Additional Information Regarding the Use of Stop Orders

U.S. equity markets occasionally experience periods of extraordinary volatility and price dislocation. Sometimes these occurrences are prolonged and at other times they are of very short duration. Stop orders may play a role in contributing to downward price pressure and market volatility and may result in executions at prices very far from the trigger price. 

Investors may use stop sell orders to help protect a profit position in the event the price of a stock declines or to limit a loss. In addition, investors with a short position may use stop buy orders to help limit losses in the event of price increases. However, because stop orders, once triggered, become market orders, investors immediately face the same risks inherent with market orders – particularly during volatile market conditions when orders may be executed at prices materially above or below expected prices.
 
While stop orders may be a useful tool for investors to help monitor the price of their positions, stop orders are not without potential risks.  If you choose to trade using stop orders, please keep the following information in mind:
 
·         Stop prices are not guaranteed execution prices. A “stop order” becomes a “market order” when the “stop price” is reached and the resulting order is required to be executed fully and promptly at the current market price. Therefore, the price at which a stop order ultimately is executed may be very different from the investor’s “stop price.” Accordingly, while a customer may receive a prompt execution of a stop order that becomes a market order, during volatile market conditions, the execution price may be significantly different from the stop price, if the market is moving rapidly.
 
·         Stop orders may be triggered by a short-lived, dramatic price change. During periods of volatile market conditions, the price of a stock can move significantly in a short period of time and trigger an execution of a stop order (and the stock may later resume trading at its prior price level). Investors should understand that if their stop order is triggered under these circumstances, their order may be filled at an undesirable price, and the price may subsequently stabilize during the same trading day.
 
·         Sell stop orders may exacerbate price declines during times of extreme volatility. The activation of sell stop orders may add downward price pressure on a security. If triggered during a precipitous price decline, a sell stop order also is more likely to result in an execution well below the stop price.
 
·         Placing a “limit price” on a stop order may help manage some of these risks. A stop order with a “limit price” (a “stop limit” order) becomes a “limit order” when the stock reaches or exceeds the “stop price.” A “limit order” is an order to buy or sell a security for an amount no worse than a specific price (i.e., the “limit price”). By using a stop limit order instead of a regular stop order, a customer will receive additional certainty with respect to the price the customer receives for the stock. However, investors also should be aware that, because a sell order cannot be filled at a price that is lower (or a buy order for a price that is higher) than the limit price selected, there is the possibility that the order will not be filled at all. Customers should consider using limit orders in cases where they prioritize achieving a desired target price more than receiving an immediate execution irrespective of price.
 
·         The risks inherent in stop orders may be higher during illiquid market hours or around the open and close when markets may be more volatile. This may be of heightened importance for illiquid stocks, which may become even harder to sell at the then current price level and may experience added price dislocation during times of extraordinary market volatility. Customers should consider restricting the time of day during which a stop order may be triggered to prevent stop orders from activating during illiquid market hours or around the open and close when markets may be more volatile, and consider using other order types during these periods.
 
·         In light of the risks inherent in using stop orders, customers should carefully consider using other order types that may also be consistent with their trading needs.

Positionsliquidierungen aufgrund von Fälligkeit

Background: 

Zusätzlich zu unseren Richtlinien und Verfahren hinsichtlich der Zwangsauflösung von Kundenpositionen im Falle eines Echtzeit-Margindefizits liquidiert IB ebenfalls Positionen mit Blick auf bestimmte fälligkeitsbezogene Ereignisse, die bei ihrem Eintritt nicht tragbare Risiken und/oder betriebliche Beeinträchtigungen entstehen würden. Nachstehend werden Beispiele für solche Ereignisse beschrieben.

Ausübung von Optionen

IB behält sich das Recht vor, die Ausübung von Aktienoptionen und/oder die Schließung von Short-Positionen in Optionen zu unterbinden, falls diese Ausübung/Zuteilung zu einem Margin-Defizit in dem entsprechenden Konto führen würde. Für den Kauf einer Option entstehen in der Regel keine Margin-Erfordernisse, da die Position vollständig bezahlt wird. Sobald eine Ausführung erfolgt, ist der Kontoinhaber verpflichtet, entweder die resultierende Aktien-Long-Position vollständig zu bezahlen (im Falle einer Call-Option, die in einem Cash-Konto ausgeführt wird, oder bei Aktien mit einer Margin-Anforderung von 100%) oder für die Finanzierung der Aktien-Long/Short-Position aufzukommen (im Falle einer Call-/Put-Option, die in einem Margin-Konto ausgeführt wird). Konten, die im Vorfeld der Ausübung nicht mit genügend verfügbarem Kapital ausgestattet wurden, verursachen ein nicht tragbares Risiko mit Blick auf den möglichen Fall, dass bei Lieferung eine nachteilige Kursentwicklung im Basiswert eintritt. Dieses nicht abgesicherte Risiko kann besonders ausgeprägt sein und weit über jeden Wertbetrag der Long-Option im Geld hinausgehen; dies gilt insbesondere bei Fälligkeit, wenn Clearingstellen Optionen automatisch zu sehr niedrigen im Geld liegenden Niveaus wie $0.01 pro Aktie ausüben.

Als Beispiel sei ein Konto angenommen, dessen Kapital an Tag 1 ausschließlich aus 20 Long $50 Strike Call-Optionen auf die hypothetische Aktie XYZ besteht, die bei Fälligkeit einen Schlusskurs von $1 pro Kontrakt verzeichnen, während der Basiswert bei $51 notiert. In Szenario 1 sei wird angenommen, dass sämtliche Optionen automatisch ausgeübt werden und XYZ an Tag 2 mit einem Kurs von $51 eröffnet. In Szenario 2 wird angenommen, dass sämtliche Optionen automatisch ausgeübt werden und XYZ an Tag 2 mit einem Kurs von $48 in den Handel geht.

Kontostand Vor Fälligkeit

Szenario 1 - XYZ Eröffnungskurs: $51

Szenario 2 - XYZ Eröffnungskurs: $48
Barguthaben
$0.00 ($100,000.00) ($100,000.00)
Aktien - Long $0.00 $102,000.00 $96,000.00

Optionen - Long*

$2,000.00 $0.00 $0.00
Netto-Liquidierungskapital/(-defizit) $2,000.00 $2,000.00 ($4,000.00)
Margin-Anforderung
$0.00 $25,500.00 $25,500.00
Margin-Überschuss/(-Defizit) $0.00 ($23,500.00) ($29,500.00)

*Long-Option hat keinen Beleihungswert.
 

Um sich gegen diese Szenarien zu schützen wenn der Verfallszeitpunkt näher rückt, simuliert IB die Auswirkungen des Verfalls unter Annahme plausibler Kursszenarien und bewertet das Risiko jedes Kontos auf Basis einer angenommenen Aktienlieferung. Falls das Risikopotenzial als zu hoch eingestuft wird, behält sich IB das Recht vor, folgende Maßnahmen zu ergreifen: 1) Liquidierung von Optionen vor Fälligkeit; 2) Optionen verfallen lassen; und/oder 3) Zulassen der Lieferung und anschließend umgehende Liquidierung des Basiswerts.  Darüber hinaus kann dem Konto eine Beschränkung auferlegt werden, die die Eröffnung neuer Positionen unterbindet, damit eine Erhöhung des Risikopotenzials vermieden wird.

IB behält sich weiterhin das Recht vor, Positionen am dem Nachmittag vor Abwicklung zu liquidieren, falls die Systeme von IB prognostizieren, dass die Abwicklung zu einem Margin-Defizit führen würde. Um sich gegen diese Szenarien zu schützen wenn der Verfallszeitpunkt näher rückt, simuliert IB die Auswirkungen des Verfalls unter Annahme plausibler Kursszenarien für den Basiswert und bewertet das Risikopotenzial jedes Kontos nach den Abwicklung. Falls IB beispielsweise prognostiziert, dass in Folge der Abwicklung Positionen aus dem Konto entfernt werden (z. B. falls Optionen bei Fälligkeit nicht im Geld liegen oder Optionen mit Barausgleich im Geld liegend fällig werden), so werden die Margin-Auswirkungen dieser Abwicklungsereignisse von den IB-Systemen analysiert.

Falls IB zu der Einschätzung kommt, dass das Risikopotenzial zu hoch ist, liquidiert IB ggf. Positionen in dem entsprechenden Konto, um das voraussichtliche Margin-Defizit zu vermeiden. Kontoinhaber können das fälligkeitsbezogene Margin-Risiko über die Kontoübersicht in der TWS im Auge behalten. Der voraussichtliche Margin-Überschuss wird dort in der Zeile mit der Bezeichnung „Margin nach Verfall“ angezeigt (siehe unten). Liegt der Wert im negativen Bereich, erscheint die Zeile rot hinterlegt und zeigt Ihnen an, dass es in Ihrem Konto zu Zwangsauflösungen von Positionen kommen kann. Diese Risikoberechnung erfolgt 3 Tage vor dem nächsten Verfallszeitpunkt und wird in etwa alle 15 Minuten aktualisiert. Bitte beachten Sie, dass diese Informationen bei bestimmten Kontotypen mit einer hierarchischen Struktur (z. B. Konten mit getrennten Handelslimiten) nur auf der Master-Konto-Ebene angezeigt werden, auf der die gesammelte Berechnung erfolgt.

Bitte beachten Sie, dass IB fälligkeitsbezogene Liquidierungen in aller Regel 2 Stunden vor Handelsschluss vornimmt. IB behält sich jedoch das Recht vor, diesen Vorgang früher oder später zu beginnen, falls die Umstände es erfordern. Zusätzlich werden Liquidierungen nach einer Reihe kontospezifischer Kriterien priorisiert, wie z. B. dem Nettoliquidierunsgwert, dem voraussichtlichen Defizit nach Verfall und der Beziehung zwischen dem Optionsausübungspreis und dem Basiswert.

 

Futures mit physischer Lieferung

Mit Ausnahme bestimmter Futures-Kontrakte mit Devisen als Basiswert, gestattet IB es Kunden grundsätzlich nicht, dass Kunden bei Futures oder Futures-Optionen mit physischer Abwicklung Lieferungen des Basiswerts tätigen oder empfangen. Um eine Lieferung bei einem auslaufenden Kontrakt zu vermeiden, muss der Kunde entweder den Kontrakt verlängern oder die Position vor der kontraktspezifischen Close-Out-Deadline schließen (eine Liste dieser Fristen finden Sie auf unserer Website). 

Bitte beachten Sie, dass es in der Verantwortung des Kunden liegt, sich über die relevanten Close-Out-Deadlines zu informieren. Positionen mit physischer Lieferung, die nicht binnen des vorgegebenen Zeitrahmens geschlossen werden, werden ggf. durch IB ohne vorherige Ankündigung liquidiert.

Ликвидация по истечении

Background: 

Вдобавок к политике принудительной ликвидации клиентских позиций в случае создавшегося дефицита маржи, IB также может ликвидировать позиции на основании истечения контрактов, которое может привести к излишнему риску и/или операционным сложностям.  Примеры подобных случаев приведены ниже.

Исполнение опциона

IB оставляет за собой право запретить исполнение опционов на акции и/или закрыть позиции по ним, если их исполнение или назначение приведет к дефициту маржи. Несмотря на то, что покупка опциона, в основном, не требует маржи, поскольку позиция оплачивается полностью, владелец счета обязан либо целиком покрыть стоимость образовавшейся после исполнения длинной позиции по акциям (когда "колл" исполняется на наличном счете или у акций 100%-ная маржа), либо прoфинансировать длинную/короткую позицию по акциям (когда "колл"/"пут" исполняется на маржевом счете).  Если на счете недостаточно средств до исполнения, то он подвергается избыточному риску в случае неблагоприятного изменения цены андарлаинга перед доставкой. Без финансовой защиты подобный риск ярко выражен и может сильно превзойти любую стоимость "в деньгах", имеющуюся у длинного опциона; особенно по истечении, когда клиринговые дома автоматически исполняют их, начиная уже с $0,01 за акцию.

Возьмем, к примеру, счет, капитал которого в 1-ый день составляет 20 длинных опционов "колл" (по гипотетическим акциям XYZ, цена которых при экспирации составляла $1 за контракт) с ценой страйка $50 и ценой андерлаинга $51. Предположим, что по Сценарию 1 опционы исполняются автоматически и цена акций XYZ во время открытия торговли во 2-ой день составляет $51. По Сценарию 2 тоже происходит автоматическое исполнение, но цена акций XYZ во время открытия торговли во 2-ой день составляет $48.

Баланс счета Перед истечением

Сценарий 1: XYZ при открытии - $51

Сценарий 2: XYZ при открытии - $48

Наличные
$0,00 ($100 000,00) ($100 000,00)
Акции (длинн.) 
$0,00 $102 000,00 $96 000,00

Опцион* (длинн.)

$2 000,00 $0,00 $0,00
Чистый ликвидац. капитал/(дефицит) $2 000,00 $2 000,00 ($4 000,00)
Требование маржи
$0,00 $25 500,00 $25 500,00
Избыток/(дефицит) маржи
$0,00 ($23 500,00) ($29 500,00)

*У длинных позиций по опционам нет кредитных средств.
 

Чтобы избежать подобных ситуаций, IB симулирует влияние предстоящего истечения, учитывая возможное смещение цен андерлаинга, и оценивает риск, которому подвергнется счет при потенциальной поставке. Если он будет сочтен избыточным, IB может: 1) ликвидировать опционы до исполнения; 2) позволить уступку опционов; и/или 3) разрешить поставку и сразу ликвидировать андерлаинг. Не исключено и ограничение возможности счета по открытию новых позиций во избежание повышения риска.

IB также оставляет за собой право ликвидировать позиции вечером, предшествующим расчетному дню, если, согласно прогнозу систем IB, расчет приведет к дефициту маржи. Чтобы избежать подобных ситуаций, IB симулирует влияние предстоящего истечения, учитывая возможное смещение цен андерлаинга, и оценивает риск, которому в итоге подвергнется каждый счет. К примеру, если по прогнозу IB расчет приведет к устранению позиций (напр., опционы истекут со статусом "вне денег" или опционы с наличным расчетом истекут "в деньгах"), то наши системы определят, как это скажется на марже.

Если IB сочтет риск излишним, то позиции на Вашем счете могут быть ликвидированы, чтобы устранить прогнозируемый дефицит.  Окно "Счет" в TWS содержит все необходимые показатели для отслеживания маржи. Прогнозируемый избыток отображен в строке "Маржа после истечения срока" (см. ниже); если его значение отрицательное и выделено красным цветом, то Ваш счет может подвергнуться принудительной ликвидации позиций. Расчеты этих показателей производятся за 3 дня до следующего истечения и обновляются примерно каждые 15 минут.  Стоит отметить, что для иерархических счетовых структур (напр., с раздельным торговым лимитом) эта информация будет отображаться только на уровне мастер-счета, где все вычисления суммируются.

Обращаем внимание, что IB, как правило, инициирует ликвидацию, связанную с истечением, за 2 часа до закрытия торгов, но при этом может начать этот процесс раньше или позже, если на то есть причины. Приоритет ликвидации зависит от ряда показателей счета, включающего чистую ликвидационную стоимость, прогнозируемый дефицит после истечения, а также взаимосвязь между ценой страйка опциона и андерлаингом.

 

Фьючерсы с физической поставкой

За исключением отдельных контрактов, в основе которых лежит валюта, IB не разрешает клиентам получать или совершать поставки базового товара по фьючерсам с физическими расчетами или фьючерсным опционам. Во избежание поставок, позиции по истекающим фьючерсным контрактам следует перенести или закрыть до наступления сроков истечения (с их списком можно ознакомиться на сайте IB, выбрав "Поставка, исполнение и корпоративные действия" в меню "Торговля"). 

Обращаем Ваше внимание, что осведомленность о сроках закрытия является ответственностью владельца счета. IB может без дополнительного оповещения ликвидировать не закрытые вовремя позиции по контрактам с физической поставкой.

到期相关清算

Background: 

除了在实时保证金不足时强行清算客户头寸的政策外,IB还会根据某些到期相关事件(会导致不应有的风险及/或操作问题)清算头寸。下方列出了此类事件的一些范例。

期权行权

如果行权/转让会导致账户保证金不足,IB保留禁止股票期权行权及/或平仓空头头寸的权利。由于头寸已全额支付,因此购买期权通常不需要保证金,一旦行权,账户持有人便有义务全额支付后续的多头股票头寸(现金账户看涨期权行权或100%保证金股票)或支付多头/空头股票头寸(保证金账户看涨/看跌期权行权)。如果在交割时底层证券价格出现重大不利变化,行权之前不具备充足权益的账户会面临不必要的风险。这种无担保风险尤为明显,并且可能会超出多头期权所持有的任何价内价值,尤其是在到期时清算所以每股低达0.01美元的价内水平自动行使期权的时候。

例如,第一天,账户权益只包括20张行使价为50美元的XYZ多头看涨期权合约,这些合约在底层证券价格为51美元时以每张合约1美元的价格平仓。假设情境1中期权自动行权,且XYZ在第二天的开盘价达到51美元。假设情境2中期权自动行权,且XYZ在第二天的开盘价达到48美元。

账户余额 到期前

情境1 - XYZ开盘价@ $51

情境2 - XYZ开盘价@ $48
现金
$0.00 ($100,000.00) ($100,000.00)
多头股票 $0.00 $102,000.00 $96,000.00

多头期权*

$2,000.00 $0.00 $0.00
净清算权益/(不足) $2,000.00 $2,000.00 ($4,000.00)
保证金要求
$0.00 $25,500.00 $25,500.00
多余保证金/(不足) $0.00 ($23,500.00) ($29,500.00)

*多头期权无贷款价值。

为在到期日临近时防止发生这些情景,IB将假设接近实际的底层证券价格请求并评估股票交割账户风险来模拟到期影响。如果风险过高,IB保留以下权利:1)到期前清算期权;2)允许期权失效,以及/或3)允许交割并立即清算底层证券。 此外,账户不能开立新的头寸以防增加风险。

如果IB系统预测结算会导致保证金不足,那么IB也会保留在结算前的下午清算头寸的权利。为在到期日临近时防止发生这些情景,IB将假设接近实际的底层证券价格并评估结算后账户风险来模拟到期影响。例如,如果IB预测结算将导致头寸从账户中移除(如,期权将在价外到期,或现金结算期权在价内到期),那么IB系统将评估结算的保证金影响。

如果IB认为风险过高,那么IB可能会清算账户中的头寸以解决预测的保证金不足问题。账户持有人可通过TWS内的账户窗口监控与保证金风险相关的到期期权。预测超额保证金将显示在“到期后保证金”(见下方)一行,如果其为负数并以红色显示,则表明您的账户可能面临强制头寸清算。这一风险计算会在下一个到期日的前面三天进行并且每15分钟更新一次。请注意,某些分层结构账户类型(如独立交易限额账户)的这一信息只会在主账户层级显示并计算。

请注意,IB通常在收盘前2小时发起到期相关清算,但保留条件允许的情况下提前或推迟此类清算的权利。此外,清算会根据特定的账户条件(包括净清算价值、预测到期后保证金不足,以及期权行使价与底层证券价格之间的关系)进行优先排序。

实物交割期货

除了将货币作为其底层证券的某些期货合约外,IB通常不允许客户发起或接收实物结算期货或期货期权合约的底层交割。为避免交割即将到期的合约,客户必须延期合约或在合约指定的结算截止日期(我们网站中列有)前平仓头寸。

请注意,客户有义务了解结算截止日期并知晓未在指定指定时间段内结算的实物交割合约可能会在无事先通知的情况下被IB清算

到期相關清算

Background: 

除了在實時保證金不足時強行清算客戶頭寸的政策外,IB還會根據某些到期相關事件(會導致不應有的風險和/或操作問題)清算頭寸。下方列出了此類事件範例。

期權行權

如果行權/轉讓會導致帳戶保證金不足,IB保留禁止股票期權行權并/或平倉空頭期權的權利。由於頭寸已全額支付,因此購買期權通常不需要保證金,一旦行權,帳戶持有人便有義務全額支付後續多頭股票頭寸(現金帳戶看漲期權行權或100%保證金股票)或支付多頭/空頭股票頭寸(保證金帳戶看漲/看跌期權行權)。如果在交割時,底層證券價格出現重大不利變化,行權之前不具備充足權益的帳戶會面臨不應有的風險。這種無擔保風險尤為明顯,並且可能會超出多頭期權所持有的任何價內價值,尤其是在到期時清算所以每股低達$0.01美元的價格自動行使期權的時候。

例如,第一天,帳戶權益只包括20張行使價為$50美元的XYZ多頭看漲期權,這些合約在底層證券價格為$51美元時以每份$1美元的價格平倉。假設情境1中,期權自動行權,並且XYZ在第二天的開盤價達到$51美元。假設情境2中,期權自動行權,並且XYZ在第二天的開盤價為$48美元。

帳戶餘額 到期前

情境1 - XYZ開盤價 @ $51

情境 2 - XYZ 開盤價 @ $48
現金
$0.00 ($100,000.00) ($100,000.00)
多頭股票 
$0.00 $102,000.00 $96,000.00

多頭期權*

$2,000.00 $0.00 $0.00
凈清算權益/(不足) $2,000.00 $2,000.00 ($4,000.00)
保證金要求
$0.00 $25,500.00 $25,500.00
多餘保證金/(不足) $0.00 ($23,500.00) ($29,500.00)

*多頭期權無貸款價值。
 

為在到期日臨近時防止發生這些情景,IB將假設接近實際的底層證券價格情境并評估股票交割帳戶風險來模擬到期影響。如果風險過高,IB保留一下權利:1) 到期前清算期權;2)允許期權失效;及/或3) 允許交割并立即清算底層證券。此外,帳戶不能開立新的頭寸以防增加風險。

如果IB系統預測結算會導致保證金不足,那麼IB也會保留在結算前的下午清算頭寸的權利。為在到期日臨近時防止發生這些情景,IB將假設接近實際的底層證券價格情境并評估結算后帳戶風險來模擬到期影響。例如,如果IB預測結算將導致頭寸從帳戶中移除(如期權將在價外到期或現金結算期權在價內到期),那麼IB系統將評估結算的保證金影響。

如果IB認為風險過高,那麼IB可能會清算帳戶中的頭寸以解決預測的保證金不足問題。帳戶持有人可通過TWS中的帳戶窗口監控與保證金風險相關的到期期權。預測超額保證金將顯示在“到期后保證金”(見下方)一行,如果其為負數并紅色顯示,則表明您的帳戶可能強制頭寸清算。風險計算在下一個到期日的前面三天進行,並且每15分鐘更新一次。請注意,某些分層結構帳戶類型(如獨立交易限制帳戶)的這一信息只會在主帳戶層級顯示并計算。

請注意,IB通常在收盤前兩小時發起到期相關清算,但保留條件允許的情況下提前或推遲此類清算程序。此外,清算會更具特定的帳戶條件(包括凈清算價值、預測到期后保證金不足以及期權行使價格與底層證券價格之間關係)進行優先排序。

 

實物交割期貨

除了將貨幣作為其底層證券的某些期貨合約外,IB通常不允許客戶發起或接收實物結算期貨或期貨期權合約的底層交割。為避免交割即將到期的合約,客戶必須延期合約或在合約指定的結算截止日期(我們網站中列有)前平倉頭寸。

請注意,客戶有義務瞭解結算截止日期,并知曉未在指定時間段內結算的實物交割合約可能會在無事先通知的情況下被IB清算。

Liquidaciones relacionadas con vencimiento

Background: 

Además de la política de liquidación forzosa de posiciones de clientes en caso de una deficiencia de margen en tiempo real, IB también liquidará posiciones con base en ciertos eventos relacionados con el vencimiento, los cuales crearían preocupaciones operativas o riesgo innecesarios. Ejemplos de estos eventos se indican a continuación.

Ejercicio de opciones

IB se reserva el derecho de prohibir el ejercicio de opciones sobre acciones o cerrar opciones cortas si el efecto del ejercicio/asignación fuera que la cuenta entrará en déficit de margen. Aunque la compra de una opción generalmente no requiere margen ya que la posición está pagada por completo, una vez ejercitada, el titular de la cuenta está obligado a pagar por completo la consiguiente posición larga en acciones (en caso de una cuenta Efectivo o acciones sujetas a margen 100%) o a financiar la posición larga/corta en acciones (en caso de una call/put ejercitada en una cuenta margen).  Las cuentas que no tienen suficiente liquidez antes del ejercicio introducen un riesgo innecesario en caso de que se produjera un cambio de precio adverso en el subyacente a la entrega. Este riesgo sin cobertura puede ser especialmente pronunciado y puede exceder en gran medida cualquier valor en dinero que la opción larga pudiera haber tenido, en concreto al vencimiento, cuando las cámaras de compensación ejercitan las opciones automáticamente a niveles en dinero tan bajos como 0.01 USD por acción.

Tomemos, por ejemplo, una cuenta cuya liquidez el Día 1 consista exclusivamente de 20 opciones call largas a precio de ejercicio de 50 USD  sobre una acción hipotética XYZ, la cual ha cerrado al vencimiento a 1 USD por contrato con el subyacente a 51 USD. En el Escenario 1, se asume que las opciones son todas autoejercitadas y que XYZ abre a 51 USD en el Día 2. En el Escenario 2, se asume que las opciones son todas autoejercitadas y que XYZ abre a 48 USD en el Día 2.

Saldo de cuenta Prevencimiento

Escenario 1 - XYZ abre @ $51

Escenario 2 - XYZ abre a @ $48
Efectivo
$0.00 ($100,000.00) ($100,000.00)
Acciones largas 
$0.00 $102,000.00 $96,000.00

Opción larga*

$2,000.00 $0.00 $0.00
Liquidez de liquidación neta/(Déficit) $2,000.00 $2,000.00 ($4,000.00)
Requisito de margen
$0.00 $25,500.00 $25,500.00
Exceso de margen/(Deficiencia) $0.00 ($23,500.00) ($29,500.00)

*La opción larga no tiene valor de préstamo.
 

Como protección frente a estos escenarios tal y como se aproxima el vencimiento, IB simulará el efecto de vencimiento asumiendo posibles escenarios de precio de subyacentes y evaluando la exposición de cada cuenta según la entrega de acciones. Si se considera que la exposición es excesiva, IB se reserva el derecho a: 1) liquidar opciones antes del vencimiento; 2) permitir que las opciones caduquen; o 3) permitir la entrega y liquidar el subyacente inmediatamente después. Además, podría restringirse a la cuenta la apertura de nuevas posiciones para evitar un aumento de exposición.

IB también se reserva el derecho de liquidar posiciones en la tarde previa a la liquidación si los sistemas de IB proyectan que el efecto de la liquidación tendría como resultado un déficit de margen. Como protección frente a estos escenarios, tal y como se aproxima el vencimiento, IB simulará el efecto del vencimiento asumiendo escenarios posibles de precio de subyacente y evaluando la exposición de cada cuenta tras la liquidación. Por ejemplo, si IB proyecta que las posiciones se eliminen de la cuenta como resultado de la liquidación (por ejemplo, si las opciones vencieran fuera de dinero o si las opciones liquidadas en efectivo vencieran en dinero) los sistemas de IB evaluarán el efecto del margen en dichos eventos de liquidación.

Si IB determina que la exposición es excesiva, puede liquidar posiciones en la cuenta para resolver la deficiencia de margen proyectada. Los titulares de cuenta pueden monitorizar esta exposición de margen relacionada con el vencimiento a través de la ventana Cuenta, que se encuentra en la TWS. El exceso de margen proyectado se mostrará en la línea "Margen postvencimiento" (ver abajo) la cual, si es negativa y está destacada en rojo, indica que su cuenta puede estar sujeta a liquidaciones de posiciones forzadas. Este cálculo de exposición se realiza 3 días antes del próximo vencimiento y se actualiza aproximadamente cada 15 minutos.  Tenga en cuenta que ciertos tipos de cuenta que emplean una estructura jerárquica (por ejemplo, cuenta Límite de Negociación Independiente) solo tendrán esta información  presentada  a nivel de cuenta maestra, en donde se agregan los cálculos.

Tenga en cuenta que IB generalmente inicia liquidaciones relacionas con vencimientos 2 horas antes del cierre, pero se reserva el derecho a comenzar este proceso antes o después si lo requirieran las condiciones. Además, las liquidaciones se priorizan basadas en un número de criterios específicos de cuenta, que incluyen el Valor de Liquidación Neto, déficit postvencimiento proyectado y la relación entre el precio de ejercicio de la opción y el subyacente.

 

Futuros con entrega física

Con la excepción de ciertos contratos de futuros que tienen divisas como subyacentes, IB generalmente no permite que sus clientes hagan o reciban la entrega del subyacente para futuros liquidados físicamente o para contratos de opciones sobre futuros. Para evitar entregas de un contrato que venza, los clientes deben renovar el contrato o cerrar la posición antes de la fecha límite de cierre específica para ese contrato (puede consultarse una lista de estos en la página web, en las opciones de menú Negociación y luego Entrega, Ejercicio y Acciones). 

Tenga en cuenta que es responsabilidad del cliente conocer la fecha límite de cierre y que los contratos con entrega física que no se hayan cerrado dentro del tiempo específico pueden ser liquidados por IB sin notificación previa.

Can I set a maximum dollar exposure for my account?

Unless an account holds solely long stock, bond, option or forex positions which have been paid for in full (i.e., no margin) and/or contains limited risk derivative positions such as option spreads, it is at risk of losing more than the original investment.

In the case of portfolios where the risk is indeterminable, there is no mechanism whereby the account holder can specify, at the portfolio level, a maximum dollar threshold of losses which, if reached, would limit their liability. IB does, however, provide a variety of tools and settings designed to assist account holders with managing and monitoring their exposure, including specialized order types, alerts and the Risk Navigator. A brief overview of each is provided below:

Order Types

Account holders may manage exposure on an individual trade level through several order types designed to limit risk. These order types include, but are not limited to: Stop, Adjustable Stop, Stop Limit, Trailing Stop and Trailing Stop Limit Orders. All of these order types allow you to specify an exit level for your individual positions based on your risk tolerance. For example, an account holder long 200 shares of hypothetical stock XYZ at an average price of $20.00 seeking to limit their loss to $500.00 could create a Stop Limit order having a Stop Price of $18.00 (the price at which a limit sell order is triggered) and a Limit Price of $17.50 (the lowest price at which the shares would be sold).  It's important to note, however, that while a Stop Limit eliminates the price risk associated with a Stop order where the execution price is not guaranteed, it exposes the account holder to the risk that the order may never be filled even if the Stop Price is reached.  For instructions on creating a Stop Limit order, click here.

 

Alerts

Alerts provide account holders the ability to specify events or conditions which, if met, trigger an action. The conditions can be based on time, trades that occur in the account, price levels, trade volume, or a margin cushion. For example, if the account holder wanted to be notified if their account was nearing a margin deficiency and forced liquidation, an alert could be set up to send an email if the margin cushion fell to some desired percentage, say 10% of equity. The action may consist of an email or text notification or the triggering of a risk reducing trade. For instructions on creating an Alert, click here.

Risk Navigator

The Risk Navigator is a real-time market risk management platform contained within the TraderWorkstation, which provides the account holder with the ability to create 'what-if' scenarios to measure exposure given user-defined changes to positions, prices, date and volatility variables which may impact their risk profile. For information on using an Risk Navigator, click here.

Expiration & Corporate Action Related Liquidations

Background: 

In addition to the policy of force liquidating client positions in the event of a real-time margin deficiency, IB will also liquidate positions based upon certain expiration or corporate action related events which, after giving effect to, would create undue risk and/or operational concerns.  Examples of such events are outlined below.

Option Exercise

IB reserves the right to prohibit the exercise of stock options and/or close short options if the effect of the exercise/assignment would be to place the account in margin deficit. While the purchase of an option generally requires no margin since the position is paid in full, once exercised the account holder is obligated to either pay for the ensuing long stock position in full (in the case of a call exercised in a cash account or stock subject to 100% margin) or finance the long/short stock position (in the case of a call/put exercised in a margin account).  Accounts which do not have sufficient equity on hand prior to exercise introduce undue risk should an adverse price change in the underlying occur upon delivery. This uncollateralized risk can be especially pronounced and may far exceed any in-the-money value the long option may have held, particularly at expiration when clearinghouses automatically exercise options at in-the-money levels as low as $0.01 per share.

Take, for example, an account whose equity on Day 1 consists solely of 20 long $50 strike call options in hypothetical stock XYZ which have closed at expiration at $1 per contract with the underlying at $51. Assume under Scenario 1 that the options are all auto-exercised and XYZ opens at $51 on Day 2. Assume under Scenario 2 that the options are all auto-exercised and XYZ opens at $48 on Day 2.

Account Balance Pre-Expiration

Scenario 1 - XYZ Opens @ $51

Scenario 2 - XYZ Opens @ $48
Cash
$0.00 ($100,000.00) ($100,000.00)
Long Stock   $0.00 $102,000.00 $96,000.00

Long Option*

$2,000.00 $0.00 $0.00
Net Liquidating Equity/(Deficit) $2,000.00 $2,000.00 ($4,000.00)
Margin Requirement
$0.00 $25,500.00 $25,500.00
Margin Excess/(Deficiency) $0.00 ($23,500.00) ($29,500.00)

*Long option has no loan value.
 

To protect against these scenarios as expiration nears, IB will simulate the effect of expiration assuming plausible underlying price scenarios and evaluating the exposure of each account assuming stock delivery. If the exposure is deemed excessive, IB reserves the right to either: 1) liquidate options prior to expiration; 2) allow the options to lapse; and/or 3) allow delivery and liquidate the underlying at any time.  In addition, the account may be restricted from opening new positions to prevent an increase in exposure.

While IB reserves the right to take these actions, account holders are solely responsible for managing the exercise/assignment risks associated with the positions in their accounts. IB is under no obligation to manage such risks for you.

IB also reserves the right to liquidate positions on the afternoon before settlement if IB’s systems project that the effect of settlement would result in a margin deficit. To protect against these scenarios as expiration nears, IB will simulate the effect of expiration assuming plausible underlying price scenarios and evaluating the exposure of each account after settlement.  For instance, if IB projects that positions will be removed from the account as a result of settlement (e.g., if options will expire out of the money or cash-settled options will expire in the money), IB’s systems will evaluate the margin effect of those settlement events.

If IB determines the exposure is excessive, IB may liquidate positions in the account to resolve the projected margin deficiency.  Account holders may monitor this expiration related margin exposure via the Account window located within the TWS. The projected margin excess will be displayed on the line titled “Post-Expiry Margin” (see below) which, if negative and highlighted in red indicates that your account may be subject to forced position liquidations. This exposure calculation is performed 3 days prior to the next expiration and is updated approximately every 15 minutes.  Note that certain account types which employ a hierarchy structure (e.g., Separate Trading Limit account) will have this information presented only at the master account level where the computation is aggregated.

Note that IB generally initiates expiration related liquidations 2 hours prior to the close, but reserves the right to begin this process sooner or later should conditions warrant. In addition, liquidations are prioritized based upon a number of account-specific criteria including the Net Liquidating Value, projected post-expiration deficit, and the relationship between the option strike price and underlying.

 

Call Spreads in Advance of Ex-Dividend Date

In the event that you are holding a call spread (long and short calls having the same underlying) prior to an ex-dividend date in the underlying, and if you have not liquidated the spread or exercised the long call(s), IB reserves the right to: i) exercise some or all of the long call(s); and/or ii) liquidate (i.e., close out) some or all of the spreads - if IB, in its sole discretion, anticipates that: a) the short call(s) is (are) likely to be assigned; and b) your account would not ave sufficient equity to satisfy the liability to pay the dividend or to satisfy margin requirements generally.  In the event that IB exercises the long call(s) in this scenario and you are not assigned on the short call(s), you could suffer losses. Likewise, if IB liquidates some or all of your spread position, you may suffer losses or incur an investment result that was not your objective.

In order to avoid this scenario, you should carefully review your option positions and your account equity prior to any ex-dividend date of the underlying and you should manage your risk and your account accordingly.

 

Physically Delivered Futures

With the exception of certain futures contracts having currencies as their underlying, IB generally does not allow clients to make or receive delivery of the underlying for physically settled futures or futures option contracts. To avoid deliveries in an expiring contract, clients must either roll the contract forward or close the position prior to the Close-Out Deadline specific to that contract (a list of which is provided on the website). 

Note that it is the client’s responsibility to be aware of the Close-Out Deadline and physically delivered contracts which are not closed out within the specified time frame may be liquidated by IB without prior notification.

Equity & Index Option Position Limits

Overview: 

Equity option exchanges define position limits for designated equity options classes.  These limits define position quantity limitations in terms of the equivalent number of underlying shares (described below) which cannot be exceeded at any time on either the bullish or bearish side of the market.  Account positions in excess of defined position limits may be subject to trade restriction or liquidation at any time without prior notification.

Background: 

Position limits are defined on regulatory websites and may change periodically.  Some contracts also have near-term limit requirements (near-term position limits are applied to the side of the market for those contracts that are in the closest expiring month issued).  Traders are responsible for monitoring their positions as well as the defined limit quantities to ensure compliance.  The following information defines how position limits are calculated;

 

Option position limits are determined as follows:

  • Bullish market direction -- long call & short put positions are aggregated and quantified in terms of equivalent shares of stock.
  • Bearish market direction -- long put & short call positions are aggregated and quantified in terms of equivalent shares of stock.

The following examples, using the 25,000 option contract limit, illustrate the operation of position limits:

  • Customer A, who is long 25,000 XYZ calls, may at the same time be short 25,000 XYZ calls, since long and short positions in the same class of options (i.e., in calls only or in puts only) are on opposite sides of the market and are not aggregated
  • Customer B, who is long 25,000 XYZ calls, may at the same time be long 25,000 XYZ puts. Rule 4.11 does not require the aggregation of long call and long put (or short call and short put) positions, since they are on opposite sides of the market.
  • Customer C, who is long 20,000 XYZ calls, may not at the same time be short more than 5,000 XYZ puts, since the 25,000 contract limit applies to the aggregate position of long calls and short puts in options covering the same underlying security. Similarly, if Customer C is also short 20,000 XYZ calls, he may not at the same time have a long position of more than 5,000 XYZ puts, since the 25,000 contract limit applies separately to the aggregation of short call and long put positions in options covering the same underlying security.

 

Notifications and restrictions:

 

IB will send notifications to customers regarding the option position limits at the following times:

  • When a client exceeds 85% of the allowed limit IB will send a notification indicating this threshold has been exceeded
  • When a client exceeds 95% of the allowed limit IB will place the account in closing only. This state will be maintained until the account falls below 85% of the allowed limit. New orders placed that would increase the position will be rejected.

 

Notes:

Position limits are set on the long and short side of the market separately (and not netted out).
Traders can use an underlying stock position as a "hedge" if they are over the limit on the long or short side (index options are reviewed on a case by case basis for purposes of determining which securities constitute a hedge).
Position information is aggregated across related accounts and accounts under common control.

 

Definition of related accounts:

IB considers related accounts to be any account in which an individual may be viewed as having influence over trading decisions. This includes, but is not limited to, aggregating an advisor sub-account with the advisor's account (and accounts under common control), joint accounts with individual accounts for the joint parties and organization accounts (where an individual is listed as an officer or trader) with other accounts for that individual.

 

Position limit exceptions:

Regulations permit clients to exceed a position limit if the positions under common control are hedged positions as specified by the relevant exchange. In general the hedges permitted by the US regulators that are recognized in the IB system include outright stock position hedges, conversions, reverse conversions and box spreads. Currently collar and reverse collar strategies are not supported hedges in the IB system. For more detail about the permissible hedge exemptions refer to the rules of the self regulatory organization for the relevant product.

OCC posts position limits defined by the option exchanges.   They can be found here.
http://www.optionsclearing.com/webapps/position-limits

Do liquidation trades executed by IB count as day trades?

Overview: 

Yes, if a position that is opened is subsequently closed in the same trading session (day), it is defined as a Pattern Day Trade.  If an IB liquidation results in the closing of a position that was opened in that same session/day, it would be counted towards the Pattern Day Trade total.  This could also result in the account being flagged as a Pattern Day Trade account. 

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