At ORTEX, we are continuously working to improve our platform, including the user interface and how data is displayed across different sections. To that end, we are overhauling the Shorts section for individual securities in a way that will provide even greater insight and granular detail into short interest and securities lending information.
The headline box is now more clearly labeled to ensure that users know that this data is updated daily. The Live Updates box that displays real-time estimates has been reorganized to highlight our current short interest estimate, both in terms of shares and as a percentage of free float.
We have added intraday charts for other metrics, including returned/borrowed shares and cost to borrow (CTB) data, with the previous day’s data also displayed for comparison and reference. This visualization will allow users to see dynamic changes in lending data throughout the trading day as they occur in real time.
For instance, we sometimes receive questions about how the minimum CTB can dip into negative territory. This occurrence is actually fairly common. Borrowers must post collateral with securities lenders in order to secure the loan, which can consist of cash, shares, or other types of assets. Depending on the quality and quantity of that collateral, lenders may offer more attractive rates. In some cases, that can be negative, effectively meaning the lender is paying the borrower a small fee for the transaction.
The minimum and maximum CTB can also change intraday. Sometimes a loan transaction is booked but may be cancelled or closed unfulfilled later in the day, removing that CTB data point altogether. The new intraday charts will show when such changes occur.
Based on popular demand from customers, we are also including lending data from Interactive Brokers in a brand new information panel. This will include the number of shares that are available through Interactive Brokers as well as the current borrow fee. Note that Interactive Brokers may source stock supply from some of the lenders that we already include in our primary lending data feed, so there can potentially be some overlap in the data. This is why we present the Interactive Brokers data separately.
We hope our users find the new interface even more useful in analyzing potential trades and making informed investing decisions.