How are overnight borrow rates calculated?

When holding any short position overnight, an overnight borrow fee will apply. This daily fee will be charged every day you hold a short position overnight and until the short position is covered. You can see an estimate of the fee by logging into your client portal and going to: Tools > Overnight Borrow Calculator.

The overnight borrow calculator includes all holidays or weekdays where a fee will apply. It is important to check the overnight borrow calculator every day you plan on holding your short position overnight.

Please note that overnight borrow costs are based on a minimum of 100 shares short. Overnight borrows are denominated in 100-share lots, meaning that odd-lot positions (less than 100 shares) are rounded up to the nearest hundred shares.

For example:

• If you hold 1 share short overnight, you will still be charged the daily fee applicable to 100 shares.
• If you hold 235 shares, this will be rounded up and charged as 300 shares.
• After the first 100 shares, fees continue in blocks of 100 shares.