(Reuters) The top U.S. securities regulator plans to propose new short selling rules in the next few weeks.
U.S. Securities and Exchange Commission Chairman Christopher Cox said on Tuesday that the proposal "will focus on market-wide solutions" but is not intended to have any impact on the direction of prices.
Cox also said fails to deliver "were reduced substantially" for the stocks covered under the SEC's recent emergency short selling rule.
"It was a very effective order from that standpoint," Cox told reporters after a news conference.
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