Information Notice 5/10/19

Understanding Short Sale Volume Data on FINRA’s Website

Summary

This Notice provides information to assist market participants in understanding the short sale volume data published on FINRA’s website. FINRA is aware that some market participants, including investors, may occasionally perceive the percentage of short sale volume to be unusually high or inconsistent with reported short interest data. This perception may cause market participants to draw inaccurate conclusions about the level or nature of short selling activity in the relevant security. FINRA is issuing this Notice to further explain the published short sale volume data and provide several key points for market participants to consider when evaluating the data.

Questions concerning this Notice should be directed to:

  • Yvonne Huber, Vice President, Market Regulation Department, at (240) 386-5034;
  • Lisa Horrigan, Associate General Counsel, Office of General Counsel (OGC), at (202) 728-8190; or
  • Cara Bain, Assistant General Counsel, OGC, at (202) 728-8852.