Definitions of Professional Users According to the NYSE and Most US Exchanges

概観: 

Definitions of Professional Users According to the NYSE and Most US Exchanges

Background: 

Most investors consider their trading and investment activity to be non-professional when it's purpose is not related to a compensated activity (e.g. job, consultant, investment advisor, etc.). The NYSE and many US exchanges have a far more encompassing definition of what it means to be "Professional" when it comes to accessing their real-time market data.

For these exchanges, the Pro vs Non-pro definition is tied to the person using the data more than the nature of the use itself, such that people who are employed in the financial industry -- even if not in a capacity relating to trading or other market oriented activity - are classified as professionals simply because their employer is, for example, a bank. Similarly, if a person is registered with any financial regulatory body (e.g. FINRA), even if that registration is for activities not related to exchange or market functions, they are deemed to be "Professional".

The fees charged by data vendors and exchanges for professional use are generally substantially more expensive than fees for non-professionsl use.

It's important to note that these classifications are established by the exchanges and, while IB has no input into their definition, as intermediaries between data vendors and end users we are obliged to ensure that they are enforced.

Criteria For Professional Users

The following list covers many of the criteria data vendors and exchanges consider when trying to determine if a user of their real-time market data is professional or can be qualified as non-professional. A user will be marked as a Professional if any of the following definitions apply to the account/user. These definitions were compiled from a number of exchanges.

For specific documents, please check the bottom of the page for links.

  • If the account is not in the name of a Natural Person
  • If the account is an ORG account
  • If the user is registered with any securities agency
  • If the user is registered with any regulatory or self-regulatory body
  • If the user is engaged in financial services business or employed as a financial adviser
  • If the user is registered or qualified in any capacity with the SEC, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association
  • If the user is engaged as an “investment advisor” as that term is defined in Section 202(a)(11) of the Investment Advisors Act of 1940 (whether or not registered or qualified under that Act);
  • If the user is employed by a bank or other organization exempt from registration under federal or state securities laws to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt
  • If the user operates as a bank or financial services provider
  • If the user uses data for commercial purpose
  • If the user is registered/qualified as pro securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognized professional body
  • If the user is acting on behalf of an institution that engages in brokerage, banking, investment or financial activities
  • If the user is charging client fees.
  • If the user is a Securities Professional
  • If the user or account is a broker/dealer
  • If the user is an investment advisor
  • If the user is a registered representative who trades or advises on trades
  • If the user or the account is an investment club that receives or does not receive compensation
  • If the user is a subcontractor or independent contractor
  • If the user uses data in any manner for benefit of third parties
  • If the user is in contract for, receives, or uses Information for the purpose of Private Use on behalf of any other person or any corporation, partnership, limited liability company, trust, association or other form of entity
  • If the user is in contract for, receives, or uses Information for the purpose of Private Use in any Service that is paid for by another person or any corporation, partnership, limited liability company, trust, association or other form of entity
  • If the user is accessing/using information in course of employment or in connection with any form of trade or business
  • If the account is a Trust that has more than one Trustee
  • If the account is a Trust and the Trustee is not a Natural Person. If the Trustee is an ORG and the sole owner of the ORG is a Natural Person, that does not count. The Trustee must be a Natural Person.
  • If the account is a Trust that has beneficiaries that are not immediate family members or if the beneficiaries are not Natural Persons
  • If the account is a Trust that is not a familial or family Trust.

To view the NYSE policy, go to www.nyxdata.com/Docs/Market-Data/Policies and click on All NYSE Market Data Policies - The Complete Package and scroll to page 23.

To view the NASDAQ policy, go to http://nasdaqtrader.com/Trader.aspx?id=AgreementsData and click on NASDAQ OMX Global Subscriber Agreement and see pages 2-6.

To view the OPRA policy, go to www.opradata.com and hover over "Agreements" on the left side and click on Electronic Subscriber Agreement (Attachment B-1 to Vendor Agreement) (PDF) and see from the bottom of page 3 until the end of page 4 including the footnotes.

Gebührenstruktur für gehostete Lösungen

Als Anbieter von Marktdaten (z. B. aktuellen Geld-/Briefkursen, Eröffnungs- und Schlusskursspannen, höchsten/tiefsten und letzten Kursnotierungen) ist IB an verschiedene Börsenvereinbarungen gebunden, durch die definiert und kontrolliert wird, in welcher Art und Weise diese Marktdaten verbreitet werden. Zusätzlich erheben einige der betreffenden Börsen eine monatliche Gebühr, wenn Echtzeit-Marktdaten oder verzögerte Marktdaten über eine sogenannte gehostete Lösung verbreitet werden. Der Begriff gehostete Lösung bezeichnet hier generell eine Konstellation, in der Kunden einer Institution, beispielsweise eines nicht offengelegten einführenden Brokers, Marktdaten über die Vertriebsvereinbarung von IB beziehen und nicht über eine Vertriebsvereinbarung zwischen der betreffenden Institution und der Börse.

In Fällen, in denen eine gehostete Lösung vorliegt, gibt IB alle ggf. anfallenden Börsengebühren an den einführenden Broker weiter und stellt ihm diese Gebühren im selben Zyklus und in derselben Währung in Rechnung, wie sie von der jeweiligen Börse in Rechnung gestellt wurden. Nachstehend finden Sie eine Übersicht über die geltenden Gebühren zum Stand vom 25.01.2012. Wir empfehlen Ihnen, sich auf den Websites der jeweiligen Börsen über aktuelle Änderungen zu informieren.

 

Echtzeit-Abonnement Gebühr pro Monat
NASDAQ OMX MFDS (US-Investmentfonds) USD 100
NASDAQ OMX GIDS (Nasdaq Pro Level 1, Nasdaq Pro Depth of Book, oder das Non-Pro Securities Bundle) USD 500
Nordic Real-Time Issuer  
EUR 200
Nordic Equity Level 1 & Level 2 Non-Professional EUR 750
Nordic Equity Level 1 & Level 2 Professional EUR 2,000

 

Wenn Sie Fragen zu diesen Gebühren haben, können Sie sich an das IB Professional Services Team wenden, das Sie telefonisch unter 866-694-2757 (gebührenfrei in den USA und Kanada) oder unter 203-618-7791 (direkt) erreichen.

Estructura de tarifas de soluciones alojadas

Como proveedor de datos de mercado (por ejemplo, precios bid/ask actuales, rangos de apertura y cierre, alto-bajo y últimas ventas), IB está sujeto a varios acuerdos con mercados que especifican y controlan la manera en que dichos datos se difunden. Además, algunos de estos mercados imponen una tarifa mensual cuando los datos en tiempo real o diferido se distribuyen a través de lo que comúnmente se llama una Solución alojada. Aquí, el término solución alojada se utiliza generalmente para describir un acuerdo mediante el cual los clientes de una organización, por ejemplo, una cuenta bróker no declarada, obtienen datos de mercado a través del acuerdo de proveedor de IB, en lugar de un acuerdo de proveedor entre la organización y el mercado.

En las situaciones en las que exista una solución alojada, IB subrogará y recaudará del bróker u organización cualquier tarifa de mercado aplicable en el mismo ciclo y en la misma divisa de denominación en la que facture el mercado. A continuación se indica una lista de estas tarifas, con efecto a fecha del 25 de enero de 2012. Le recomendamos que consulte la página web de cada mercado concreto para ver las posibles actualizaciones.

 

Suscripción en tiempo real Tarifa mensual
NASDAQ OMX MFDS (Fondos Mutuos de EE. UU.) 100 USD
NASDAQ OMX GIDS (Nasdaq Pro nivel 1, Nasdaq Pro Depth of Book, o el Non-Pro Securities Bundle) 500 USD
Emisor Nórdico en tiempo rela  
200 EUR
Acciones nórdicas, nivel 1 y nivel 2 No-Profesional 750 EUR
Acciones Nórdicas, nivel 1 y nivel 2 Profesional 2,000 EUR

 

Si tiene dudas respecto a estas tarifas, puede dirigirse al equipo de Servicios Profesionales de IB en 866-694-2757 (gratuito desde Estados Unidos y Canadá) o al 203-618-7791 (directo).

Welcome to Interactive Brokers

概観: 

Now that your account is funded and approved you can start trading. The information below will help you getting
started as a new customer of Interactive Brokers.

  1. Your Money
  2. Configure your account to trade
  3. How to trade
  4. Trade all over the World
  5. Five points to enrich your IB experience

 

1. Your Money
Deposits & Withdrawals General Info. All transactions are administered through your secure Account Management
Deposits
First, you create a deposit notification through your Account Management > Funding > Fund Transfers > Transaction Type: “Deposit” How to create a deposit notification. The second step is to instruct your Bank to do the wire transfer with the bank details provided in your Deposit Notification.
Withdrawals
Create a withdrawal instruction via your secure Account Management > Funding > Fund Transfers > Transaction Type: "Withdrawals" How to create a withdrawal instruction
If you instruct a withdrawal over the Withdrawal limits, it will be considered an exceptional withdrawal and we will therefore need to match bank account holder and IB account. If destination bank account has been used for a deposit, withdrawal will be processed; otherwise, you must contact customer service and provide the documents needed.
Troubleshooting
Deposits: My bank sent the money but I do not see it credited into my IB account. Possible reasons:
a) A fund transfer takes 1-4 business days
b) A Deposit Notification is missing. You have to create it via your Account Management and send a ticket to Customer Service
c) Amending details are missing. Your name or IB account number is missing in the transfer details. You have to contact your bank and ask for the full amending details.
d) ACH initiated by IB is limited to 100k USD in a 7 business period. If you opened a Portfolio Margin account where the initial requirement is 110k, a wire deposit might be the better deposit option to reduce wait time for your first trade. If selecting ACH a wait time of almost 2 weeks or a temporary downgrade to RegT can be possible solutions.
Withdrawals: I have requested a withdrawal but I do not see the money credited to my bank account. Possible reasons:
a) A fund transfer takes 1-4 business days
b) Rejected. Over the max it can be withdrawn. Please check your account cash balance. Note that for regulatory requirements, when the funds are deposited, there is a 3 day holding period before they can be withdrawn.
c) Your bank returned the funds. Probably because receiving bank account and remitting bank account names do not match.

 

2. Configure your account to trade
Difference between Cash and Margin accounts: If you have chosen the FastTrack application, by default your account type is a cash account with US stock permission. If you would like to get leverage and trade on margin, here how to upgrade to a RegT Margin account
Trading Permissions
In order to be able to trade a particular asset class in a particular country, you need to get the trading permission for it via your Account Management. Please note that trading permissions are free. You might however be asked to sign risk
disclosures required by local regulatory authorities. How to Request Trading Permissions
Market Data
If you want to have market data in real-time for a particular product/exchange, you need to subscribe to a market data package charged by the exchange. How to subscribe to Market data
The Market data assistant will help you choose the right package. Please watch this Video explaining how it works.
Customers have the option to receive delayed market data for free by clicking the Free Delayed Data button from a non-subscribed ticker row.
Advisor Accounts
Have a look at the user guide getting started as advisors. Here you see how to create additional users to your advisor account and grant them access and much more.

 

3. How to trade
The Trader's University is the place to go when you want to learn how to use our Platforms. Here you will find our webinars, live and recorded in 10 languages and tours and documentation about our various Trading Platforms.
Trader Workstation (TWS)
Traders who require more sophisticated trading tools can use our market maker-designed Trader Workstation (TWS), which optimizes your trading speed and efficiency with an easy-to-use spreadsheet interface, support for more than 60 order types, task-specific trading tools for all trading styles, and real-time account balance and activity monitoring. Try the two models
TWS Mosaic: for intuitive usability, easy trading access, order management, watchlist, charts all in one window or
TWS Classic: the Advanced Order Management for traders who need more advanced tools and algos.
General Description and Information / Quick start guide / Usersguide
Interactive Tours: TWS Basics / TWS configuration / TWS Mosaic
How to place a trade:  Video Classic TWS / Video Mosaic
Trading tools: General Description and InformationUsers guide
Requirements: How to install Java for WindowsHow to install Java for MAC / Port 4000 and 4001 needs to be open
Login TWSDownload TWS
WebTrader
Traders who prefer a clean and simple interface can use our HTML-based WebTrader, which makes it easy to view market data, submit orders, and monitor your account and executions. Use the latest WebTrader from every browser
Quick Start Guide / WebTrader User's Guide
Introduction: Video WebTrader
How to place a Trade: Video WebTrader
Login WebTrader
MobileTrader
Our mobile solutions allow you to trade your IB account on the go. The mobileTWS for iOS and the mobileTWS for BlackBerry are custom-designed for these popular models, while the generic MobileTrader supports most other Smart phones.
General Description and Information
Order Types Order Types available and Description / Videos / Tour / Users guide
Paper Trading General Description and Information / How to get a Paper Trading Account
Once your paper account is created, you can share the market data of your real account with your paper trading account: Account Management > Manage Account > Settings > Paper trading

 
4. Trade all over the World
IB accounts are multi-currency accounts. Your account can hold different currencies at the same time, this allows you to trade multiple products around the world from a single account.
Base Currency
Your base currency determines the currency of translation for your statements and the currency used for determining margin requirements. Base currency is determined when you open an account. Customers may change their base currency at any time through Account Management.
We do not automatically convert currencies into your Base currency
Currency conversions must be done manually by the customer. In this video you can learn how to do a currency conversion.
In order to open a position denominated in a currency that you do not have in your account, you have two possibilities:
A) Currency conversion.
B) IB Margin Loan. (Not available for Cash Accounts)
Please see this course explaining the mechanics of a foreign transaction.

 

5. Five points to enrich your IB experience
1. Contract Search
Here you will find all our products, symbols and specifications.
2. IB Knowledge Base
The Knowledge Base is a repository of glossary terms, how-to articles, troubleshooting tips and guidelines designed to assist IB customers with the management of their IB accounts. Just enter in the search button what you are looking for and you will get the answer.
3. Account Management
As our trading platforms give you access to the markets, the Account Management grants you access to your IB account. Use Account Management to manage account-related tasks such as depositing or withdrawing funds, viewing your statements, modifying market data and news subscriptions, changing your trading permissions, and verifying or changing your personal information.
Log In Account Management / AM Quick Start Guide / AM Users Guide
4. Secure Login System
To provide you with the highest level of online security, Interactive Brokers has implemented a Secure Login System (SLS) through which access to your account is subject to two-factor authentication. Two-factor authentication serves to confirm your identity at the point of login using two security factors: 1) Something you know (your username and password combination); and 2) Something you have (an IB issued security device which generates a random, single-use security code). As both knowledge of your username/password and physical possession of the security device are required to login to your account, participation in the Secure Login System virtually eliminates the possibility of anyone other than you accessing your account.
How to Activate your Security Device / How to Obtain a Security Code Card / How to return Security device
In case you forgot your password or lost your security code card, please call us for immediate assistance.
5. Statements and Reports
Easy to view and customize, our statements and reports cover all aspects of your Interactive Brokers account. How to view an Activity Statement 

 

IBIS Statements

All IBIS subscribers, whether brokerage clients or not, receive a monthly statement detailing the subscriptions elected and their fees.  In the case of brokerage clients, this information is included within the activity statements with billing taking place generally within the first week following the month in which service was received.  In the case of non-brokerage clients, this information is provided on a monthly billing statement.

Regardless of client type, all statements (current and historic) are accessible via log in to Account Management.

Free Trial Considerations

IB currently offers a free 30 trial of each of the IBIS Basic Platform (regularly $69 per month), Research Bundle (regularly $39 per month) and various premium newswire and analyst report subscriptions (priced ala carte from $10 - $325 per month).  This free trial is made available to both brokerage and non-brokerage clients, although brokerage clients receive the Basic Platform at no cost.

While there is no charge for subscriptions during the free trial period, if you do not cancel your subscription prior to the trial end you will automatically receive and be billed for the subscriptions originally selected each month thereafter.  If you do not wish to be billed for these subscriptions, you would need to log into your account at any time prior to the end of the free trial and cancel the subscription.

Should you require any assistance logging into your account or managing your subscriptions, please contact your local Customer Service Center or the IBIS hotline at 1-203-618-7709.

Terminating Service (non-brokerage clients)

概観: 

IBIS subscriptions renew monthly on a continuous basis until terminated either by client election or for non-payment.  Clients may cancel the service by logging into Account Management and selecting the 'Cancel' menu option. As long as service is canceled prior to the billing date, no service fees will be incurred for the following month.  If service is canceled on or after the billing date, no refund or proration of fees is provided.  Regardless of whether cancellation takes place before or after the billing date, access to billed services will continue until the end of the month for which they have been paid.

Service will also be terminated if the billing charge is not honored by the credit card issuer due to invalid instructions, insufficient credit limit or an expired card. In each of these situations, IB will attempt to send an email notification of the matter prior to the initiation of the upcoming service period in an attempt to ensure continuity of service.

IBIS Billing Considerations

概観: 

IBIS subscribers who are brokerage customers will have any monthly IBIS fees deducted directly from their account in a manner similar to and simultaneous with the fees assessed for any other (non-IBIS) market data subscriptions.  For these accounts, subscriptions are offered on a monthly calendar basis, will billings performed in arrears and generally within the first week of the month following that in which the services were provided. In addition, fees for any IBIS subscriptions initiated mid-month will be prorated based upon the actual term of service provided.

IBIS subscribers who are not brokerage customers are billed on a monthly basis in advance of the month in which services are provided.  Payment is made via the credit card provided at the point of registration or as updated via Account Management thereafter with the subscription cycle beginning on the same day each month as that at which service was initiated. Accepted credit cards include: Visa, Master Card, Discover & JCB

IBIS Overview

概観: 

IB Information Service (IBIS) is a subscription based service providing quotes, charts, news and fundamental data via a multi-window workspace whereby each window can be detached and operate independently or linked to provide information on an integrated symbol basis. The service is designed as a comprehensive, cost-effective alternative to traditional vendor packages and consists of a Basic Platform offering real-time U.S. stock quotes, charting, analyst ratings, market scanners, news headlines and portfolio Value-at-Risk calculations.  The Basic Platform may be used as a stand-alone tool for those without an IB brokerage account or an integrated tool for IB brokerage clients trading via the Mosaic platform.

This Basic Platform may be further enhanced through subscription to the Research Bundle which offers select Dow Jones and Reuters content (e.g., newswires, fundamentals and event calendars) at a discounted price.  Additional subscriptions to individual premium news and analytical feeds from vendors including Dow Jones. Briefing.com, theflyonthewall.com, Zachs and Morningstar are also available.

 

 

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