Short Sale Implementation - Relevant Links

The FIF Front Office Committee tracks Short Sale Circuit Breaker implementation at the industry level. The following links point to websites and documents and are updated periodically and maintained on a best efforts basis. Please check the source websites (SEC, Exchange, etc.) for the most current information. Email updates for this page to to=This email address is being protected from spambots. You need JavaScript enabled to view it." target="_blank" style="color: rgb(0, 123, 160); text-decoration: none; outline: 0px; font-weight: bold; line-height: inherit;">This email address is being protected from spambots. You need JavaScript enabled to view it.. Links added since the last update are highlighted as *NEW*.

Short Sale Monitoring

FIF

Apr 18, 2011; FIF Reg SHO Price Test Tracker
FIF Short Sale Implementation WG Web Page

SEC

Apr 10, 2012: Updated Regulation SHO FAQ 2.4(A)
Feb 07, 2011; SEC grants NYSE’s request for Exemptive Relief
Jan 20, 2011; Updated Short Sale FAQs Available
Nov 04, 2010; Press Release: SEC Extends New Short Sale Rule Compliance Date to Feb 28, 2011
Nov 04, 2010; SEC Notice on Extension of Short Sale Rule Compliance Date
Oct 06, 2010; Responses to Frequently Asked Questions Concerning Rule 201 of Regulation SHO
Feb 28, 2010; Release No. 34-61595 – Amendments to Regulation SHO – Effective Date: May 10, 2010, Compliance Date: Nov 10, 2010
Feb 24, 2010; SEC Approves Short Selling Restrictions
Sep 08, 2009; SEC Responses to Frequently Asked Questions concerning Regulation SHO web page
Apr 10, 2009; SEC Proposed Amendments to Regulation SHO

Industry Testing

Exchanges/SIP

Jan 31, 2011; NYSE sell Short Restriction Industry Testing on 2/12/11 and 2/26/11
Jan 28, 2011; NASDAQ Data Technical News #2011-3 - Reg SHO Testing Availability

Regulatory Reporting

FINRA OATS/Trade Reporting

Nov 08, 2010; FINRA OATS Reporting Technical Specifications Update
Nov 04, 2010; OATS Release Delayed
Oct 12, 2010; Regulatory Notice 10-48 – Amendments to FINRA Trade Reporting and OATS Rules to Reinstitute Short Sale Exempt Marking and to Require Price and Short Exempt Identifier on Route Reports
Sep 27, 2010; New FAQs, C85 and C86, and Additional Time to Test OATS Release
Sep 01, 2010; OATS Telephone Conference - Sep 8 @ 4:15 PM ET
Aug 6, 2010; SR-FINRA-2010-043: Proposed Rule Change to Reinstitute Short Exempt Marking for Trade Reporting and OATS.
Jun 28, 2010; OATS to Reinstate Short Exempt Code
Jun 07, 2010; OATS Reporting Technical Specifications

NASDAQ ACT

Nov 9, 2011; Equity Technical Update #2011-15 – NASDAQ ACT Technology Modifications to Support Short Sale Reporting Changes via FIX – Effective December 12, 2011 *NEW*
Nov 10, 2010; Equity Technical Update #2010-25 - NASDAQ ACT to Disallow Short Sale Exempt Indicators Until February 28, 2011
Sep 21, 2010; Equity Technical Update #2010-15 - NASDAQ ACT to Offer Testing for Reg SHO Changes on Saturday, September 25, 2010
Jul 28, 2010; Equity Technical Update #2010-11 - NASDAQ ACT to Reintroduce Support of Short Sale Exempt Codes
Apr 19, 2010; Equity Technical Update #2010-7 - NASDAQ ACT Unsolicited Messages to Include Short Sale Information Effective April 26, 2010

Listing Markets / Exchanges

BATS

Feb 23, 2011; SR-BATS-2011-002, SR-BYX-2011-002 – Approval to Amend BATS/BYX Rules in Connection with the Implementation of Amendments to Reg SHO
Feb 02, 2011; BATS Regulation SHO Update and Testing Opportunity on Saturday, February 12, 2011
Jan 25, 2011; SR-BATS-2011-002 – BATS Proposed Rule Change on Short Sale Price Sliding
Nov 05, 2010; BATS Exchange Regulation SHO Amendment FAQ *Last Updated Nov 5*
Nov 05, 2010; Short Sale Circuit Breaker Order Handling Scenarios
Oct 19, 2010; BATS Reg SHO Update and Final Reminder of Related Technical Specification Changes Effective Saturday, October 23, 2010
Oct 14, 2010; BATS Exchange Short Sale Circuit Breaker Order Handling Scenarios
Sep 21, 2010; BATS Exchange (BZX) to Participate in SIFMA BCP/Reg SHO Testing on Saturday, October 23rd, 2010
Sep 07, 2010; BATS Exchange (BYX/BZX) TCP FAST PITCH Technical Specification Update

CBSX

Feb 25, 2011; RG11-033 – Short Sale Marking (Reminder)
Feb 14, 2011; Regulation SHO Frequently Asked Questions
Jan 25, 2011; SR-CBOE-2011-005 - Approval of Rule Change Related to Short Sale Order Handling
Oct 08, 2010; IC10-162 CBSX Trader News Update Industry-Wide Disaster Recovery & New Short-Sell Rule Testing

Chicago Stock Exchange

Oct 18, 2010; Chicago Stock Exchange Regulation SHO Alternative Uptick Test
Oct 18, 2010; Chicago Stock Exchange Rule 201 FAQs

Direct Edge

Nov 15, 2011; Direct Edge Updates FIX Short Sale Order Marking Requirements
Feb 28, 2011; SR-EDGA-2011-05, SR-EDGX-2011-04 – Approval to Amend EDGA Rules 11.5, 11.9, and 11.15 to Make Certain Changes Consistent with the Upcoming Implementation of Amendments to Reg SHO
Feb 15, 2011; Industry wide Short Sale Circuit Breaker testing on Saturday, 2/26/11
Feb 02, 2011; Direct Edge Short Sale Circuit Breaker FAQ
Oct 19, 2010; Direct Edge Short Sale Circuit Breaker (Rule 201) FAQ *Last Updated Oct 19*

NASDAQ OMX (NASDAQ, NASDAQ OMX BX, and NASDAQ OMX PSX)

Feb 25, 2011; SR-NASDAQ-2011-030 – Approval to Adopt New Rule 4763 to Implement the Amendments to Regulation SHO
Feb 25, 2011; SR-BX-2011-010 – Approval to Adopt New Rule 4763 Regarding Short Sales
Feb 25, 2011; SR-Phlx-2011-27 – Approval to Amendments to Rules 200(g) and 201 of Regulation SHO Applicable to Complex Orders
Feb 25, 2011; SR-Phlx-2011-25 – Approval to Adopt New Rule 3303 to Implement the Amendments to Reg SHO
Feb 25, 2011; Options Technical Update 2011-04 – NASDAQ OMX PHLX Updates FIX and SQF Technical Specifications
Jan 28, 2011; Equity Technical Update 2011-1 - Testing for Reg SHO Changes Available Saturday, February 12, 2011 and Saturday, February 26, 2011
Jan 28, 2011; NASDAQ Reg SHO FAQs *Last Updated Jan 28, 2011*
Nov 09, 2010; Equity Technical Update #2010-24 - Update on Changes to Reg SHO
Nov 04, 2010; Equity Technical Update #2010-23 - Implementation of Regulation SHO Changes Delayed Until February 28, 2011
Oct 27, 2010; Equity Technical Update #2010-22 - Additional Testing for Reg SHO Changes Available Saturday, November 6, 2010 and During Regular NTF Hours of Operation
Oct 22, 2010; Equity Technical Update #2010-21 - NASDAQ Testing Facility will Support Testing of Reg SHO Changes
Oct 19, 2010; Equity Technical Update #2010-20 - Testing for Reg SHO Changes Available Saturday, October 23, 2010
Sep 10, 2010; UTP Vendor Alert #2010 - 13 Evening Testing Opportunities for New Reg SHO Circuit Breaker Message
Aug 12, 2010; Equity Technical Update #2010-13 - NASDAQ OMX Announces Update Regarding Short Sale Exempt Codes
Jul 15, 2010; Data Technical News #2010-23 – NASDAQ OMX Will Introduce New Reg SHO Circuit Breaker Message Format In Fourth Quarter 2010

National Stock Exchange

Oct 06, 2010; NSX Regulation SHO Short Sale Circuit Breaker

NYSE (NYSE, NYSE Amex and NYSE Arca)

Apr 27, 2011; SR-NYSEAmex-2011-29, SR-NYSE-2011-19, SR-NYSEArca-2011-22 - Approval of Proposed Rule Change Amending Rules to Modify the Exchange's Procedures for Early Termination of the Short Sale Price Test Restrictions of Rule 201 of Regulation SHO Based on a Triggering Transaction that Another Exchange or a Self-Regulatory Organization Has Determined Was a Clearly Erroneous Execution
Mar 28, 2011; SR-NYSE-2011-11 – Approval of Proposed Rule Change Amending NYSE Rule 440B
Mar 07, 2011; NYSE Short Sale Restriction Symbol List
Feb 25, 2011; SR-NYSEArca-2011-05 – Approval to Amend NYSE Arca Equities Rule 7.16 (Short Sales) in Order to Implement the Provisions of Rule 201 of Reg SHO
Feb 25, 2011; SR-NYSE-2011-07 – Approval to Amend Exchange Rule 1600 (New York Block Exchange) to Add Provisions on Short Sales in Order to Implement the Provisions of Rule 201
Feb 25, 2011; SR-NYSE-2011-06 – Approval to Adopt Supplementary Material .20 to Rule 123C to Provide for the Treatment of Short Sale Orders at the Close
Feb 25, 2011; SR-NYSE-2011-05 – Approval to Amend Rule 440B (Short Sales) in Order to Implement the Provisions of Rule 201 of Reg SHO
Feb 25, 2011; SR-NYSEAmex-2011-09 – Approval to Adopt Supplementary Material .20 to NYSE Amex Equities Rule 123C to Provide for the Treatment of Short Sale Orders at the Close
Feb 25, 2011; SR-NYSEAmex-2011-08 – Approval to Amend NYSE Amex Equities Rule 440B (Short Sales) in Order to Implement the Provisions of Rule 201 of Reg SHO
Feb 25, 2011; NYSE Regulation Short Sale Price Test Amendments
Feb 25, 2011; Updated NYSE Arca SEC Rule 201 (Short Sale) FAQ available
Feb 23, 2011; Update: NYSE and NYSE Amex Sell Short Processing - New FAQs and revised test script
Feb 23, 2011; UPDATE: Reg SHO Testing February 26th
Feb 22, 2011; Update: Sell Short Restriction Industry Testing on 2/19/11
Feb 16, 2011; Sell Short Restriction Industry Testing on 2/19/11
Feb 16, 2011; Sell Short Restriction Industry Testing on 2/12/11 - Test Script
Feb 09, 2011; NYSE Arca Mahwah Testing and Migration Schedule Update
Feb 11, 2011; Updated NYSE and NYSE Amex Short Sale FAQs
Feb 07, 2011; SEC grants NYSE’s request for Exemptive Relief
Feb 04, 2011; Sell Short Restriction Industry Testing on 2/12/11 - Test Schedule
Jan 31, 2011; NYSE sell Short Restriction Industry Testing on 2/12/11 and 2/26/1
Nov 05, 2010; New Reg SHO Implementation Date
Oct 27, 2010; Sell Short Restriction Industry Testing on 10/30/10
Oct 26, 2010; Update: Sell Short Restriction Industry Testing on 10/23/10 Post Mortem and Additional Testing Opportunities
Oct 22, 2010; NYSE Arca UPDATE: SIFMA BCP/Reg SHO Testing, October 23, 2010
Oct 21, 2010; Update: CORRECTION - Sell Short Restriction Industry Testing on 10/23/10
Oct 19, 2010; NYSE Arca SIFMA BCP/Reg SHO Testing, October 23, 2010
Oct 18, 2010; NYSE Sell Short Restriction Industry Testing on 10/23/10
Oct 08, 2010; NYSE Arca SEC Rule 201 (Short Sale) FAQs
Oct 05, 2010; NYSE/NYSE Amex Alerts enhancements to support SEC Rule 201 Short Sale Restrictions effective on Mon, Nov 15, 2010
Sep 14, 2010; NYSE, NYSE Amex Reg SHO FAQs
Aug 03, 2010; Technical Changes in Support of Sell Short Exempt Orders Types
Aug 02, 2010; Updated NYSE Common Customer Gateway (CCG) Specifications

SIPs

CTA

Nov 17, 2010; New CTS/CQS Short Sale Restriction Indicators: Implementation Update
Jul 16, 2010; New CTS/CQS Short Sale Restriction Indicators
- CTA Data Feed Specification Documents

Sep 10, 2010; UTP Vendor Alert #2010 - 13 Evening Testing Opportunities for New Reg SHO Circuit Breaker Message
Jul 15, 2010; UTP Vendor Alert #2010-9 - UTP SIP Will Introduce New Reg SHO Circuit Breaker Message Format in Fourth Quarter 2010
- UTP Data Feed Specification Documents

Resources below are for FIF Members only.