Heres our totals:------- 482,370,043 Almost a half billion shares traded
How many were vapor/IOU shares/Naked -- NO ONE KNOWS - But the number could be big!!
For every three IOU shares open during Dec21,2011 one BVIG share is required and the IOUshares must be delivered or a Fail to Deliver ensues and the SEC does not like FTD's
Chairman Mary L. Schapiro remarks:
We now have in place rules banning naked access and requiring rigorous pre-trade risk controls designed to help mitigate disruptive trading at the source. (sounds like KATX issues) (MM's in serious trouble, I see nothing that will help them with their shorting of KATX) No sympathy!!!
But perhaps the strongest message from the Knight Capital episode is that the party committing an error may very well end up bearing a massive financial loss. That, more than anything, sends a wake-up call to the entire industry.
The slanderers will be most at risk, they will not only lose their job but may face charges also.
The crooks will have money to bail, but bashers and slanderers will be left out in the cold to fan for themselves.