SKF halted

[jprad]

Quote from jficquette:

Options need shorts to work.

The whole situation sucks.

With SKF off TradeStation's easy-to-borrow list for a few weeks I was figuring a good ride today based on short covering alone.

 

[dtan1e]

Quote from jficquette:

Options need shorts to work.

won't this paralyze the derivatives market?

 

[Landis82]

Quote from dtan1e:

won't this paralyze the derivatives market?

Yep, and it will undoubtedly raise the cost of "hedging". These guys are morons.

Total Morons.

 

[zdreg]

Quote from stevegee58:

My IB market scanner for halted stocks does show SKF among others.

what are you looking at or is it that u just see a ridiculous quote.

 

[Acumen]

See that? CNBC announcement in around 30 minutes on SKF.

 

[Landis82]

Quote from dtan1e:

won't this paralyze the derivatives market?

The SKF folks use counter-parties with swaps in order to construct the SKF.

These swaps just went WAY UP in price ( with the counter-party ) because of the inability to short the financials and this is what the freaking Govt. has no clue about.

Why can't they just bring back the "uptick" rule???

Absurd.

 

[forsalenyc]

Quote from Landis82:

The SKF folks use counter-parties with swaps in order to construct the SKF.

These swaps just went WAY UP in price ( with the counter-party ) because of the inability to short the financials and this is what the freaking Govt. has no clue about.

Why can't they just bring back the "uptick" rule???

Absurd.

yeah....and bring bullets back

 

[sprstpd]

XLF not on the SEC list?

 

[stoneface]

You can still short XLF...

 

[Acumen]

Someone posted this on yahoo

ProShares Announcement 09/19 11:25 AM

BETHESDA, Md.--(BUSINESS WIRE)--
Due to the emergency action announced by the Securities and Exchange Commission on September 18, 2008, temporarily prohibiting short sales of shares of certain financial companies, Short Financials ProShares (SEF) and UltraShort Financials ProShares (SKF) are not expected to accept orders from Authorized Participants to create shares until further notice. Unless notified otherwise, shares will be available for redemption by Authorized Participants as normal. The shares of these ProShares are expected to trade in the financial markets today, but may trade at prices that are not in line with their intraday indicative values.
Source: ProShares