Exchanges and brokerages urged the SEC's staff to exempt market makers from an emergency, temporary rule that prevents some short selling in shares of Fannie Mae, Freddie Mac and major Wall Street firm to curb abuses. "The staff is recommending exceptions to the short-sale order for market makers of the 19 stocks and their derivatives from arranging to borrow in advance for short sales in their market-making and related hedging activities, to avoid constraining the market makers' provision of liquidity," said SEC spokesman John Nester. SIFMA had voiced concerns about the restrictions and the effects they might have on market liquidity.
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