Commentary

Momtchil Pojarliev
Traders Magazine Online News

Some Like It Hedged

BNP Asset Management's Pojarliev discusses a variety of options to address foreign currency exposures. Although there is no single best-practice solution for addressing foreign currency exposures, institutional investors have three main choices, he says.

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Amid changes in builder, do you think the CAT project will be completed by 2020?




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January 1, 2005

Short Sale Reform Plan on Hold

By Gregory Bresiger

The short sale reform pilot, which had been slated to begin on January 3, 2005, has been delayed until May 2, according to the Securities and Exchange Commission.

The regulators took the step after they heard complaints from officials of several market centers. They said that they would not be able to update their systems in time. The one-year pilot requires market centers to mark short sale orders of pilot stocks as "short exempt" so that such orders are not subject to price tests.

The market centers are required to do this by masking short sale instructions on pilot stocks and executing the short sales as short exempt.

"Some market centers, however," the SEC wrote, "would be required to make significant changes to their systems, and we understand that some of the market centers would not be able to complete all the necessary systems by January 3, 2005."