Turns out that formula is right. And the fee wasn't $564 that came from other fees. It was like $385.Nope, it was just one day.
The rate was 0.275.
I've no idea how that is even calculated.
So 200 sharesx0.275x7?
Just a guess.
Read my above post.1. 7x sounds like a locate fee.
2. are you informed of the market rate before entering the order?
It's an offshore broker no PDT rule.Which day of the week did you short? You got to remember there is the T+2 settlement
It is a separate division. They are also in the US.It's an offshore broker no PDT rule.
If the rate is not shown when entering the order it can deceive many customers..From their website. At least they have always been honest about it. But is is not a healthy business model. Who in their right mind would continue to use them as a broker when they find out that they pay 7 times for day 1, if they missed the information on their website before opening an account.
Shouldn't you divide by 365 instead of 250?asln short rate on IB is 549%. so if the broker charged you 7 market rate, it would be 549%/250*7*200*5.5=169. but the short rate at your broker may be over thousands%. who knows what is the exact calculation formula given the above number here?