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The Uptick Rule

Citi memo (2009-03-10)
http://www.ft.com/cms/s/2/1997b610-0d7d-11de-8914-0000779fd2ac.html

But investors should not lose their heads. The headline-grabbing revenue number, of course, does not include costs or writedowns. Besides, Citi exceeded $20bn in adjusted revenues for eight quarters up until the end of September. Even in the nightmare final quarter of last year, revenues excluding writedowns were still a respectable $13.4bn.


Uptick rule eyed, Fed chief backs accounting tweak (2009-03-10)
http://www.reuters.com/article/ousiv/idUSTRE5295YC20090310

・Federal Reserve Chairman Ben Bernanke said he was opposed to suspending mark-to-market accounting but said the rule tended to reinforce economic trends and improvements could be made.

・But the SEC, which oversees and enforces accounting policy, is "not planning a suspension," of mark-to-market, a source familiar with the matter told Reuters. The source was not authorized to speak on the matter and requested anonymity.

・The uptick rule, adopted after the 1929 stock market crash, allowed short sales only when the last sale price was higher than the previous price. The SEC abolished the rule in 2007, after concluding that advances in trading strategies rendered it ineffective.


空売り関連で以下。

Paulson May Have Made $428 Million Shorting Lloyds (2009-03-11)
http://www.bloomberg.com/apps/news?pid=20601087&sid=axgiUuuNBeLA

・Paulson & Co., the hedge fund run by billionaire John Paulson, may have made 311 million pounds ($428 million) since September by short selling Lloyds Banking Group Plc and HBOS Plc.

・Paulson, which made $3 billion anticipating the U.S. housing market would collapse, gained as Lloyds, HBOS and Royal Bank of Scotland Group Plc sought bailouts from British taxpayers. Lloyds surrendered control to the government on March 7 in exchange for asset guarantees. Paulson made least 295 million pounds shorting RBS, bringing its profit from betting U.K. banking stocks would drop to 606 million pounds, according to earlier disclosures.

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