Is a financial collapse near?
Seems the market is looking everything but good at the moment....
Quote:
September 19, 2008
Dear TradeStation clients,
IMPORTANT MESSAGE:
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.
or contact the Trade Desk at (800) 871-3563.
IT IS THEREFORE ORDERED that, pursuant to our Section 12(k)(2) powers, the requirements of this Order shall not apply, until 11:59 p.m. on September 19, 2008, to any person that is a market maker that effects a short sale as part of a bona fide market making and hedging activity related directly to bona fide market making in derivatives on the publicly traded securities of any Included Financial Firm.
This Order shall be effective immediately and shall terminate at 11:59 p.m. EDT on October 2, 2008, unless further extended by the Commission.
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