Reuters first with SEC working on new version of uptick rule

Reuters exclusively reported on March 23 that the SEC was working on an updated version of the uptick rule to curb short selling. Reuters clients learned that the SEC was working on at least two different price tests and that the agency was examining circuit breakers for stocks. Reuters also exclusively reported that the agency was considering a bid test which would only allow investors to short a stock if the bid for the stock was rising. The story was unmatched by Dow Jones and Bloomberg. CNBC read the Reuters story on air. A day later, the top U.S. exchange sent the SEC a letter urging adopt a modified uptick rule and a circuit breaker to curb aggressive short selling — a proposal outlined in the Reuters article.