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Short Sale Cost

Calculating the Cost of Borrowing Stock at Interactive Brokers

Two factors contribute to the daily cost/revenues related to short selling of stocks and bonds at IBKR:

Borrow Fee
Short Sale Proceeds interest you receive from IBKR

Cost to Borrow USD, HKD and EUR Stock Examples^1,2

Choose Stock Type:

Symbol	Name	Short Position Value
AAPL	Apple Inc	USD
MUB	iShares National Muni Bond ETF	USD
		USD

Symbol	Share Price	Quantity	Collateral Mark	Collateral Value	Borrow Fee Rate	Borrow Fee Amount (Daily)	Short Sale Proceeds Interest Rate	Short Sale Proceeds Interest Amount (Daily)	Net Rebate Rate	Interest Accrual (Daily)
AAPL
MUB
Totals and WAVG Rates

Key:

General Collateral stocks are highly liquid securities readily available to borrow and lend in the Securities Lending market. Note: General Collateral stock may become Hard-to-Borrow due to changing market conditions.

Hard-to-Borrows are securities that may not be readily available to transact in the Securities Lending market due to factors such as low liquidity, elevated demand for borrow, heightened volatility or regulatory restrictions.

Interest Paid to You on Short Sale Proceeds Cash Balances³

Accounts with NAV of USD 100,000 (or equivalent) or more are paid interest at the full rate for which they are eligible. Accounts with NAV of less than USD 100,000 (or equivalent) receive interest at rates proportional to the size of the account. There will be no interest paid on the first USD 100,000.

Balance

Pricing Plan:

IBKR Pro IBKR Lite

Calculate Blended Rate

Compare - IBKR Pro vs IBKR Lite

The interest calculator is based on information that we believe to be accurate and correct, but neither Interactive Brokers LLC nor its affiliates warrant its accuracy or adequacy and it should not be relied upon as such. Neither IBKR nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this calculator.

BM = Benchmark Rate

Currency	Tier	Rate Paid: IBKR Pro	Rate Paid: IBKR Lite
USD	0 - 100,000	0%	0%
	100,000.01 - 1,000,000	3.080% (BM - 1.25%)	2.080% (BM - 2.25%)
	1,000,000.01 - 3,000,000	3.830% (BM - 0.5%)	2.080% (BM - 2.25%)
	3,000,000.01 +	4.080% (BM - 0.25%)	2.080% (BM - 2.25%)
AUD	0 - 150,000	0%	0%
	150,000.01 +	1.667% (BM - 2.25%)	0.667% (BM - 3.25%)
CAD	0 - 130,000	0%	0%
	130,000.01 - 1,300,000	0.999% (BM - 1.75%)	0.000% (BM - 2.75%)
	1,300,000.01 - 3,000,000	1.649% (BM - 1.1%)	0.000% (BM - 2.75%)
	3,000,000.01 +	1.849% (BM - 0.9%)	0.000% (BM - 2.75%)
CHF	0 - 90,000	0%	0%
	90,000.01 +	-2.422% (BM - 2.25%)	-3.422% (BM - 3.25%)
EUR	0 - 90,000	0%	0%
	90,000.01+	0.000% (BM - 2.25%)	0.000% (BM - 3.25%)
GBP	0 - 80,000	0%	0%
	80,000.01+	1.970% (BM - 2.25%)	0.970% (BM - 3.25%)
HKD	0 - 780,000	0%	0%
	780,000.01	0.000% (BM - 2.25%)	0.000% (BM - 3.25%)
JPY	All	0%	0%
MXN	0 - 2,000,000	0%	0%
	2,000,000.01+	4.431% (BM - 4%)	3.431% (BM - 5%)
SEK	0 - 900,000	0%	0%
	900,000.01+	0.000% (BM - 2.25%)	0.000% (BM - 3.25%)

Disclosures

Any trading symbols displayed are for illustrative purposes only and are not intended to portray recommendations or solicitation for a particular course of action, service or product. This information is of a general nature. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives, and requirements and, if required, seek professional financial advice before making any financial decisions.

This page does not consider all fees that might be applicable to your transaction and you should not rely on it to assess the total charges you may pay. Borrow fee rates and short sale proceeds are calculated based on settled stock positions. Costs for borrowing certain stocks may be elevated due to supply and demand dynamics in the Securities Lending market. Please note, these dynamics may lead to negative rebate rates if the borrow fee rate exceeds the short proceeds interest earned. Stock borrow fee rates may also vary by program or arrangement. Clients introduced through another broker may pay a different stock borrow fee at the election of the client’s introducing broker. Clients should contact their introducing broker about the rates that will apply to their account. The rates displayed on this page are for illustrative purposes only and are subject to change.

Past performance is not a reliable guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest.
Cost to borrow calculations assume NAV is greater than or equal to USD 100K. Accounts with NAV below USD 100K may receive short sale proceeds interest at rates which are proportionally less.
For balances held in CHF, JPY or RUB, IBKR may apply an effective negative rate to long balances held. The negative rate applied to accounts holding these currencies is the same regardless of account size. For other currencies in which the effective rate is less than zero, the interest paid is 0%.

Which Plan is Best for You?

Features	IBKR Lite	IBKR Pro
Commissions:
US Exchange-Listed Stocks / ETFs	Commission-free^{1, 12}	Fixed or Tiered Pricing
Other Stocks / ETFs	Fixed Pricing	Fixed or Tiered Pricing
Options	Fixed Pricing²	Fixed or Tiered Pricing
Futures	Fixed Pricing	Fixed or Tiered Pricing
Currencies	Tiered Pricing	Tiered Pricing
Bonds	Tiered Pricing	Tiered Pricing
Mutual Funds	Fixed Pricing	Fixed or Tiered Pricing
Account Fees:
Minimum Balance	USD 0	USD 0
Maintenance Fee	USD 0	USD 0
Interest Paid on Instantly Available Cash Balances³	Benchmark minus 1.5%	Benchmark minus 0.5%
Interest Charged for Margin Loan	Benchmark plus 2.5%	Begins at Benchmark plus 1.5%, with lower rates for higher loan values.⁴
Eligible Accounts:
US Retail Investors⁵
Institutional Accounts⁶
Advisors^7,8
Brokers^9,10
Account Features:
Stock Yield Enhancement Program
Insured Bank Deposit Sweep Program
Market Data - US Listed Stock/ETFs	Complimentary non-consolidated, real time streaming data* for primary exchanges for US Equities and ETFs.	Complimentary non-consolidated, real time streaming data* for primary exchanges for US Equities and ETFs.
Market Data - Other Products	Low-cost data bundles and a la carte subscriptions available.	Low-cost data bundles and a la carte subscriptions available.
Outside Regular Trading Hours¹¹	07:00 - 20:00	04:00 - 20:00
Trading Technology:
Client Portal
IBKR Mobile
IBot
IBKR Desktop
Trader Workstation (TWS)	**
IBKR APIs
Algos	^†
Condition Orders & Advanced Order Types
Paper Trading
Mutual Fund / ETF Replicator
Risk Navigator^SM

= Included

IBKR Lite is meant for retail investors, including financial advisors trading on behalf of their retail clients. IBKR reserves the right to reject any IBKR Lite order or series of orders if IBKR determines the order(s) appear to show non-retail trading behavior. At the time an order is rejected, the client will be automatically presented the option to resubmit the rejected order on a Fixed commission basis.
Where available in North America.
Accounts with a NAV of less than USD 100,000 (or equivalent) will be paid at a rate proportional to accounts with a NAV of USD 100,000 (or equivalent) or more. The proportion is determined by the ratio of the account's NAV to USD 100,000 (or equivalent). This does not apply to currencies with negative interest rates, where the negative rate applied will be the same regardless of account size. See our Interest Rates for details.
See our Margin Rates for details.
US Retail Investors includes individuals, joint, UGMA/UTMA, retirement and trust accounts.
1. Standalone trust accounts with legal entity trustees are not eligible for IBKR Lite
Institutional Accounts are defined as any hedge funds, proprietary trading group or organizational type accounts
Advisors include all registered financial advisors and non-registered financial advisors.
To be eligible for IBKR Lite, advisors must be US domiciled and must have:
1. Less than 15% of client accounts outside the US
2. Less than 15% of client equity outside the US
3. Less than 15% of client accounts as organization accounts
4. No client accounts from Israel
5. No partitioned client accounts
6. No Separate Trading Limits (Proprietary Trading) accounts
Brokers require special approval from IBKR before opening an IBKR Lite account. Brokers cannot have both IBKR Lite and IBKR Pro clients under the same account structure. Separate accounts structures are required to facilitate.
Brokers on the IBKR Lite plan cannot support the follow ing type of client sub accounts:
1. Israel is the country of legal residence of the account holder
2. Partitioned client accounts
3. Three-tier hierarchies (no advisor or STL proprietary trading accounts)
4. OMS clients
Regular trading hours for IBKR Lite and IBKR Pro are 09:30 – 16:00. Market orders placed prior to regular trading hours will be treated as MarketOnOpen orders and count towards client threshold.
At the end of each month, IBKR will review the total monthly trading volume of US listed stock orders. If the combined volume of OnClose, OnOpen, Outside Regular Trading Hours ("Outside RTH") or sub-USD 1.00 NMS exceeds 10% of an account's monthly US stock trading volume, a commission of the lesser of USD 0.005 per share or 1% of trade value will be charged.

* Excludes pink sheet data.
**Trader Workstation (TWS) is not available to Brokers' clients enrolled in IBKR Lite.
† Fees may apply.

We understand your investment needs change over time. You can switch between the IBKR Lite and IBKR Pro plan at any time. Your first three reclassifications are processed on a daily basis while subsequent reclassifications happen on a quarterly basis.

Short Sale Cost

Short Sale Cost

Calculating the Cost of Borrowing Stock at Interactive Brokers

Interest Paid to You on Short Sale Proceeds Cash Balances3

Balance

BM = Benchmark Rate

Interest Paid to You on Short Sale Proceeds Cash Balances³