The naked short selling saga continues. If the SEC was attempting to initiate a short squeeze in financials during options expirations week, it managed to do just. See Short Squeeze In Financials Continues.



Fannie Mae is up another 25% today to $13.66 in the wake of Selective Enforcement of Regulation SHO and Bernanke's statement: "It's important for Fannie Mae and Freddie Mac bonds and stocks to rise so they can keep raising capital and aid the mortgage market."

Selective Enforcement

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Emergency Order amended

WASHINGTON (Dow Jones)--An emergency order issued by the Securities and Exchange Commission to impose new restrictions on short sales in 19 stocks will not apply to bona fide market makers, the SEC announced Friday.



The SEC amended the order at the recommendation of its staff to shield market makers from the new restrictions, which will take effect on Monday and could last for up to 30 days. It said the change was made to allow market makers "to facilitate customer orders in a fast-moving market without possible delays" that might come from complying with the emergency order "and to prevent substantial disruption to securities markets."



The SEC said the exemption covers registered market makers, block positioners and other market makers that sell short as part of their bona fide market making and hedging activities in the affected shares, as well as standardized options on the shares and exchange-traded funds that include the affected shares.

Bonafide Market makers

Here's The Deal

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