Naked shorting on the TSX
posted on
Oct 19, 2008 09:21AM
Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.
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With the sudden surge in ECU volume on no news whatsoever I have not seen any real facts published ever on naked shorting of TSX listed stocks. There appears to exist a 3 day max delivery rule for the TSX, like in the U.S.
Is the enforcement as non-existent as in the U.S. Were there ever investigations with hard prosecutions and condemnations brought about by the Canadian regulators? Is there such a thing as a Reg Sho report in Canada or are the regulators in collusion with the big boys and turning a blind eye.
http://www.failstodeliver.com/defaul... , this will show U.S. listed ECUXF FTD (Failed to deliver) only, without naked shorting figures to my understanding.
With the literally thousands of Canadian mining stocks down 80% or more, naked shorting i.e. forward selling but never owning or to ever attempt to deliver the stock is too tempting. When the naked shorters manage to bring about the collapse of a stock it is 100% profit on something they sold but never owned or delivered, typically involving millions of shares to provoke the collapse.
It was demonstrated that not even very large financial institutions survive shorting attacks and collapse within days.
Most tier two or three mining companies don’t have the sustained volume to withstand such minutely orchestrated attacks. This is a very unequal battle, against financial entities that wield billions and against shadows, the very existence of which is officially denied even though not seriously investigated.
It cannot be in the interest of Canada that only a couple of very strong or promising mining entities survive even when these have the political lobbies and have a vested interest to be able to do their picking in the end game at fire sale prices.