The other opportunity beyond the Wall Street PIPE dealers [Hedge Funds] for creating the settlement failures would be the Market Makers. Under Securities Law Market Makers are provided the opportunity to sell short without delivery for settlement [naked short] in instances where they are flattening out “temporary imbalances” between supply and demand. These exemptions are intended to be temporary in nature and are not to be used in house account trading strategies over the long term. The practice is also supposed to work both ways. Market Makers are also supposed to become buyers when imbalances on the sell side occur. A condition set forth in exchange for the short sale exemption. Bona-Fide market making is making a market on both sides of the market.