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On April 20, 2006 the Securities and Exchange Commission ("SEC") issued an order to extend the termination date of the short sale pilot program ("Pilot") to August 6, 2007. The Pilot, described in Regulation SHO, provides that short sales in specified securities may take place without the tick test or any other short sale price test. The Pilot originally commenced on May 2, 2005 and was to end on April 28, 2006. The SEC has decided to extend the Pilot until August 6, 2007 while it reviews the data from the past year and decides whether to amend rules related to short selling.
Other than extending the termination date, the SEC has not changed any aspect of the Pilot. The SEC release can be found at: http://www.sec.gov/news/press/2006/2006-60.htm Additional information about the Pilot can also be found in Amex Notice REG 2005-18.
The Amex will continue to make available on its website each day a downloadable file containing the current list of Amex-listed Category A Pilot securities and a similar file for the Amex-listed Category B Pilot securities. Both files are available by 12:00 midnight ET of the preceding business day under the Trading Data menu item on AmexTrader, which can be accessed at:
http://www.amex.com/amextrader/tradingData/RegSHO/TrDa_RegSHO_Pilot.jsp
The Amex will also continue to make short sale data available on a monthly basis for the duration of the Pilot at the above Internet address under the Monthly Data tab. The Pilot securities files are also available via public FTP at the following Internet address: ftp://ftp.amex.com/amextrader/tradingData/data/RegSHO/Pilot/.
Please direct any questions about this Notice to Bill Richard at 212-306-8366 or to Bill Love at 212-306-1789.
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