The largest US stock exchanges are to urge US regulators to adopt a modified version of the so-called uptick rule, originally conceived during the 1930s, which they claim would curb abusive short-selling in today’s fast-moving markets.

The Securities and Exchange Commission is to consider reinstating the uptick rule after coming under political pressure to take action against short-sellers who many people hold responsible for driving down stock prices during the past 18 months.