QQQQ is not exempt from downtick rule anymore�!
- Thread starter qxr1011
- Start date
Quote from qxr1011:
This is a link to a bulletin from INET.
http://www.inetats.com/subscribers/emailarchive/2006/20060118_2.asp
Started Monday January 23, 2006 I found that all my short sale trades on QQQQ we delayed awaiting the uptick.
I spoke with my broker (JPR Capital). He called INET spoke with their trading desk and they told him that QQQQ is not exempt and will require uptick on short selles.
The rep at JPR, INET, or both were clueless. Did you read the notice? It has nothing to do with changing the exempt status of any stock. JPR is simply sending the order without marking it exempt and INET is now rejecting or applying the upbid rule as a result. JPR needs to fix their system.
This is a link to a bulletin from INET.
http://www.inetats.com/subscribers/emailarchive/2006/20060118_2.asp
Started Monday January 23, 2006 I found that all my short sale trades on QQQQ we delayed awaiting the uptick.
I spoke with my broker (JPR Capital). He called INET spoke with their trading desk and they told him that QQQQ is not exempt and will require uptick on short selles.
The rep at JPR, INET, or both were clueless. Did you read the notice? It has nothing to do with changing the exempt status of any stock. JPR is simply sending the order without marking it exempt and INET is now rejecting or applying the upbid rule as a result. JPR needs to fix their system.
===The rep at JPR, INET, or both were clueless. Did you read the notice? It has nothing to do with changing the exempt status of any stock. JPR is simply sending the order without marking it exempt and INET is now rejecting or applying the upbid rule as a result. JPR needs to fix their system.===
Yes I did read a notice. The problem is it mentions short-sales exempt based on reg. 3350
NASD Rule 3350 does not includes QQQQ as being exempt, so legally broker can not request exemption, assuming INET bulletine is correct.
I'll talk to NASDAQ general council rep tomorrow about that.
Yes I did read a notice. The problem is it mentions short-sales exempt based on reg. 3350
NASD Rule 3350 does not includes QQQQ as being exempt, so legally broker can not request exemption, assuming INET bulletine is correct.
I'll talk to NASDAQ general council rep tomorrow about that.
Got this from the broker:
"Your short at 9:30 yesterday took 7 seconds to be executed. It was routed out at first for best execution and then an acknowledgement had to be received before it swept through the INET book to be filled. "
That is news to me, since I was crossing the market, and there were available volume at the othet side of INET book..
"Your short at 9:30 yesterday took 7 seconds to be executed. It was routed out at first for best execution and then an acknowledgement had to be received before it swept through the INET book to be filled. "
That is news to me, since I was crossing the market, and there were available volume at the othet side of INET book..