NYSE Asks SEC To Make Hedge Funds Provide Data On Short Positions

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NYSE Asks SEC To Make Hedge Funds Provide Data On Short Positions

The Securities and Exchange Commission is never in a hurry to do anything, especially not anything that might upset the gravy train for the hedge funds that run Wall Street.

Related to this, the New York Stock Exchange has been lobbying the SEC for years to require large investors to identify the stocks they are shorting. U.S. stock markets have very few rules requiring much disclosure about short positions (betting that a company’s shares will fall), unlike the the European Union and most of the rest of the globe, where funds are required to publish short positions when 0.5% of a firm’s share value.

 

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The NYSE sent a letter to the SEC making its case again on October 7th, literally pleading for the SEC to “bring light to a less transparent and increasingly consequential corner of the securities market.”

The real question here, of course, is why the SEC has not done anything about the lack of transparency and unfairness in not having to report short positions when you must report long positions. The fact that the commission has not taken steps to fix this major unfair advantage for Wall Street is yet more clear cut evidence that the SEC is in a real sense “owned” by Wall Street.