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ARTICLE · 29 MAY 2019

FINRA Issues Guidance On Short Sale Volume Data

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FINRA provided guidance to help market participants understand short sale volume data published on FINRA's website.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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FINRA provided guidance to help market participants understand short sale volume data published on FINRA's website.

In an Information Notice, FINRA noted that in reviewing short sale volume date on FINRA's website, market participants may incorrectly infer that the percentage of short sale volume is "unusually high or inconsistent with reported short interest data." In order to address this issue, FINRA clarified that short sale volume data published on the FINRA website:

  • includes only trades that are publicly disseminated;
  • is not consolidated with data published by the securities exchanges;
  • is not intended to equate to "short interest information" published bimonthly by FINRA. While "short interest information" reflects short positions held by market participants on two days each month, short sale volume data published in FINRA's "Daily File" reflects the aggregate volume of short sales executed on each trade date.

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