A long-requested capability that users wanted in the Lightspeed Trader platform was the ability to find stocks to short easier and faster. Version 8.2.171 of Lightspeed Trader added a new functionality which allows customers to request shorts which are not found on the “Easy to Borrow” list. This new feature is an example of one of the ways that we here at Lightspeed Trading consistently listen to customer feedback to improve the user experience at every opportunity. Tom Gibb, Co-President of Lightspeed Trading, had that to say about the additional feature: “Automated short locate functionality within the front end was something our customers expressed great interest in. We take great pride in listening to our active traders and expanding Lightspeed Trader’s functionality in ways that enhance their trading experience.” HOW SHORT LOCATE WORKS Previously, when customers wanted to know if a stock was available to borrow, they needed to call the support desk. Now, thanks to a partnership with Velocity Capital, LLC, the process is fully automated. Users can now add the Short Request module to their Lightspeed Trader home screen. This new feature is very simple to use. Customers can search for the stock symbol that they would like to borrow, input the desired quantity, and press the “Locate” button. If the stock is available, the software will return with the current borrow price per share and the total cost to borrow. At that point, users can determine whether they want to borrow the stock at the available price, or if they want to cancel the request. With this added feature, low cost trading is easier than ever. HOW TO ADD THE SHORT LOCATE FUNCTIONALITY TO LIGHTSPEED TRADER Current users of the Lightspeed Trader platform will need to download the latest version in order to have access to this new feature. After the program has been updated, the customer will need to contact Lightspeed Client Services in order to activate the window. Our experienced staff members are available during both regular and extended market hours to better serve you. Customers may call 888.577.3123 and select Option 1 to speak with a representative, or they may email service@lightspeed.com. There has never been a better time to try the Lightspeed Trader platform. You can request a free demo of our versatile, cheap trading software to explore all of the other benefits that Lightspeed Trader has to offer.
Lightspeed Trading Adds Short Request Functionality to Its Flagship Trading Platform New York, NY – March 15, 2017 – Lightspeed Trading has announced that it has made requesting shorts much easier in its latest Lightspeed Trader platform version 8.2.171. Now customers can request shorts not found on the Easy to Borrow list directly from within the platform itself. In partnership with Velocity Capital, LLC, Lightspeed Trader makes it possible for clients to request, price, and obtain locates in a fully automated fashion. Customers wishing to short a stock not on the Easy to Borrow list will no longer have to phone the support desk, resulting in quicker and easier access to borrows. “Automated short locate functionality within the front end was something our customers expressed great interest in,” said Tom Gibb, Co-President of Lightspeed Trading. “We take great pride in listening to our active traders and expanding Lightspeed Trader’s functionality in ways that enhance their trading experience.” If you currently use Lightspeed Trader and would like to access the new short requester, please download the latest version of the platform and contact Lightspeed Client Services to enable the window. You can reach our desk at 888.577.3123 (Option 1) or via email at service@lightspeed.com. If you are not a Lightspeed Trader client, contact me, Robert Morse for more information
I've used this feature quite a few times since release and it's awesome! I can get a borrow in <10 seconds, amazing.
Hey Bob, When I look for a short, I am given an interest rate I have to pay or it is listed as zero. With your example above I see there is simply a charge listed. Is this a one time charge instead of a negative short rate or in addition to?
FSU, These are locates not borrows. You pay for the l locate when you can't get it for free from the clearing firm through us. You pay this one time fee if you use the locate or not, after you accept the charge, The cost of a borrow for overnight, is what the Clearing firm charges. You can bet any stock that needs a locate this way, is expensive to hold overnight, Most of our clients only DT these,
does the locate belong to the client for the entire day? can you trade it back and forth numerous times?