Rule 201 includes the following features:
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Short Sale-Related Circuit Breaker: The circuit breaker would be triggered for a security any day in which the price declines by 10 percent or more from the prior day’s closing price.
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Duration of Price Test Restriction: Once the circuit breaker has been triggered, the alternative uptick rule would apply to short sale orders in that security for the remainder of the day as well as the following day.
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Securities Covered by Price Test Restriction: The rule generally applies to all equity securities that are listed on a national securities exchange, whether traded on an exchange or in the over-the-counter market.
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Implementation: The rule requires trading centers to establish, maintain, and enforce written policies and procedures that are reasonably designed to prevent the execution or display of a prohibited short sale.
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The rule will become effective 60 days after the date of publication of the release in the Federal Register, and then market participants will have six months to comply with the requirements.
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All in all, if the stack fell on 10%, then until the end of the day and the next, an aptik rul is introduced. Ie. in order to short you need someone to buy your offer, You cannot shortcut yourself in someone else's bid.
That's all. It seems to me that aptik is good for day traders because noise is cut off, and in general the trade is more pleasant.
Harder but nicer. But the main thing is different. The regulator has moved away from insane rhetoric about the dangers of shortsel, for that and thanks.