MF Global Account Transfers
Interactive Brokers stands ready to accommodate current and former MF Global (MFG) customers interested in opening an account or transferring positions to IB. For those clients seeking to transfer cash and/or positions, please take note of the following:
Futures & Futures Options
The transfer considerations for commodity accounts varies by the region of the MFG entity in which the account is maintained and the clearinghouse in which the positions are cleared.
1. U.S. - The U.S. based commodities clearinghouses (OCC, CME, ICE, KCBOT, MGEX, Clear US & The Clearing Corporation) have already begun transferring positions to designated clearing firms on a bulk basis. This transfer process is scheduled to be completed by November 11, 2011. In the case of clients whose account has been subject to bulk transfer and who have already been contacted by their new firm, transfers can be initiated by completing and faxing a completed US Futures Transfer of Assets Form which is made available in the online application for new applicants and through Account Management for existing clients. To ensure a successful transfer, we recommend that you contact your current broker to ensure that your account is margin compliant prior to initiating the transfer.
If you have not yet been notified of an account transfer, you may send an email to clearinginformation@CMEGroup.com, an address established by the CME to assist MFG clients with tracking the status of their account. Inquiries submitted to this email address must contain your Name, MFG Account number, and the MFG Office or Branch code (if known). Click here for additional details as provided by the CME.
2. UK, Australia, Hong Kong & Singapore - The deadline to request transfers has reportedly expired and and positions which have not been the subject of a bulk transfer are likely to be liquidated by the trustee. Transfer requests submitted by IB prior to the deadline, however, will be honored. Clients who have not yet been contacted regarding the status of their accounts are advised to refer to the website links below for contact information for each of the respective clearinghouses or designated trustee.
UK (LCH.Clearnet)
Australia (Deloitte)
Hong Kong (KPMG)
Singapore (SGX)
Cash and Equity Securities
Securities account assets (e.g., cash, stock, bonds, options) held by MFG its affiliates are currently frozen. Clients should await contact from MFG or its Trustee Administrator with regards to the disposition of such assets.
To begin your application for a new account with Interactive Brokers, please click here
ACATS Transfer Guide (US brokerage account transfers)
ACATS Transfer Guide
Introduction
Understanding the basic facts about transferring accounts between US brokerage firms can be help to avoid delays. Through this article and other Knowledge Database resources, Interactive Brokers seeks to assist with your incoming and outgoing ACATS requests.
US brokerage firms utilize a standardized system to transfer customer accounts from one firm to another. Known as the Automated Customer Account Transfer Service or ACATS, the process allows assets to move seamlessly between brokerage firms in a unified time frame. ACATS transfers are facilitated by a third party, the National Securities Clearing Corporation (NSCC), to assist participating members with timely asset transfers.
ACATS Transfer Benefits
The majority of assets may be transferred between US brokerage firms and some banks through ACATS. This standardized system includes stocks, US corporate bonds, listed options, unit investment trusts, mutual funds, and cash. Information on assets eligible for transfer is provided at "Assets Eligible..." Though impacted by multiple factors and time constraints, the accepted or rejected transfers finalize within 10 business days in most cases.
Navigating The Process
4 simple steps of the ACATS process will help you understand the flow and minimize delays. Familiarizing yourself with the transfer process helps to ensure a successful transition.
1. Incoming or Outgoing
Incoming ACATS Transfers
The financial institution that is receiving your assets and account transfer is known as the "receiving firm." Investors always work with and through the "receiving firm" to move full or partial account assets into a new broker.
Contact the "receiving firm" (Interactive Brokers) to review the firm's trading policies and requirements. You should verify that your assets are eligible for trading at the "receiving firm" before initiating the transfer request. Not all ACATS transferable assets are acceptable for trading at every brokerage firm.
Outgoing ACATS Transfers
All outgoing ACATS transfers, full or partial, must be approved by the "delivering firm." Investors, however, should work with and through the "receiving firm" in order to begin the the transfer process or to status the progress of the request.
2. Initiating Your Transfer
Investors must always begin the ACATS transfer with the "receiving firm." An ACATS transfer form or Transfer Initiation Form (TIF) must be submitted. The "receiving firm" takes your reqeust and communicates with the "delivering firm" via ACATS. The process begins with this request for transfer of the account.
For your Interactive Brokers Account, the transfer is usually submitted online. Video instruction on submitting the transfer is provided at "How to deposit funds via a full ACATS/ATON Transfer." or through Step-by-step instructions.
Note: Outgoing account transfers from your IB account should be directed to the other broker. Your request will be submitted to IB from the other broker through the ACATS electronically.
3. What to Expect
Your Account
Brokers ensure the safety and security of transfer requests by only authorizing requests between open accounts that meet the following criteria:
- Same Account Title
- Same Tax ID Number
- Same Account Type
Transfer Approval
Ultimately responsible for validating the transfer, the "delivering firm" may accept information from the "receiving firm" correcting data originally entered. Approved or validated requests result in the delivery of positions to the "receiving firm" for their acceptance. Assets may not be accepted by the "receiving firm" for the following:
- Non-marginable or Margin (credit) violation
- Not Tradable
- DTC Chill
Note: The most common reasons for ACATS rejections are outlined by clicking here.
Processing Time-frame
The processing time for each transfer request is fixed. In general, approved transfers complete within 4 to 8 business days. Almost all transfers complete within 10 business days. Each firm is required to perform certain steps at specific intervals in the process. Feel free to review the Full ACATS transfer process flow.
Fees
While Interactive Brokers does not charge a fee to transfer your account via ACATS, some brokers do apply a fee for full and partial transfers. Prior to initiating your transfer, you should contact the "delivering firm" to verify any charge.
4. Who To Contact For Help
Interactive Brokers Customer Service stands poised to assist with your incoming ACATS transfer reqeust. Click here for Customer Service contact resources.
Note: Outgoing or ACATS transfers sending accounts to another broker should be directed to the "receiving firm." Their Account Transfer Group will work with Interactive Brokers directly to complete your outgoing request.
How to Deposit Funds Via a Full ACATS/ATON Transfer
How to deposit funds to your Interactive Brokers account via a full ACATS/ATON Transfer
For information on how to initiate a partial ACATS/ATON transfer/ please click here
For Interactive Brokers tradeable products please visit the Contract Search Engine
For a detailed description of the Full ACATS/ATON process flow please click here
For a list of the most common causes for ACATS/ATON rejects, please click here
How to Deposit Funds Via a Partial ACATS/ATON Transfer
How to deposit funds to your Interactive Brokers account via a partial ACATS or ATON transfer
European Assets Transfers
Overview:
European Position Transfers
IB can accommodate transfers in the following countries on a manual basis:
- Belgium: options, futures
- France: stocks, options, futures
- Germany: stocks, warrants, options, futures
- Italy: options, futures
- The Netherlands: stocks, options, futures
- Spain: stocks, options, futures
- Switzerland: stocks, options, futures
- United Kingdom: stocks, options, futures
- Austria: stocks
- Sweden: stocks, options, futures
Customers wishing to transfer positions to an IB account must fill out the Interactive Brokers Transfer of Assets in Europe form and provide the following additional information:
- customer contact information (phone number and e-mail address)
- delivering broker contact information (contact person, phone number and e-mail address)
- approximate value of the securities to be transferred
- desired settlement date of the transaction(s)
The request is to be made either
- by attaching the form to a Ticket via the Message Center in Account Management.
- or by fax at +41-41-726-9599.
Upon receipt of the Transfer of Assets form, IB will verify the request to insure that we are able to support the transfer.
Once done, we will send a confirmation to the customer. And if we are able to support the transfer, we will thereafter contact the customer’s clearing broker to organize it.
Please note the following points:
- All transfers to an IB account from another clearing broker must be delivered free of payment, FOP.
- Interactive Brokers only accepts products that are available for trading on the IB system. Certain products cannot be held in your IB account including: money market deposits, many bonds and similar fixed income instruments, many mutual funds, limited partnership units and certain classes of stock. IB holds all positions in the firm accounts in non-registered form. We do not support individual registration of positions. Positions in registered shares will be converted to non-registered form by default.
- For initial account funding, your transfer must meet our Minimum Initial Deposit requirements or the transfer will be rejected.
- You will not be able to withdraw any funds or transfer any assets to another broker for ten business days after an account transfer is received.
Free of Payment (FOP) Transfers
Overview:
Free of Payment (FOP) is term used by IB to refer to a process of transferring long US securities between IB and another financial institution (e.g. bank, broker or transfer agent) through the Depository Trust Company (DTC).
The FOP transfer method is often used when:
1. The delivering form is not a DTC ACAT (Automated Customer Account Transfer) Participant.
2. The customer would like to expedite the delivery of their securities. The processing time frame for securities transferred via FOP may, in certain instances, be less than that associated with an ACATS transfer.
The following steps are to be followed in order to create a FOP notice:
1. Log into Account Management;
2. Select the Funds Management and then Position Transfers menu options;
3. From the drop-down list, select the Transfer Method titled Free of Payment (FOP) US Stocks and Bonds.
4. Select the applicable transaction Type (either Withdraw or Deposit);
5. In the case of a FOP Withdrawal, the steps are as follows:
- Select the DTC Participant to whom the securities are being transferred from the drop-down list;
- Enter your account number at that DTC Participant;
- Specify the securities (symbol and shares for stocks, CUSIP Number and quantity for bonds) to be transferred;
- Provide your electronic signature authorizing the transfer request and clicking on the Confirm button;
- Verify your identity by entering your password and clicking on the Confirm Request button;
- If your account is enrolled in the Secure Transaction Program (STP), the processing of your request will take place once you enter your confirmation code and click on the Confirm Request button. If not STP enrolled, your request will be subject to security verification, requiring that you contact our Customer Service Center to validate your identity and request.
6. In the case of a FOP Deposit, the steps are as follows:
- Select the DTC Participant from whom the securities are being transferred from the drop-down list;
- Enter your account number at that DTC Participant;
- Specify the securities (symbol and shares for stocks, CUSIP Number and quantity for bonds) to be transferred;
- Provide your electronic signature authorizing the transfer request and clicking on the Confirm button. A printable version of the FOP request is made available should your transferring firm require an authorization form.
7. Transfer requests are typically completed within five business days.
IMPORTANT NOTE:
While IB does not assess a fee to process FOP transfers, other firms may and we therefore recommend that you confirm with the contra-firm their policies in this regard prior to submitting a request. In the event a contra-firm does charge a fee to IB, the fee will be passed to the IB account holder.
Glossary terms:
What is a partial ACATS transfer and what is the typical timeframe for its completion?
A partial ACATS transfer exists when the customer elects to transfer only a select group of assets from one broker to another rather than the entire account. As this type of transfer requires that the customer specify those assets to IB, the Account Management interface through which notification is provided precludes the entry of any security not eligible to be carried by IB. This effectively minimizes the need for an asset review and accommodates a transfer time frame ranging from 2 to 4 business days.
Glossary terms:
What is the typical timeframe for completion of a full ACATS transfer request?
A full ACATS transfer request will generally be completed or settled anywhere between from 4 to 7 business days. The actual time which any one request may take depends upon a number of factors, most notably being the speed at which the delivering broker responds to the initial request, the ability of the two brokers to successfully corroborate the customer’s account details (e.g., account title, account number, taxpayer identification number, etc.), whether the list of account assets requires adjustment due to the inclusion of securities not eligible to be carried by the receiving broker, and/or if the effect of the transfer would be to violate the receiving broker’s credit policy (i.e., create a margin deficiency).
Withdrawal restrictions applicable to assets transferred via ACATS?
Assets transferred to IB via ACATS are subject to a hold period of 10 business days, the count of which begins the day after the transfer has settled and ends at midnight of the 10th business day thereafter. Note that assets are often credited to an account holder’s equity and made available for trade prior to transfer settlement. The date at which a given ACATS deposit is eligible for withdrawal may be determined through the View Transaction History function within Account Management.
Links:
Assets eligible to be transferred through ACATS
Instruments handled by the ACATS system include the following asset classes: equities, options, corporate bonds, municipal bonds, mutual funds and cash. It should be noted; however, that ACATS eligibility does not guarantee that any given security will transfer as each receiving broker maintains its own requirements as to which asset classes as well as securities within a particular asset class it will accept.
Account holders are encouraged to use the Contract Search link on IB’s homepage to assess transfer eligibility prior to initiating a full account transfer request. In the case of mutual funds, please click here for a list of fund families and funds offered by IB.
