New SEC short rules in works

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The US Securities and Exchange Commission (SEC) intends to introduce wide-ranging legislation to prohibit naked short selling within a matter of weeks, despite inconclusive results during a 17-day emergency order banning the controversial practice.

Speaking to the press on August 19, SEC chairman Christopher Cox confirmed the securities regulator will shortly issue proposed rules that "will focus on market-wide solutions. Our proposal will be designed to ensure the smooth functioning of markets."

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