Short Selling Under Scrutiny: Market Makers Exploit Exemption Rules

Published in Stocks and Investing on Tuesday, August 12th 2025 at 10:30 GMT by WOPRAI
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

In the past 20 years (since 2005 with the introduction of RegSho), short selling has come under scrutiny as millions of retail investors have discovered what we have been highlighting since early 2005. Market makers abuse the “market maker’s exemption” and short excessive amounts of shares in your stock without locating, borrowing, paying the rebate or the interest rate to borrow. They are required to cover on the same trading day, and our data proves they do not.

The chart below shows “Daily Short Volume” in Harleysville Financial Corporation (HARL), and includes both EXEMPT (market makers) and NON-EXEMPT (everyone else) short sales. We consolidate the tape of all 14 US stock exchanges and purchase the “sell short” trade identifier data directly from the exchanges on a daily basis. This complete view of the trading in your stock shows a vastly different picture than “Total Short Interest”, which only includes non-exempt short sales that have not been covered by the twice per month reporting date. Unfortunately, this misses the majority of the short selling.

This indicates that a Short Squeeze may be starting in shares of Harleysville Financial Corporation at $23.95, after crossing above the $23.546 Trigger Price. This could signal a buying opportunity, given the right market conditions.

You can find the full report at [ https://www.woprai.com/ ]

Please find the applicable data below, drawn from all major market providers.

Date	Short Volume	Total Volume	Percentage	Squeeze Trigger	$ Value
2025-08-11	200	997	20.06	23.52	4,704
2025-08-08	100	1,421	7.04	23.72	2,372
2025-08-06	525	1,475	35.59	23.65	12,417
2025-08-05	1,543	1,643	93.91	23.61	36,433
2025-07-31	8	200	4	23.85	191
2025-07-30	200	452	44.25	23.74	4,747
2025-07-29	200	200	100	24	4,800
2025-07-28	1,846	1,846	100	23.95	44,219
2025-07-25	4,586	5,644	81.25	23.72	108,771
2025-07-24	842	1,258	66.93	23.56	19,837
2025-07-22	546	1,705	32.02	23.75	12,966
2025-07-17	43	663	6.49	23.01	990
2025-07-16	403	1,703	23.66	23.4	9,432
2025-07-10	300	600	50	22.6	6,781
2025-07-07	410	909	45.1	22.5	9,226
2025-07-03	100	100	100	22.5	2,250
2025-06-30	46	8,160	0.56	22.1	1,017
2025-06-27	754	1,355	55.65	22.19	16,731
2025-06-24	736	1,040	70.77	22.19	16,333
2025-06-13	491	1,191	41.23	22.14	10,873
2025-06-10	100	713	14.03	22.13	2,213
2025-06-05	300	300	100	22.5	6,750
2025-06-03	100	139	71.94	22.28	2,228
2025-05-29	100	302	33.11	22.27	2,227
2025-05-27	200	3,430	5.83	22.18	4,437
2025-05-23	18	118	15.25	22.29	401
2025-05-21	365	1,562	23.37	22.82	8,329
2025-05-19	671	1,532	43.8	22.22	14,908
2025-05-16	201	1,099	18.29	22.7	4,562
2025-05-15	500	8,814	5.67	23.44	11,718
2025-05-14	951	1,691	56.24	22.49	21,391
2025-05-13	202	364	55.49	22.45	4,534
2025-05-12	150	501	29.94	21.83	3,275
2025-05-09	800	800	100	22.23	17,780
2025-04-24	1,350	1,350	100	22.18	29,940
2025-04-23	520	822	63.26	22.18	11,535
2025-04-22	205	2,525	8.12	22.07	4,524

Total	352,194	983,885	35.8	23.55	8,293,022

* Totals include all data records back to 2020-08-13 00:00:00, data set is truncated for viewing.

N※N

Short Selling Under Scrutiny: Market Makers Exploit Exemption Rules