Simply stated, an "Odd Lot" is a stock order comprised of less than 100 shares of stock. So any stock order from 1 share to 99 shares is considered to be an odd lot.
This is the pertinent information traders should know about odd lot orders:
VWAP, or Volume-Weighted Average Price, is a measure of the average price at which a stock traded over a given timeframe (typically one day). Assume, for example, the aggregate trades for stock ABC on day ‘T’ equals 100 shares at $21.00, another 100 shares at $22.00 and 300 shares at $24.00. The calculation for the VWAP of ABC for day ‘T’ is as follows:
Accumulate/Distribute is a sophisticated trading algorithm which allows one to buy or sell large orders by splitting the trade into multiple orders with the goal of reducing visibility and market impact.
IMPORTANT NOTE
This algo will only operate when the trader is logged into the TWS. If the trader has been logged out prior to the algo completing (either by user action or by the automated nightly restart), a message will appear upon the next log in which will allow for re-activation of the algo.
The ScaleTrader is a sophisticated trading algorithm which allows one to enter a large quantity order that is executed in a series of increments or components, with each component being executed at a progressively better price.
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.
The rejection of an ACATS transfer request is typically initiated by action of the delivering broker once that broker has had an opportunity to review the request and confirm the details of the account to be transferred. In the case of certain rejection notices (i.e., categories 1-5 and 10 below), the ACATS process affords the receiving broker (IB) a 24-hour window within which revised information may be transmitted and after which time the transfer request will require resubmission by the client. During this 24-hour window, IB will attempt to contact the transferring client in an effort to reconcile any discrepancies causing the initial rejection notice. Rejections generally fall into the following categories:
Rejections by the Receiving Broker:
10. Credit Violation - the result of the transfer if effected would be to place the account in margin deficit and subject to forced liquidation.
Virtually all countries apply withholding taxes when local companies seek to distribute dividends to externally based shareholders (whether those shareholders are corporate or not). The rate at which IB is obligated to withhold for a given payment depends largely upon whether there is a tax treaty in place between the country where the dividend paying country is based and the country of residence of the dividend recipient. In addition, certain taxing authorities provide their residents with a tax credit for foreign taxes paid at the point of filing in order to minimize the effect of double taxation.
The table below depicts the rates of withholding as applied by IB effective 2009-01-01 along with resident country credit rates.
| ISSUER COUNTRY | RESIDENT COUNTRY | WITHHOLDING RATE | CREDIT RATE |
| AFGHANISTAN | CANADA | 0 | 0 |
| AUSTRIA | UNITED STATES | 25 | 0 |
| BELGIUM | SWITZERLAND | 25 | 10 |
| BELGIUM | UNITED STATES | 25 | 0 |
| CANADA | ALGERIA | 15 | 0 |
| CANADA | ARGENTINA | 15 | 0 |
| CANADA | AUSTRALIA | 15 | 0 |
| CANADA | AUSTRIA | 15 | 0 |
| CANADA | BANGLADESH | 15 | 0 |
| CANADA | BARBADOS | 15 | 0 |
| CANADA | BELGIUM | 15 | 0 |
| CANADA | BRAZIL | 25 | 0 |
| CANADA | BULGARIA | 15 | 0 |
| CANADA | CAMEROON | 15 | 0 |
| CANADA | CANADA | 0 | 0 |
| CANADA | CHILE | 15 | 0 |
| CANADA | CHINA | 15 | 0 |
| CANADA | CROATIA | 15 | 0 |
| CANADA | CYPRUS | 15 | 0 |
| CANADA | CZECH REPUBLIC | 15 | 0 |
| CANADA | DENMARK | 15 | 0 |
| CANADA | DOMINICAN REPUBLIC | 18 | 0 |
| CANADA | EGYPT | 15 | 0 |
| CANADA | ESTONIA | 15 | 0 |
| CANADA | FINLAND | 15 | 0 |
| CANADA | FRANCE | 15 | 0 |
| CANADA | GERMANY | 15 | 0 |
| CANADA | GREAT BRITAIN | 15 | 0 |
| CANADA | GUYANA | 15 | 0 |
| CANADA | HONG KONG | 25 | 0 |
| CANADA | HUNGARY | 15 | 0 |
| CANADA | ICELAND | 15 | 0 |
| CANADA | INDIA | 25 | 12.5 |
| CANADA | INDONESIA | 15 | 0 |
| CANADA | IRELAND | 15 | 0 |
| CANADA | ISRAEL | 15 | 0 |
| CANADA | ITALY | 15 | 0 |
| CANADA | JAMAICA | 15 | 0 |
| CANADA | JAPAN | 15 | 0 |
| CANADA | JORDAN | 15 | 0 |
| CANADA | KAZAKHSTAN | 15 | 0 |
| CANADA | KENYA | 25 | 0 |
| CANADA | KOREA, DEMOCRATIC PEOPLE'S REPUBLIC OF | 15 | 0 |
| CANADA | KYRGYZSTAN | 15 | 0 |
| CANADA | LATVIA | 15 | 0 |
| CANADA | LEBANON | 15 | 0 |
| CANADA | LITHUANIA | 15 | 0 |
| CANADA | LUXEMBOURG | 15 | 0 |
| CANADA | MALAYSIA | 15 | 0 |
| CANADA | MALTA | 15 | 0 |
| CANADA | MEXICO | 15 | 0 |
| CANADA | MOROCCO | 15 | 0 |
| CANADA | NETHERLANDS | 15 | 0 |
| CANADA | NETHERLANDS ANTILLES | 15 | 0 |
| CANADA | NEW ZEALAND | 15 | 0 |
| CANADA | NIGERIA | 15 | 0 |
| CANADA | NORWAY | 15 | 0 |
| CANADA | PAKISTAN | 15 | 0 |
| CANADA | PAPUA NEW GUINEA | 15 | 0 |
| CANADA | PHILIPPINES | 15 | 0 |
| CANADA | POLAND | 15 | 0 |
| CANADA | PORTUGAL | 15 | 0 |
| CANADA | ROMANIA | 15 | 0 |
| CANADA | RUSSIA | 15 | 0 |
| CANADA | SINGAPORE | 15 | 0 |
| CANADA | SLOVENIA | 15 | 0 |
| CANADA | SOUTH AFRICA | 15 | 0 |
| CANADA | SPAIN | 15 | 0 |
| CANADA | SRI LANKA | 15 | 0 |
| CANADA | SWEDEN | 15 | 0 |
| CANADA | SWITZERLAND | 15 | 0 |
| CANADA | TANZANIA, UNITED REPUBLIC OF | 25 | 0 |
| CANADA | THAILAND | 15 | 0 |
| CANADA | TRINIDAD AND TOBAGO | 15 | 0 |
| CANADA | TUNISIA | 15 | 0 |
| CANADA | UKRAINE | 15 | 0 |
| CANADA | UNITED ARAB EMIRATES | 25 | 10 |
| CANADA | UNITED KINGDOM | 15 | 0 |
| CANADA | UNITED STATES | 25 | 10 |
| CANADA | UNITED STATES MINOR OUTLYING ISLANDS | 15 | 0 |
| CANADA | UZBEKISTAN | 15 | 0 |
| CANADA | VIETNAM | 15 | 0 |
| CANADA | ZAMBIA | 15 | 0 |
| CANADA | ZIMBABWE | 15 | 0 |
| DENMARK | UNITED STATES | 28 | 0 |
| FINLAND | UNITED STATES | 28 | 0 |
| FRANCE | SWITZERLAND | 25 | 10 |
| FRANCE | UNITED STATES | 25 | 10 |
| GERMANY | SWITZERLAND | 26.38 | 11.38 |
| GERMANY | UNITED STATES | 26.38 | 11.38 |
| GREAT BRITAIN | CANADA | 15 | 0 |
| INDIA | CANADA | 15 | 2.5 |
| IRELAND | SWITZERLAND | 20 | 20 |
| IRELAND | UNITED STATES | 20 | 0 |
| ITALY | SWITZERLAND | 27 | 12 |
| ITALY | UNITED STATES | 27 | 0 |
| JAPAN | UNITED STATES | 7 | 0 |
| LUXEMBOURG | UNITED STATES | 20 | 0 |
| NETHERLANDS | AUSTRALIA | 15 | 0 |
| NETHERLANDS | SWITZERLAND | 15 | 0 |
| NETHERLANDS | UNITED STATES | 15 | 0 |
| NO COUNTRY INFORMATION | CANADA | 30 | 0 |
| NO COUNTRY INFORMATION | UNITED STATES | 30 | 0 |
| NORWAY | UNITED STATES | 25 | 0 |
| PUERTO RICO | UNITED STATES | 10 | 0 |
| SOUTH KOREA | UNITED STATES | 27.5 | 11 |
| SPAIN | UNITED STATES | 18 | 3 |
| SWEDEN | UNITED STATES | 30 | 15 |
| SWITZERLAND | SWITZERLAND | 35 | 35 |
| SWITZERLAND | UNITED STATES | 35 | 20 |
| UNITED ARAB EMIRATES | CANADA | 25 | 10 |
| UNITED KINGDOM | CANADA | 15 | 0 |
| UNITED STATES | AUSTRALIA | 15 | 0 |
| UNITED STATES | AUSTRIA | 15 | 0 |
| UNITED STATES | BARBADOS | 15 | 0 |
| UNITED STATES | BELGIUM | 15 | 0 |
| UNITED STATES | BULGARIA | 10 | 0 |
| UNITED STATES | CANADA | 15 | 0 |
| UNITED STATES | CHINA | 10 | 0 |
| UNITED STATES | CYPRUS | 15 | 0 |
| UNITED STATES | CZECH REPUBLIC | 15 | 0 |
| UNITED STATES | DENMARK | 15 | 0 |
| UNITED STATES | EGYPT | 15 | 0 |
| UNITED STATES | ESTONIA | 15 | 0 |
| UNITED STATES | FINLAND | 15 | 0 |
| UNITED STATES | FRANCE | 15 | 0 |
| UNITED STATES | GERMANY | 15 | 0 |
| UNITED STATES | GREAT BRITAIN | 15 | 0 |
| UNITED STATES | GREECE | 30 | 0 |
| UNITED STATES | HUNGARY | 15 | 0 |
| UNITED STATES | ICELAND | 15 | 0 |
| UNITED STATES | INDIA | 25 | 0 |
| UNITED STATES | INDONESIA | 15 | 0 |
| UNITED STATES | IRELAND | 15 | 0 |
| UNITED STATES | ISRAEL | 25 | 0 |
| UNITED STATES | ITALY | 15 | 0 |
| UNITED STATES | JAMAICA | 15 | 0 |
| UNITED STATES | JAPAN | 10 | 0 |
| UNITED STATES | KAZAKHSTAN | 15 | 0 |
| UNITED STATES | LATVIA | 15 | 0 |
| UNITED STATES | LITHUANIA | 15 | 0 |
| UNITED STATES | LUXEMBOURG | 15 | 0 |
| UNITED STATES | MALTA | 30 | 0 |
| UNITED STATES | MEXICO | 10 | 0 |
| UNITED STATES | MOROCCO | 15 | 0 |
| UNITED STATES | NETHERLANDS | 15 | 0 |
| UNITED STATES | NEW ZEALAND | 15 | 0 |
| UNITED STATES | NORWAY | 15 | 0 |
| UNITED STATES | PAKISTAN | 30 | 0 |
| UNITED STATES | PANAMA | 30 | 0 |
| UNITED STATES | PHILIPPINES | 25 | 0 |
| UNITED STATES | POLAND | 15 | 0 |
| UNITED STATES | PORTUGAL | 15 | 0 |
| UNITED STATES | ROMANIA | 10 | 0 |
| UNITED STATES | RUSSIA | 10 | 0 |
| UNITED STATES | SLOVAKIA | 15 | 0 |
| UNITED STATES | SLOVENIA | 15 | 0 |
| UNITED STATES | SOUTH AFRICA | 15 | 0 |
| UNITED STATES | SOUTH KOREA | 15 | 0 |
| UNITED STATES | SPAIN | 15 | 0 |
| UNITED STATES | SWEDEN | 15 | 0 |
| UNITED STATES | SWITZERLAND | 15 | 0 |
| UNITED STATES | THAILAND | 15 | 0 |
| UNITED STATES | TRINIDAD AND TOBAGO | 30 | 0 |
| UNITED STATES | TUNISIA | 20 | 0 |
| UNITED STATES | TURKEY | 20 | 0 |
| UNITED STATES | UKRAINE | 15 | 0 |
| UNITED STATES | UNITED KINGDOM | 15 | 0 |
| UNITED STATES | UNITED STATES | 0 | 0 |
| UNITED STATES | VENEZUELA | 15 | 0 |
Per Indian regulations, trading access to the Indian financila markets for individuals residing outside India is currently restricted to "Non-Resident Indians" ("NRIs") only.
NRIs are defined in the Indian Foreign Exchange Management Act of 1999 and the Indian Foreign Exchange Management Deposit Regulations of 2000.
In short, to qualify for NRI status you must:
a. Reside outside of India for more than 182 days per year, and;
b. Hold Indian citizenship, or;
c. Be a Person of Indian Origin as defined in the Indian Foreign Exchange Management Deposit Regulations of 2000.
Please note that applicants must satisfy criteria (a) and criteria (b) or (c) and will be prompted to review the aforementioned legislation and confirm their atatus at the point of application. To trade Indian products as a NRI, new or existing customers may apply for an account through the IB website.
An account holder who purchases a US stock outside of normal or regular trading hours (i.e., 9:30 a.m. to 4:00 p.m. Eastern time) but during the extended trading hours session (i.e., 4:00 p.m. to 8:00 p.m. Eastern time) on the day prior to that stock going ex-dividend is entitled to receive that dividend. The reasoning behind this is that trades executed during the extended trading hours session on Day 'T' settle at the same time ('T+3') as trades which are executed during regular trading hours on Day 'T'. All such trades will therefore settle within a timeframe sufficient for the purchaser to be recognized as an owner of the shares prior to the close of the Record Date.
Following the same logic, an account holder who sells and closes out a long US stock position during the extended trading hours session on the day prior to that stock going ex-dividend will not be entitled to receive that dividend. However, if the stock was sold stock (i.e. an opening trade), the account holder would be obligated to pay the dividend to the lender of the shares.
Accounts which have been set up as a 'Cash' type do not have access to the proceeds from the sale of securities until such time the transaction has settled at the clearinghouse and proceeds have been issued to IB. Securities settlement generally takes place on the third business day following the sale transaction. Providing access to the funds prior to settlement would constitute a loan, a transaction which is precluded from taking place within this account type.
Account holders who wish to have access to settled funds prior to the settlement day may do so by electing an account type of 'Margin'. Under this account type unsettled funds may be used for trading purposes but may not be withdrawn until settlement. Account holders maintaining a 'Cash' account may request an upgrade to a 'Margin' type account by logging into Account Management and selecting the Trading Access and then Trading Configuration menu options. Upgrade requests are subject to a compliance review to ensure that the account holder maintains the appropriate qualifications.