I tried to put a limit order for GME @ $40 the other day when price was only $28ish, and IBKR rejected the trade saying that limit orders have to be within 3% of the market value or something. Is this restriction in place to keep my shares available to lend out to shorts? Afaik if there is an open order on shares they can't be borrowed. So the broker sells my shares to the short seller, and the short seller starts earning interest on that amount from the broker, because the broker is using the money from selling my shares to invest, and the broker is collecting fees for all the transactions...yet I get nothing? I have facilitated the whole transaction in the first place so shouldn't I be getting a piece of the pie? There should be a notification from the broker requesting to borrow your shares, and the portion of interest you are to receive, and throw in a 5% borrowing fee, and you can either accept or reject the offer.
I could be wrong on the %. I just tried it again and it let me put a limit order @ $40. Maybe last time it was an outside RTH order. Anyway works now...I will screenshot it if happens again.