Why can’t I short all the shares I located?

The number of shares you can locate and the number you can short may differ because they are calculated at different times.

How it works:

• The Short Locator estimates how many shares you can short at the time you request a locate
• When you place a short order, the system re-checks your buying power and eligibility in real time

What can impact your ability to short:

• Price changes in the security
• Margin requirements
• Available buying power in your account
• Stocks priced below $3.00 are non-marginable
• Stocks priced below $0.50 cannot be shorted

Important:

• Locate fees are non-refundable, even if you cannot use all located shares
• You may be able to sell back unused locates (not currently in use) to recover a portion of the cost
• Unused locates can typically be offered for credit until 8:00 PM ET