The Problem with Official Data
In the US, official exchange-reported short interest is published only twice a month and is typically delayed by approximately eight trading days. By the time this data reaches the public, it is often nearly four weeks old. ORTEX addresses this information asymmetry by modeling short interest from securities-lending data, providing daily and intraday estimates for over 52,000 securities.
Why Lending Data Matters
To short a stock, one must first borrow it. By tracking the number of shares on loan, utilization rates, and the cost to borrow, ORTEX creates a proxy for short interest that updates continuously throughout the trading session. This allows analysts to see positioning build or unwind in near-real time, rather than waiting for the next official print.
Key Takeaways
- Coverage: 52,000+ securities globally.
- Frequency: Daily and intraday updates.
- Metrics: Includes cost to borrow, utilization, and days-to-cover.
- Advantage: Bridges the gap between stale bi-monthly reports.
The Bottom Line
For active traders and risk managers, relying solely on official FINRA data is insufficient. ORTEX's near-real-time modeling provides the necessary visibility into the 'whole short side' of the market, including squeeze risk and borrow scarcity.
Signal data sourced from Ortex. This post is an original analysis prepared by The Forensic Ledger from publicly available data. Not investment advice.
Not investment advice. This is original reporting and analysis prepared by The Forensic Ledger from publicly available data. Nothing here is a recommendation to buy, sell, or hold any security. Always consult the original source and a licensed professional. See our full disclaimer and source-citation policy.