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From Kirsten Bischoff, Opalesque New York: With the SEC emergency order on the short selling of financial stocks set to expire on October 2 at 11:59pm the regulator announced its extension late on Wednesday October 1st:
“To provide clarity about the future expiration of these actions, the Commission is announcing that each of the emergency orders issued on Sept. 17 and Sept. 18, 2008, will be extended to allow time for completion of work on the anticipated passage of legislation.”
The US Senate passed the vote on the Economic Stabilization Act late on Wednesday evening (74-25) and the legislation will be put to vote by the US House on Friday, October 3. Although the Senate passage seems to have given the legislation “legs”, the SEC has extended the short selling ban until the end of the day, October 17th.
“This order will also be extended, to 11:59 p.m. ET on Oct. 17, 2008, but the Commission intends that the order will continue in effect beyond that date without interruption in the form of an interim final rule. The Commission will seek comments on all aspects of the anticipated rulemaking.” (Source)
60% of asset managers, pension plans and large companies surveyed are in favor of short selling
A study released this week by Greenwich Associates surveyed 905 asset managers, pension plans and large companies around the w...................... To view our full article Click here
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