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Effective September 18, 2008, amid claims that aggressive short selling had played a role in the failure of financial giant Lehman Brothers, the SEC extended and expanded the rules to remove exceptions and to cover all companies, including market makers.
A 2014 study by researchers at the University at Buffalo, published in the Journal of Financial Economics, found no evidence that failure to deliver stock "caused price distortions or the failure of financial firms during the 2008 financial crisis" and that "greater FTDs lead to higher liquidity and pricing efficiency, and their impact is similar to our estimate of delivered short sales." Some commentators have contended that despite regulations, naked shorting is widespread and that the SEC regulations are poorly enforced.
Such a trader first "borrows" shares of that stock from their owner (the lender), typically via a bank or a prime broker under the condition that he will return it on demand.
Next, the trader sells the borrowed shares and delivers them to the buyer who becomes their new owner.
When the seller does not obtain the shares within the required time frame, the result is known as a "failure to deliver".Failing to deliver shares is legal under certain circumstances, and naked short selling is not per se illegal. Byrne, have advocated for stricter regulations against naked short selling.In 2005, "Regulation SHO" was enacted; requiring that broker-dealers have grounds to believe that shares will be available for a given stock transaction, and requiring that delivery take place within a limited time period.Fail reports are published regularly by the SEC, and a sudden rise in the number of fails-to-deliver will alert the SEC to the possibility of naked short selling.In some recent cases, it was claimed that the daily activity was larger than all of the available shares, which would normally be unlikely.