Pierre Orphelin]

Oui c'est ça mais çà concerne que les stocks.

Yesterday, we informed you of the new short selling rule adopted by the Securities
and Exchange Commission (SEC) on September 17, 2008 (the "Rule"). In the Rule, the SEC expressed concern "about the possible unnecessary or artificial price movements based on unfounded rumors regarding the stability of financial institutions and other issuers exacerbated by "naked" short selling." SEC Release No. 34-58572 <http://www.sec.gov/rules/other/2008/34-58572.pdf>.

Plus précisément ça ne concerne que les actions US cotées des institutions financières ( banques et autres), dont la liste est fournie dans le document PDF ci dessus.
La mesure est temporaire (2 octobre, prorogeable il me semble).

[francois69]

Merci de vos réponses
Pas évident au départ !