For the first time, TradeZero clients will now have the additional benefit and advantage of being able to sell back short locates that are no longer needed. This patent pending innovation will help to recoup some of the initial locate cost in the following scenarios and more:
Finished Trading For The Day
Decided Not To Use The Locates
Partially Used Locates
How It Works?
During the trading day, if you have locates you no longer want or need, you can mark all or a portion of your locate shares for credit by pressing the 'Credit' button next to each located symbol's quantity. By marking your locate shares for credit you will make the locate shares available on a first come first serve basis to other TradeZero clients looking for locates in the same security. You can recoup up to 50% of your initial locate cost when another TradeZero client purchases your locates marked for credit.*
Any locates that you mark for credit are automatically and instantly placed in a locked state, preventing you from initiating a new short position with those locates.
What's New in Locates 2.0
The watchlist allows users to create a dynamically updating list of symbols for locating.
Traders can see locates per symbol that're both available & unavailable. Mark a locate for Credit.
The Locate Open Orders window provides traders with all existing open locate orders.
Who has Access
All TradeZero account holders that are approved for margin trading have access to the new stock locator service.