ACCESO A DATOS DE MERCADO: USO PROFESIONAL FRENTE A USO NO PROFESIONAL

Übersicht: 

La mayoría de los mercados cargan una tarifa por acceder a sus datos de mercado en tiempo real (cotizaciones e información de operaciones).

Background: 

Las tasas para los usuarios profesionales son considerablemente más elevadas que para los usuarios no profesionales. Por lo tanto, muchos mercados, y los mercados estadounidenses en concreto, tienen un detallado cuestionario que requieren que sea completado por los usuarios para cualificar para las tasas más bajas.

Si desea acceder a los datos en tiempo real para cualquiera de los siguientes servicios de datos (AMEX, CME, NYSE, NASDAQ, OPRA o U.S. Securities Snapshot & Futures Value Bundle), debe completar y reafirmar este cuestionario de forma anual.

Puede encontrar más información sobre el uso de datos profesional y no profesional en los siguientes artículos de los Fondos de Información:

  • Una descripción detallada de lo que se cualifica como uso profesional frente a uso no profesional: KB2369 
  • Ayuda para completar el cuestionario de uso de datos: KB2583 

ACCES AUX DONNEES DE MARCHE: USAGE PROFESSIONNEL VS NON-PROFESIONNEL

Übersicht: 

 La plupart des Bourses facturent des frais d'accès aux données de marché en temps réel (cotations et informations de trading).

Background: 

Les frais appliqués aux utilisateurs professionnels sont généralement sensiblement plus élevés que les frais pour un usage non-professionnel. Par conséquent, de nombreuses Bourses, en particulier les Bourses américaines, requièrent que les utilisateurs remplissent un questionnaire détaillé afin de déterminer leur éligibilité à des frais moindres.

Si vous souhaitez accéder à des données en temps réel pour les services de données d'AMEX, CME, NYSE, NASDAQ, OPRA ou les liasses Value de titres et contrats à terme des États-Unis, vous devez remplir ce questionnaire et reconfirmer votre statut tous les ans.

Vous trouverez plus d'informations concernant l'usage de données pour Professionnels vs Non-professionnels dans différents articles de la base de connaissance:

  • Description détaillée des critères définissant un usage Professionnel et Non-professionnel: article KB2369 
  • Informations sur la manière de remplir le questionnaire: article KB2583 

Définitions du terme Utilisateur Professionnel selon le NYSE et la majorité des Bourses des États-Unis

Übersicht: 

Définitions du terme Utilisateur Professionnel selon le NYSE et la majorité des Bourses des États-Unis

Background: 

La plupart des investisseurs considèrent que leur activité de trading et d'investissement est non-professionnelle lorsqu' elle n'est pas liée à une activité rémunérée (emploi, consultant, gérant indépendant, conseiller en investissement, etc.). Le NYSE, ainsi que de nombreuses Bourses des États-Unis ont une définition beaucoup plus exhaustive de ce qui définit un "Professionnel" dans le cadre de l'accès aux données de marché en temps réel.

Pour ces Bourses, la définition d'un Professionnel et d'un Non-professionnel est liée à la personne utilisant les données bien plus qu'à la nature de cette utilisation, si bien que des personnes employées dans le secteur financier, même si leur rôle n'est pas lié au trading ou une activité orientée vers les marchés, entrent dans la catégorie des professionnels simplement du fait que leur employeur est, par exemple, une banque. De la même manière, si une personne est enregistrée auprès d'un organisme financier régulateur tel que la FINRA, même si cet enregistrement est lié à des activités sans rapport à la Bourse ou au marché, elle est considérée comme "Professionnelle".

Les frais facturés par les fournisseurs de données et les Bourses pour un usage professionnel sont généralement sensiblement plus élevés que les frais pour usage non-professionnel.

Il est important de noter que ces classifications sont établies par les Bourses et, bien qu'IB ne contribue pas à l'élaboration de cette définition, en tant qu’intermédiaire entre les fournisseurs de données et l'utilisateur final, nous sommes dans l'obligation de veiller à leur bonne application.

<p><u><strong>Critères de définition d'un utilisateur professionnel</strong></u></p>
<p>La liste suivante reprend de nombreux critères dont les fournisseurs de données et les Bourses tiennent compte lorsqu'elles tentent de déterminer si un utilisateur de données en temps réel est un utilisateur professionnel ou peut être considéré comme non-professionnel. Un utilisateur sera considéré comme un professionnel si au moins une des définitions suivantes s'applique au compte ou à l'utilisateur. Ces définitions émanent de plusieurs Bourses.</p>
<p>Pour consulter des documents spécifiques, veuillez cliquer les liens fournis en bas de page.</p>
<ul>
    <li>Si le compte n'est pas au nom d'une personne physique</li>
    <li>Si le compte est celui d'une organisation</li>
    <li>Si l'utilisateur est enregistré auprès d'agences de valeurs mobilières</li>
    <li>Si l'utilisateur est enregistré auprès d'un organisme de réglementation ou d'auto-réglementation</li>
    <li>Si l'utilisateur participe à des activités commerciales de services financiers ou est employé en tant que gérant/conseiller financier.</li>
    <li>Si l'utilisateur est enregistré ou possède un agrément, de quelque nature, auprès de la Securities and Exchange Commission, la Commodities Futures Trading Commission, ou tout autre agence de valeurs mobilières d'un État, association ou Bourse de valeurs mobilières, ou encore tout marché ou association de matières premières ou de contrats à terme.</li>
    <li>Si l'utilisateur est employé en tant que gérant indépendant/conseiller en investissement (“investment advisor”) tel que défini dans la Section 202(a)(11) du Investment Advisors Act de 1940 (avec ou sans enregistrement en vertu de cet acte);</li>
    <li>Si l'utilisateur est employé dans une banque ou une autre organisation exempte d'enregistrement en vertu des lois fédérales ou étatiques sur les valeurs mobilières, afin de remplir des tâches qui nécessiteraient un enregistrement ou un agrément si elles étaient réalisées par une organisation qui ne soit pas exempte d'enregistrement.</li>
    <li>Si l’utilisateur est une banque ou un prestataire de services financiers</li>
    <li>Si l'utilisateur fait un usage commercial des données</li>
    <li>Si l'utilisateur est enregistré ou a un agrément en tant que trader professionnel ou gérant indépendant/conseiller en investissement auprès d'une Bourse nationale ou d'État, un organisme réglementaire, une association professionnelle ou un organisme professionnel</li>
    <li>Si l'utilisateur agit au nom d'un établissement qui participe à des activités de courtage, bancaires, d'investissement ou financières.</li>
    <li>Si l'utilisateur facture des frais à des clients,</li>
    <li>Si l'utilisateur est un professionnel des valeurs mobilières</li>
    <li>Si l'utilisateur (ou le compte) est un négociateur-courtier</li>
    <li>Si l'utilisateur est un gérant/conseiller en investissement</li>
    <li>Si l'utilisateur est un représentant enregistré qui trade ou fournit des conseils liés au trading</li>
    <li>Si l'utilisateur ou le compte est un club d'investissement, qu'il perçoive ou non une rémunération</li>
    <li>Si l'utilisateur est un sous-traitant ou prestataire indépendant</li>
    <li>Si l'utilisateur fait usage de données, d'une quelconque manière, au bénéfice de parties tierces</li>
    <li>Si l'utilisateur a signé un contrat, reçoit ou utilise des informations en vue d'un usage privé, au nom de toute autre personne ou société, société de personnes, société à responsabilité limitée, fiducie, association ou toute autre forme d'entité</li>
    <li>Si l'utilisateur a signé un contrat, reçoit ou utilise des informations en vue d'un usage privé pour tout service payé par une autre personne ou toute autre personne ou société, société de personnes, société à responsabilité limitée, fiducie, association ou toute autre forme d'entité</li>
    <li>Si l'utilisateur accède à, ou utilise, des informations dans le cadre de son emploi ou en lien avec toute forme de trading ou d'activité commerciale</li>
    <li>Si le compte est une fiducie comptant plus d'un fiduciaire</li>
    <li>Si le compte et une fiducie dont le fiduciaire est une personne physique Si le fiduciaire est une organisation dont le seul propriétaire est une personne physique, cela ne compte pas Le fiduciaire doit être une personne physique</li>
    <li>Si le compte est une fiducie comptant plus d'un bénéficiaire qui ne sont pas des membres directs de la famille ou si les bénéficiaires sont des personnes physiques</li>
    <li>Si le compte est une fiducie qui n'est ni une fiducie de famille, ni une fiducie familiale</li>
</ul>
<p>Pour consulter la directive du NYSE, rendez vous www.nyxdata.com/Docs/Market-Data/Policies et cliquez sur All NYSE Market Data Policies  - The Complete Package, puis allez à la page 23.</p>
<p>Pour consulter la directive du NASDAQ, rendez vous sur http://nasdaqtrader.com/Trader.aspx?id=AgreementsData et cliquez sur NASDAQ OMX Global Subscriber Agreement puis allez à la page 2-6.</p>
<p>Pour consulter la directive OPRA, rendez vous sur www.opradata.com et placez votre souris au dessus de "Agreements" à gauche de la page et cliquez sur Electronic Subscriber Agreement (Attachment B-1 to Vendor Agreement) (PDF), puis lisez la partie du bas de la page 3 jusqu'à la page 4 ainsi que les notes de bas de page.</p>

ACCESSO AI DATI DI MERCATO: USO PER GLI UTENTI PROFESSIONALI VS. NON PROFESSIONALI

Übersicht: 

La maggior parte delle Borse valori prevede l'addebito di una tariffa per l'accesso ai rispettivi dati di mercato in tempo reale (quotazioni e informazioni sulle transazioni).

Background: 

Le tariffe previste per gli utenti Professionali sono notevolmente inferiori rispetto a quelle per gli utenti Non professionali. Di conseguenza, molte Borse valori, soprattutto quelle statunitensi, prevedono un questionario dettagliato e gli utenti sono tenuti alla relativa compilazione al fine di soddisfare i requisiti per l'applicazione delle tariffe inferiori.

Se si desidera accedere ai dati in tempo reale per qualunque dei servizi di fornitura dei dati (AMEX, CME, NYSE, NASDAQ, OPRA o Pacchetto Value con istantanee di titoli e future statunitensi), è necessario compilare il questionario e riconfermarlo annualmente.

Maggiori informazioni in merito all'uso dei dati per gli utenti Professionali vs. Non professionali sono consultabili in alcuni degli articoli del nostro Knowledge Base:

  • Descrizione dettagliata dei requisiti per l'uso riservato agli utenti Professionali vs. Non professionali: KB2369 
  • Assistenza alla compilazione del questionario sull'uso dei dati: KB2583 

MARKET DATA ACCESS: PROFESSIONAL VS NON-PROFESIONAL USAGE

Übersicht: 

 Most exchanges charge for access to their real-time market data (quotes and trade information).

Background: 

 The charges for professional users are considerably higher than for non-professional use. Accordingly, many exchanges, and US exchanges in particular, have a detailed questionnaire that they require users to complete in order to qualify for the lower charges.

 If you wish to access real-time data for any of the following data services (AMEX, CME, NYSE, NASDAQ, OPRA or U.S. Securities Snapshot & Futures Value Bundle), you must fill out this questionnaire and re-affirm it annually.

More information about Professional vs. Non-Professional data use can be found at various knowledge base articles:

  • Detailed description of what qualifies as professional vs non-professional use: KB2369 
  • Assistance on completing the data use questionnaire: KB2583 

Subscription considerations for U.S. market data (Non-Professionals)

In determining the range of market data subscription offerings to make available, IB seeks to balance the needs of a wide variety of clients, both in terms of the scope of products traded and the frequency of data use.  To afford clients the opportunity to minimize their monthly subscription costs for U.S. data, both bundled and a la carte monthly services are offered as well as options for real-time streaming, snapshot and delayed feeds. 

Outlined below are the basic questions to be considered when deciding which subscription best meets your needs (see website for current subscription rates). Note that clients are not obligated to purchase data through IB.
 

What US Products do you trade?

Generally speaking, clients trading a broad variety of product classes should consider the basic bundled subscription referred to as the US Securities Snapshot and Futures Value Bundle which costs USD 10 per month and provides quotes for a variety of U.S. stocks, stock indices, bonds, futures and futures options. The monthly fee for this subscription is waived for any month in which the account generates at least USD 30 in commissions.
 
Futures
- US Securities Snapshot and Futures Value Bundle: real-time top of book quotes for CBOT, CME, COMEX, and NYMEXUS.
- Futures Value PLUS Bundle: real-time depth (Level 2) of book quotes for CBOT, CME, COMEX, and NYMEX.1
- ICE Futures U.S. (NYBOT): includes real-time options and LIFFE precious metals futures and futures options.
 
Bonds
- US Securities Snapshot and Futures Value Bundle: real-time quotes for US corporate bonds and US-Treasuries.
- US Bond Real-Time Data: real-time quotes for US corporate bonds and US-Treasuries offered free of charge.
 
Options
- OPRA Top of Book: real-time top of book quotes for all U.S. securities option exchanges.
- US Securities Snapshot and Futures Value Bundle: real-time quotes for many of the stock indices which underlie options.
 
OTC Stocks
- US Securities Snapshot and Futures Value Bundle: real-time top of book quotes for OTCBB and PINK listings.
 
National Market System (NMS) Stocks - the subscription elections for NMS stocks (i.e., NYSE, AMEX & NASDAQ listings) are varied and depend upon the following considerations:
 

 

How often would you like to see real-time quotes?

 
Occasionally
- US Securities Snapshot and Futures Value Bundle: includes real-time top of book quotes for stocks listed on each of the NYSE, AMEX and NASDAQ exchanges. Intended for occasional users as quotes are delayed unless a “snapshot” refresh is requested, with each request subject to a USD 0.01 fee. If the number of refresh requests reaches 150 for a given exchange in a given month, the monthly cost for that exchange will be capped at USD 1.50 and the subscriber will receive real-time streaming quotes for that exchange for the remainder of the month at no additional charge (i.e., the maximum snapshot fee for a given month for all three exchanges is USD 4.50).  Note that while the base fee of USD 10 for this bundle is waived for accounts generating at least USD 30 monthly commissions, the fee for snapshot quote requests is not waived.
 
Routinely
- NYSE (Network A), AMEX (Network B), NASDAQ (Network C): real-time streaming top of book quotes for each the NYSE, AMEX and NASDAQ exchanges which may be subscribed to on an a la carte basis for USD 1.50 per month each (USD 4.50 for all). Intended for users who trade securities listed on only one or two of the above exchanges on a frequent basis.
 
- US Equity and Options Add-On Streaming Bundle1: Includes NYSE (Network A), AMEX (Network B), NASDAQ(Network C), and OPRA(US Options). Intended for users who trade securities listed on all of the above exchanges on a frequent basis. Will replace the snap quotes provided under the basic US Securities Snapshot and Futures Value Bundle subscription.

 

How much commissions do you typically generate per month?

 
Less than USD 30 per month
- NYSE (Network A), AMEX (Network B), NASDAQ (Network C): real-time streaming top of book quotes for each the NYSE, AMEX and NASDAQ exchanges. If you trade only NMS stocks and generate commissions of less than USD 30 per month, you can receive real-time streaming stock quotes for all three exchanges at a monthly cost of USD 4.50 vs. snap quotes at a monthly cost of USD 10.
 
More than USD 30 per month
- US Securities Snapshot and Futures Value Bundle: includes real-time top of book quotes for stocks listed on each of the NYSE, AMEX and NASDAQ exchanges on a snapshot request basis. There is no cost to elect this subscription as the fee is waived if you generate monthly commissions of at least USD 30. You may wish to consider augmenting this subscription with any of the NYSE (Network A), AMEX (Network B), NASDAQ (Network C) real-time streaming services at a monthly cost of USD 10 each.
 

 

What exchanges do you trade? 

 
Limited population 
- NYSE (Network A), AMEX (Network B), NASDAQ (Network C): real-time streaming top of book quotes for each the NYSE, AMEX and NASDAQ exchanges. If you trade securities listed on a subset of these three exchanges, you can receive real-time streaming stock quotes at a monthly cost of USD 1.50 for each. If you also maintain a subscription to the US Securities Snapshot and Futures Value Bundle, the real-time feed will serve to overlay the snap quote for any of the individual exchanges selected and you will receive snap quotes for the remainder. If you are not subscribed to the US Securities Snapshot and Futures Value Bundle, then you will receive delayed quotes for securities listed on the exchanges for which you have not subscribed.
 
All
- US Equity and Options Add-On Streaming Bundle1: Includes NYSE (Network A), AMEX (Network B), NASDAQ(Network C), and OPRA(US Options). Intended for users who trade securities listed on all of the above exchanges on a frequent basis. Will replace the snap quotes provided under the basic US Securities Snapshot and Futures Value Bundle subscription.

1Requires a subscription to the US Securities Snapshot and Futures Value Bundle.

 

 

US Reg NMS Snapshot Market Data Service

Übersicht: 

Beginning in February 2017, we will be giving clients the ability to request snapshot quotes for NYSE (Network A/CTA), AMEX (Network B/CTA), and NASDAQ (Network C/UTP) listed issues. The price for a snapshot quote will be 0.01 USD and will be charged for each snapshot quote. At the close of the month, the snapshot counter will reset. 

 

Table of contents

 

Background:

Some exchanges offer a pricing structure for clients who wish to see a single quote at a particular moment and not have their quotes update on a streaming basis. These requests are called snapshots. Snapshots are typically utilized by traders who wish to keep costs as low as possible and want to know the NBBO (National Best Bid and Offer) for a specific moment to make their trading decisions. In general, pricing for snapshot quotes are 0.01 USD or 0.01 EUR depending on the exchange location.

 

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Pricing Details:

Clients will be charged for each snapshot until they cap out at the price of the streaming quote service. Once you are capped, you will be switched to the streaming quote service[1] for the remainder of the calendar month at no charge. The switch to streaming quotes will take place at approximately 18:30 EST the following business day after reaching the snapshot threshold. At the close of the month, the streaming service will automatically terminate and the snapshot counter will reset. Each listing exchange will be capped independently and will not be combined across listing exchanges.

Listed Network Feed
Price per
Snapshot Quote
Subscriber
Status
Capped
Snapshot
Streaming Service Activated
AMEX (Network B/CTA) 0.01 USD Non-Pro 150 AMEX (Network B/CTA) (NP,L1)
AMEX (Network B/CTA) 0.01 USD Pro 2300 AMEX (Network B/CTA) (P,L1)
NASDAQ (Network C/UTP) 0.01 USD Non-Pro 150 NASDAQ (Network C/UTP) (NP,L1)
NASDAQ (Network C/UTP) 0.01 USD Pro 2300 NASDAQ (Network C/UTP) (P,L1)
NYSE (Network A/CTA) 0.01 USD Non-Pro 150 NYSE (Network A/CTA) (NP,L1)
NYSE (Network A/CTA) 0.01 USD Pro 4500 NYSE (Network A/CTA) (P,L1) [2]

Notes:

1. Clients can subscribe to a regular streaming service while choosing delayed + snapshot data for another service.

2. Billed by Interactive Brokers.

 

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Desktop Trading - TWS (Classic):

If you have delayed data displayed and subscribed to the snapshot permissions, under the column Ticker Action[1] you would see a button for Snapshot:


 

When clicking the Snapshot button, it will populate a quote details window. The quote details window will generate a timestamp the moment the NBBO quote is received for that symbol along with the NBBO information:


 

In the Quote Details Window clicking the Refresh[2] link will update the the NBBO quote.

Note:

1. At this time, it is not possible to remove the Ticker Action column permanently.

2. Each time you click refresh on the quote window or select a snapshot quote, an additional charge of 0.01 USD will incur on your monthly statement. If you reach the snapshot cap limit, the related delayed quote line will become a streaming quote line.

 

Example:

In the above case, GOOG is a NASDAQ (Network C/UTP) listed stock. There will be a charge of 0.01 USD per query (a snapshot).

  • Non-Professionals can request another 149 snapshots for GOOG or any other NASDAQ (Network C/UTP) listed shares, before it turns into streaming quotes.
  • Professionals can request another 2,299 snapshots for GOOG or any other NASDAQ (Network C/UTP) listed shares, before it turns into streaming quotes.

You will only be charged for the snapshots until the cap amount. Once the snapshot limit is reached, no further charges will be applied for the rest of the month and will begin receiving streaming quotes for that Network.

 

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Desktop Trading - TWS (Mosaic):

If you have delayed data displayed and subscribed to the snapshot permissions, when selecting a row in the Monitor tab, the Order Entry window will display an option to request a Snapshot.


 

Clicking the +SNAPSHOT link will populate a quote details window. The quote details window will generate a timestamp the moment the NBBO quote is received for that symbol and will populate the NBBO information:


 

In the Quote Details Window clicking the Refresh[1] link will update the the NBBO quote.

Note:

1. Each time you click refresh on the quote window or select a snapshot quote, an additional charge of 0.01 USD will incur on your monthly statement. If you reach the snapshot cap limit, the related delayed quote line will become a streaming quote line.

 

Example:

In the above case, GOOG is a NASDAQ (Network C/UTP) listed stock. There will be a charge of 0.01 USD per query (a snapshot).

  • Non-Professionals can request another 149 snapshots for GOOG or any other NASDAQ (Network C/UTP) listed shares, before it turns into streaming quotes.
  • Professionals can request another 2,299 snapshots for GOOG or any other NASDAQ (Network C/UTP) listed shares, before it turns into streaming quotes.

You will only be charged for the snapshots until the cap amount. Once the snapshot limit is reached, no further charges will be applied for the rest of the month and will begin receiving streaming quotes for that Network.

 

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Web Trading - WebTrader:

If you have delayed data displayed and subscribed to the snapshot permissions, on the Market Tab under the column Additional Data you would see a button for Snapshot:


 

When clicking the Snapshot button, will populate a quote details window. The quote details window will generate a timestamp the moment the NBBO quote is received for that symbol:


Note: There is no option to refresh the snapshot quote. You will have to click OK to close the window and then click the Snapshot button again to generate a new quote details window.

 

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Mobile Trading - IB TWS app:

On the Quote Screen tapping on a Symbol will expand the quote box. If you have delayed data displayed and are subscribed to the snapshot permissions you will see a link for Snapshot:


When tapping the Snapshot link, it will populate a quote details window. The quote details window will generate a timestamp the moment the NBBO quote is received for that symbol along with the NBBO information:


Note: 
There is no option to refresh the snapshot quote. You will have to click Close to close and then tap the Snapshot link again to generate a new quote details window.

 

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For information regarding subscription considerations for U.S. market data (Non-Professionals), please see KB2840.

How to check and solve connectivity issues affecting the Trader Workstation (TWS)

Background: 

The Trader Workstation (TWS) software needs to connect to our gateways and market data servers in order to work properly. Connectivity issues affecting your local network or your Internet Service Provider network may negatively affect the TWS functionality. In this article we will indicate how to test your connectivity using an automated connectivity test web page.

 

How to test the connectivity using the automated "IB Connectivity Test" web page?

1) Click on this link: http://www.interactivebrokers.com/cgi-bin/conn_test.pl 

2) Please wait until all the tests have been completed and results have been displayed. If you see "Success" as outcome for all tests, your connectivity to IB Servers is reliable at the present moment. No additional connectivity troubleshooting or configuration should be needed.

3) If you see "Fail" as outcome for one or more test/s, please click on the link "Fail" itself in order to display the "IB Network Troubleshooting Guide". That section will help you conduct some manual tests to identify the cause of the failure.

Note for Corporative environments and Proxy server users: the automated "Connectivity Test" page may return misleading results in case your machine is accessing the Internet through a Proxy server. This usually happens if you are connected to a company network. If this is your case, we kindly ask you to contact your Network Administrator or your IT Team and ask them to perform a manual connectivity tests towards the destination servers indicated in the table on the top of the IB automated "Connectivity Test" web page itself. The manual connectivity test should be conducted using destination TCP ports 4000 and 4001. Should they prefer to have the server list in another format or should they need to set up the firewall / IP Management rules, you can forward them this page.

 

Allocation of Partial Fills

Title:

How are executions allocated when an order receives a partial fill because an insufficient quantity is available to complete the allocation of shares/contracts to sub-accounts?

 

Overview:

From time-to-time, one may experience an allocation order which is partially executed and is canceled prior to being completed (i.e. market closes, contract expires, halts due to news, prices move in an unfavorable direction, etc.). In such cases, IB determines which customers (who were originally included in the order group and/or profile) will receive the executed shares/contracts. The methodology used by IB to impartially determine who receives the shares/contacts in the event of a partial fill is described in this article.

 

Background:

Before placing an order CTAs and FAs are given the ability to predetermine the method by which an execution is to be allocated amongst client accounts. They can do so by first creating a group (i.e. ratio/percentage) or profile (i.e. specific amount) wherein a distinct number of shares/contracts are specified per client account (i.e. pre-trade allocation). These amounts can be prearranged based on certain account values including the clients’ Net Liquidation Total, Available Equity, etc., or indicated prior to the order execution using Ratios, Percentages, etc. Each group and/or profile is generally created with the assumption that the order will be executed in full. However, as we will see, this is not always the case. Therefore, we are providing examples that describe and demonstrate the process used to allocate partial executions with pre-defined groups and/or profiles and how the allocations are determined.

Here is the list of allocation methods with brief descriptions about how they work.

·         AvailableEquity
Use sub account’ available equality value as ratio. 

·         NetLiq
Use subaccount’ net liquidation value as ratio

·         EqualQuantity
Same ratio for each account

·         PctChange1:Portion of the allocation logic is in Trader Workstation (the initial calculation of the desired quantities per account).

·         Profile

The ratio is prescribed by the user

·         Inline Profile

The ratio is prescribed by the user.

·         Model1:
Roughly speaking, we use each account NLV in the model as the desired ratio. It is possible to dynamically add (invest) or remove (divest) accounts to/from a model, which can change allocation of the existing orders.

 

 

 

Basic Examples:

Details:

CTA/FA has 3-clients with a predefined profile titled “XYZ commodities” for orders of 50 contracts which (upon execution) are allocated as follows:

Account (A) = 25 contracts

Account (B) = 15 contracts

Account (C) = 10 contracts

 

Example #1:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 10 am (ET) the order begins to execute2but in very small portions and over a very long period of time. At 2 pm (ET) the order is canceled prior to being executed in full. As a result, only a portion of the order is filled (i.e., 7 of the 50 contracts are filled or 14%). For each account the system initially allocates by rounding fractional amounts down to whole numbers:

 

Account (A) = 14% of 25 = 3.5 rounded down to 3

Account (B) = 14% of 15 = 2.1 rounded down to 2

Account (C) = 14% of 10 = 1.4 rounded down to 1

 

To Summarize:

A: initially receives 3 contracts, which is 3/25 of desired (fill ratio = 0.12)

B: initially receives 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: initially receives 1 contract, which is 1/10 of desired (fill ratio = 0.10)

 

The system then allocates the next (and final) contract to an account with the smallest ratio (i.e. Account C which currently has a ratio of 0.10).

A: final allocation of 3 contracts, which is 3/25 of desired (fill ratio = 0.12)

B: final allocation of 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: final allocation of 2 contract, which is 2/10 of desired (fill ratio = 0.20)

The execution(s) received have now been allocated in full.

 

Example #2:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 11 am (ET) the order begins to be filled3 but in very small portions and over a very long period of time. At 1 pm (ET) the order is canceled prior being executed in full. As a result, only a portion of the order is executed (i.e., 5 of the 50 contracts are filled or 10%).For each account, the system initially allocates by rounding fractional amounts down to whole numbers:

 

Account (A) = 10% of 25 = 2.5 rounded down to 2

Account (B) = 10% of 15 = 1.5 rounded down to 1

Account (C) = 10% of 10 = 1 (no rounding necessary)

 

To Summarize:

A: initially receives 2 contracts, which is 2/25 of desired (fill ratio = 0.08)

B: initially receives 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: initially receives 1 contract, which is 1/10 of desired (fill ratio = 0.10)

The system then allocates the next (and final) contract to an account with the smallest ratio (i.e. to Account B which currently has a ratio of 0.067).

A: final allocation of 2 contracts, which is 2/25 of desired (fill ratio = 0.08)

B: final allocation of 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: final allocation of 1 contract, which is 1/10 of desired (fill ratio = 0.10)

 

The execution(s) received have now been allocated in full.

Example #3:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 11 am (ET) the order begins to be executed2  but in very small portions and over a very long period of time. At 12 pm (ET) the order is canceled prior to being executed in full. As a result, only a portion of the order is filled (i.e., 3 of the 50 contracts are filled or 6%). Normally the system initially allocates by rounding fractional amounts down to whole numbers, however for a fill size of less than 4 shares/contracts, IB first allocates based on the following random allocation methodology.

 

In this case, since the fill size is 3, we skip the rounding fractional amounts down.

 

For the first share/contract, all A, B and C have the same initial fill ratio and fill quantity, so we randomly pick an account and allocate this share/contract. The system randomly chose account A for allocation of the first share/contract.

 

To Summarize3:

A: initially receives 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: initially receives 0 contracts, which is 0/15 of desired (fill ratio = 0.00)

C: initially receives 0 contracts, which is 0/10 of desired (fill ratio = 0.00)

 

Next, the system will perform a random allocation amongst the remaining accounts (in this case accounts B & C, each with an equal probability) to determine who will receive the next share/contract.

 

The system randomly chose account B for allocation of the second share/contract.

A: 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: 0 contracts, which is 0/10 of desired (fill ratio = 0.00)

 

The system then allocates the final [3] share/contract to an account(s) with the smallest ratio (i.e. Account C which currently has a ratio of 0.00).

A: final allocation of 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: final allocation of 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: final allocation of 1 contract, which is 1/10 of desired (fill ratio = 0.10)

 

The execution(s) received have now been allocated in full.

 

Available allocation Flags

Besides the allocation methods above, user can choose the following flags, which also influence the allocation:

·         Strict per-account allocation.
For the initially submitted order if one or more subaccounts are rejected by the credit checking, we reject the whole order.

·         “Close positions first”1.This is the default handling mode for all orders which close a position (whether or not they are also opening position on the other side or not). The calculation are slightly different and ensure that we do not start opening position for one account if another account still has a position to close, except in few more complex cases.


Other factor affects allocations:

1)      Mutual Fund: the allocation has two steps. The first execution report is received before market open. We allocate based onMonetaryValue for buy order and MonetaryValueShares for sell order. Later, when second execution report which has the NetAssetValue comes, we do the final allocation based on first allocation report.

2)      Allocate in Lot Size: if a user chooses (thru account config) to prefer whole-lot allocations for stocks, the calculations are more complex and will be described in the next version of this document.

3)      Combo allocation1: we allocate combo trades as a unit, resulting in slightly different calculations.

4)      Long/short split1: applied to orders for stocks, warrants or structured products. When allocating long sell orders, we only allocate to accounts which have long position: resulting in calculations being more complex.

5)      For non-guaranteed smart combo: we do allocation by each leg instead of combo.

6)      In case of trade bust or correction1: the allocations are adjusted using more complex logic.

7)      Account exclusion1: Some subaccounts could be excluded from allocation for the following reasons, no trading permission, employee restriction, broker restriction, RejectIfOpening, prop account restrictions, dynamic size violation, MoneyMarketRules restriction for mutual fund. We do not allocate to excluded accountsand we cancel the order after other accounts are filled. In case of partial restriction (e.g. account is permitted to close but not to open, or account has enough excess liquidity only for a portion of the desired position).

 

 

Footnotes:

1.        Details of these calculations will be included in the next revision of this document.

2.        To continue observing margin in each account on a real-time basis, IB allocates each trade immediately (behind the scenes) however from the CTA and/or FA (or client’s) point of view, the final distribution of the execution at an average price typically occurs when the trade is executed in full, is canceled or at the end of day (whichever happens first).

3.       If no account has a ratio greater than 1.0 or multiple accounts are tied in the final step (i.e. ratio = 0.00), the first step is skipped and allocation of the first share/contract is decided via step two (i.e. random allocation).

 

Definiciones de usuarios profesionales según NYSE y la mayoría de mercados estadounidenses

Übersicht: 

Definiciones de usuarios profesionales de acuerdo con el NYSE y la mayoría de mercados estadounidenses

Background: 

La mayoría de inversores consideran que su actividad de inversión y negociación es no profesional cuando su función no está relacionada con una actividad recompensada (por ejemplo, empleo, consultoría, asesoría financiera, etc.). El NYSE y la mayoría de mercados estadounidenses tienen una definición más amplia de lo que significa "profesional" cuando se trata del acceso a sus datos de mercado en tiempo real.

Para estos mercados, las definiciones de profesional y no profesional están unidas a la persona que hace uso de los datos, más que a la naturaleza del uso; empleados de la industria financiera, incluso si no están empleados en una capacidad relacionada con la negociación u otras actividades de mercado, se clasifican como profesionales simplemente porque su empleador es, por ejemplo, un banco. Del mismo modo, si una persona está registrada con un cuerpo regulador financiero (por ej. FINRA), incluso si el registro es por actividades no relacionadas con funciones de mercados o bolsas, se le considerará "Profesional".

Las tarifas cargadas por los proveedores de datos y los mercados para uso profesional son, por norma general, sustancialmente más elevadas que las tarifas para uso no profesional.

Es importante tener en cuenta que estas clasificaciones están establecidas por los mercados y, aunque IB no realiza ninguna contribución a la definición, como intermediarios entre los proveedores de datos y los usuarios, estamos obligados a asegurar que se cumplan.

Criterios para usuarios profesionales

La siguiente lista cubre muchos de criterios que los proveedores de datos y mercados tienen en cuenta cuando determinan si un usuario de sus datos en tiempo real es profesional o puede ser considerado no profesional. Un usuario será clasificado como profesional si cualquiera de las siguientes definiciones se aplican a la cuenta/usuario: Estas definiciones se recopilaron de entre varios mercados.

Para ver los documentos específicos, consulte los enlaces en la parte inferior de la página.

  • Si la cuenta no está a nombre de la persona física;
  • Si la cuenta es una cuenta ORG;
  • Si el usuario está registrado con una agencia de valores;
  • Si el usuario está registrado con un cuerpo normativo o autoregulado;
  • Si el usuario realiza negocios de servicios financieros o está empleado como asesor financiero;
  • Si el usuario está registrado o cualificado, en cualquier capacidad, con el SEC, la Commodities Futures Trading Commission, cualquier agencia de valores estatal, cualquier asociación o mercado de valores o cualquier asociación o mercado de contratos de futuros o materias primas;
  • Si el usuario actúa como “investment advisor (asesor de inversiones)” según se define en la sección 202(a)(11) de la ley Investment Advisors Act de 1940 (tanto si está registrado o cualificado según la ley como si no lo está);
  • Si el usuario está empleado por un banco u organización exenta de registro según las leyes sobre valores estatales o federales para realizar funciones que requieran registro o cualificación, si dichas funciones se realizaron para una organización no exenta;
  • Si el usuario opera como banco o como proveedor de servicios financieros;
  • Si el usuario utiliza los datos a efectos comerciales;
  • Si el usuario está registrado/cualificado como un asesor de inversiones o un operador de valores profesional con cualquier mercado estatal o nacional, autoridad reguladora, asociación profesional o cuerpo profesional reconocido;
  • Si el usuario está actuando en nombre de una institución que se dedica a actividades financieras, de correduría bursátil, banca o inversiones;
  • Si el usuario cobra tarifas de clientes;
  • Si el usuario es un profesional de valores;
  • Si el usuario o la cuenta son bróker/díler;
  • Si el usuario es un asesor de inversiones;
  • Si el usuario es un representante registrado que opera en bolsa o asesora sobre operaciones en bolsa;
  • Si el usuario o la cuenta son un club de inversiones que recibe, o no, compensación;
  • Si el usuario es un subcontratista o un contratista independiente;
  • Si el usuario utiliza datos en cualquier forma que beneficie a terceros;
  • Si el usuario tiene un contrato, recibe o utiliza información para uso privado en nombre de cualquier otra persona o corporación, asociación, compañía de responsabilidad limitada, fideicomiso, asociación u otra forma de entidad;
  • Si el usuario tiene un contrato, recibe o utiliza información para uso privado en cualquier servicio remunerado por cualquier otra persona o corporación, asociación, compañía de responsabilidad limitada, fideicomiso, asociación u otra forma de entidad;
  • Si el usuario está accediendo/utilizando información durante su empleo o en conexión con cualquier forma de operación o negocio;
  • Si la cuenta es un fideicomiso que tiene más de un fideicomisario;
  • Si la cuenta es de un fideicomiso y el fideicomisario no es una persona física. Si el fideicomisario es una ORG y el propietario único de la ORG es una persona física, no se tendrá en cuenta. El fideicomisario debe ser una persona física;
  • Si la cuenta es un fideicomiso que tiene beneficiarios que no son familiares inmediatos o si los beneficiarios no son personas físicas;
  • Si la cuenta es un fideicomiso que no es un fideicomiso familiar.

Para ver las políticas de NYSE, consulte www.nyxdata.com/Docs/Market-Data/Policies y haga clic en All NYSE Market Data Policies - The Complete Package y vaya a la página 23.

Para ver las políticas de NASDAQ, consulte http://nasdaqtrader.com/Trader.aspx?id=AgreementsData y haga clic en NASDAQ OMX Global Subscriber Agreementy vaya a las páginas 2-6.

Para ver la política de OPRA, vaya a www.opradata.com y mueva el ratón sobre "Agreements" en el lateral izquierdo y haga clic en Electronic Subscriber Agreement (Attachment B-1 to Vendor Agreement) (PDF); lea el contenido desde el final de la página 3 hasta el final de la página 4, incluidas las notas.

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