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My comment was on PMA not PFOF. I'll keep my opinions about PFOF and fragmented markets to myself for now.

PM is risk based margin. It does not mean you have to take excessive risk and in fact it makes it more efficient to hedge. Why do you feel that PM is to be avoided as a general statement?

A stock is "Threshold" with the clearing broker can't find shares to borrow to make delivery by the settlement date. https://www.investor.gov/introduction-investing/investing-basics/glossary/threshold-securities

Sorry, you are right. SPRT is a threshold stock. No shorting.

I'm not sure I do either. What I do know is that after the merger is complete, your option will have a different symbol and have different terms. I also know that after this occurs, those option markets get wider and less liquid. If it were me, I would exit before that happens.

See attached.

SRPT is ETB today at Lightspeed.

Exactly, that is the risk. If the calls are an early exercise.

You’re betting the stock will not go up a lot.

Expiration is 08/10/2021, a Friday. That is after X-Div date.

You will have to chat with them. It might be they are not offering shorting on some because they are too volatile vs HTB. At Lightspeed, we do not block shorting from volatility, but we do alter leverage based on risk.

Given that I have not worked in a stock loan department, so there is only so much I can understand about the inventory of locates, here is some information for those that know less than me. Each day, a clearing member needs to evaluate what symbols they have ample inventory either in house or...

To those that use CS, I’m confused. Do they not allow shorting, or do they not provide locates on HTB or only do that for certain customers that qualify?

In addition to a per share rate, we offer a per trade rate, $4.50/trade before volume discounts up to 10,000 shares, plus routing and reg fees. Contact me directly for more information.

I have no idea when those trades occurred or if they were part of a spread. Option exchanges do not allow trade throughs so it must be something else if you see a market 1.12/1.20 and the next sale is $1.87. I would ignore that volume.

Option on LS Trader are not 1/100 like stocks. 200 option or a 200 lot is 200. In SPY, 200 is a very small trade for a just OTM put or call. Very small.

Hi You, with no knowledge of this trade, and no desire to look into it, I'll give you my 2 cents. The options are traded on 16 option exchanges by multiple market makers and with customer limit order. The real size of these options is much bigger than displayed. I notion that a 200 lot would be...

https://www.nasdaqtrader.com/TraderNews.aspx?id=ETA2016-172

I thought the exchange rule was 10% but there might be a lower threshold at different priced symbols.

joeltrades - The PDT rule is based on your morning equity which includes cash and securities. The assets would have to be in one account. https://www.lightspeed.com/webinar/what-you-need-to-know-about-the-pattern-day-trader-pdt-rule/. Give me a call if you need more info.