SEC chair: We shouldn’t ban short selling — it’s needed for properly functioning market

SEC Chairman Jay Clayton said Monday that the practice of short selling — effectively betting that a stock will drop — is needed to “facilitate ordinary market trading.”

“We shouldn’t be banning short selling,” Clayton told CNBC’s “Squawk Box.”

However, he said the Securities and Exchange Commissiondid replace the old uptick rule with a new measure to help mitigate the volatility that short…

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