As a vendor of market data (e.g., current bid/ask prices, opening & closing ranges, high-low and last sales), IB is subject to various exchange agreements which specify and control the manner in which such data may be disseminated. In addition, certain of these exchanges impose a monthly fee where real-time or delayed data is distributed through what is commonly referred to as a Hosted Solution. Here, the term Hosted Solution is generally used to describe an arrangement whereby the clients of an organization, such as a non-disclosed introducing broker, obtain market data through IB’s vendor agreement rather than through a vendor agreement between the organization and the exchange.
In situations where a Hosted Solution exists, IB will pass through and collect from the introducing broker or organization any applicable exchange fees on the same cycle and in the same currency of denomination as invoiced by the exchange. Outlined below is a list of these fees in effect as of January 25, 2012. We recommend that you refer to the website of each of the individual exchanges for updates.
|Real-Time Subscription||Monthly Fee|
|NASDAQ OMX MFDS (US Mutual Funds)||USD 100|
|NASDAQ OMX GIDS (Nasdaq Pro Level 1, Nasdaq Pro Depth of Book, or the Non-Pro Securities Bundle)||USD 500|
|Nordic Real-Time Issuer
|Nordic Equity Level 1 & Level 2 Non-Professional||EUR 750|
|Nordic Equity Level 1 & Level 2 Professional||EUR 2,000|
Questions regarding these fees may be directed to the IB Professional Services Team at 866-694-2757 (toll free within the U.S. and Canada) or 203-618-7791 (direct).
As a licensed distributor of exchange market data, IB is obligated to respect constraints imposed by the exchanges which serve to govern the dissemination and/or retransmission of this data. As a general rule, a given subscription can be associated with only one account or user ID, although the sharing of that user ID between different devices (e.g., stand-alone PC, smart phone) is permitted as long as the user ID does not access multiple devices simultaneously.
Accordingly, clients seeking to simultaneously operate both live and paper trading account TWS sessions must do so on the same device in order to share a given market data subscription. If concurrent logins on different devices are detected, the live account session will be afforded the real-time market data subscriptions and the paper trading account session delayed data, as available.
Clients who wish to run multiple sessions on different devices may do so by opening a second user for their existing account. While this approach will result in additional fees for any subscriptions elected, one would be able to maintain a different subscription set from that of the main user and will then be capable of running simultaneous live and paper trading account sessions on different devices. Moving forward, an option will be provided whereby the same fee-based subscriptions will be offered for the paper trading account independent of those elected in the live account.
For information on adding a second user, please refer to the following Knowledge Base article: Adding a second user for an individual account holder
Account holders who maintain multiple accounts which are linked together by a common may designate the account from which any monthly market data subscription fees are to be billed. This feature may be of benefit to individuals who wish to ensure that such fees are deducted from the account maintaining the greatest equity (to minimize the likelihood of a disruption in service due to insufficient funds and/or position liquidations to cover subscription fees) or are not deducted from accounts subject to contribution limits (e.g., IRAs).
To designate a billing account, you would need to first log in Account Management and select the Trading Access and then Market Data Subscriptions menu options. You will be presented with a screen similar to that below (Exhibit 1) which includes a drop-down list box of all accounts which are linked and from which a billing account may be designated. Select the desired account and then click on the 'Change Billing Account' button.
You will then receive the following message confirming your selection (Exhibit 2). Note that changes will take place effective with the next monthly billing cycle (market data subscriptions fees for a given month are generally deducted in the first week of the successive month).
Account holders should also pay special attention to the notice provided through the 'Explain' mouse over (Exhibit 3) which details certain limitations with respect to this feature. Also note that this designation feature only serves to designate the account from which market data subscription fees are to be deducted and has no impact upon other fees such as the monthly minimum activity fee, interest and commissions, all of which are billed to the account in which they are incurred.
Effective January 1, 2011, the monthly fees for the below noted market data subscriptions will be increased in accordance with exchange billing practices.
This serves as a reminder to the market data price change notification sent December 17, 2010, as well as to inform clients who may have subscribed to the affected feeds since then.
If you no longer wish to subscribe to any of the below noted data feeds at the new monthly tariffs, you must unsubscribe through Account Management / Trading Access / Market Data Subscriptions, prior to January 1, 2011 to avoid being billed at the higher rate.
Should you have any questions regarding these changes, please create an inquiry ticket via the Message System within Account Management, referencing the subscription name and ID number therein.
|SUBSCRIPTION||ID||CURRENT FEE||NEW FEE|
|Eurex - DJ STOXX Indices||229||5 EUR||8 EUR|
|German Indices & Xetra ETF's||418||4 EUR||6 EUR|
|Venture Market by Price Level II||448||14 CAD||16 CAD|
|Toronto Market by Price Level II||449||27 CAD||30 CAD|
|Euronext.Liffe Commodities Derivatives Level I||155 / 255||15 EUR||20 EUR|
|Euronext.Liffe Commodities Derivatives Level II||156 / 256||20 EUR||25 EUR|
|Euronext.Liffe Equity Derivatives and Indices Level I||265||30 EUR||35 EUR|
|Euronext.Liffe Equity Derivatives and Indices Level II||266||36 EUR||45 EUR|
|Euronext.Liffe Interest Rate Derivatives Level I||153 / 253||32 EUR||38 EUR|
|Euronext.Liffe Interest Rate Derivatives Level II||154 / 254||40 EUR||45 EUR|
Q: Which accounts are eligible for linkage?
A: Eligible accounts include Independent individual and IRA accounts which have matching country and state of legal residence and account title. Accounts held under a Financial Advisor or Introducing broker Broker client accounts may not be linked to accounts held outside that structure.
Q: What are the benefits of linkage?
A: The principal benefits of linkage are ease of access and potential savings in market data subscription fees. Following linkage, all accounts will be accessed via a single User Name, password and SLS device. After login to the trading platform or Account Management you will be provided with a drop-down window for selecting the account you wish to trade or perform administrative tasks thereby eliminating the need to memorize multiple login information or maintain additional security devices.
In addition, as market data subscriptions are billed at a session level (i.e., User Name) and only a single TWS session can be viewed for any one user at a given time, account holders previously maintaining duplicate market data subscriptions for multiple accounts have the opportunity to consolidate those following linkage.
Q: If I link two accounts enrolled in SLS, are there any restrictions with respect to the security device which will remain following linkage?
A: Yes. In the case of a linkage request where the two accounts are SLS enrolled but maintain different devices, IB requires that the account holder retain the device having the highest protection rating as noted at the time of your request.
Q: What do I do with security devices which no longer are operable following linkage?
A: In the case of Security Code Cards, you may discard of the device once the linkage has been processed. For all other devices, you will need to return the device to IB to ensure that your account is not assessed a lost device fee. Click here for additional information regarding returning your device.
Q: Can I maintain multiple groups of linked accounts?
A: No. Once an account linkage has been requested and processed, all subsequent requests must be linked to that original grouping
Q: Can I unlink accounts which have already been linked?
A: No. Once a link has been established it is permanent and cannot be undone.
Q: Does linkage impact the calculation of Minimum Monthly Activity Fees?
A: No. Just as is the case with unlinked accounts, linked accounts are each required to generate a minimum level of commissions each month or be charged the difference as an activity fee. This fee will be assessed to the account in which it was occurred. Please review the website for information regarding Minimum Monthly Activity Fees.
Q: Why has the linkage request which I submitted not been processed?
A: Linkage requests are automatically processed as of the close of business on the day submitted when accounts are SLS enrolled and the individual information on record identical (e.g. mailing address, telephone numbers, email address, etc.). If any of these conditions are not met, the linkage request will not be processed until SLS enrollment is complete and/or Compliance review of the information changes and any supporting documentation necessary to evidence the change has been received.
Q: Once linked, from which account will market data subscription fees be deducted?
A: Account holders are allowed to designate a billing account from which all market data fees may be deducted. We recommend that you select the account which generates the greatest level of commission activity if your subscription provides for fee waiver should your monthly commissions reach a minimum threshold (e.g., U.S. Securities & Commodities Market Data Bundle). IB will only look to the activity conducted in the billing account to determine waiver eligibility rather than aggregating the commission activity across all linked accounts. In selecting the billing account, consideration should also be given to selecting an account having the greatest level of equity as well as cash. This will minimize situations where the account has insufficient cash and the billing serves to increase the margin debit balance or where the account does not have margin permissions or maintains insufficient equity with loan value which, in both cases, will result in the liquidation of positions to cover the fees. IB will not act to automatically transfer cash across linked accounts to meet subscription obligations.
The Last column does not show the most recent trade for currency pairs but rather the previous day's closing price. This is not a market data error but rather the nature of the Forex market.
The global Forex market is what is referred to as an "OTC" (Over the Counter) market. Unlike the options, futures or listed equity markets, there is no central reporting facility for OTC markets, including Forex. Hence there is no official "tape". The Last Traded Price for Forex depends entirely upon where you look. Bloomberg, Reuters, Yahoo, Google, IB, etc will all have different combinations of pools of liquidity from which they are gleaning this information. Since there is no official "Last Price" for Forex, IB cannot report one on our TWS. The previous day's closing price is the last traded price from the liquidity providers IB does business with. It may not match the last traded price for the previous day from other agencies who might have access to additional--or less--liquidity providers than does IB.
How to submit a contract search query
How to use the IB Market Data Assistant
Clients and as well as prospective clients are encouraged to review our website where fees are outlined in detail. An overview of the most common fees is provided below:
1. Commissions - vary by product type and listing exchange and whether you elect a bundled (all in) or unbundled plan. In the case of US stocks, for example, we charge $0.005 per share with a minimum per trade of $1.00.
2. Interest - interest is charged on margin debit balances and IB uses internationally recognized benchmarks on overnight deposits as a basis for determining interest rates. We then apply a spread around the benchmark interest rate (“BM”) in tiers, such that larger cash balances receive increasingly better rates, to determine an effective rate. For example, in the case of USD denominated loans, the benchmark rate is the Fed Funds effective rate and a spread of 1.5% is added to the benchmark for balances up to $100,000. In addition, individuals who short stock should be aware of special fees expressed in terms of daily interest where the stock borrowed to cover the short stock sale is considered 'hard-to-borrow'.
3. Exchange Fees - again vary by product type and exchange. For example, in the case of US securities options, certain exchanges charge a fee for removing liquidity (market order or marketable limit order) and provide payments for orders which add liquidity (limit order). In addition, many exchanges charge fees for orders which are canceled or modified.
4. Market Data - you are not required to subscribe to market data through IB but if you do you may incur a monthly fee which is dependent upon the vendor exchange and their subscription offering. We provide a Market Data Assistant tool which assists in selecting the appropriate market data subscription service available based upon the product you wish to trade. To access, log into Account Management click on the Tools icon and then the IB Market Data Assistant link.
5. Minimum Monthly Activity Fee - as we cater to active traders we require accounts to generate a minimum in commissions each month or be charged the difference as an activity fee. The minimum is $10 per month for accounts maintaining a balance above $2,000 and $20 per month for accounts whose equity has fallen below $2,000.
6. Miscellaneous - IB allows for one free withdrawal per month and charges a fee for each subsequent withdrawal. In addition, there are certain pass-through fees for trade bust requests, options and futures exercise & assignments and ADR custodian fees.
For additional information, we recommend visiting our website at ww.interactivebrokers.com and from the Individuals page select the Fees menu option at the top of the page.
IB provides account holders with a Market Data Assistant tool which assists in selecting the appropriate market data subscription service available for the security (stock, option or warrant) they wish to trade. The search results show all exchanges upon which the product trades, the subscription offering and its monthly fee for both Professional and Non-Professional designated clients as well as the depth of market variations associated with each subscription.
To access, log into Account Management click on the Tools icon and then the IB Market Data Assistant link. From there you may search by entering any one of the following security product identifiers: Symbol, ISIN or CUSIP. Results may be further filtered by specifying the exchange, Professional or Non-Professional designation and/or the security's currency of denomination.
This tool may also be accessed through Account Management within the page where current market data subscriptions are displayed and where new election may be made. To view here, select the Manage Account, Trade Configuration and then Market Data Subscription menu options. A link to the Market Data Assistant tool is provided on this subscription page.