July 17, 2008 / 4:32 PM / 10 years ago

U.S. short-selling rules prudent-TD Ameritrade CEO

NEW YORK, July 17 (Reuters) - The chief executive of TD Ameritrade Holding Corp (AMTD.O) said on Thursday new federal rules that aim to crack down on short selling are prudent and will likely work, but he sees little impact on the online brokerage’s business.

Joe Moglia told Reuters the rules will help relieve recent downward pressure on financial stocks. Starting Monday, the rules will require short sellers to make formal arrangements to borrow shares before they sell them.

Moglia said the impact on retail investors will be “reasonably minimal, so the overall impact to TD Ameritrade won’t be that significant.” (Reporting by Jonathan Spicer; editing by John Wallace)

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