emergency order contre le naked shorting des financiéres de W street

ça c'est TRES amusant ..

rappêlons que si la vente à découvert des actions est parfaitement légale, la pratique qui consiste à ne pas emprunter préalablement les actions, ainsi vendues à découvert ( naked shorting) est tout à fait illégale..

non seulement la SEC ou tout autre autorité de régulation, laisse faire..( et notamment sur le secteur des minières juniors ), mais elle vient de pondre un décret d'urgence, destinée à bannir cette pratique .. EXCLUSIVEMENT pour certaines actions, très particulières, telles que Fannie et Fredie mac, Lehman brothers, Goldman sachs, Merryl Lynch et Morgan Stanley... le tout pendant 1 mois

autrement dit, pendant que ces joyeuses firmes, et leurs alliés continueront à naked shorter ( vente à découvert à nu ) les actions minières, et à vendre sur le comex de l'or ou de l'argent qu'ils n'ont pas toujours emprunté, ils seront quand à eux, protégés du même sort

http://www.gata.org/node/6428

ps : en raison de certains contresens qui sont fait sur ce sujet, par les personnes qui maitrisent mal l'anglais .. et qui confondent VAD et naked short selling

short, short selling : vente à decouvert ou vad
vendre des actions à découvert ( c'est à dire, qui ne sont pas en votre possession ) en payant à son broker un %, destiné à payer l'interet pour les actions qu'il devra emprunter - pour vous- sur le marché
le % que vous fait payer votre broker quand vous vadez au srd, c'est justement pour payer les intérets sur ces actions empruntées


naked short, naked short selling : vente à découvert sans emprunt préalable des actions, aupres de son broker , pratique qui a toujours été illégale
les réglements us en la matiére, autorisent un délai de quelques jours, pour emprunter les titres, que certains vadeurs utilisent, pour ne jamais emprunter les actions qu'ils vendent à découvert .

cette distinction est capitale, sur le sujet qui nous interesse dans cette file et vous comprendrez certainement pourquoi, en lisant l'intégralité des textes ci dessous.

un wikipédia en anglais sur ce sujet

P. Jorion en cause sur son blog, mais de façon ambigüe à mon sens, aussi je lui ai posé clairement la question ...

http://www.pauljorion.com/blog/?p=665

pdf complet ( 5 pages) de ce spécial order.. avec la liste des cies concernées par cette interdiction de naked shorter, en page 5 ..

toutes ces boites sont au board de la fed, de la banque d'angleterre, du japon ou de la Buba


http://www.sec.gov/rules/other/2008/34-58166.pdf

c'est d'autant plus grotesque que ce sont de tres grosses capi, fort liquides, et qu'un broker ne devrait pas avoir de mal à emprunter des titres sur le marché


plus un témoignage d'un gars qui travaille chez un broker de 1er rang

Citation :

Posted by Piggle | 07/15/08 04:10 PM EDT
I work for a major Prime Broker. Naked short selling is not the issue at hand. The issue is that short sellers receive a locate on trade date, but are not required to borrow those shares until settlement date. The problem is that the 2 different prime brokers can both receive a locate on the same stock from the same lender. The SEC is now requiring that the locate process be changed. Having the borrow take place on trade date rather than on T+3.

source

Une bonne blague piquée chez CalculatedRisk qui renvoie ici :

http://www.minyanville.com/articles/index.php?a=18060

où comment les financières plongent sans que la pression des short sellers y soit pour beaucoup.

excellent Dup mais il ya mieux encore !

déjà, comme je l'ai rappelé en tête de file, le naked shorting est illégal.. et toléré depuis fort longtemps .. par les soit disant autorités de régulation, qui aujourd'hui, font mine de découvrir ce problème

la DDTC ( filiale de la FED) gére et valide tout les trades ( on appelle ça:chambre de compensation ), et connait donc parfaitement les contreparties des shorts selling et donc les contrevenants à l'emprunt des actions shortées
la liste des membres dirigeants de la DDTC est édifiante == > bonjour nos amis du cartel, si vous me lisez ..

ci dessous, l'intégrale de l'article de Rob Kirby,
source www.lemetropolecafe.com


Bootlicks For Bankers

Rob Kirby
Just this week we heard from the head of the SEC, Christopher Cox, that “naked shorting” of financial stocks would not be tolerated.
Absolutely bloody amazing!
In case anyone is unaware, naked shorting of ANY stock is basically supposed to be illegal in the first place,

Naked short selling involves selling stock without first borrowing (or sometimes even locating) the stock. If a naked short seller does not borrow the stock he sold, he will be unable to deliver that stock to the buyer to close the transaction. This is called a "failure to deliver" (FTD). Naked short selling is generally illegal, though market makers are allowed to temporarily naked short for the sake of bona fide market making. FTDs are always illegal when delivery failure exceeds 13 days.

How Phantom Naked Shorts Circulate In the System Like Real Ones:

Exchanges do not disclose whether short sales are naked and supply no information on FTDs. Even worse, in transactions where shares are not delivered, brokerages issue stock IOUs called "share entitlements." Retail customers' account statements do not distinguish between real shares and share entitlements.
FTDs create phantom shares that circulate in the system as real shares. Just as counterfeit currency dilutes and destroys value, phantom shares deflate share prices by flooding the market with false supply.

Naked shorting of equities has been an acknowledged problem for a very long time. See / listen to Jim Puplava’s excellent interview on this topic with Bud Burrell here.
The next thing folks need to understand is that all exchange traded equities [stocks] are electronically cleared through an institution called the Depository Trust Clearing Corporation [DTCC]. Since the DTCC clears all equity trades they CATEGORICALLY KNOW who the counterparties are that FAIL TO DELIVER. So why would you suppose the SEC has not subpoenaed from DTCC “lists of naked short violators” years ago?
Hmmmmmmm?
Could it be that some company’s stocks, or industries deemed ‘unfriendly to financials’, are ‘targeted’ for regular take-downs or even decimation?
Hmmmmmmmm?
Perhaps we would get a better clue as-to-what’s-going-on if we knew a little bit more about whom the good folks are who run the DTCC?
Let’s take a peek at the rogues-gallery of “who is” on the Board at the DTCC:

• Donald F. Donahue
  Chairman & Chief Executive Officer, DTCC
  Read Full Bio
  
• William B. Aimetti
  President and Chief Operating Officer, DTCC
  Read Full Bio
  
• Mark Alexander
  Managing Director - Global Markets, Merrill Lynch
  
• Gerald A. Beeson
  Senior Managing Director and Chief Financial Officer, Citadel Investment Group, LLC
  
• J. Charles Cardona
  Vice Chairman, The Dreyfus Corporation
  
• Stephen P. Casper
  Chairman and Chief Executive Officer, Fischer Francis Trees & Watts, Inc.
  
• Art Certosimo
  Executive Vice President, Bank of New York
  
• Randolph L. Cowen
  Chief Information Officer, Goldman Sachs
  
• Norman Eaker
  Principal, Edward Jones
  
• Robert Kaplan
  Executive Vice President, State Street Global Services
  
• Gerard LaRocca
  Managing Director, Chief Administrative Officer of the Americas, Barclays Capital
  
• Ian Lowitt
  Co-Chief Administrative Officer, Lehman Brothers Holdings Inc.
  
• Norman Malo
  President and Chief Executive Officer, National Financial Services LLC, Fidelity Investments
  
• Louis G. Pastina
  Executive Vice President of NYSE Operations, NYSE Euronext
  
• Ronald A. Purpora
  President, ICAP Securities USA LLC
  
• Neeraj Sahai
  Senior Managing Director, Citi Markets & Banking
  
• Timothy J. Theriault
  President of Corporate and Institutional Services, Northern Trust Corporation
  
• Michele Trogni
  Global Head of Operations, UBS AG
  
• David A. Weisbrod
  Senior Vice President, JPMorgan Chase & Company
  

Amazing, ehhh?
So, it now appears that the “bootlicking” Cox and his cronies over at the SEC are going to begin “selectively” enforcing laws – already on the books – but, as it appears, only and exclusively to aid his “Faustian Friends” at the banks and brokers on Wall Street.
This is tantamount to treasonous dereliction of duty. For uttering such a statement Cox should be immediately impeached and the SEC disbanded. A troupe of green boy scouts could do better.
As an astute researcher and market observer – Bill Rummel of the Charleston Voice - recently wrote,

“No reprieve or notice was given by the SEC to the disgraceful [concentrated] shorting and manipulation of the gold and silver futures markets by some of those below, nor of the related mining stocks on the equity exchanges.”

Indeed, and it appears that Cox is signaling that disgraceful concentrated shorting of gold and silver futures and equities will continue to be overlooked by his now disgraced “Manchurian Candidate” of an institution which serves as a “bootlick” for bankers – who have really been running the whole show - all along.
In short folks; the SEC is cancerously complicit and only exemplifies how seriously broken “credible oversight” is in America’s ‘listing’ financial ship of state.
Up Next Folks: Naked Bond Shorts
Folks need to understand that naked equity shorts have always involved the trade of shares that do not exist – all under the watchful eye of regulators.
At GATA’s Washington conference back in April, I presented a paper titled, The Elephant In the Room, which illustrates how U.S. Treasury Bonds that CANNOT EXIST are regularly traded in massive volumes by none other than J.P. Morgan and friends.
Has a familiar ring to it, ehhh?
For those of you not paying attention – the trade of financial instruments that officially ‘do not exist’ amounts to unreported MONEY PRINTING.
It would now appear that monetary aggregate data supplied to us by the Federal Reserve might be more suspect than the Bureau of Labor Statistics’ inflation data.

Franchement quand on découvre tout cela, comment peut-on ne pas penser que tout ce système c'est du pipeau total, de la manipulation maffieuse?

A ce point c'est hallucinant...

Ces marchés financiers ont atteint un niveau de corruption et de déliquescence proche en degré de celui du système soviétique dans ses dernières années

GdB

DDTC ??? c'est pour "Droit Dans Ton Cul" ?

n81 crane

puisque, le naked shorting des financiéres US est une vaste blague, et à présent vous savez pourquoi,

profitons de ce sujet, pour aborder le véritable sujet qui fache : le naked shorting des miniéres...la vente à nu, des actions minières

amis du cartel, si vous me lisez ..


quand le vendeur à découvert, ne livre pas les actions empruntées dans les temps requis, la DDTC le constate et émet un FTD ( failure to delivery = échec à livrer les actions empruntées )

le listing des ces FTD est pafaitement connu des organismes de régulation US et de la SEC, qui interpellée à ce sujet....refuse de le rendre public,
au prétexte que ces informations pourraient étre utilsé pour squeezer ces vendeurs et les forcer à couvrir..!!!

autrement dit, on protége ceux qui commettent une action illégale.. et on fait tout pour qu'ils ne soient pas contraint à couvrir ces ventes illégales..

en sus, ces ventes illégales, sont à l'origine de la création d'actions fantomes, de la société ainsi shortée.. avec les conséquences que vous pouvez imaginer

Jim Sinclair a raison:
il faut lancer une grande offensive contre le naked short de certaines miniéres, avec la chambre des mines ... de façon à avoir accés à ce fameux listing des FTD ! je ne serais pas surprise outremesure, si ce listing comportait, entre autres, certaines firmes dont les patrons émargent au board de la DDTC !

source www.lemetroplecafe.com


Good Morning Bill (from Qatar)
I am an experienced GATA man now and not much shocks me anymore. This morning, however, I am very depressed. I spent a few hours yesterday listening to some of the sterling work of Patrick Byrne. When delivery of shares does not take place through the USA clearing system (run by the Depository Trust and Clearing Corporation), the related transactions are not closed out but are allocated a FTD (Failure to Deliver) tag. If the details of FTD transactions were made public, there would be some degree of transparency and market participants could seek to control the situation and mitigate any potential losses. Now its gets quite unbelievable. The official SEC response to the promulgation of these naked short statistics is as follows (I kid you not) "The failure (to deliver share certificates) of individual firms and customers is proprietary information and may reflect the firms' (quite illegal-my insertion) trading strategies. The release of this information could be used to engage in unlawful upward manipulation of the price of the securities in order to squeeze these firms improperly".
There you have it, Bill. The SEC is intent on preserving the interests and anonymity of the naked short crooks. Its like saying that the banks should not publish details of those ATMs where muggings are prevalent since customers might take precautionary measures, and hence "unlawfully" impact the business model of the muggers and murderers. This is the state of the integrity of SEC oversight today. I don't know whether the Zimbaweans could ever be corrupted by such perverse, insane logic. It all revolves back to the power of the cheque book lobby and the preservation of the privileges of the crooks. We witnessed another instance of SEC "corruption" yesterday with the promulgation of the Emergency Order protecting only 19 specified financial institutions from the naked short sellers. Why not an Emergency Order reinvigorating the existing laws that render ANY naked short selling to be a security violation, thus extending impartially SEC protection to all investors. WHY NOT? BECAUSE NAKED SHORTING IS CLEARLY A MAJOR AND PROFITABLE STRATEGY OF CERTAIN "UNTOUCHABLE" INTERESTS. From where in the SEC charter does the authority emanate only to protect the interests of the few and privileged and most powerful and abandon the rest?
Regards
Nicholas
Good Afternoon Bill again (from Qatar)
I see that there was another bout of market (USD dollar positive) activity just as the JP Morgan results hit the wires. Any coincidence? A little bit more about the opaque world of naked shorting. There is a settlement period of three days (T+3, which is longer than in most other trading domains) for closing out transactions with the Depository Trust and Clearing Corporation. Hence a transaction could be initially a naked short, but scrip could be obtained and delivered within the settlement period. A Failure to Deliver (FTD) tag only applies to open transactions after the expiration of this settlement period. Some FTD transactions have remained unsettled for years so the average period of (say) 65 days is meaningless. Don't be fooled by the SEC claim that the values of aggregate FTDs is "contained". This is disinformation. If the investing world knew that there were (say) six fold the authorised no. of shares of a junior miner in circulation, this information could cause an exponential explosion in the share price from (say) 2 cents to $10 and thereby create a hectic momentum to $100. This would create "disorderly" market conditions and impair general belief in the integrity of the markets (and bankrupt the crooks). The SEC has a dread of such a scenario, which is why the crooks must be protected at all costs to maintain this veneer of orderly stable markets. The crooks, after all, feed the pig trough with donations etc.
Regards
Nicholas

suite à cette foutaise, Jim Sinclair propose de spammer le site de la SEC, qui demande l'avis du "consommateur " sur sa maniére de réguler les marchés, et notamment le pb du naked shorting qui concerne en particulier nos minières .

un questionnaire à remplir avec des commentaires personnels

c'est une excellente initiative, et je vous mets ci dessous, un exemple, proposé par Sinclair

pour relire les propositions de la SEC

c'est ici

http://www.sec.gov/rules/proposed.shtml

et pour commenter ( jusqu'au 13 aout )

cliquez ici
exemple de commentaire éclairé

Dear Sir/Madam,

Reg. SHO as written is ineffectual for the following reasons:

1. It fails to place the onus on the broker dealer to assure delivery by borrowing the shorted shares. Simply accepting the assurance of the hedge fund and dropping the matter entirely at that point is useless in preventing naked short selling.

2. SHO must require fails to deliver to be bought in on the fail date plus one day.

3. Using foreign exchanges to gain advantage in violation of the Reg. SHO, especially German and Canadian exchanges, must be stopped or Reg. SHO is rendered totally ineffective

4. Exempting primary dealers results in a giant loophole in any regulation honestly desirous of enforcing the already in place regulations. A primary dealer is by definition a trader who makes both bids and offers on a continuous basis. Because of this a primary dealer will be short but not for investment. The short in the primary dealer's position will rotate between short and even, possibly short on balance. A primary dealer will then be able to make delivery on the short without borrowing because when bids are hit (and they will be) he moves either to flat (even) or turns the short by purchasing voluntarily or involuntary. If this entity does not maintain a constant two way bid and ask then this entity is NOT a primary dealer. Giving the primary dealer 21 days to deliver before buy in is reasonable but any longer and you are supporting a camouflaged naked short.

5. Naked short selling is a long time violation of present regulations prior to Reg. SHO. As recent attempt to ban Naked Short selling by using an emergency declaration on selected financial entities shows the ineffectual nature of Reg. SHO It is highly prejudicial and has the apparent effect of blessing naked short selling against all other investment sectors.

Selective application of law is a total violation of the need of all forms of jurisprudence to deal equally will all it regulates.

Sincerely,

héhé, je ne résiste pas à revenir sur la liste des 19 firmes protégées par cet amendement spécial de la SEC, :

-avant tout une liste de "primary dealers "
- toutes ces boites sont au board de la fed, de la banque d'angleterre, du japon ou de la Buba,
-mais c'est pas les 2 seuls points communs .... déja que ça fait désordre , il faut encore y rajouter ceci == >

Mark McHugh, fait fort justement remarquer leur appartenance à un club trés select et tres fermé , celui du membership LBMA

15 des 17 de la liste émargent en effet au London Bullion Market association, ( LBMA)
les 2 exceptions étant donc Daiwa et Mihuzo financial group

rappelons que
-le plus important marché de l'or est celui des dérivés en otc ( marché de gré à gré, sans aucune régulation )
- et que le london bullion market est de loin, le plus gros marché de dérivés au monde

mais ce n'est certainement et une fois de plus qu'un curieux hasard ..



plus sérieusement, on comprend avec cet élément supplémentaire , pourquoi il faut absolument préserver ces compagnies d'une débacle boursiére, qui précipiterait leur faillite ..

Citation :

Do they all belong to a Secret Club or something?

Don’t be silly. Their club’s not a secret and two of the sacred 17 aren’t members (as far as I know). 15 of the 17 (88%), however, are members of the London Bullion Market Association. Only Japan’s Daiwa Securities Group and Mizuho Financial Group are not listed LBMA members. It’s a pretty exclusive club of 120 members (if I counted right). So, 12.5% of the membership just showed up on the SEC’s enhanced investor protection list. Sure, it seems a little weird, but it’s important that the SEC take action to prevent things like what just happened to Indymac. I feel a lot more confident about Wachovia (12% short interest) already, don’t you?

Fun Facts: Most of the gold traded in the world takes place in the over-the-counter [OTC] markets and the London Bullion Market is by far the biggest OTC market in the world.

on ne relévera pas non plus, que
- le short interest du sp 500 était au 11 juillet de 6%.
- alors que celui du club des 17 ( en excluant fanny et freddy ) n'est que de 1.18%, à la même date




http://seekingalpha.com/article/85999-the-sec-s-sacred-cow-list-where-are-wamu-and-wachovia

ps et suite à une question que l'on vient de me poser ( détails et positions sur le marché de l'or de ces firmes ) :
bien entendu et comme vous le savez, il existe tres peu de données publiques détaillées sur les positions en dérivés Or otc ..
-aucune à ma connaissance sur LBMA OTC marché de l'or des dérivés de Londres
- sur les dérivés Or US, disons simplement que les 4 banques intervenantes sont JPM, HSBC, bank of america et citibank.. toutes 4 faisant partie de la liste des protégés SEC..

bel exemple de manipulation stock market de Paulson, mais on le pressentait fort bien ..



apres avoir fait courir, sciemment, le bruit que la SEC étendrait son amendement anti short selling, à toutes les actions ..
afin de provoquer un short squeeze
elle annonce qu'elle n'en fera rien .. et que seules les 19 sociétés initiales continueront d'etre protégées jusqu'au 12 aout ..

http://mrmortgage.ml-implode.com/2008/07/30/tuesdays-stock-rally-that-really-wasnt/

d'autres explications sur le naked short selling
, vente à découvert à nu
lire la section « Other Voices: Alan M. Newman, Editor of Crosscurrents, "Metamorphosis Redux" » dans cette page : http://www.financialsense.com/fsn/BP/2008/0726.html