Nordea Bank increased the margin requirements for SIVE's short products by about 50% in just six days. This isn’t a market reaction—it’s a bank repricing because they can’t actually borrow the shares. May 28 → June 3: → -1x leverage: 51.5% → 76.5% → -2x leverage: 102.5% → 152.5% → -3x leverage: 153.5% → 228.5% Their reasoning: “Poor liquidity in the securities lending market, rising borrowing costs.” What’s tightening the pool of borrowable shares: → JPMorgan disclosed a 5.25% stake on Friday—one transaction pulled about 16 million shares out of the borrowable inventory → MSCI + OMX index inclusion now effective—passive funds don’t lend out shares → Cicero Fonder’s sale of 5.75 million shares went to long-term institutional buyers—also not lenders → Short positions still account for about 17% of the free float Every institutional buyer is removing shares from the borrowable pool. Each margin hike makes it more expensive for existing shorts to maintain their positions. A squeeze is mechanically forming in the securities lending market. Nordea’s margin table is the evidence. SIVE