Thursday, February 16, 2017 6:02:03 PM
There was no significant change in SLB fee rates on Thursday, indicating the day's pullback was not due to short selling. First is a an update of the weekly chart I shared yesterday, then is a daily chart to zoom in on the most recent SLB fee rates and Put options.
The daily chart shows the SLB fee rate almost hit 100% at the end of Dec, without having a major impact on the price per share. The SLB fee rate and a big drop in price per share only seems to have occurred when the SLB rate went much higher than 100%. Similarly, a spike of 3,000 Put contracts did not seem to have an impact on price per share. Put contracts are used for purposes other than substituting for shorting, with a major one being used as insurance for a long position in case the price drops, which might have been used by Park West as part of their strategy when buying a 5+% long position.
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