TORONTO (Reuters) - Canada's largest securities watchdog said late on Friday that it will follow other international authorities with a temporary ban on short-selling certain financial stocks.
The Ontario Securities Commission said the ban, coming on the heels of similar orders in the United States, Britain and other countries, will be in effect until October 3.
Short selling involves a bet that a security will fall in value.
International regulators reined in short-selling of financial stocks in a bid to smooth volatility in financial markets.
(SERIOUSLY, WTF!?)
I'm wondering why the SEC didn't re-instate the Uptick rule. Instead, they had to convince the UK and Canada, and perhaps other countries in the future to join in on the WAR against shorts.
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