"BATS, along with the NYSE and Nasdaq, said in a letter to the Securities and Exchange Commission that a modified uptick rule and circuit breaker would help deal with the critical issue facing the U.S. equity markets. "
"The argument is that the lack of a rule that required share prices to go higher before more short sellers could pile in created an environment where shorts could accelerate the failures of a number of companies, especially financial names like Bear Stearns, Lehman Brothers and Washington Mutual." Do we want to impede the markets?
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