Do I pay borrow fees over the weekend or holidays?

It depends on when your short position is closed and how the trade settles.

How it works:

• Overnight borrow fees are based on the settlement timing (T+1)
• Fees may apply if your position remains open past the 8:00 PM ET cutoff

Weekend / Holiday Considerations:

• If your short position is still open after the Thursday 8:00 PM ET cutoff, you may be charged multiple days of borrow fees
• This is because the cover for a short position held overnight on Thursday cannot settle until Monday at the earliest
• Holidays may also impact settlement timing and result in additional borrow charges

Examples:

• No weekend fee: Short on Tuesday → Cover on Thursday
• Weekend fee applies: Short on Tuesday → Cover on Friday
• No weekend fee: Short on Friday → Cover on Monday
• Weekend fee applies: Short on Thursday → Cover on Monday

Important:

• Borrow fees are determined by settlement timing, not just trade timing
• Fees are charged daily while the short position remains open
• Always review borrow estimates before holding positions overnight"