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Post by ashiwi on Jul 3, 2014 9:03:15 GMT -5
Originally they offered me 8.5% on June 6. They upped it to 10.25% as week later and they upped it again to 12% on Monday. Short shares are hard to come by apparently. We have to wait until July 10 to get the next short report.
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Post by otherottawaguy on Jul 3, 2014 10:28:18 GMT -5
Just out of interest, what do they use as the base for the interest rate. Opening Share Price, Closing, Price on the date they borrowed?
Is it possible to offer up my shares at another brokerage? 12%, where do you get a set return like that?
OOG
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Post by jpg on Jul 3, 2014 11:09:20 GMT -5
Anyone know if they pay these rates in Canada also? I certainly would be interested. Then again the way banks work in Canada I wouldn't be surprised if they just use the shares without asking and don't pay.
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Post by ashiwi on Jul 3, 2014 12:09:30 GMT -5
The interest is based on each day's closing price. Supply and demand determines the interest rate. Price per share X amount of shares loaned X 12%. Not sure about Canada. It's done via my brokerage firm, Fidelity. Bank of America is borrowing the shares. I'm loving collecting interest while I hold my shares.
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Post by kc on Jul 3, 2014 16:34:15 GMT -5
You have to $10.00 x 12% Divided by 360 days = .003333 per share per day. so 10,000 shares = 33.33 per day interest. Good value or not?
Helping a short?
Still your shares to trade (yes)
Hope this helps.
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Post by 4allthemarbles on Jul 3, 2014 21:26:16 GMT -5
KC- Nice way of putting it.
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