Investors now start a petition to ban illegal short selling, otherwise referred to as ‘naked short selling’.
The petition calls for a temporary ban on short selling itself, which would turn off the pipeline for naked short selling.
Several retail investors have already shared the petition on X, formerly known as Twitter, in an effort to raise awareness of market injustices and collectively support this strategy to get the markets back on track.
The news comes shortly after South Korea regulators announced their move to root out illegal short selling after several protests from investors.
Public perception of such trading practices in the Asian nation remains deeply negative.
Investors in the United States continue to make that strive in order to create change.
“In 2023 alone, over 30 publicly listed companies have taking matters into their own hands and are investigating their stock for abusive naked short selling, and many found a share imbalance during their investigation,” reads the petition.
“In June of 2023 the SEC admitted naked short selling is still occurring as they charged an Investment Adviser for “Abusive Naked Short Selling Scheme”.
South Korea has officially banned short selling in November of 2023 through June of 2024 after regulators found “routine” abuse of naked short selling from foreign and institutional investors.
Since Naked Short Selling is still occurring we demand a temporary halt of ALL short selling until there is a resolution.”
In the United States, naked short selling continues to be a big problem.
In September, Citadel Securities was charged for illegal short selling violations by the SEC.
According to the SEC’s order, for a five-year period, it is estimated that Citadel Securities incorrectly marked millions of orders, inaccurately denoting that certain short sales were long sales and vice versa.
You can sign the petition here.
Also Read: “The Game is Rigged”, Says Ex-Citadel Data Scientist
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