in a "naked" short sale, the short seller makes the deal without ever having access to the securities to begin with.

"It's a standard part of how markets operate. It's how they bring negative information to bear in the markets," Musto said. "When someone starts trying to restrict it, it seems like an act of desperation."


Throughout history, regulators have cracked down on short selling after a period of economic declines. In the U.S., at the the height of the financial crisis in September 2008, the Securities and Exchange Commission temporarily banned investors from short-selling 799 financial companies.


The term "short sale" refers to a type of bet investors can make in the financial markets when they believe a stock or bond will fall. It becomes "naked" when the seller makes the bet without having the goods to back it up.


http://money.cnn.com/2010/05/19/news/economy/naked_short_selling_wtf/index.htm

參考來源：

""It's a standard part of how markets operate. It's how they bring negative information to bear in the markets," Musto said. "When someone starts trying to restrict it, it seems like an act of desperation.""
- What is naked short selling? - May. 19, 2010 (在「Google 網頁註解」中檢視)