Maintaining focus on an issue is easier when it comes with a snappy, emotive label. Flash orders or dark pools just sound dubious, as does any variant of “naked” trading. The uptick rule, in contrast, suggests a fine, upstanding piece of regulation. Established in 1938, the rule limiting short selling of stocks when their last move was down was abandoned in 2007. However, it is set for a post-crisis comeback. The US Securities and Exchange Commission this week requested additional input on an alternative rule, to allow short selling only above the prevailing best price.
如果一個問題被貼上了簡潔而富有感染力的標籤，那麼人們就更容易對它保持關注。「閃電指令」或者「暗池」聽上去有點靠不住，「裸」交易的所有別名亦是如此。相比之下，提價交易規則(uptick rule)代表著一項合理且正派的監管措施。這項規定禁止在股票的最新價格低於先前交易價格的情況下賣空股票，它制定於1938年，2007年遭到廢除。不過，這項規定必將在後危機時代捲土重來。本週，美國證監會(SEC)就一項替代規定進一步徵詢各方意見，這項規定僅允許以高於當前最高出價的價格賣空股票。