Summary of the article: the elimination of the uptick rule is responsible (http://en.wikipedia.org/wiki/Uptick_rule http://en.wikipedia.org/wiki/Uptick_rule has

Summary of the article: the elimination of the uptick rule is responsible (http://en.wikipedia.org/wiki/Uptick_rule http://en.wikipedia.org/wiki/Uptick_rule has some good background). This is all new to me, and sounds compelling, but I have a question. If the elimination of the uptick rule in mid-2007 is exacerbating market volatility, why don't the market authorities (NYSE, NASDAQ) reinstate the uptick rule on their own? Is it that they aren't allowed to make their own rules, within the SEC's regulatory oversight? Perhaps they see the increased volatility as a good thing for them? Are they so spooked by the current economic weather that they don't see the larger picture?