***This function is not supported with IB and TD Ameritrade. Please contact IB and TD Ameritrade directly for the locate request. Once done, you should be able to short trade the symbol on DAS.
The Short Locate function allows the trader to instantly request locates of hard-to-borrow (HTB) securities without having to contact your broker. Normally, the process takes up to 20-30 minutes of a trader’s time, but with this feature, the trader bypasses the lengthy process of negotiating a symbol’s price, shares…etc. with the broker and allows the trader the instant ability to short non-ETB stock on the software. However, it does require that your broker is compatible with this feature, so you must contact your broker to ensure they also support this feature.
Click on the Trade Menu and select the Short Locate option to open the Short Locate window. Now you can enter a symbol, shares, and select a route to do a price inquiry. If the price is acceptable, you can go to the Locate Order section to enter your account and locate the shares and submit the short locate request. After a locate request has been accepted, you can still click on the cancel button to cancel it. The following is a brief explanation of each status of the locate request:
- Waiting: Locate request sent, but waiting for the vendor to locate.
- Offered: Locate is available now, the user can choose to accept or reject the offer.
- Located: Locate successfully.
- Canceled: Locate request is canceled by the user or vendor.
- Rejected/Closed/Declined: Locate failed for some reason.
Hint: In the Locate Order step, a locate shares cannot be greater than an inquire shares. All short locate requests are valid for the same-day trading, and new locate requests are required for each trading day. Any approved requests for shares that are not used by the end of the same trading day will expire. You can contact our support staff at [email protected] if you need further assistance.
