Questrade adds new short-selling feature to IQ Edge platform

Maria Nikolova

With version 5.7.8 of the platform, traders will no longer need to manually confirm borrow rates.

Canadian online trading services provider Questrade is about to introduce some enhancements to its trading platform IQ Edge later this week.

On April 21, the company will be releasing the newest version of its platform IQ Edge – 5.7.8. With this mandatory update, the company adds new features, including short-selling automation. In brief, with few exceptions, traders will no longer need to manually confirm borrow rates. Payment confirmations could now be submitted right from the platform.

Before entering a short position, traders will receive a message outlining how much it would cost per day to borrow the selected security (when applicable) along with their order confirmation. If a trader accepts the payment and trade, their order will be sent to the exchange, and they will be charged for each full day they hold the short position.

The broker notes that the borrow rate is a floating one; it can change throughout the day up to 2 p.m. ET. Rates fluctuate based on the security’s market value, demand, and available inventory. If fees increase beyond the amount a trader is willing to pay, all a trader will have to do is close their short position before 5:30 p.m. ET to avoid being charged.

Regarding customers holding short positions, the company says that, effective April 23, it may start to charge them for holding selected securities short in their account.

In order to find current rates for their existing short positions, traders will need to log in to the trading platform on April 21st. Once logged in, they have to go to “Positions” and hover the “R” icon. If they are not willing to pay the fee, they have to cover their short positions before 5:30 p.m. ET on Monday, April 23.

IQ Edge users will receive an email notification on April 21 to update their platform. If they are using Questrade Trading or Mobile, these platforms will be updated automatically – no action is required on traders’ part.

Talking of improvements to IQ Edge, let’s note that new trading venues are added to Time & Sales. The novelties include:

  • Display EDGA, CX2, CXD, ICX, LIQ, LYX and MCRY trades on Time & Sales;
  • Listing of new trading venues for OPRA, NYSE, NASDAQ and Canadian ATS.

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