Perspective
Dec. 2, 2015
Case could rock securities markets
National settlement and clearing systems rely on regulatory consistency and stability to cheaply and efficiently settle millions of transactions every day — and that's what's a stake in a case before the U.S. Supreme Court. By Diane McGimsey and Stanton Gallegos
On Tuesday, the U.S. Supreme Court will hear oral argument in Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, 14-1132, a case that has wide-ranging implications for financial institutions. Manning is one of a growing number of cases brought by plaintiffs seeking to recover damages under state law based on allegations of "naked" short selling.
Short selling is the sale of a stock that the...
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