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.
如果一个问题被贴上了简洁而富有感染力的标签，那么人们就更容易对它保持关注。“闪电指令”或者“暗池”听上去有点靠不住，“裸”交易的所有别名亦是如此。相比之下，提价交易规则(uptick rule)代表着一项合理且正派的监管措施。这项规定禁止在股票的最新价格低于先前交易价格的情况下卖空股票，它制定于1938年，2007年遭到废除。不过，这项规定必将在后危机时代卷土重来。本周，美国证监会(SEC)就一项替代规定进一步征询各方意见，这项规定仅允许以高于当前最高出价的价格卖空股票。