Hedge-fund managers are reluctantly preparing to disclose their short positions to U.S. regulators Monday, a move set to give a rare public glimpse into their secretive trading strategies two weeks later. For shareholders who have blamed short sellers for driving down company stocks, it will be a chance to see who is targeting their firm.
It is also an experiment by U.S. securities regulators, putting short sellers briefly on a similar footing to large investors who accumulate stocks and are required to regularly disclose their positions publicly. Under a temporary Securities and Exchange Commission order, big money managers will have to reveal the number and value of securities sold short each day last week.
The disclosures are part of a series of measures the SEC has undertaken to crack down on market manipulation with an eye to calming markets rocked by a series of bank failures and fears the credit crisis will worsen. But hedge funds and short sellers have cried foul and one has likened the disclosures to forcing Coca-Cola Co to reveal its secret formula to its competitors. Short sellers fear that once their positions are revealed to the public, other investors will copy their positions or reverse engineer their proprietary trading strategies.
I can’t friggin’ wait until tomorrow! I am going to watch CNBC all day. These guys have got to be kidding. If you shorted and did it on rumors and whisper down the lane….FU! You owe me and my friends $634 billion you effers!
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