Short Locate Tool FAQ
Understand the short locator and associated pricing.
What is the Short Locator?
The Short Locator is a tool tied into an outside party’s locate desk in which stocks that require locates can be located to short if adequate shares are in the inventory.
What is the cost to use the Short Locator?
Every symbol has a different cost depending on many factors. The charges will be assessed on a per-share basis.
When are these fees deducted from my account?
These fees will be deducted on the day following the initial locate activity. You will see this line item on the “Account Activity” page under the label Locate fees.
How does the Short Locator function?
- The Short Locater can be accessed by going to the main toolbar and selecting: Trade then Short Locate. Enter symbol, share amount, and hit inquire in the price inquiry field. Please note you will need to submit a price inquiry prior to obtaining a locate. Once this is done, select your account, locate share amount, and hit locate order. You will then get a popup to confirm your order.
- If you accept the shares you will be charged whether or not you execute an order as your acceptance reduces the inventory of shares for all clients to utilize. The amount of shares that you accept can be used for day trading without the need for locating more shares.
- The Short Locator is available from 4AM to 8PM EST for CenterPoint Clients.
What is the difference between intraday and overnight locates?
- All locates are for the day only and expire at the day’s end (8pm EST).
- You can hold up to 25,000 shares per symbol with no additional overnight locate fees. The remaining shares (over 25,000) will incur a 2X multiplier fee.
- All short positions are subject to short interest charges by the clearing firm.