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Tick-test rules

Definition: [crh] SEC-imposed restrictions on when a short sale may be executed, intended to prevent inveDefinition: stors from destabilizing the price of a stock when the market price is falling. A short sale can be made only when either (1) the Definition: "/?rd=sale">sale price of the particular stock is higher than the last trade price (referred to as an uptick trade) or Definition: (2) if there is no change in the last trade price of the particular stock, the previous trade price must be higher than the trade price that preceded it (referred to as a Definition: HREF="/?rd=zero+uptick">zero uptick).

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