Law Firm Wachtell Lipton Waits on Uptick Rule Reinstatement

"I've spoken to [Chairwoman Mary] Schapiro of the SEC," Frank said. "I am hopeful the Uptick Rule will be restored within a month."

That was music to Wachtell's ears.

"For over eight months, we have called on the SEC to reinstate the 'Uptick Rule,'" write Herlihy and counsel Theodore Levine in a Wachtell memo released on Wednesday. "Despite...