I buy 1000 shares through MM A from you who goes through MM B. It normally takes 3 days before the trade with MM A is "settled". However I decide to sell my stock 2 days from now to another guy who goes through MM C. MM A completes the transaction but to do so is technically short until the original transaction settles.
The short numbers that come out everyday involve complex aggregates of that above scenario so any actual short data contained within them is convoluted.
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