IB Forex CFDs - Facts and Q&A
Übersicht:
The following article is intended to provide a general introduction to forex-based Contracts for Differences (CFDs) issued by IBKR.
IBKR Forex CFDs are available for the same 85 tradable currency pairs IBKR offers as Spot FX, with identical low commissions and margin rates. By contrast, Forex CFDs feature a contract-style highly competitive financing model detailed below.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
61% of retail investor accounts lose money when trading CFDs with IBKR.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
ESMA Rules for CFDs (Retail Clients only)
The European Securities and Markets Authority (ESMA) has enacted new CFD rules effective 1st August 2018.
The rules include: 1) leverage limits on the opening of a CFD position; 2) a margin close out rule on a per account basis; and 3) negative balance protection on a per account basis. The ESMA Decision is only applicable to retail clients.
Professional clients are unaffected.
Please refer to the following articles for more detail:
ESMA CFD Rules Implementation at IBKR (UK) and IBKR LLC
ESMA CFD Rules Implementation at IBIE and IBCE
IBKR Forex CFD Features
Transparent DMA Quotes: IBKR ensures tight spreads and substantial liquidity as a result of combining quotation streams from 14 of the world's largest foreign exchange dealers which constitute more than 70% of market share in the global interbank market*. This results in displayed quotes as small as 0.1 PIP. IBKR does not mark up the quotes, rather passes through the prices that it receives and charges a separate low commission.
*Source: Euromoney FX survey FX Poll 2016.
Carry Interest: Forex CFDs are rolled over reflecting the benchmark interest rate differential of the relevant currency pair. This is in principle similar to the TOM Next rolls used by other brokers, but offers greater stability as benchmark rates generally are less volatile than swap rates. In addition IBKR applies a low financing spread that for major pairs starts at just 1.0% and can be as low as 0.5% for large balances. More volatile pairs have higher financing spreads.
The carry interest for IBKR Forex CFDs is based on a currency-pair specific benchmark and a spread. The benchmark is the difference between the IBKR benchmark rates for the two currencies. It is calculated as + BM Base currency – BM Quote currency.
For example, April 21, 2016 the GBP benchmark rate was 0.483%, the USD rate was 0.37%. The applicable benchmark rate is:
GBP.USD BM +0.48% - 0.37% = +0.113%
The applicable customer rate is Pair BM – IBKR spread for long positions, BM + spread for short positions:
GBP.USD Long Rate +0.113% - 1.00% = -0.887%
GBP.USD Short Rate +0.113% + 1.00% = +1.113%
It is important to note that the long rate is applied as a credit, the short rate as a debit. Consequently for a long position a positive rate means a credit, a negative rate a charge. However for short positions a positive rate means a charge, a negative rate a credit.
Interest is calculated on the contract value expressed in the quote currency, and credited or debited in that currency. For example:
For example:
| Daily Interest | |||||
|---|---|---|---|---|---|
| Position | GBP.USD Close | USD Value | Rate | USD | |
| GBP.USD | -20,000 | 1.43232 | -28,646.40 | 1.113% | -0.89 |
Interest on Forex CFD balances is calculated on a stand-alone contract basis, and not combined or netted with other currency exposures, including Spot FX. Although IBKR does not directly reference swap rates, IBKR reserves the right to apply higher spreads in exceptional market conditions, such as during spikes in swap rates that can occur around fiscal year-ends.
Detailed interest schedules can be viewed here.
Trading: IBKR Forex CFDs are traded exactly like Spot FX, with the same over 20 available order types and algos. IBKR Forex CFDs can be traded either in classical TWS or in the IBKR FX Trader. To find the contract you want to trade in classical TWS or FX Trader, enter the currency pair (i.e. EUR.USD) and choose Sec Tyoe CFD in the Contract Selection pop-up.
Margin: IBKR Forex CFD margins are determined for each currency pair on a per contract basis without
regard to other Forex balances held in the account, including Spot FX. Margins start as low as 2.5% of contract value for major currency pairs. Details for all currency pairs can be found here. Retail clients are subject to minimum regulatory initial margins of 3.33% or 5% depending on the currency pair.
Commissions: IBKR passes through the prices that it receives and charges a separate low commission.
We do this in the interest of providing a transparent pricing structure instead of marking up our quotes and charging nothing in commissions as is the practice with many forex brokers. Commissions are tiered based on monthly traded value, and range from 0.20 basis points to 0.08 basis points. Both Forex CFD and spot FX volumes count toward the tiers.
Details are found here.
Trading Permissions: In order to trade Forex CFDs, you must set up the trading permission for Forex CFDs in Client Portal.
If your account is with IBKR (UK) or with IBKR LLC, IBKR will then set up a new account segment (identified with your existing account number plus the suffix “F”). Once the set-up is confirmed you can begin to trade. You do not need to fund the F-account separately, funds will be automatically transferred to meet CFD margin requirements from your main account.
If your account is with another IBKR entity, only the permission is required; an additional account segment is not necessary.
Trading Example (Professional Clients)
Opening the position
You purchase 10 lots (200000) EUR.CHF CFDs at $1.16195 for CHF 232,390, which you then hold for 5 days.
| EUR.CHF Forex CFDs – New Position | |
|---|---|
| Reference Underlying Price | 1.16188 - 1.16195 |
| CFDs Reference Price | 1.16188 - 1.16195 |
| Action | Buy |
| Quantity | 200,000 |
| Trade Value | CHF 232,390.00 |
| Margin (3% x 232,390) | AUD 9,100 |
| Interest Charged (on CHF 232,390 over 5 days) | |||
|---|---|---|---|
| Tier I (Pair BM 0.42% - IB Spread 1%) | CHF 232,390.00 | -0.58% | (CHF 18.72) |
Closing the position
| Exit CFD Position | ||
|---|---|---|
| Profit Scenario | Loss Scenario | |
| Reference Underlying Price | 1.16840 - 1.16848 | 1.15539 - 1.15546 |
| CFDs Reference Price | 1.16840 - 1.16848 | 1.15539 - 1.15546 |
| Action | Sell | Sell |
| Quantity | 200,000 | 200,000 |
| Trade Value | CHF 233,680.00 | CHF 231,078.00 |
| Trade P&L | CHF 1,290.00 | (CHF 1,312.00) |
| Financing | (CHF 18.72) | (CHF 18.72) |
| Entry Commission 0.002% | (CHF 4.65) | (CHF 4.65) |
| Entry Commission 0.002% | (CHF 4.67) | (CHF 4.62) |
| Total P&L | CHF 1,261.96 | (CHF 1,339.99) |
CFD Resources
Below are some useful links with more detailed information on IBKR’s CFD offering:
Frequently Asked Questions
Can anyone trade IBKR Forex CFDs?
All clients can trade IBKR CFDs, except residents of the USA, Canada, and Hong Kong. There are no exemptions based on investor type to the residency-based exclusions.
What is the difference between IBKR Forex CFDs and IBKR Cash Forex?
IBKR Cash Forex is a leveraged cash trade where you take delivery of the two currencies making up the pair. Your Forex-trading related balances are combined with your other balances arising out of your other trading activity, and you pay or receive interest on these consolidated balances based on the benchmark rate for each currency.
By contrast IBKR Forex CFDs are a contract which provides exposure but does not deliver the underlying currencies, and you pay or receive interest on the notional value of the contract. The benchmark rate for the contract is the difference between the benchmark rates for the two underlying currencies. This is in principle similar to the TOM Next rolls used by other brokers, but offers greater stability as benchmark rates generally are less volatile than swap rates.
Please see the Carry Interest section above for a detailed example.
Are there any market data requirements?
The market data for IBKR Forex CFDs is the same as for Leverage FX. It is a global permission and free of charge.
How are my CFD trades and positions reflected in my statements?
If you are a client of IBKR (U.K.) or IBKR LLC, your CFD positions are held in a separate account segment identified by your primary account number with the suffix “F”. You can choose to view Activity Statements for the F-segment either separately or consolidated with your main account. You can make the choice in the statement window in Client Portal.
If you are a client of other IBKR entities, there is no separate segment. You can view your positions normally alongside your non-CFD positions.
Can I trade Forex CFDs with the same order types and algos as Spot FX, and can I trade them in the FX Trader?
Yes, the trading experience is identical.
Notice to Financial and Non-Financial Counterparties trading OTC products (e.g. CFDs) not cleared by Central Counterparties
European regulators, as part of EMIR, issued technical rules concerning Risk Mitigation Techniques for derivatives not cleared by a Central Counterparty (“CCP”), which detail how the regulators expect these products to be margined from 1st March 2017. In general customers trading products subject to these rules are required to exchange variation margin.
Interactive Brokers (U.K.) Ltd. (“IBUK”) provides Contracts for Difference (‘CFDs’) that fall under these rules, and is your counter party to these trades. IBUK wishes to inform you how IBUK provides information regarding variation margin and reconciliation arrangements. This does not represent a material change from our current practice.
Variation Margin – Applicable where you are classified as FC or NFC+
All financial counterparties (‘FC’) and larger non financial counterparties (‘NFC+’) are subject to the EMIR variation margin rules for OTC derivatives. Whether larger non financial counterparties are subject to the rules is determined by reference to whether their 30-day rolling average of the gross notional OTC derivative positions entered into for non-hedging purposes are above specified clearing thresholds (eg EUR1bn for equity derivatives). IBUK ensures variation margin is exchanged with its counterparties with respect to OTC derivative transactions not centrally cleared by CCP.
IBUK provides customers with timely confirmations of trades each day via two secure platforms: by displaying them on our Trader Work Station (“TWS”) and via the Trade Confirmations and Daily Activity Statements in Account Management. The marked-to-market value of your OTC derivative contracts are shown in your Daily Activity statement.
The variation margin rule requires that variation margin is calculated on a daily basis based on the values of all the outstanding derivatives contracts under the IBUK Client Agreement for Products Carried by IBUK (the “Agreement”) on the previous business day.
Where this marked-to-market value of your transactions reflects a credit exposure for IBUK, IBUK collects variation margin equal to the positive mark-to-market value of its OTC derivatives. The variation margin collection is achieved through reduction in the net equity value available, an offset and/or liquidation of positions in the posting account. You may refer to the supplemental information about margin and the Agreement on the IB UK website for further details. Where the marked-to-market value reflects a credit to you, IBUK will reflect this via an increase in your net
equity.
Whilst the variation margin rule requires that variation margin is calculated on a daily basis, IBUK further expects that clients monitor their accounts continuously, including intraday, so that at all times the account contains sufficient equity to meet margin requirement as calculated by IBUK.
Reconciliation
Activity Statements are provided on a daily, monthly and annual basis. Customers can download this information using a "flex query" tool (which is available in our "account management system) in CSV type format.
You may reconcile the OTC positions detailed on these Trade Confirmations and Activity Statements account against your own records. The regulations state that you should reconcile your positions, contract information, valuation(s) and profits and losses and any related information.
If you note any discrepancies, you can contact IBUK customer service. Contact information for Interactive Brokers customer service is available on the IB website at:
https://www.interactivebrokers.com/en/?f=customerService.
The process for resolving any dispute is discussed in your client agreement with us.
Please note that the rules also require customers of firms that carry portfolios on a gross basis to carry out portfolio compression with the firm but this is not relevant as IBUK maintains your OTC positions on a net basis.
The rules also detail how often particular types of customers need to conduct these
reconciliations:
If you are an FC or a an NFC+ the rules require you to conduct portfolio reconciliations at the following frequencies:
• Daily, whenever you have 500 or more open OTC contracts;
• Weekly, if you have between 51 and 499 OTC contracts open at any time during the week;
• Quarterly, if you have 50 or fewer contracts open at any time during the quarter.
If you are a non-financial counter party not meeting the criteria to be an NFC+ (ie “NFC-“) you are required under the rules to carry out portfolio reconciliations at least:
• Quarterly, if you have more than 100 open OTC contracts open at any time in the quarter;
• Annually, if you have 100 or fewer open contracts at any time in the year.
Please note that this communication is not intended to serve as legal advice.
Interactive Brokers (U.K.) Limited
Übersicht zu CFD-Marktmodellen
OTC-Kontrakte für CFD-Märkte sind normalerweise anhand eines der drei folgenden Modelle aufgebaut: Direktes Marktzugangsmodell (Direct Market Access, DMA), Vermittlungsbroker- oder Market-Maker-Modell.
IB ist gemäß des DMA-Modells tätig, dem transparentesten Modell der dreien. Gemäß dieses Modells sichert der Anbieter die CFD-Order umgehend im zugrunde liegenden physischen Markt ab und das CFD wird zum Kurs der Absicherung ausgeführt. Dies dient zur Förderung von Kurstransparenz. Darüber hinaus basiert die Vergütung des Anbieters ausschließlich auf einer Provision anstelle eines Auf- oder Abschlages.
Dank des DMA-Modells haben professionell ausgerichtete IB-Kunden die Möglichkeit, aktuelle Kurse für CFDs in Ihr Börsenbuch hinzuzufügen, in gleicher Weise wie sie dies für Aktien tun. Da IB alle CFD-Orders umgehend mit einer Hedge-Order abstimmt, entsteht folglich durch eine nicht-marktfähige CFD-Order an der Börse zeitgleich eine entsprechende nicht-marktfähige Order für die Basiswert-Aktie. Kunden können „ihre Order” im Level-2-Buch einsehen.
Außerdem profitieren alle Orders ungeachtet ihrer Marktfähigkeit von der SmartRouting-Technologie von IB, durch die beste Ausführungskurse garantiert werden, da die Order an einen der vielen zugrunde liegenden Märkte geroutet wird (LSE, CHI-X, Turquoise, BATS oder intern vs. andere Kundenorders).
Das Vermittlungsbroker-Modell ähnelt dem DMA-Modell, indem Orders direkt gegen den zugrunde liegenden physischen Markt abgesichert werden. Gemäß dieses Modells jedoch sehen Teilnehmer ihre Limit-Orders nicht an der Börse, da solche Orders vom Anbieter gehalten werden und erst dann weitergegeben werden, sobald diese Marktfähigkeit erlangen.
Im Gegenzug nimmt der CFD-Anbieter im Market-Maker-Modell alle Orders in sein Buch auf und entscheidet in seinem eigenen Ermessen, wie das Handelsgeschäft mittels Optionen, Optionsscheinen, Futures oder direkt über den zugrunde liegenden Markt abgesichert oder ausgeglichen wird. Der Anbieter vermarktet diese Angebote häufig als provisionsfrei. In diesem Fall werden Kurse basierend auf dem individuellen Modell des Anbieters gestreamt, das einen Gewinn in die Geld/-Brief-Spanne einbezieht. Dieses Modell wird häufig mit Spread-Ausweitungen bei Marktturbulenzen sowie möglichen erneuten Kursnotierungen in Verbindung gebracht.
"EMIR": Reporting to Trade Repository Obligations and Interactive Brokers Delegated Service to help meet your obligations
1. Background: In 2009 the G20 pledged to undertake reforms aimed at increasing transparency and reducing counterparty risk in the OTC derivatives market post the financial crisis of 2008. The European market infrastructure regulation (“EMIR”) implements most of these pledges in the EU. EMIR is a EU regulation and entered into force on 16 August 2012.
2. Financial instruments and asset classes reportable under EMIR: OTC and Exchange Traded derivatives for the following asset classes: credit, interest, equity, commodity and foreign exchange derivatives Reporting obligation does not apply to exchange traded warrants.
3. Who do EMIR reporting obligations apply to: Reporting obligations normally apply to all counterparties established in the EU with the exception of natural persons. They apply to:
* Financial Counterparties (“FC”)
* Non-financial counterparties above the clearing threshold (“NFC+”)
* Non-financial counterparties below the clearing threshold (“NFC-“)
* Third country Entities outside the EU (“TCE”) in some limited circumstances
The reporting obligations essentially apply to any entity established in the EU that has entered into a derivatives contract.
4. Financial counterparties (“FC”): include banks, investment firms, credit institutions, insurers, UCITS and pension schemes and Alternative Investment Fund managed by an AIFM. The Alternative Investment Fund (“AIF”) will only become an FC if the manager of that AIF is authorised under the Alternative Investment Fund Managers Directive (“AIFMD”), so a fund outside the EU may be subject to EMIR reporting requirements.
5. Non-Financial Counterparty (“NFC”): A NFC is defined as an undertaking established in the EU other than those defined as a FC or a Central Counterparty (“CCP”), like the Clearing Houses. NFCs have lesser obligations than FCs. But when an NFC breaches a “clearing threshold” it becomes an NFC+, when it is subject to almost the same obligations as FCs (including collateral and valuation reporting). NFCs below the clearing threshold are known as NFC-s. In practice anyone other than a natural individual person (i.e. an individual or individuals operating a joint
account) is defined as an NFC- and subject to reporting obligations.
INTERACTIVE BROKERS DELEGATED REPORTING SERVICE TO HELP MEET YOUR REPORTING OBLIGATIONS
6. What service will Interactive Brokers offer to its customers to facilitate them fulfill their reporting obligations i.e. will it offer a delegated service for trade reporting as well as facilitating issuance of LEI: As noted above, both FCs and NFCs must report details of their transactions (both OTC and ETD) to authorized Trade Repositories. This obligation can be discharged directly through a Trade Repository, or by delegating the operational aspects of reporting to the counterparty or a third party (who submits reports on their behalf).
Interactive Brokers intends to facilitate the issuance of LEIs and offer delegated reporting to customers for whom it executes and clear trades, subject to customer consent, to the extent it is possible to do so from an operational, legal and regulatory perspective.
If you are subject to EMIR Reporting you will shortly be able to log into the IB Account Management system and apply for an LEI and delegate your reporting to Interactive Brokers.
We intend to include valuation reporting but only if and to the extent and for so long as it is permissible for Interactive brokers to do so from a legal and regulatory perspective and where the counterparty is required to do so (i.e. in cases where it is a FC or NFC+).
However, this would be subject to condition that Interactive Brokers uses its own trade valuation for reporting purposes.
7. Can EMIR reporting be delegated: EMIR allows either counterparty to delegate reporting to a third-party. If a counterparty or CCP delegates reporting to a third party, it remains ultimately responsible for complying with the reporting obligation. Likewise, the counterparty or CCP must ensure that the third party to whom it has delegated reports correctly. Brokers and dealers do not have a reporting obligation when acting purely in an agency capacity. If a block trade gives rise to multiple transactions, each transaction would have to be reported.
FUNDS AND SUB-FUNDS - The obligations under EMIR are on the counterparty which may be the fund or sub-fund. The fund or sub-fund that is the principal to transactions will have to provide details of their classification (FC, NFC+ or NFC-), authorization for delegated reporting and Legal Entity Identifier (“LEI”) application.
8. Exemptions under Article 1(4) and 1(5) of EMIR: Articles 1(4) and 1(5) of EMIR exempt certain entities from some or all of the obligations set out in EMIR, depending on their classification. Specifically, exempt entities under Article 1(4) are exempt from all obligations set out in EMIR, while exempt entities under Article 1(5) are exempt from all obligations except the reporting obligation, which continues to apply.
9. Entities qualifying under Article 1(4) and 1(5) of EMIR: Article 1(4) initially applied only to EU central banks, Union public bodies involved in the management of public debt and the Bank for International Settlements. Subsequently the
application of the Article 1(4) exemption was extended to include the central banks and debt management offices of the United States and Japan. The Commission has indicated that further foreign central banks and debt management offices may be added in the future if they are satisfied that equivalent regulation is put in place in those jurisdictions. Article 1(5) broadly exempts the following categories of entities:
- Multilateral development banks;
- Non-commercial public sector entities owned and guaranteed by central government; and
- The European Financial Stability Facility and the European Stability Mechanism.
10. OTC and Exchange Traded Derivatives: There is no distinction between reporting of exchange traded derivatives (“ETDs”) and OTC contracts within the level 1 regulations, implementing technical standards, or regulatory technical standards of ESMA.
The contract is to be identified by using a unique product identifier. In addition, a unique trade identifier will be required for transactions. In the event that a globally agreed system of product identifiers does not materialise, it has been suggested that International Securities Identification numbers (“ISIN”), Alternative Instruments Identifiers (“AII”), or Classification of Financial Instruments Codes (“CFI”) may serve as alternatives.
11. Trade repository Interactive Brokers use: Interactive Brokers (U.K.) Limited will use the services of CME ETR, which is part of the CME Group.
12. Issuance of Legal Entity Identifiers (“LEI”)
All EU counterparties entering into derivative trades will need to have a LEI In order to comply with the reporting obligation. The LEI will be used for the purpose of reporting counterparty data.
A LEI is a unique identifier or code attached to a legal person or structure, that will allow for the unambiguous identification of parties to financial transactions.
“EMIR”: Further Information on Reporting to Trade Repository Obligations
13. Thresholds which determine whether an NFC is an NFC+ or NFC-: Breaching any of the following clearing threshold values will mean classification as an NFC+. Positions must be calculated on a notional, 30-day rolling average basis:
• EUR 1 billion in gross notional value for OTC credit derivative contracts;
• EUR 1 billion in gross notional value for OTC equity derivative contracts;
• EUR 3 billion in gross notional value for OTC interest rate derivative contracts;
• EUR 3 billion in gross notional value for OTC FX derivative contracts; and
• EUR 3 billion in gross notional value for OTC commodity derivative contracts and other OTC derivative contracts not covered above.
For the purpose of calculating whether a clearing threshold has been breached, an NFC must aggregate the transactions of all non-financial entities in its group (and determine whether or not those entities are inside or outside the EU) but discount transactions entered into for hedging or treasury purposes. The term “hedging transactions” in this context means transactions objectively measureable as reducing risks directly relating to the commercial activity or treasuring financing activity of the NFC or its group.
14. Reporting Of Exposures: FCs and NFC+s must report on:
* Mark-to-market or mark-to-model valuations of each contract
* Details of all collateral posted, either on a transaction or portfolio basis (i.e. where collateral is calculated on the basis of net positions resulting from a set of contracts rather than being posted on a transaction by transaction basis)
15. Timetable to report to Trade repositories: The reporting start date is 12 February 2014:
* New contracts they enter into on or after February 12th, on a trade date +1;
* Positions open from contracts entered into on or after 16 August 2012 and still open on February 12th, 2014 must be reported to a trade repository by February 12th 2014;
* Positions open from contracts entered into before 16th August and still open on February 12th, 2014 must be reported to a trade repository by 13th May 2014;
* Reporting of valuation and collateral must be reported to a trade repository by 12th August 2014;
* Contracts that were either entered before, on or after 16 August 2012 but not open on 12th February 2014 must be reported to a trade repository by February 12th, 2017.
16. What must be reported and when: Information must be reported on the counterparties to each trade (counterparty data) and the contracts themselves (common data).
There are 26 items that must be reported with regard to counterparty data, and 59 items that must be reported with regard to common data. These items are set out within tables 1 and 2 of the Annex to the ESMA’s Regulatory technical standards on minimum details to be reported to trade repositories.
Counterparties and CCPs have to make a report:
* when a contract is entered into
* when a contract is modified
* when a contract is terminated
A report must be made no later than the working day following the conclusion, modification or termination of the contract.
17. What has to be reported and who is responsible for reporting: Reporting applies to both OTC derivatives and exchange traded derivatives. The reporting obligation applies to counterparties to a trade, irrespective of their classification. Please note:
* Reporting of valuation and collateral is only required for FCs and NFC+s
* Every trade must be normally be reported by both counterparties.
THIS INFORMATION IS GUIDANCE FOR INTERACTIVE BROKERS CLEARED CUSTOMERS ONLY
NOTE: THE INFORMATION ABOVE IS NOT INTENDED TO BE A COMPREHENSIVE, EXHAUSTIVE NOR A DEFINITIVE INTERPRETATION OF THE REGULATION, BUT A SUMMARY OF ESMA’S EMIR REGULATION AND RESULTING TRADE REPOSITORY REPORTING OBLIGATIONS.
Überblick zu IBKR-Aktien-CFDs
Der nachfolgende Artikel gewährt einen allgemeinen Überblick zu Differenzkontrakten (CFDs) auf Aktienbasis von IBKR.
Weitere Informationen zu IBKR-Index-CFDs erhalten Sie hier. Für Forex-CFDs klicken Sie hier.
Es werden die folgenden Themen aufgegriffen:
I. Definition eines CFDs
II. Vergleich zwischen CFDs und den zugrunde liegenden Aktien
III. Kosten und Margin-Implikationen
IV. Fallbeispiel
V. Informationsquellen zu CFDs
VI. Häufig gestellte Fragen
Risikowarnhinweis
CFDs sind komplexe Instrumente und gehen wegen der Hebelwirkung mit dem hohen Risiko einher, schnell Geld zu verlieren.
67% der Kleinanlegerkonten verlieren Geld beim CFD-Handel mit IBKR (UK).
Sie sollten überlegen, ob Sie verstehen, wie CFDs funktionieren, und ob Sie es sich leisten können, das hohe Risiko einzugehen, Ihr Geld zu verlieren.
ESMA-Regeln für CFDs (betreffen ausschließlich Privatkunden)
Zum 1. August 2018 hat die Europäische Wertpapier- und Marktaufsichtsbehörde (ESMA) neue CFD-Regeln eingeführt.
Die Regeln umfassen: 1) Leverage-Limits zur Eröffnung einer CFD-Position; 2) Margin-Glattstellungsregel auf einer Pro-Konto-Basis sowie 3) Negativkapitalschutz auf einer Pro-Konto-Basis.
Die Entscheidung der ESMA betrifft ausschließlich Privatkunden. Professionelle Kunden sind davon nicht betroffen.
Siehe Einführung der ESMA-CFD-Regeln bei IBKR für weitere Details.
I. Definition von Aktien-CFDs
IBKR-CFDs sind OTC-Kontrakte, die die Rendite des zugrunde liegenden Wertpapiers erzielen, einschließlich Dividenden und Kapitalmaßnahmen (weitere Informationen zu Kapitalmaßnahmen bei CFDs).
Mit anderen Worten handelt es sich um einen Vertrag zwischen einem Käufer (Ihnen) und IBKR zum Handel der Differenz zwischen dem aktuellen Wert einer Aktie und deren Wert zu einem zukünftigen Zeitpunkt. Wenn Sie eine Long-Position halten und die Differenz positiv ist, erhalten Sie Geld von IBKR. Falls die Differenz negativ ist, zahlen Sie Geld an IBKR.
IB-Aktien-CFDs werden über Ihr Marginkonto gehandelt. Somit können Sie sowohl Long-Positionen als auch gehebelte Short-Positionen eingehen. Der Preis des CFDs entspricht dem an der Börse notierten Kurs der zugrunde liegenden Aktie. Die IBKR-CFD-Kursnotierungen sind in der Tat identisch mit den Smart gerouteten Kursnotierungen für Aktien, die Sie in der Trader Workstation (TWS) beobachten können. IBKR bietet zudem direkten Marktzugang (DMA) an. Ähnlich wie Aktien werden zu Ihren nicht marktfähigen Orders (d. h. Limit-Orders) die Basiswert-Hedge-Order im Deep Book der Börsen widergespiegelt, an denen die Order gehandelt wird. Dies bedeutet auch, dass Sie Orders zum Kauf des CFDs zum Geldkurs für den Basiswert und Verkaufsorders zum Briefkurs platzieren können.
Wenn Sie sich das transparente CFD-Modell von IB im Vergleich zu anderen Modellen am Markt ansehen möchten, können Sie hierzu den Überblick über CFD-Marktmodelle nutzen.
IBKR bietet derzeit ca. 7100 Aktien-CFDs an, die sich über die wichtigsten Börsenplätze in den USA, Europa und Asien erstrecken. Die Bestandteile der nachstehend aufgeführten bedeutenderen Indizes sind aktuell als IBKR-Aktien-CFDs verfügbar. In vielen Ländern bietet IBKR auch Möglichkeiten zum Handel mit liquiden Small-Cap-Aktien an. Dabei handelt es sich um Aktien von Unternehmen mit einer auf Streubesitzbasis angepassten Marktkapitalisierung von mindestens 500 Millionen USD und einem gemittelten täglichen Handelswert (Median) von mindestens 600,000 USD. Weitere Einzelheiten finden Sie im CFD-Produktkatalog. Weitere Länder werden in Kürze ergänzt.
| USA | S&P 500, DJA, Nasdaq 100, S&P 400 (Mid-Cap-Werte), liquide Small-Cap-Werte |
| Großbritannien | FTSE 350 + liquide Small-Cap-Werte (inkl. IOB) |
| Deutschland | Dax, MDax, TecDax + liquide Small-Cap-Werte |
| Schweiz | Schweizer Anteil der STOXX Europe 600 (48 Aktien) + liquide Small-Cap-Werte |
| Frankreich | CAC Large-Cap-Werte, CAC Mid-Cap-Werte + liquide Small-Cap-Werte |
| Niederlande | AEX, AMS Mid-Cap-Werte + liquide Small-Cap-Werte |
| Belgien | BEL 20, BEL Mid-Cap-Werte + liquide Small-Cap-Werte |
| Spanien | IBEX 35 + liquide Small-Cap-Werte |
| Portugal | PSI 20 |
| Schweden | OMX Stockholm 30 + liquide Small-Cap-Werte |
| Finnland | OMX Helsinki 25 + liquide Small-Cap-Werte |
| Dänemark | OMX Copenhagen 30 + liquide Small-Cap-Werte |
| Norwegen | OBX |
| Tschechien | PX |
| Japan | Nikkei 225 + liquide Small-Cap-Werte |
| Hongkong | HSI + liquide Small-Cap-Werte |
| Australien | ASX 200 + liquide Small-Cap-Werte |
| Singapur* | STI + liquide Small-Cap-Werte |
| Südafrika | Top 40 + liquide Small-Cap-Werte |
*nicht für in Singapur ansässige Kunden verfügbar
II. Vergleich zwischen CFDs und den zugrunde liegenden Aktien
In Abhängigkeit von Ihren Handelszielen und Ihrem Trading-Stil bieten Ihnen CFDs eine Reihe an Vorteilen im Vergleich zum Handel mit Aktien, aber auch gewisse Nachteile:
| VORTEILE von IBKR-CFDs | NACHTEILE von IBKR-CFDs |
|---|---|
| Keine Stempelsteuer oder Finanztransaktionssteuer (Großbritannien, Frankreich, Belgien) | Keine Eigentumsrechte |
| In der Regel günstigere Provisionen und Marginsätze als für Aktien | Komplexe Kapitalmaßnahmen können u. U. nicht immer exakt widergespiegelt werden |
| Steuersätze für Dividenden auf Basis von Steuerabkommen ohne Steuerrückforderungen | Besteuerung der Gewinne kann sich von Aktien unterscheiden (bitte wenden Sie sich an Ihren Steuerberater) |
| Freistellung von Day-Trading-Regeln |
III. Kosten und Margin-Implikationen
IBKR-CFDs können für den Handel am europäischen Aktienmarkt sogar noch effizienter sein, als das extrem wettbewerbsfähige Aktienangebot von IBKR.
Zunächst sollte bedacht werden, dass die Provisionen auf IBKR-CFDs geringer sind als die auf Aktien, während derselbe günstige Finanzierungsspread zur Anwendung kommt:
| EUROPA | CFD | AKTIE | |
|---|---|---|---|
| Provision | GBP | 0.05% | 6.00 GBP + 0.05%* |
| EUR | 0.05% | 0.10% | |
| Finanzierung** | Referenzzins +/- | 1.50% | 1.50% |
*pro Order + 0.05% des über 50,000 GBP hinausgehenden Betrags
**CFD-Finanzierung auf Basis des Gesamtpositionswerts, Aktienfinanzierung Basis des geliehenen Betrags
Je größer der Umfang Ihrer Handelsgeschäfte, desto stärker sinken die Provisionen auf CFDs, bis zu einem Satz von nur 0.02%. Zinssätze werden bei größeren Positionen auf bis zu 0.5% reduziert. Siehe CFD-Provisionen und CFD-Finanzierungskonditionen für weitere Informationen.
Des Weiteren werden für CFDs geringere Margin-Anforderungen gestellt als für Aktien. Privatkunden unterliegen zusätzlichen Margin-Anforderungen, die von der ESMA, der europäischen Regulierungsbehörde, vorgegeben werden. Siehe Einführung der ESMA-CFD-Regeln bei IBKR für weitere Details.
| CFD | AKTIE | ||
|---|---|---|---|
| Alle | Standard | Portfolio-Margin | |
| Mindesteinschuss-Anforderung* |
10% |
25% - 50% | 15% |
*Typischer Marginsatz für Blue-Chip-Werte. Privatkunden unterliegen einem Ersteinschuss von mindestens 20%. Für Aktien gilt ein standardmäßiger Intraday-Mindesteinschuss von 25% bzw. 50% für über Nacht gehaltene Positionen. Die angegebene Portfolio-Margin-Anforderung entspricht dem Mindesteinschuss (inkl. über Nacht). Für volatilere Emissionen können höhere Anforderungen gelten
Siehe Margin-Anforderungen für CFDs für weitere Details.
IV. Fallbeispiel (Professioneller Kunde)
Sehen wir uns ein Beispiel an. Die in Amsterdam notierte Aktie von Unilever hat im vergangenen Monat eine Rendite von 3.2% verzeichnet (20 Handelstage bis 14. Mai 2012) und Sie gehen davon aus, dass sich die Performance der Aktie weiterhin positiv entwickeln wird. Sie möchten eine Position im Wert von 200,000 EUR eingehen und diese für eine Dauer von 5 Tagen halten. Sie führen 10 Transaktionen zur Eröffnung der Gesamtposition und 10 Transaktionen zur Schließung der Position durch. Dabei würden Ihnen folgende Direktkosten entstehen:
AKTIE
| CFD | AKTIE | ||
|---|---|---|---|
| 200,000 EUR Positionswert | Standard | Portfolio-Margin | |
| Margin-Anforderung | 20,000 | 100,000 | 30,000 |
| Provision (Round Trip, d.h. für Kauf und Verkauf zusammen) | 200.00 | 400.00 | 400.00 |
| Zinssatz (vereinfacht) | 1.50% | 1.50% | 1.50% |
| Finanzierungsbetrag | 200,000 | 100,000 | 170,000 |
| Anzahl an Tagen | 5 | 5 | 5 |
| Zinskosten (1.5% des vereinfachten Satzes) | 41.67 | 20.83 | 35.42 |
| Gesamte Direktkosten (Provisionen + Zinsen) | 241.67 | 420.83 | 435.42 |
| Kostenunterschied | 74% höher | 80% höher | |
Hinweis: Die Zinskosten werden bei CFDs auf Basis der Gesamtposition für den Kontrakt ermittelt, bei Aktien hingegen auf den geliehenen Betrag. Die anzuwendenden Zinssätze sind für Aktien und CFDs identisch.
Angenommen, Ihnen stehen lediglich 20,000 EUR zur Marginfinanzierung zur Verfügung. Falls Unilever seine Performance-Entwicklung des letzten Monats fortsetzt, würde Ihr potenzieller Gewinn im Vergleich wie folgt aussehen:
| LEVERAGE-RENDITE | CFD | AKTIE | |
|---|---|---|---|
| Verfügbarer Marginbetrag | 20,000 | 20,000 | 20,000 |
| Gesamtanlagebetrag | 200,000 | 40,000 | 133,333 |
| Bruttorendite (5 Tage) | 1,600 | 320 | 1,066.66 |
| Provision | 200.00 | 80.00 | 266.67 |
| Zinskosten (1.5% des vereinfachten Satzes) | 41.67 | 4.17 | 23.61 |
| Gesamte Direktkosten (Provisionen + Zinsen) | 241.67 | 84.17 | 290.28 |
| Nettorendite (Bruttorendite minus Direktkosten) | 1,358.33 | 235.83 | 776.39 |
| Rendite aus dem Margin-Anlagebetrag | 0.07 | 0.01 | 0.04 |
| Differenz | 83% weniger Gewinn | 43% weniger Gewinn | |
| LEVERAGE-RISIKO | CFD | AKTIE | |
|---|---|---|---|
| Verfügbarer Marginbetrag | 20,000 | 20,000 | 20,000 |
| Gesamtanlagebetrag | 200,000 | 40,000 | 133,333 |
| Bruttorendite (5 Tage) | -1,600 | -320 | -1,066.66 |
| Provision | 200.00 | 80.00 | 266.67 |
| Zinskosten (1.5% des vereinfachten Satzes) | 41.67 | 4.17 | 23.61 |
| Gesamte Direktkosten (Provisionen + Zinsen) | 241.67 | 84.17 | 290.28 |
| Nettorendite (Bruttorendite minus Direktkosten) | -1,841.67 | -404.17 | -1,356.94 |
| Differenz | 78% weniger Verlust | 26% weniger Verlust | |
V. Informationsquellen zu CFDs
Nachstehend sind einige hilfreiche Links aufgeführt, über die Sie sich weitere Informationen zum CFD-Angebot von IBKR ansehen können:
Finanzierungskonditionen für CFDs
Zudem steht Ihnen das folgende Video-Tutorial zur Verfügung:
Platzierung einer CFD-Transaktion über die Trader Workstation
VI. Häufig gestellte Fragen
Zu welchen Aktien sind CFDs verfügbar?
Aktien von Large-Cap- und Mid-Cap-Unternehmen in den USA, Westeuropa, Nordeuropa und Japan. Liquide Small-Cap-Aktien sind ebenfalls an vielen Märkten verfügbar. Weitere Einzelheiten finden Sie im CFD-Produktkatalog. Weitere Länder werden in Kürze ergänzt.
Sind CFDs auf Aktienindizes und Devisen verfügbar?
Ja. Siehe IBKR-Index-CFDs - Fakten, Fragen und Antworten und Forex-CFDs - Fakten, Fragen und Antworten.
Wie werden die Kursnotierungen für Aktien-CFDs ermittelt?
IBKR-CFD-Kursnotierungen sind mit den Smart gerouteten Kursnotierungen der zugrunde liegenden Aktie identisch. IBKR erweitert den Spread nicht und hält keine Gegenposition zu Ihrer Position. Weitere Informationen finden Sie im Überblick über CFD-Marktmodelle.
Kann ich meine Limit-Orders an der Börse dargestellt sehen?
Ja. IBKR bietet direkten Marktzugang (DMA) an. Dabei wird zu Ihren nicht marktfähigen Orders (d. h. Limit-Orders) die Basiswert-Hedge-Order im Deep Book der Börsen widergespiegelt, an denen die Order gehandelt wird. Dies bedeutet auch, dass Sie Orders zum Kauf des CFDs zum Geldkurs für den Basiswert und Verkaufsorders zum Briefkurs platzieren können. Zusätzlich können Sie Kursverbesserungen erhalten, falls die Order eines anderen Kunden Ihre Order zu einem besseren Kurs, als er auf öffentlichen Märkten verfügbar ist, über- bzw. unterschreitet.
Wie werden die Marginsätze für Aktien-CFDs ermittelt?
IBKR legt risikobasierte Margin-Anforderungen auf Basis der historischen Volatilität der jeweils zugrunde liegenden Aktie fest. Der Mindestmarginsatz liegt bei 10%. Dieser Marginsatz kommt für die meisten IBKR-CFDs zur Anwendung. Dies macht den Handel mit CFDs in Bezug auf Margin-Konditionen in den meisten Fällen effizienter als den Handel mit der zugrunde liegenden Aktie. Privatanleger unterliegen zusätzlichen Margin-Anforderungen, die von der ESMA, der europäischen
Regulierungsbehörde, vorgegeben werden. Siehe Einführung der ESMA-CFD-Regeln bei IBKR für weitere Details. Es werden keine Verrechnungen im Portfolio zwischen einzelnen CFD-Positionen oder zwischen CFDs und Positionen für den Basiswert vorgenommen. Konzentrierte sowie sehr große Positionen können zusätzlichen Margin-Anforderungen unterliegen. Siehe Margin-Anforderungen für CFDs für mehr Details.
Kann es bei Short-Positionen für Aktien-CFDs zu einer Zwangseindeckung kommen?
Ja. Falls es sich herausstellt, dass eine zugrunde liegende Aktie schwierig oder unmöglich auszuleihen ist, kommt es für den Inhaber der CFD-Short-Position zu einer Zwangseindeckung.
Wie wird mit Dividenden und Kapitalmaßnahmen verfahren?
IBKR spiegelt die finanziellen Auswirkungen von Kapitalmaßnahmen in der Regel für Inhaber von CFDs so wider, als würde der Kunde eine Position des zugrunde liegenden Wertpapiers halten. Dividenden werden als Baranpassungen wiedergegeben, während andere Kapitalmaßnahmen ggf. durch Bar- oder Positionsanpassungen oder beides dargestellt werden. Wenn beispielsweise eine Kapitalmaßnahme zu einer Veränderung der Aktienanzahl führt (z. B. bei einem Aktiensplit oder einer Aktienzusammenlegung), wird die Anzahl an CFDs dementsprechend angepasst. Wenn die Kapitalmaßnahme zur Entstehung einer neuen Körperschaft mit börsennotierten Aktien führt, und IBKR sich dazu entschließt, diese Aktien als CFDs anzubieten, werden neue Long- und Short-Positionen in Höhe des entsprechenden Betrages erstellt. Weitere Informationen finden Sie auf unserer Website in der Rubrik zu Kapitalmaßnahmen bei CFDs.
*Bitte beachten Sie, dass es in manchen Fällen nicht möglich ist, den CFD genau analog zu einer komplexen Kapitalmaßnahme anzupassen, z. B. bei einigen Formen von Fusionen. In diesen Fällen kündigt IBKR unter Umständen den CFD vor dem Ex-Tag.
Ist der Handel mit IBKR-CFDs für jeden Kunden möglich?
Alle Kunden, außer solchen mit Sitz in den USA, Kanada und Hongkong, können mit IBKR-CFDs handeln. In Singapur ansässige Kunden können mit allen IBKR-CFDs handeln, außer mit solchen, die auf Aktien mit Börsennotierung in Singapur basieren. Es gibt keine Anlegertyp-basierten Ausnahmen für die Ausschlüsse auf Basis der Ansässigkeit.
Was wird für den Einstieg in den Handel mit CFDs bei IBKR benötigt?
Sie müssen Handelsberechtigungen für CFDs in der Kontoverwaltung beantragen und den entsprechenden Informationen und Offenlegungen zum Trading zustimmen. Falls Ihr Konto bei IBLLC gehalten wird, richtet IBKR anschließend ein neues Kontosegment ein (identifizierbar durch Ihre Kontonummer plus dem Anhängsel „F“). Sobald die Einrichtung des Kontosegments bestätigt wurde, können Sie mit dem Handel beginnen. Sie müssen das F-Konto nicht separat mit Einlagen ausstatten. Es wird automatisch Guthaben in solchem Umfang von Ihrem Hauptkonto übertragen, dass die CFD-Margin-Anforderungen erfüllt werden.
Sind bestimmte Marktdaten erforderlich?
Die Marktdaten für IBKR-Aktien-CFDs sind gleich den Marktdaten für die zugrunde liegenden Aktien. Daher benötigen Sie Marktdatenberechtigungen für die entsprechenden Börsen. Falls Sie bereits ein Abonnement bei einer Börse für den Handel mit Aktien abgeschlossen haben, müssen Sie keine weiteren Schritte unternehmen. Falls Sie CFDs an einer Börse handeln möchten, für die Sie aktuell nicht über ein Marktdatenabonnement verfügen, können Sie das entsprechende Abonnement in gleicher Weise abschließen, wie Sie es tun würden, um Marktdaten für den Handel mit der Basiswertaktie zu beziehen.
Wie werden CFD-Transaktionen und -Positionen auf meinen Kontoauszügen dargestellt?
Falls Sie ein Konto bei IBLLC besitzen, werden Ihre CFD-Positionen in einem separaten Kontosegment gehalten, das durch Ihre Hauptkontonummer mit dem angehängten Kürzel „F“ gekennzeichnet wird. Sie können sich Umsatzübersichten entweder separat für das F-Segment oder konsolidiert zusammen mit Ihrem Hauptkonto anzeigen lassen. Diese Auswahl können Sie in der Kontoverwaltung im Kontoauszugsfenster treffen. Bei anderen Konten werden CFDs üblicherweise in Ihrem Kontoauszug zusammen mit anderen Handelsprodukten angezeigt.
Kann ich CFD-Positionen von einem anderen Broker auf mein IB-Konto übertragen?
Derzeit ermöglicht IBKR nicht den Transfer von CFD-Positionen.
Sind für Aktien-CFDs auch Charts verfügbar?
Ja.
Welche Kontoschutzmaßnahmen greifen beim Handel mit CFDs über IBKR?
CFDs sind Kontrakte, bei denen IB UK als Ihre Gegenpartei auftritt. Sie werden nicht über eine regulierte Börse gehandelt und das Clearing erfolgt nicht durch eine zentrale Clearingstelle. Da IB UK als Gegenpartei für CFD-Geschäfte auftritt, gehen Sie die finanziellen und geschäftlichen Risiken - z. B. Kreditrisiken - ein, die mit dem Handel über IB UK einhergehen. Bitte beachten Sie jedoch, dass alle Kundengelder stets vollständig getrennt gehalten werden, auch bei institutionellen Kunden. IB UK ist ein Teilnehmer des britischen „Financial Services Compensation Scheme“ (FSCS). IB UK ist kein Mitglied der US-amerikanischen Securities Investor Protection Corporation (“SIPC”). Bitte entnehmen Sie weitere Informationen zu Risiken im Zusammenhang mit dem Handel von CFDs den Risikoinformationen zu CFDs von IB UK.
Mit welchen Kontotypen von IBKR, wie z. B. Einzelkundenkonten, Freundes- und Familienkreiskonten, Konten für institutionelle Kunden, etc., ist der Handel von CFDs möglich?
Alle Marginkonten sind für den Handel mit CFDs geeignet. Cash- oder SIPP-Konten sind nicht geeignet.
Wie groß darf die Position, die ich für einen spezifischen CFD halte, maximal sein?
Es besteht keine festgelegte Höchstanzahl. Sie sollte jedoch bedenken, dass auf sehr große Positionen zusätzliche Margin-Anforderungen erhoben werden können. Weitere Einzelheiten erhalten Sie auf unserer Website in der Rubrik zu Margin-Anforderungen für CFDs.
Kann ich CFDs per Telefon handeln?
Nein. In Ausnahmefällen kann es möglicherweise gestattet werden, eine positionsschließende Order per Telefon zu bearbeiten. Für positionseröffnende Orders ist dies jedoch ausgeschlossen.
Index CFDs - Facts and Q&A
The following article is intended to provide a general introduction to index-based Contracts for Differences (CFDs) issued by us.
For information on IBKR Share CFDs, please click here. For Forex CFDs click here.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
61% of retail investor accounts lose money when trading CFDs with us.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
ESMA Rules for CFDs (Retail Clients of IBKRs European entities, including so-called F segments)
The European Securities and Markets Authority (ESMA) has enacted new CFD rules effective 1st August 2018.
The rules include: 1) leverage limits on the opening of a CFD position; 2) a margin close out rule on a per account basis; and 3) negative balance protection on a per account basis.
The ESMA Decision is only applicable to retail clients. Professional clients are unaffected.
Please refer to the following articles for more detail:
ESMA CFD Rules Implementation at IBKR (UK) and IBKR LLC
ESMA CFD Rules Implementation at IBIE and IBCE
Introduction
Our Index CFDs are contracts which deliver the return of a market index. Said differently, the CFD is an agreement between the buyer (you) and us to exchange the difference between the current value of an index, and its value at a future time. If you hold a long position and the difference is positive, we pays you. If it is negative, you pay us.
Our Index CFDs are traded through your margin account, and you can therefore enter long as well as short leveraged positions.
| IBKR Index CFDs | Commissions | ||||
|---|---|---|---|---|---|
| Contract | IB Symbol | Per Trade | Min. Per Order | Currency | Multiplier* |
| US 500 | IBUS500 | 0.005% | 1.00 | USD | 1 |
| US 30 | IBUS30 | 0.005% | 1.00 | USD | 1 |
| US Tech 100 | IBUST100 | 0.010% | 1.00 | USD | 1 |
| UK 100 | IBGB100 | 0.005% | 1.00 | GBP | 1 |
| EURO 50 | IBEU50 | 0.010% | 1.00 | EUR | 1 |
| GERMANY 40 | IBDE40 | 0.005% | 1.00 | EUR | 1 |
| FRANCE 40 | IBFR40 | 0.010% | 1.00 | EUR | 1 |
| SPAIN 35 | IBES35 | 0.010% | 1.00 | EUR | 1 |
| NETHERLANDS 25 | IBNL25 | 0.010% | 1.00 | EUR | 1 |
| SWITZERLAND 20 | IBCH20 | 0.010% | 1.00 | CHF | 1 |
| JAPAN 225 | IBJP225 | 0.010% | 40.00 | JPY | 1 |
| HONG KONG 50 | IBHK50 | 0.010% | 10.00 | HKD | 1 |
| AUSTRALIA 200 | IBAU200 | 0.010% | 1.00 | AUD | 1 |
| *times index level | |||||
The price of the Index CFD is directly related to the price of the exchange-quoted related future. The price-movement of the Index CFD tracks the movement of the related future, although the price levels differ by an adjustment for interest and dividends (fair-value adjustment).
For example (actual quotes):
| 29-Jan-15 | IBDE 30 | DAX Mar'15 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Time | Bid | Ask | Spread | Change | Bid | Ask | Spread | Change | |
| 10:10:04 | 10706.69 | 10707.19 | 0.5 | 10710.00 | 10710.50 | 0.5 | |||
| 10:10:11 | 10704.19 | 10705.19 | 1 | -2.5 | 10707.50 | 10708.50 | 1 | -2.5 | |
| 10:10:19 | 10709.19 | 10709.69 | 0.5 | 5.0 | 10712.50 | 10713.00 | 0.5 | 5.0 | |
| 10:10:27 | 10710.19 | 10710.69 | 0.5 | 1 | 10713.50 | 10714.00 | 0.5 | 1 | |
| 10:10:33 | 10709.69 | 10710.69 | 1 | -0.5 | 10713 | 10714 | 1 | -0.5 | |
IIndex CFD Price Determination: As discussed, our Index CFDs track the related future, adjusted for fair value. The synthetic index level is very close to the cash index but may differ somewhat as explained below.
In the futures market fair value is the equilibrium price for a futures contract. It is the price at which an investor effectively pays the appropriate rate of interest and is compensated for the dividends he forgoes by holding the future rather than the underlying shares.
The fair value is determined by adjusting the cash index as follows, taking into account the time remaining to expiry:
Cash Index Value + Interest - Dividends = Future at Fair Value
To determine the value of the IBKR Index CFD, we reverse the process:
Actual Futures Price - Interest + Dividends = IBKR Index CFD Value
The result is not necessarily the same value as the cash index. This is because the starting point is the actual price of the future, and the future may trade above or below its fair value.
Having established the level for the synthetic index, the actual CFD quotes show spreads and ticks that reflect those of the underlying future. IB charges a commission rather than widening the spread, enabling a transparent comparison between the returns of the Index CFD and the related future.
Low Commissions and Financing Rates: Unlike other Index CFD providers IBKR charges a transparent commission, rather than widening the spread of the related future. Depending on the index, commission rates are only 0.005% - 0.01%. Overnight financing rates are just benchmark +/- 1.5%.
Transparent Quotes: Because IBKR does not widen the spread, the Index CFD quotes accurately represent the spreads and price movements of the related future, and there are no re-quotes. What you see is what you get.
Flexible Exposure to Major Markets: IBKR Index CFDs are available for the main US, European and Asia Pacific indices. They can be traded in lots as small as 1X the index level, a fraction of the size of the related futures. And unlike the related futures, they do not need to be rolled over. You can trade all European and US IBKR Index CFDs from 09:00 - 22:00 CET.
Margin Efficiency: IBKR Index CFDs are margined at the same low rates as the related future, adjusted for contract size (subject to a minimum of 5%). Retail clients are subject to regulatory minimum initial margins of 5% or 10% depending on the index. Please see ESMA CFD Rules Implementation at IBKR for additional detail and examples.
We also offer intraday margin rates on Index CFDs at a level consistent with that of the related futures contract. Intraday rates are generally set at 50% of the overnight rate and are offered during a time frame which begins at the start of liquid trading hours and ends 15 minutes before the liquid trading close. Retail clients are subject to the ESMA minimum margin requirements both intraday and overnight.
| IBKR Symbol | Liquid Hours | Total Hours* | Time Zone |
|---|---|---|---|
| IBUS500 | 09:30 - 16:00 | 18:00** - 17:00 | EST |
| IBUS30 | 09:30 - 16:00 | 18:00** - 17:00 | EST |
| IBUST100 | 09:30 - 16:00 | 18:00** - 17:00 | EST |
| IBGB100 | 08:00 - 16:30 | 07:00 - 21:00 | GMT |
| IBEU50 | 09:00 - 22:00 | 02:15 - 22:00 | CET |
| IBDE40 | 09:00 - 22:00 | 02:15 - 22:00 | CET |
| IBFR40 | 09:00 - 18:15 | 08:00 - 22:00 | CET |
| IBES35 | 09:00 - 17:35 | 08:00 - 20:00 | CET |
| IBNL25 | 09:00 - 17:30 | 08:00 - 22:00 | CET |
| IBCH20 | 09:00 - 17:27 | 08:00 - 22:00 | CET |
| IBJP225 | 09:00 - 15:00 | 07:00** - 06:00 | JST |
| IBHK50 | 09:30 - 16:00 | 17:15** - 16:30 | HKT |
| IBAU200 | 10:00 - 16:00 | 17:10** - 16:30 | EDT |
*Total Hours may be restricted to Liquid Hours during periods of extreme market volatility
**Previous day
Dividend Adjustment: Based on ordinary dividends for the constituents of each index. Dividends are accrued on the ex-date and settled T + 2.
Corporate Action Adjustments: None for the CFD. Corporate actions are reflected in the index level.
Trading Permissions: Same as for Share CFDs.
Market Data Permissions: Index CFD market data is free, but permission is required for system reasons.
Worked Trade Example (Professional Clients):
Opening the Position
You purchase 10 IBUS30 CFDs at $23,534.48 for USD 235,344.80, which you then hold for 5 days.
| IBUS30 Index CFDs – New Position | |
|---|---|
| Reference Underlying Price | 23,465 - 23,466 |
| CFDs Reference Price | 23,533.48 - 23,534.48 |
| Action | Buy |
| Quantity | 10 |
| Trade Value | USD 235,344.80 |
| Margin (variable, minimum 5%) | USD 15,393.00 |
| Interest tier Charged (on USD 235,344.80 over 5 days) | |||
|---|---|---|---|
| Flat Interest (BM + 1.5%) | USD 235,344.80 | 2.684% | (USD 87.73) |
Closing the Position
| Exit CFD Position | ||
|---|---|---|
| Profit Scenario | Loss Scenario | |
| Reference Underlying Price | 23,627 - 23,628 | 23,303 - 23,304 |
| CFDs Reference Price | 23,693.34 - 23,694.34 | 23,369.34 - 23,370.34 |
| Action | Sell | Sell |
| Quantity | 10 | 10 |
| Trade Value | USD 236,933.40 | USD 233,693.40 |
| Trade P&L | USD 1,588.60 | (USD 1,651.40) |
| Financing | (USD 87.73) | (USD 87.73) |
| Entry Commission 0.005% | (USD 11.77) | (USD 11.77) |
| Exit Commission 0.005% | (USD 11.85) | (USD 11.68) |
| Total P&L | USD 1,477.25 | (USD 1,762.58) |
CFD Resources
Below are some useful links with more detailed information on IBKR’s CFD offering:
The following video tutorial is also available:
How to Place a CFD Trade on the Trader Workstation
Frequently asked Questions
What Indices are available as CFDs?
The principal indices in the United States, Europe and Asia Pacific. Please see CFD Product Listings for more detail.
Do you have CFDs on commodities?
IBKR does not currently offer Commodity CFDs.
How do you determine your Index CFD quotes?
IBKR Index CFDs track the related future, adjusted for fair value. It is in effect a synthetic index level that is very close to the cash index but may differ somewhat as explained below.
In the futures market fair value is the equilibrium price for a futures contract. It is the price at which an investor effectively pays the appropriate rate of interest and is compensated for the dividends he forgoes by holding the future rather than the underlying shares.
The fair value is determined by adjusting the cash index as follows, taking into account the time remaining to expiry:
Cash Index Value + Interest - Dividends = Future at Fair Value
To determine the value of our Index CFD, we reverse the process:
Actual Futures Price - Interest + Dividends = our Index CFD Value
The result is not necessarily the same value as the cash index. This is because the starting point is the actual price of the future, and the future may trade above or below its fair value.
Having established the level for the synthetic index, the actual CFD quotes show spreads and ticks that reflect those of the underlying future. IBKR charges a commission rather than widening the spread, enabling a transparent comparison between the returns of the Index CFD and the related future.
How do you determine margins for Index CFDs?
The margins are the same as for the related future, adjusted for size, including lower rates intraday. Please refer to CFD Margin Requirements for more detail. Retail clients are subject to regulatory minimum initial margins of 5% or 10% depending on the index. Please see ESMA CFD Rules Implementation at IBKR for additional detail.
Are short Index CFDs subject to forced buy-in?
No. As the reference instrument is a future, the index CFD is not affected by stock loan availability.
How do you handle dividends and corporate actions?
The index level itself is adjusted for corporate actions, and no direct adjustments to the CFD are
necessary. Index CFDs are however adjusted for dividends as the underlying future is typically based on a price index. The only exception among the currently available IB Index CFDs is Germany 40 (IBDE40), which is based on a total return index.
For an overview, please see CFD Corporate Actions.
Can anyone trade our CFDs?
All clients can trade IBKR CFDs, except residents of the USA, Canada, Hong Kong, New Zealand and Israel. There are no exemptions based on investor type to the residency-based exclusions.
What do I need to do to start trading CFDs with IBKR?
You need to set up trading permission for CFDs in Client Portal and agree to the relevant trading disclosures. If your account is with IBKR (UK) or with IBKR LLC, IBKR will then set up a new account segment (identified with your existing account number plus the suffix “F”). Once the set-up is confirmed you can begin to trade. You do not need to fund the F-account separately, funds will be automatically transferred to meet CFD margin requirements from your main account.
If your account is with another IBKR entity, only the permission is required; an additional account segment is not necessary.
Are there any market data requirements?
The market data for IB Index CFDs is free, but you need to subscribe to it for system reasons. It is a global permission (like FX), so you only need to subscribe once. To do this, log into Client Portal and click the User menu (head and shoulders icon in the top right corner) followed by User Settings. Under Trading Platforms select the Configure (gear) icon next to Market Data Subscriptions. Click the Configure (gear) icon next to Current GFIS Subscriptions to review what other services you may be interested in. Alternatively, you can set up an Index CFD in your TWS quote monitor and click the “Market Data Subscription Manager” button that appears on the quote line.
How are my CFD trades and positions reflected in my statements?
If you are a client of IBKR (U.K.) or IBKR LLC, your CFD positions are held in a separate account segment identified by your primary account number with the suffix “F”. You can choose to view Activity Statements for the F-segment either separately or consolidated with your main account. You can make the choice in the statement window in Client Portal.
If you are a client of other IBKR entities, there is no separate segment. You can view your positions normally alongside your non-CFD positions.
Can I transfer in CFD positions from another broker?
IB does not currently have a facility for transferring Index CFD positions.
In what type of IBKR accounts can I trade CFDs e.g., Individual, Friends and Family,
Institutional, etc.?
All margin and cash accounts are eligible for CFD trading.
What are the maximum positions I can have in a specific Index CFD?
There is no pre-set limit for position size, but please be aware that trade-size restrictions apply to Index CFDs. Please see the table at the beginning of this document for more detail.
Can I trade CFDs over the phone?
No. In exceptional cases we may agree to process closing orders over the phone, but never opening orders.
Overview of IBKR issued Share CFDs
The following article is intended to provide a general introduction to share-based Contracts for Differences (CFDs) issued by IBKR.
For Information on IBKR Index CFDs click here. For Forex CFDs click here. For Precious Metals click here.
Topics covered are as follows:
I. CFD Definition
II. Comparison Between CFDs and Underlying Shares
III. CFD Tax and Margin Advantage
IV. US ETFs
V. CFD Resources
VI. Frequently Asked Questions
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
61% of retail investor accounts lose money when trading CFDs with IBKR.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
ESMA Rules for CFDs (Retail Clients of IBKRs European entities, including so-called F segments)
The European Securities and Markets Authority (ESMA) has enacted new CFD rules effective 1st August 2018.
The rules include: 1) leverage limits on the opening of a CFD position; 2) a margin close out rule on a per account basis; and 3) negative balance protection on a per account basis.
The ESMA Decision is only applicable to retail clients. Professional clients are unaffected.
Please refer to the following articles for more detail:
ESMA CFD Rules Implementation at IBKR (UK) and IBKR LLC
ESMA CFD Rules Implementation at IBIE and IBCE
I. Overview
IBKR CFDs are OTC contracts which deliver the return of the underlying stock, including dividends and corporate actions (read more about CFD corporate actions).
Said differently, it is an agreement between the buyer (you) and IBKR to exchange the difference in the current value of a share, and its value at a future time. If you hold a long position and the difference is positive, IBKR pays you. If it is negative, you pay IBKR.
Our Share CFDs offer Direct Market Access (DMA). Our Share CFD quotes are identical to the Smart-routed quotes for shares that you can observe in the Trader Workstation. Similar to shares, your non-marketable (i.e. limit) orders have the underlying hedge directly represented on the deep book of those exchanges at which it trades. This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer.
To compare IBKR’s transparent CFD model to others available in the market please see our Overview of CFD Market Models.
We currently offer approximately 8500 Share CFDs covering the principal markets in the US, Europe and Asia. Eligible shares have minimum market capitalization of USD 500 million and median daily trading value of at least USD 600 thousand. Please see CFD Product Listings for more detail.
Most order types are available for CFDs, including auction orders and IBKR Algos.
CFDs on US share can also be traded during extended exchange hours and overnight. Other CFDs are traded during regular hours.
II. Comparison Between CFDs and Underlying Shares
Depending on your trading objectives and trading style, CFDs offer a number of advantages compared to stocks, but also some disadvantages:
| BENEFITS of IBKR CFDs | DRAWBACKS of IBKR CFDs |
|---|---|
| No stamp duty or financial transaction tax (UK, France, Belgium, Spain) | No ownership rights |
| Generally lower margin rates than shares* | Complex corporate actions may not always be exactly replicable |
| Tax treaty rates for dividends without need for reclaim | Taxation of gains may differ from shares (please consult your tax advisor) |
| Exemption from day trading rules | |
| US ETFs tradable as CFDs** |
*IB LLC and IB-UK accounts.
**EEA area clients cannot trade US ETFs directly, as they do not publish KIDs.
III. CFD Tax and Margin Advantage
Where stamp duty or financial transaction tax is applied, currently in the UK (0.5%), France (0.3%), Belgium (0.35%) and Spain (0.2%), it has a substantially detrimental impact on returns, particular in an active trading strategy. The taxes are levied on buy-trades, so each time you open a long, or close a short position, you will incur tax at the rates described above.
The amount of available leverage also significantly impacts returns. For European IBKR entities, margin requirements are risk-based for both stocks and CFDs, and therefore generally the same. IB-UK and IB LLC accounts however are subject to Reg T requirements, which limit available leverage to 2:1 for positions held overnight.
To illustrate, let's assume that you have 20,000 to invest and wish to leverage your investment fully. Let's also assume that you hold your positions overnight and that you trade in and out of positions 5 times in a month.
Let's finally assume that your strategy is successful and that you have earned a 5% return on your gross (fully leveraged) investment.
The table below shows the calculation in detail for a UK security. The calculations for France, Belgium and Spain are identical, except for the tax rates applied.
| UK CFD | UK Stock | UK Stock | |
|---|---|---|---|
| All Entities |
EU Account
|
IB LLC or IBUK Acct
|
|
| Tax Rate | 0% | 0.50% | 0.50% |
| Tax Basis | N/A | Buy Orders | Buy Orders |
| # of Round trips | 5 | 5 | 5 |
| Commission rate | 0.05% | 0.05% | 0.05% |
| Overnight Margin | 20% | 20% | 50% |
| Financing Rate | 1.508% | 1.508% | 1.508% |
| Days Held | 30 | 30 | 30 |
| Gross Rate of Return | 5% | 5% | 5% |
| Investment | 100,000 | 100,000 | 40,000 |
| Amount Financed | 100,000 | 80,000 | 20,000 |
| Own Capital | 20,000 | 20,000 | 20,000 |
| Tax on Purchase | 0.00 | 2,500.00 | 1,000.00 |
| Round-trip Commissions | 500.00 | 500.00 | 200.00 |
| Financing | 123.95 | 99.16 | 24.79 |
| Total Costs | 623.95 | 3099.16 | 1224.79 |
| Gross Return | 5,000 | 5,000 | 2,000 |
| Return after Costs | 4,376.05 | 1,900.84 | 775.21 |
| Difference | -57% | -82% |
The following table summarizes the reduction in return for a stock investment, by country where tax is applied, compared to a CFD investment, given the above assumptions.
| Stock Return vs cfD | Tax Rate | EU Account | IB LLC or IBUK Acct |
|---|---|---|---|
| UK | 0.50% | -57% | -82% |
| France | 0.30% | -34% | -73% |
| Belgium | 0.35% | -39% | -75% |
| Spain | 0.20% | -22% | -69% |
IV. US ETFs
EEA area residents who are retail investors must be provided with a key information document (KID) for all investment products. US ETF issuers do not generally provide KIDs, and US ETFs are therefore not available to EEA retail investors.
CFDs on such ETFs are permitted however, as they are derivatives for which KIDs are available.
Like for all share CFDs, the reference price for CFDs on ETFs is the exchange-quoted, SMART-routed price of the underlying ETF, ensuring economics that are identical to trading the underlying ETF.
V. Extended and Overnight Hours
US CFDs can be traded from 04:00 to 20:00EST, and the again overnight from 20:00 to 03:30 the following day. Trades in the overnight session are attributed to the day when the session ends, even if a trade is entered before midnight the previous day. This has implications for corporate actions and financing.
Trades entered before midnight on the day before ex-date will not have a dividend entitlement. Trades before midnight will settle as if they had been traded the following day, delaying the start of financing.
VI. CFD Resources
Below are some useful links with more detailed information on IBKR’s CFD offering:
The following video tutorial is also available:
How to Place a CFD Trade on the Trader Workstation
VII. Frequently Asked Questions
What Stocks are available as CFDs?
Large and Mid-Cap stocks in the US, Western Europe, Nordic and Japan. Liquid Small Cap stocks are also available in many markets. Please see CFD Product Listings for more detail. More countries will be added in the near future.
Do you have CFDs on other asset classes?
Yes. Please see IBKR Index CFDs - Facts and Q&A, Forex CFDs - Facts and Q&A and Metals CFDs - Facts and Q&A.
How do you determine your Share CFD quotes?
IBKR CFD quotes are identical to the Smart routed quotes for the underlying share. IBKR does not widen the spread or hold positions against you. To learn more please go to Overview of CFD Market Models.
Can I see my limit orders reflected on the exchange?
Yes. IBKR offers Direct market Access (DMA) whereby your non-marketable (i.e. limit) orders have the underlying hedges directly represented on the deep books of the exchanges on which they trade. This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer. In addition, you may also receive price improvement if another client's order crosses yours at a better price than is available on public markets.
How do you determine margins for Share CFDs?
IBKR establishes risk-based margin requirements based on the historical volatility of each underlying share. The minimum margin is 10%, making CFDs more margin-efficient than trading the underlying share in many cases. Retail investors are subject to additional margin requirements mandated by the European regulators. There are no portfolio off-sets between individual CFD positions or between CFDs and exposures to the underlying share. Concentrated positions and very large positions may be subject to additional margin. Please refer to CFD Margin Requirements for more detail.
Are short Share CFDs subject to forced buy-in?
Yes. In the event the underlying stock becomes difficult or impossible to borrow, the holder of the short CFD position may become subject to buy-in.
How do you handle dividends and corporate actions?
IBKR will generally reflect the economic effect of the corporate action for CFD holders as if they had been holding the underlying security. Dividends are reflected as cash adjustments, while other actions may be reflected through either cash or position adjustments, or both. For example, where the corporate action results in a change of the number of shares (e.g. stock-split, reverse stock split), the number of CFDs will be adjusted accordingly. Where the action results in a new entity with listed shares, and IBKR decides to offer these as CFDs, then new long or short positions will be created in the appropriate amount. For an overview please CFD Corporate Actions.
*Please note that in some cases it may not be possible to accurately adjust the CFD for a complex corporate action such as some mergers. In these cases IBKR may terminate the CFD prior to the ex-date.
Can anyone trade IBKR CFDs?
All clients can trade IBKR CFDs, except residents of the USA, Canada, Hong Kong, New Zealand and Israel. There are no exemptions based on investor type to the residency based exclusions.
What do I need to do to start trading CFDs with IBKR?
You need to set up trading permission for CFDs in Client Portal, and agree to the relevant disclosures. If your account is with IBKR (UK) or with IBKR LLC, IBKR will then set up a new account segment (identified with your existing account number plus the suffix “F”). Once the set-up is confirmed you can begin to trade. You do not need to fund the F-account separately, funds will be automatically transferred to meet CFD initial margin requirements from your main account.
If your account is with another IBKR entity, only the permission is required; an additional account segment is not necessary.
Are there any market data requirements?
The market data for IBKR Share CFDs is the market data for the underlying shares. It is therefore necessary to have market data permissions for the relevant exchanges. If you already have market data permissions for an exchange for trading the shares, you do not need to do anything. If you want to trade CFDs on an exchange for which you do not currently have market data permissions, you can set up the permissions in the same way as you would if you planned to trade the underlying shares.
How are my CFD trades and positions reflected in my statements?
If you are a client of IBKR (U.K.) or IBKR LLC, your CFD positions are held in a separate account segment identified by your primary account number with the suffix “F”. You can choose to view Activity Statements for the F-segment either separately or consolidated with your main account. You can make the choice in the statement window in Client Portal.
If you are a client of other IBKR entities, there is no separate segment. You can view your positions normally alongside your non-CFD positions.
Can I transfer in CFD positions from another broker?
IBKR does not facilitate the transfer of CFD positions at this time.
Are charts available for Share CFDs?
Yes.
In what type of IBKR accounts can I trade CFDs e.g., Individual, Friends and Family, Institutional, etc.?
All margin and cash accounts are eligible for CFD trading.
What are the maximum a positions I can have in a specific CFD?
There is no pre-set limit. Bear in mind however that very large positions may be subject to increased margin requirements. Please refer to CFD Margin Requirements for more detail.
Can I trade CFDs over the phone?
No. In exceptional cases we may agree to process closing orders over the phone, but never opening orders.
Overview of CFD Market Models
OTC Contracts For Difference (CFD) markets are generally organized along one of three models: Direct Market Access (DMA), Agency Broker, or the Market Maker model.
IB operates the DMA model, the most transparent of the three. In this model the provider hedges the CFD order immediately in the underlying physical market, and the CFD is executed at the price of the hedge. This serves to enhance pricing transparency and the provider's compensation is typically based solely upon a commission rather than a mark-up or mark-down.
With the DMA model, professionally-oriented IB customers have the ability to add quotes to the exchange book, in the same way they would trading stocks. Because IB matches all CFD orders immediately with a hedge-order, a non-marketable CFD order will create a matching non-marketable order for the underlying share on the exchange. Clients can view "their order" on the level 2 book.
In addition, all orders, whether marketable or not, benefit from IB's SmartRouting technology which ensures best execution by routing the order to one of several underlying markets (LSE, CHI-X, Turquoise, BATS, or internally vs. other client orders).
The Agency Broker model closely resembles the DMA model in that orders are hedged directly via the underlying physical market. Under this model, however, participants will not see their limit orders on the exchange as such orders are held by the provider and passed through only when they become marketable.
By contrast, under the traditional Market Maker model the CFD provider takes all orders into its book, and maintains discretion as to how the trade is hedged or offset, using options, warrants, futures, or directly through the underlying market. The provider often markets the offering as commission-free. Here prices are streamed based on the provider's own pricing model which incorporates a profit into the bid-ask spread. This model is often associated with widening spreads in turbulent markets, as well as the possibility of re-quotes.
How to Place a CFD Trade on the Trader Workstation
How to place trades in U.K. CFDs on the Trader Workstation
How to Request Trading Permissions for IB U.K. CFD's
How to request trading permissions for IB U.K. Contracts for Difference (CFD's)
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