IB Australia Account Types and Products Offerings

Interactive Brokers Australia Pty Ltd (“IB Australia”), which holds an Australian Financial Services License (“AFSL” No. 453554), has been established. IB Australia is headquartered in Sydney and has been set up to provide services to our Australian clients. IB Australia clients, products and services have some unique characteristics when compared to the Interactive Brokers (“IBKR”) global account and product suite. The purpose of this document is to outline these characteristics of the IB Australia offering.

Account Types

IB Australia offers Cash accounts to Individual / Joint / Self-Managed Superannuation Fund (“SMSF”) account holders and both Cash and Margin accounts to Corporate clients (including corporate trust account holders). Please note, margin-enabled accounts are only currently available for Corporate accounts (including corporate trust accounts) that are classified as a Wholesale/Professional investor.

In the case of a Trust with multiple trustees in order to qualify for a margin-enabled account, none of the trustees may be a natural person (e.g. individual) (i.e. all trustees must be corporate entities) and all must be classified as a Wholesale/Professional investor. Click [Here] for more information on Australian Retail, Wholesale or Professional Investor Status.

Furthermore, margin accounts under IB Australia will employ a risk-based model to calculate margin requirements.

Cash Accounts

IB Australia offer three different types of cash accounts:

  • Investment account
  • Trading account
  • SMSF account (only available to Self-Managed Superannuation Fund)

Investment Account: Similar to the IBLLC Cash account model, the IB Australia Investment account does not allow you to short securities or to borrow funds, i.e. your account cannot have a debit balance. Moreover, only a limited number of options strategies will be available. This account is not eligible for reduced intraday Futures margin.

This account is available for all clients except SMSF clients.

Trading Account: While this is also a cash account that does not permit you to have a debit balance, you will be permitted to short stock and trade any of the available option strategies in the Trading Account, provided that you have the requisite trading experience and expertise, which is outlined [Here]. Further, Trading Accounts enable you to trade with unsettled funds.

If you currently have an Investment Account, you can submit a change of account type to change to a Trading Account by logging into the Client Portal > Settings > Account Settings > under Configuration, click the Configure tool next to Account Type. This may take 2-3 business days to review.

This account is available for all clients except SMSF clients.

SMSF: This is only available to SMSF clients. This is a cash account that does not permit you to short securities or to borrow funds, i.e. your account cannot have a debit balance. Moreover, only a limited number of options strategies will be available. This account is not eligible for reduced intraday Futures margin.

The options strategies that are available in the Investment Account and the SMSF account are as follows:

  • Long Call or Put
  • Covered Calls
  • Short Put
  • Call Spread; exdate(long) >= exdate(short)
  • Put Spread; exdate(long) >= exdate(short)
  • Long / Short Butterfly
  • Iron Condor

Margin Accounts

IB Australia offer two different types of margin accounts:

  • Leveraqed Trading account
  • Professional account

At this stage, IB Australia has decided to only offer margin-enabled accounts to a corporate entity which is NOT designated as a retail client (i.e. the account is either a wholesale or professional investor).

Leveraged Trading Account: If the eligible account holder qualifies as a wholesale client and has provided the completed wholesale booklet to IB Australia, you can request to upgrade to a Leveraged Trading Account. This account operates on a risk based margin model. Clients with this account have the capability to create portfolios to the maximum degree of risk taking /leverage allowed by IB Australia.

Professional Account: If the eligible account holder qualifies as a professional investor and has provided the completed professional investor booklet to IB Australia, you can request to upgrade to a Professional Account. This account runs on a risk based margin model. Clients with this account have the capability to create portfolios to the maximum degree of risk taking /leverage allowed by IB Australia.

Refer to this link for information regarding Australian regulatory status under IB Australia.

Please click [Here] to download the wholesale investor booklet, and click [Here] to download the professional investor booklet.

CFD Product Offering

As a client of IB Australia, provided that you have the requisite trading experience and expertise, which is outlined [Here], you will be able to trade all of exchange traded products available (including local and global stocks, options, futures, bonds, ETFs etc.) through IBKR’s award winning trading platform and software. In addition, you may also trade our Stock, Index and FX CFDs and Spot FX over the counter all within the one IB Australia account.

In addition, IB Australia issue Contracts for Difference (“CFDs”) over global shares, indices and FX. These are only available to IB Australia clients. For further information on IB Australia's products and services, please see our website.

Refer to this link for information on IBAU’s share CFDs.
Refer to this link for information on IBAU’s index CFDs.
Refer to this link for information on IBAU’s FX CFDs.

FX Offering

IB Australia can only support currencies in AUD, USD, EUR and GBP and you can convert between these currencies. If you have cash balances in currencies other than IBA supported currencies (AUD, USD, GBP or EUR) these will to be converted into your nominated base currency.

IBAU clients, when permissioned, can trade in any market available across the IBKR network, even those outside the 4 supported currencies above. However, upon your instruction for any market outside the 4 supported currencies, IB Australia will automatically execute Forex conversions to ensure non-supported cash balances be cleared.

For example, if an IB Australia client using a Cash account wishes to buy HKD denominated securities, as long
as the client has sufficient available funds, the trade is permitted. To settle the trade, IB Australia will convert the existing cash balances into HKD. Similarly at a later date, if the same client wishes to sell their HKD denominated securities, IB Australia would automatically convert the HKD proceeds to the base currency by day end, once again leaving no residual HKD cash balances.

If an IB Australia client using a margin account has any positive or negative cash balances outside of the 4 supported currencies, it will be automatically converted to base currency by day end.

ASX24

In order to ensure continued compliance with our regulatory obligations, IB Australia will NOT accept any other form of collateral except cash for the purposes of determining whether you can trade or hold ASX24 products. If the margin requirements of ASX24 products cannot be met using cash, your account will be subject to automated liquidation.

 

Interactive Brokers (U.K.) Limited – Clasificación MiFID

Introducción

En el acto legislativo de la Unión Europea conocido como 'Directiva sobre Mercados de Instrumentos Financieros', o MiFID, por sus siglas en inglés, enmendado por el MiFID II, se requiere que Interactive Brokers (U.K.) Limited (IBUK) clasifique sus clientes en función de su conocimiento y experiencia entre 'clientes particulares', 'clientes profesionales' o 'contrapartes elegibles'. 

De conformidad con el reglamento de la Financial Conduct Authority, IBUK categoriza la mayoría de los clientes como 'particulares', lo que les ofrece un mayor grado de protección.
 
Solo aquellos clientes que son o entidades reguladas o fondos gestionados por gestores de fondos regulados se clasifican como clientes profesionales per se.

Las principales diferencias respecto de las regulaciones legales entre los clientes profesionales y los clientes particulares son las siguientes:

1. Descripción de la naturaleza y los riesgos de los paquetes de inversión: Las empresas que ofrezcan servicios de inversión conjuntamente con otro servicio o producto, como condición para el mismo acuerdo con un cliente minorista, deben cumplir lo siguiente: (i) informar a los clientes minoristas si los riesgos asociados a dicho acuerdo serán diferentes de los riesgos asociados a los componentes considerados por separado; y (ii) proporcionar a los clientes minoristas una descripción detallada de los diferentes componentes del acuerdo y del modo en el que la interacción entre ellos modifica los riesgos. Dichos requisitos no se aplican a los clientes profesionales. No obstante, IBUK no realizará dicha distinción excepto en el caso especificado en el punto 3 que figura más adelante.

2. Medidas para la protección de los inversores sobre la provisión de contratos por diferencia (CFD): La Asociación Europea de Valores y Mercados (AEVM) ha establecido medidas de intervención de productos para la provisión de CFD a los clientes minoristas. Entre estas medidas se incluyen las siguientes: (i) nuevos límites de apalancamiento en la apertura de una posición, los cuales variarán en función de la volatilidad del mercado subyacente; (ii) una norma de liquidación de la garantía por cuenta, la cual estandariza el porcentaje de margen al que los proveedores están obligados a liquidar uno o más CFD abiertos; (iii) protección ante saldos negativos para las cuentas;
(iv) restricciones en los incentivos ofrecidos para negociar CFD; y (v) una advertencia de riesgo estandarizada en la que se incluye el porcentaje de pérdidas de las cuentas de inversores minoristas del proveedor de CFD. Dichos requisitos no se aplican a los clientes profesionales.

3. Comunicación con los clientes: Las empresas deben asegurarse de que sus comunicaciones con los clientes son imparciales, transparentes y correctas. No obstante, la manera en la que una empresa se comunica con sus clientes (acerca de la empresa, sus servicios y productos y sus remuneraciones) puede variar entre los clientes minoristas y profesionales. Las obligaciones de la empresa en lo que se refiere a la elaboración de detalles, el medio utilizado y el calendario de la provisión de información varía en función de los clientes minoristas o profesionales. Los requisitos para proporcionar documentos sobre determinados productos específicos como, por ejemplo, documentos de información clave (KID) para productos de inversión minorista empaquetados y productos de inversión basados en seguros (PRIIP), no se aplican a los clientes profesionales.

4. Notificación sobre la depreciación en el valor: Las firmas que dispongan de cuentas de clientes minoristas con posiciones en instrumentos financieros apalancados u operaciones causantes de pasivo contingente deben informarles en los casos en los que el valor inicial de cada instrumento se deprecie un 10 por ciento y posteriormente a múltiplos del 10 por ciento. Dichos requisitos no se aplican a los clientes profesionales.

5. Idoneidad de los servicios: Al examinar la idoneidad de los servicios sin asesoramiento, puede que se requiera que la empresa determine si el cliente tiene experiencia y conocimientos suficientes para entender los riesgos que conllevan los productos o servicios ofrecidos o solicitados. Cuando dicho requisito de evaluación de la idoneidad se aplique a un cliente, la empresa podrá suponer que el cliente profesional dispone de la experiencia y conocimiento necesarios para comprender los riesgos que conllevan estos servicios u operaciones de inversión concretos, o los tipos de transacciones o productos, para los que el cliente es clasificado como cliente profesional. La empresa no hará la misma suposición para los clientes minoristas, y debe evaluar si dichos clientes minoristas disponen del nivel de conocimientos y experiencia necesarios.
 

IBUK no proporciona servicios de asesoramiento y no está obligado a solicitar información o adherirse a los procedimientos de evaluación para los clientes profesionales al examinar la idoneidad de un servicio o producto concretos. 

6. Exclusión de responsabilidades: La capacidad de la empresa para excluirse o restringir cualquier deber o responsabilidad que deba a los clientes es menor según las reglas de la FCA en el caso de los clientes minoristas frente a los clientes profesionales.

7. Defensor de servicios financieros: El servicio del defensor de servicios financieros del Reino Unido no está a disposición de los clientes profesionales, excepto si son, por ejemplo, consumidores, pequeñas empresas o particulares que actúen al margen de su negocio, empresa o profesión.

8. Compensación: IBUK es miembro del UK Financial Services Compensation Scheme ('Plan de compensación de servicios financieros del Reino Unido'). Puede que sea elegible para reclamar una compensación en este plan si IBUK no puede cumplir con sus obligaciones. Esto dependerá del tipo de empresa y de las circunstancias de la reclamación; las compensaciones solo están disponibles para un determinado tipo de demandantes y reclamaciones en función del tipo de negocio. La elegibilidad a la compensación con este plan se determina en las reglas aplicables a dicho plan.
 

Clasificación como cliente profesional

IBUK permite que los clientes minoristas se clasifiquen como profesionales. Los clientes reciben una notificación sobre su categoría de cliente y pueden consultarla en cualquier momento en Gestión de cuenta, en Ajustes > Ajustes de cuenta > Categoría de cliente de MiFID. En esa misma página, los clientes pueden solicitar el cambio de clasificación de categoría MiFID.

IBUK examinará el cambio de clasificación de minoristas a profesionales en los dos casos siguientes:

1. Los clientes minoristas pueden notificar a IBUK que deberían haberse clasificado como profesionales per se, de conformidad con las normas de FCA, dado que cumplen uno de los requisitos siguientes:

(i) están autorizados o regulados a operar en los mercados financieros;

(ii) una grande empresa que cumple dos de los volúmenes siguientes:

(a) total del balance: 20 000 000 EUR;
(b) volumen de negocios neto: 40 000 000 EUR;
(c) fondos propios: 2 000 000 EUR;

(iii) un inversor institucional cuya actividad principal sea la inversión en instrumentos financieros. En este se incluyen las entidades dedicadas a las titulizaciones de activos u otras transacciones financieras.

2. IBUK puede considerar los clientes como clientes profesionales optativos si, basándose en una evaluación de la experiencia, competencias y conocimientos del cliente, IBUK está seguro de que el cliente es capaz de tomar sus propias decisiones de inversión y comprender los riesgos implicados a la luz de la naturaleza de las transacciones o de los servicios previstos. Los clientes que no cumplan los requisitos de clasificación como clientes profesionales per se pueden solicitar clasificarse como profesionales electivos.

Para obtener esta clasificación, los clientes minoristas deben facilitar pruebas de que cumplen con al menos dos (2) de los criterios siguientes:

1. Durante los últimos cuatro (4) trimestres, el cliente llevó a cabo operaciones en instrumentos financieros con un volumen significativo y con una frecuencia promedio de diez (10) por trimestre.

Para determinar el volumen 'significativo', IBUK tiene en cuenta lo siguiente:

a. durante los últimos cuatro trimestres, se produjeron un mínimo de cuarenta (40) operaciones;
b. durante cada uno de los cuatro (4) trimestres, se realizó un mínimo de una (1) operación;
c. el valor nocional de las principales cuarenta (40) operaciones en los últimos cuatro (4) trimestres es superior a 200 000 EUR; y
d. la cuenta dispone de un valor de activo neto superior a 50 000 EUR.

Las transacciones en Spot FX y metales OTC sin distribuir no se consideran a efectos de dichos cálculos.

2. El cliente dispone de una cartera de instrumentos financieros (incluyendo efectivo) que excede los 500 000 EUR (o equivalente);

3. El cliente es un titular de una cuenda individual o un operador de una cuenta de organización que trabaja o ha trabajado en el sector financiero durante al menos un año en una posición profesional en la que se requieren conocimientos necesarios de los productos negociados.

Tras la revisión y verificación de toda la información y pruebas facilitadas para su corrobación, IBUK clasificará los clientes en caso de que se cumplan todas las condiciones.

Los clientes minoristas que soliciten clasificarse como profesionales deben leer y entender las advertencias facilitadas por IBUK antes de presentar su solicitud.

Clasificación como cliente minorista Los clientes profesionales pueden solicitar a IBUK clasificarse como clientes minoristas en la página de Gestión de cuenta mencionada anteriormente (en Ajustes> Ajustes de cuenta> Categoría de cliente de MiFID).

IBUK acepta todo tipo de solicitudes, con la única excepción de las de las entidades reguladas o los fondos gestionados por gestores de fondos regulados, los cuales se clasifican como clientes profesionales per se.

ESTA INFORMACIÓN SE OFRECE COMO GUÍA UNICAMENTE PARA CLIENTES COMPENSADOS DE INTERACTIVE BROKERS.
NOTA: LA INFORMACIÓN MENCIONADA ANTERIORMENTE NO ES UNA GUÍA COMPLETA, EXHAUSTIVA NI UNA INTERPRETACIÓN DEFINITIVA DEL REGLAMENTO, SINO UN RESUMEN DE LA CLASIFICACIÓN DE CLIENTES Y LA POLÍTICA DE CLASIFICACIÓN DE IBUK

 

 

Interactive Brokers (U.K.) Limited – MiFID Categorisation

Introduction

The European Union legislative act known as the Markets in Financial Instruments Directive, or MiFID, as amended by MiFID II, requires Interactive Brokers (U.K.) Limited (IBUK) to classify each Client according to their knowledge, experience and expertise: "Retail", "Professional" or "Eligible Counterparty". 

In accordance with the Financial Conduct Authority rules, IBUK categorises most clients as Retail clients, providing them with a higher degree of protection.
 
Only those clients that are either regulated entities or funds managed by regulated fund managers, are categorised as Per Se Professional Clients.

The main differences in regulatory protections afforded to Professional Clients as compared with Retails Clients are:

1. Description of the nature and risks of packaged investments: A firm that offers an investment service with another service or product or as a condition of the same agreement with a retail client must: (i) inform retail clients if the risks resulting from the agreement are likely to be different from the risks associated with the components when taken separately; and (ii) provide retail clients with an adequate description of the different components of the agreement and the way in which its interaction modifies the risks. The above requirements do not apply in respect of professional clients. However, IBUK will not make such differentiation apart from the case specified under point 3 below.

2. Investor protection measures on the provision of Contracts for Differences (“CFDs”): The European Securities and Markets Authority (“ESMA”) introduced product intervention measures on the provision of CFDs to retail investors. The measures include: (i) New leverage limits on the opening of a position, which vary according to the volatility of the underlying; (ii) A margin close out rule on a per account basis that standardises the percentage of margin at which providers are required to close out one or more open CFDs; (iii) Negative balance protection on a per account basis;
(iv) A restriction on the incentives offered to trade CFDs; and (v) A standardised risk warning, including the percentage of losses on a CFD provider’s retail investor accounts.The above requirements do not apply in respect of professional clients.

3. Communication with clients: A firm must ensure that its communications with all clients are fair, clear and not misleading. However, the way in which a firm may communicate with professional clients (about itself, its services and products, and its remuneration) may be different from the way in which the firm communicates with retail clients. A firm’s obligations in respect of the level of details, medium and timing of the provision of information are different depending on whether the client is a retail or professional client. The requirements to deliver certain product-specific documents, such as Key Information Documents (“KID”) for Packaged Retail and Insurance-based Investment Products (“PRIIPs”), are not applied to professional clients.

4. Depreciation in value reporting: A firm that holds a retail client account that includes positions in leveraged financial instruments or contingent liability transactions must inform the retail client, where the initial value of each instrument depreciates by 10 per cent and thereafter at multiples of 10 per cent. The above requirements do not apply in respect of professional clients.

5. Appropriateness: When assessing appropriateness for non-advised services, a firm may be required to determine whether the client has the necessary experience and knowledge in order to understand the risks involved in relation to the product or service offered or demanded. Where such an appropriateness assessment requirement applies in respect of a client, the firm may assume that a professional client has the necessary experience and knowledge in order to understand the risks involved in relation to those particular investment services or transactions, or types of transaction or product, for which the client is classified as a professional client. A firm may not make such an assumption for a retail client and must determine that a retail client does have the necessary level of experience and knowledge.
 

IBUK provides non-advised services and is not required to request information or adhere to the assessment procedures for a professional client when assessing the appropriateness of a given service or product as with a retail client, and IBUK may not be required to give warnings to the professional client if it cannot determine appropriateness with respect to a given service or product. 

6. Exclusion of liability: Firms’ ability to exclude or restrict any duty or liability owed to clients is narrower under the FCA rules in the case of retail clients than in respect of professional clients.

7. The Financial Services Ombudsman: The services of the Financial Ombudsman Service in the UK may not be available to professional clients, unless they are, for example, consumers, small businesses or individuals acting outside of their trade, business, craft or profession.

8. Compensation: IBUK is a member of the UK Financial Services Compensation Scheme. You may be entitled to claim compensation from that scheme if IBUK cannot meet its obligations to you. This will depend on the type of business and the circumstances of the claim; compensation is only available for certain types of claimants and claims in respect of certain types of business. Eligibility for compensation from the scheme is determined under the rules applicable to the scheme.
 

Re-categorisation as Professional Client

IBUK allows its Retail Clients to request to be re-categorised as Professional Clients. Clients are notified of their Client Category and can check it at any time from Account Management, under Settings> Account Settings> MiFID Client Category. From this same screen, Clients can also request to change their MiFID Category.

IBUK will consider re-categorising Retail Clients to Professional Clients in two instances:

1. Per Se Professional Clients can notify IBUK that they consider that they should have been categorised as Per Se Professionals under the FCA rules, because at least one of the following conditions applies:

(i) authorised or regulated to operate in the financial markets; or

(ii) a large undertaking meeting two of the following size requirements on a company basis:

(a) balance sheet total of EUR 20,000,000;
(b) net turnover of EUR 40,000,000;
(c) own funds of EUR 2,000,000;

(iii) an institutional investor whose main activity is to invest in financial instruments. This includes entities dedicated to the securitisation of assets or other financing transactions.

2. IBUK may treat Clients as Elective Professional Clients if, based on an assessment of the Client’s expertise, experience, and knowledge, IBUK is reasonably assured that, in light of the nature of the transactions or services envisaged, the Client is capable of making its own investment decisions and understand the risks involved. Clients who do not meet the requirements to be categorised as Per Se Professional Clients can still request to be categorised as Elective Professional Clients.

To obtain such re-categorisation, Retail Clients must provide evidence that they satisfy at least two (2) of the following criteria:

1. Over the last four (4) quarters, the Client conducted trades in financial instruments in significant size at an average frequency of ten (10) per quarter.

To determine the significant size IBUK considers the following:

a. During the last four quarters, there were at least forty (40) trades; and
b. During each of the last four (4) quarters, there was at least one (1) trade; and
c. The total notional value of the top forty (40) trades of the last four (4) quarters is greater than EUR 200,000; and
d. The account has a net asset value greater than EUR 50,000.

Trades in Spot FX and Unallocated OTC Metals are not considered for the purpose of this calculation.

2. The Client holds a portfolio of financial instruments (including cash) that exceeds EUR 500,000 (or equivalent);

3. The Client is an individual accountholder or a trader of an organisation account who works or has worked in the financial sector for at least one year in a professional position which requires knowledge of products it trades in.

Upon review and verification of the information and supporting evidence provided, IBUK will re-categorise clients if all relevant conditions are met to satisfaction.

Retail Clients requesting to be re-categorised as Professional Accounts must read and understand the warning provided by IBUK before the relevant request is submitted.

Re-categorisation as Retail Client Professional Clients can request IBUK to be re-categorised as Retail Clients, from the same Account Management page described above (under Settings> Account Settings> MiFID Client Category).

With the sole exception of regulated entities or funds managed by regulated fund managers, which are categorised as Per Se Professional Clients, IBUK accepts all such requests.

THIS INFORMATION IS GUIDANCE FOR INTERACTIVE BROKERS FULLY DISCLOSED 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 IBUK’S APPROACH TO CLIENT CATEGORISATION AND RE-CATEGORISATION POLICY.

 

 

Converting From an Individual to Trust Account

The process of converting from an individual account to a trust account is outlined below: 

1. As the trust account structure differs from that of the individual in terms of account holder information required, legal agreements and, in certain cases, taxpayer status, direct conversion is not supported and a new trust account application must be completed online.

The online trust application may be initiated by visiting www.ibkr.com and clicking the "Open Account" button. Be sure to request trading permissions and, if necessary, margin status, sufficient to maintain the positions currently carried in your individual account. Note that if your account is managed by a financial advisor or you are a client of an introducing broker, please contact your advisor or broker to initiate the new application (you may need to make arrangements with your advisor or broker for fees that have accrued but not yet paid when the individual account closes).

2. The trust account application requires Compliance review and approval and documentation evidencing the creation of the trust and proof of identity and address of trustees may also be required. If this is the case, notice as to the required documents and how to submit will be provided at the conclusion of the online application.

3. Once you have received an email confirming approval of the trust account application, send a request from your Message Center authorizing IB to manually transfer positions from your Individual to trust account. Prior to submitting the request you should make sure to close all open orders in the individual account to ensure that no executions take place following the transfer.

Due to the manual steps and scheduling required, you should allow a minimum of one week after trust account approval and submitting your request for the transfer to take effect.


IMPORTANT NOTES

1. Note that exchange regulations preclude ownership transfer of derivative contracts such as futures and options. If you are holding such positions you would either need to close them prior to the transfer taking place or request that they remain in your individual account.

2. Prior to processing the transfer, you should make sure to close all open orders in the individual account to ensure that no executions take place following the transfer.

3. The SMA (Special Memorandum Account) balance in your individual account will not transfer to the trust account. In certain cases this may impact your ability to open new positions in the trust account on the first day after the transfer is completed.

4. Elective options such as market data subscriptions and participation in IB's Yield Enhancement Program will not be carried over to the trust account and must be re-initiated to continue. Note that trusts are often classified as Professionals for market data subscription purposes which generally implies higher subscription rates than that for Non-Professionals.

5. The cost basis of transferred positions as reported in the activity statements will remain unchanged for tax purposes. The cost basis as reported in your trading platform (which is not used for tax reporting purposes) will not transfer over to the trust account but may be manually adjusted.

6. Once the transfer has been completed and assuming all positions have been transferred your individual account will be designated for automatic closure. Note that certain balances such as dividend accruals can’t be transferred until paid, after which they will then be transferred and your individual account closed.

7. You'll receive any applicable tax forms for the reportable activity transacted in each of your individual and trust accounts at year end. Access to Account Management for you individual account will remain after it has been closed for the purpose of reviewing and printing activity statements and tax forms.

8. IBKR does not provide tax advice or investment guidance and recommends that account holder consult with qualified professionals to determine any legal, tax or estate planning consequences associated with individual to trust transfer requests.
 

Free Riding Rule

In a cash account, an investor must pay for the purchase of a security (meaning, the trade must settle) prior to selling that security. If an investor buys a security and then sells that same security without paying for the security in full by settlement date, the investor is considered to be “free riding.” Accounts that commit free riding violations will be restricted for 90 days, during which time the account can only purchase securities using settled funds.

Free riding examples that would be considered a violation at Interactive Brokers

Example A:

1) On T, the account has settled cash of $10,000

2) On T, the account buys ABC for $10,000

3) On T+1, the account sells ABC and buys $10,000 of XYZ

4) The customer sells the XYZ shares without depositing sufficient funds to pay for the purchase of XYZ in full

 

Example B:

1) On T, the account has fully paid for stock in ABC and no excess cash

2) On T, the account sells $10,000 of ABC

3) On T, the account buys $10,000 of XYZ

4) On T+1, the account sells the XYZ shares without depositing sufficient funds to pay for the purchase of XYZ in full

 

The end of day surveillance process would consider both of these scenarios to be free riding violations, which would restrict the account to only purchase using settled funds for 90 days. IB has put certain controls in place to help prevent free riding violations.

 

Preguntas frecuentes - Conversión a IBUK como bróker de mantenimiento

 

General

 
P: ¿Qué está cambiando?

R: IB ampliará el rango de actividades de clientes compensadas y mantenidas por IB UK para incluir ciertas actividades que actualmente son gestionadas por IB LLC. Actualmente, IB UK realiza toda la compensación de la actividad de clientes a través de IB LLC, con la excepción de materias primas físicas (es decir, oro y plata) y aquellos CFD que no se cotizan en bolsa. Para diferenciar la actividad de IB UK que es compensada como IB UK de la que se presenta a IB LLC, se ha creado una cuenta de contabilidad interna, conocida como IBUKL, para alojar la actividad IB UK. Esta cuenta IBUKL se utilizará para compensar y mantener un rango más amplio de tipos de productos, incluidos acciones, ETF, opciones, futuros, opciones sobre futuros y fórex.

 
P: ¿Por qué hacemos esto? 

R: La base de clientes de IB, que históricamente era una mezcla de cuentas estadounidenses y no estadounidenses, está obteniendo una base cada vez más internacional. Aunque una porción sustancial de las actividades de esta clientela no estadounidense actualmente es compensada, mantenida y custodiada por el bróker-díler estadounidense IB LLC (con exclusión de CFD, metales físicos y toda la actividad realizada a través de cuentas de IB India y IB Japan), hay beneficios significativos para transferir ciertas actividades a IBUKL, cuando la estructura normativa se alinee más aproximadamente con la de la residencia del cliente.

Estos beneficios incluyen la consolidación de las posiciones en valores y materias primas no estadounidenses en un solo segmento de cuenta, la oportunidad de un tratamiento de margen más favorable a través de compensaciones de posiciones y metodologías basadas en el riesgo, la posibilidad de reducir los costes de endeudamiento y el aumento del interés de crédito al consolidar saldos de caja que actualmente se mantienen en segmentos separados y minimizar la exposición a informes fiscales estadounidenses.
 
 
P: ¿Cuál es la diferencia entre IB UK y IBUKL? 

R: Interactive Brokers (UK) Limited (“IB UK”) es un bróker autorizado por la Financial Conduct Authority (FCA) para operar en el Reino Unido. IBUKL, por el contrario, no es una entidad legal, sino una convención de etiquetado o contabilidad interna utilizada para designar un subconjunto de operaciones de clientes que se operan a través de IB UK. Actualmente, esta actividad consiste exclusivamente en productos extrabursátiles (OTC), para los cuales IB UK realiza la compensación y es la contraparte; se incluyen CFD no cotizados en bolsa y materias primas físicas (es decir, oro y plata).

 

P: ¿Cuál es el plan de introducción del producto?

R: Inicialmente, empezaremos añadiendo productos de índices sobre acciones no estadounidenses (es decir, futuros y opciones que tengan el mismo subyacente en efectivo como su producto entregable) a la oferta de productos existente de IBUKL. Esto incluye índices como FTSE, CAC, Hang Seng, Nikkei y DAX, entre otros. Se creará un nuevo permiso, llamado “International Equity Indexes”, se creará para estos productos y estará disponible para nuevos clientes, así como para clientes existentes que cualifiquen.  Los clientes existentes que cualifiquen incluyen cuentas no estadounidenses que tengan permisos de opciones y una posición o actividad de posiciones durante los 12 meses previos. Estos clientes existentes serán inscritos automáticamente a este permiso.

Una vez los productos de índices sobre acciones estadounidenses se hayan introducido, ampliaremos los productos elegibles en el siguiente orden: fórex, futuros adicionales y, luego, acciones no estadounidenses.

 

P: ¿Los clientes a los que se asigne una cuenta IBUKL también tendrán una cuenta IB LLC?
R: En la mayoría de los casos, será lo más probable. En el caso de que un cliente solo opere en el producto actualmente considerado elegible para compensación y mantenimiento en la cuenta IBUKL, no habría necesidad, en teoría, de que mantuviera una cuenta IB LLC.  Los clientes que tengan otras posiciones conservarán o deberán abrir una cuenta IBLLC.

 

P: ¿La cuenta IBUKL mantendrá múltiples segmentos como la cuenta IB LLC?

R: No. Los segmentos múltiples que existen en la cuenta IB LLC reflejan la estructura normativa bifurcada en los Estados Unidos, en la que la supervisión de los productos de valores es administrada por la Securities and Exchange Commission (SEC) y los productos de materias primas son supervisados por la Commodities Futures Trading Commission (CFTC).  Con excepción de los futuros sobre acciones simplificadas, que se regulan de forma conjunta, ni las normas de la CFTC ni las de la SEC se aplican para compensación o margen de un producto regulado por ellas en una cuenta en la que el otro regulador tenga jurisdicción. Esto incluye las normas de protección de clientes que, con intención similar, difieren en su aplicación y están diseñadas para segregar activos en una cuenta necesaria para satisfacer exclusivamente las reclamaciones asociadas con el segmento de valores o el segmento de materias primas, según se aplique.

Como la FCA, el regulador primario de IB UK, supervisa tanto productos de valores como de materias primas, todas las posiciones eligibles de IBUKL se incluirán en un solo segmento.


P: ¿Qué metodología de margen se utilizará para posiciones mantenidas en la cuenta IBUKL?
R:
Las posiciones no estarán sujetas a requisitos estadounidenses de margen Reg T, sino a una metodología basada en el riesgo (VAR). Inicialmente, mientras los nuevos productos se transfieren a la cuenta IBUKL, se utilizará la metodología de compensación o de la bolsa nativa (normalmente SPAN) y el requisito de cuenta será la suma de múltiples metodologías. Más adelante, IB utilizará una metodología común para toda la cuenta, basada en el actual modelo de margen de cartera propio de IB.

 
P: ¿Qué acuerdos o avisos legales adicionales se requieren? ¿Dónde puedo consultarlos?
 
R: Un nuevo acuerdo de cliente para clientes de IBUK que tengan productos mantenidos por IBUK está disponible en la página web de IB bajo Productos y Servicios > Formularios y Declaraciones
 
 
P: ¿Puedo barrer fondos entre las cuentas?
 
R: Como IBLLC y IBUK son entidades legales separadas, el exceso de fondos no será elegible para ser transferido automáticamente entre dos cuentas, con la excepción de la necesidad de cubrir los requisitos de margen. En dichas circunstancias, IB moverá automáticamente los fondos necesarios para cubrir el requisito de margen entre las cuentas IBLLC y IBUK. La selección de barrido de exceso de fondos disponible para los clientes a través de Gestión de Cuenta seguirá disponible; sin embargo, esto solo afectará a las cuentas IBLLC.
 

 

P: ¿Cómo se manejarán los cálculos de interés tanto durante como después de la conversión?
 
R: Los clientes que mantengan saldos de caja con IBLLC seguirán teniendo el interés calculado con base en los saldos de capital liquidado mantenido en las cuentas de valores y materias primas por separado. Los clientes que tengan saldos de caja con IBUK tendrán 1 saldo de caja sobre el que se calculará el interés de crédito o débito.
 
 

Protección de cliente

 
P: ¿Qué tipo de protección hay disponible para mí en una cuenta IBUK?
 
R: IBUK es un participante en el esquema Financial Services Compensation scheme - "FSCS".  Los niveles de compensación están sujetos a cambios: para ver los detalles más actualizados, consulte la página web de la FSCS en www.fscs.org.uk/
 
 
P: ¿Dónde puedo obtener información adicional en relación con la protección de clientes?
 
R: Puede consultar el artículo KB2012 para ver información adicional sobre la protección de clientes.
 
 
P: ¿IBUK ofrece protección adicional sobre los estándares de la industria?
 
R: IBUK no ofrece protección adicional por encima de FSCS.
 
 
P: ¿El seguro Lloyds también se aplica a cuentas IBUK?
 
R: No, algunos agentes de seguros en Lloyds of London proporcionan cobertura por encima de la póliza de SIPC; sin embargo, esto no está disponible para los productos bajo el bróker de mantenimiento de IBUK.

 
P: ¿Por qué debería cambiar mi cuenta si la corrección de cliente en caso de incumplimiento es menos beneficiosa?
 
R: Hay varios beneficios por mantener activos con IBUK. Estos beneficios incluyen la consolidación de las posiciones en valores y materias primas no estadounidenses en un solo segmento de cuenta, la oportunidad de un tratamiento de margen más favorable a través de compensaciones de posiciones y metodologías basadas en el riesgo, la posibilidad de reducir los costes de endeudamiento y el aumento del interés de crédito al consolidar saldos de caja que actualmente se mantienen en segmentos separados y minimizar la exposición a informes fiscales estadounidenses.
 
 
P: ¿Puedo elegir seguir siendo cliente de IBLLC para beneficiarme de la protección SIPC?
 
R: En estos momentos, IB quiere convertir ciertos conjuntos de productos a IBUK y, por lo tanto, todos los clientes que tengan dichos productos se moverán a IBUK. Aunque a largo plazo podría ser posible mantener esos productos en una cuenta IBLLC, actualmente no es posible.
 
 
P: ¿Podría IBUK fracasar, pero IBLLC not?

R: Aunque es posible, consideramos que este escenario es improbable.  IB LLC y IB UK son subsidiarias completas de la misma empresa matriz, Interactive Brokers Group LLC. Las entidades separadas existen, mayoritariamente, a efectos normativos y, aunque consideramos que es altamente improbable que alguna de ellas fracase, sería incluso más improbable que la empresa matriz permitiera que solo una fracasara. Además, como aproximadamente el 85% de IB es propiedad de sus gestores y empleados, existe un incentivo pecuniario por parte de los propietarios para conservar su inversión y proteger a ambas entidades de cualquier fracaso.

 

Can I have more than two individuals on a joint account?

IB offers three types of joint accounts: Tenants with Rights of Suvivorship, Tenancy in Common and Community Property. Each of these joint account types is limited to two account holders.

Applicants interested in opening an account with muliple owners in excess of two may consider the corporate, partnrship, limited liability company or unincorporated legal structure account types offered by IB.  Note that documentation establishing proof of formation and address are generally required at the point of application.

Converting From a Single to Joint Account

The process of adding a second owner to an existing single account for purposes of converting to a joint account is outlined below:

1.       As the joint account structure differs from that of the individual in terms of account holder information required, legal agreements and, in certain cases, taxpayer status, direct conversion is not supported and a new joint account application must be completed online.
 
The joint application may be initiated online from the single account by logging into Account Management and clicking the Settings and Account Settings options followed by clicking the gear icon next to the words "Create, Move, Link or Partition an Account" in the Configuration section. This process will allow you to retain your existing user name, password and security device for purposes of operating the joint account. Be sure to request trading permissions and, if necessary, margin status, sufficient to maintain the positions currently carried in your individual account.  Note that if your account is managed by a financial advisor or you are a client of an introducing broker, please contact your advisor or broker to initiate the new application (you may need to make arrangements with your advisor or broker for fees that have accrued but not yet paid if the individual account closes).
 
The joint account application requires Compliance review and approval and documentation evidencing the identity and address of the second account holder may be required. If this is the case, notice as to the required documents and how to submit will be provided at the conclusion of the online application.
 
 
2.       Once you have received an email confirming approval of the joint account application, send a request from your Message Center authorizing IB to manually transfer positions from your single to joint account. Prior to submitting the request you should make sure to close all open orders in the individual account to ensure that no executions take place following the transfer.
 
Due to the manual steps and scheduling required, you should allow a minimum of one week after joint account approval and submitting your request for the transfer to take effect. 

 

IMPORTANT NOTES
 
1.       Note that exchange regulations preclude ownership transfer of derivative contracts such as futures and options. If you are holding such positions you would either need to close them prior to the transfer taking place or request that they remain in your individual account.
 
2.       Prior to processing the transfer, you should make sure to close all open orders in the individual account to ensure that no executions take place following the transfer.
 
3.       The SMA (Special Memorandum Account) balance in your individual account will not transfer to the joint account. In certain cases this may impact your ability to open new positions in the joint account on the first day after the transfer is completed.
 
4.       Elective options such as market data subscriptions and participation in IB's Yield Enhancement Program will not be carried over to the joint account and must be re-initiated to continue.
 
5.       The cost basis of transferred positions as reported in the activity statements will remain unchanged for tax purposes.  The cost basis as reported in your trading platform (which is not used for tax reporting purposes) will not transfer over to the joint account but may be manually adjusted.
 
6.       Once the transfer has been completed and assuming all positions have been transferred your individual account will be designated for automatic closure. Note that certain balances such as dividend accruals can’t be transferred until paid, after which they will then be transferred and your individual account closed.
 
7.       You'll receive any applicable tax forms for the reportable activity transacted in each of your individual and joint accounts at year end. Access to Account Management for you individual account will remain after it has been closed for the purpose of reviewing and printing activity statements and tax forms.
 
8.       IBKR does not provide tax advice or investment guidance and recommends that account holder consult with qualified professionals to determine any legal, tax or estate planning consequences associated with single to joint transfer requests.

Designation of Eligible Contract Participant

Account holders may designate their status as an Eligible Contract Participant (ECP) by completing an online questionnaire provided via Client Portal/Account Management.  In the case where the account holder has provided information via the application process which suggests that they meet the ECP financial and/or organizational qualifications (see KB2731), the questionnaire is posted online in Account Management.  If the information submitted at the point of application does not support ECP qualification, the account holder may update their information online to obtain the questionnaire.  Outlined below are the steps necessary to access the questionnaire.

 

Step 1. Determine if the ECP questionnaire has been posted to your account:

For individual accounts, log into Client Portal/Account Management and select the Settings, Account Settings, and then Investor Category menu options. If you reported net worth in excess of the minimum qualifying threshold, you will be provided with the ECP questionnaire. Note that account holders reporting net worth below the ECP qualifying threshold may be provided with questionnaires for different investor categories (i.e., Accredited Investor).

For organization accounts, log into Client Portal/Account Management and select the Settings, Account Settings, and then Investor Category menu options. If your organization is of a specified category (e.g., registered broker dealer, FCM) or reported net worth in excess of the minimum qualifying threshold, you will be provided with the ECP questionnaire. Note that organizations reporting net worth below the ECP qualifying threshold may be provided with questionnaires for different investor categories (i.e., Qualified Purchaser).

If the ECP questionnaire has been posted to your account, complete and acknowledge the document via electronic signature. If the questionnaire has not been posted to your account, follow Step 2 below.

 

Step 2. Update your account information:

For individual and organization accounts, if your net worth exceeds the minimum qualifying threshold of $10 million, you may log into Client Portal/Account Management and select the Settings, Account Settings, and then Financial Information menu options. Included on that page will be a section where account holders can update and confirm their financial information. Note that updates to this information are subject to review by our Compliance Department prior to taking effect. Once changes have taken effect and, assuming those changes meet the qualifying threshold, the ECP questionnaire will be made available as noted in Step 1 above.

Eligible Contract Participant - Definition

IMPORTANT: Note that regulations are subject to change and clients are responsible for determining whether or not they qualify as an ECP. Please refer to "7 U.S. Code § 1a – Definitions" to ensure you are reviewing the most current definition of an ECP.

Account holders should take note of the below excerpt from the definition which is likely to be the most relevant.

(xi) an individual who has amounts invested on a discretionary basis, the aggregate of which is in excess of—
(I) $10,000,000; or
(II) $5,000,000 and who enters into the agreement, contract, or transaction in order to manage the risk associated with an asset owned or liability incurred, or reasonably likely to be owned or incurred, by the individual;

 

(18) Eligible contract participant
The term “eligible contract participant” means—
 
(A) acting for its own account—
 
(i)                  a financial institution;
 
(ii)                an insurance company that is regulated by a State, or that is regulated by a foreign government and is subject to comparable regulation as determined by the Commission, including a regulated subsidiary or affiliate of such an insurance company;
 
(iii)               an investment company subject to regulation under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) or a foreign person performing a similar role or function subject as such to foreign regulation (regardless of whether each investor in the investment company or the foreign person is itself an eligible contract participant);
 
(iv)       a commodity pool that—
(I) has total assets exceeding $5,000,000; and
(II) is formed and operated by a person subject to regulation under this chapter or a foreign person performing a similar role or function subject as such to foreign regulation (regardless of whether each investor in the commodity pool or the foreign person is itself an eligible contract participant) provided, however, that for purposes of section 2(c)(2)(B)(vi) of this title and section 2(c)(2)(C)(vii) of this title, the term “eligible contract participant” shall not include a commodity pool in which any participant is not otherwise an eligible contract participant;
 
(v)        a corporation, partnership, proprietorship, organization, trust, or other entity—
(I) that has total assets exceeding $10,000,000;
(II) the obligations of which under an agreement, contract, or transaction are guaranteed or otherwise supported by a letter of credit or keepwell, support, or other agreement by an entity described in subclause (I), in clause (i), (ii), (iii), (iv), or (vii), or in subparagraph (C); or
(III) that—
(aa) has a net worth exceeding $1,000,000; and
(bb) enters into an agreement, contract, or transaction in connection with the conduct of the entity’s business or to manage the risk associated with an asset or liability owned or incurred or reasonably likely to be owned or incurred by the entity in the conduct of the entity’s business;
 
(vi)       an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et seq.), a governmental employee benefit plan, or a foreign person performing a similar role or function subject as such to foreign regulation—
(I) that has total assets exceeding $5,000,000; or
(II) the investment decisions of which are made by—
(aa) an investment adviser or commodity trading advisor subject to regulation under the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.) or this chapter;
(bb) a foreign person performing a similar role or function subject as such to foreign regulation;
(cc) a financial institution; or
(dd) an insurance company described in clause (ii), or a regulated subsidiary or affiliate of such an insurance company;
(vii)
(I) a governmental entity (including the United States, a State, or a foreign government) or political subdivision of a governmental entity;
(II) a multinational or supranational government entity; or
(III) an instrumentality, agency, or department of an entity described in subclause (I) or (II); except that such term does not include an entity, instrumentality, agency, or department referred to in subclause (I) or (III) of this clause unless (aa) the entity, instrumentality, agency, or department is a person described in clause (i), (ii), or (iii) of paragraph (17)(A); (bb) the entity, instrumentality, agency, or department owns and invests on a discretionary basis $50,000,000 or more in investments; or (cc) the agreement, contract, or transaction is offered by, and entered into with, an entity that is listed in any of subclauses (I) through (VI) of section 2(c)(2)(B)(ii) of this title;
(viii)
(I) a broker or dealer subject to regulation under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) or a foreign person performing a similar role or function subject as such to foreign regulation, except that, if the broker or dealer or foreign person is a natural person or proprietorship, the broker or dealer or foreign person shall not be considered to be an eligible contract participant unless the broker or dealer or foreign person also meets the requirements of clause (v) or (xi);
(II) an associated person of a registered broker or dealer concerning the financial or securities activities of which the registered person makes and keeps records under section 15C(b) or 17(h) of the Securities Exchange Act of 1934 (15 U.S.C. 78o–5(b), 78q(h));
(III) an investment bank holding company (as defined in section 17(i) [2] of the Securities Exchange Act of 1934 (15 U.S.C. 78q(i)); [3]
 
(ix)       a futures commission merchant subject to regulation under this chapter or a foreign person performing a similar role or function subject as such to foreign regulation, except that, if the futures commission merchant or foreign person is a natural person or proprietorship, the futures commission merchant or foreign person shall not be considered to be an eligible contract participant unless the futures commission merchant or foreign person also meets the requirements of clause (v) or (xi);
 
(x)        a floor broker or floor trader subject to regulation under this chapter in connection with any transaction that takes place on or through the facilities of a registered entity (other than an electronic trading facility with respect to a significant price discovery contract) or an exempt board of trade, or any affiliate thereof, on which such person regularly trades; or
 
(xi)       an individual who has amounts invested on a discretionary basis, the aggregate of which is in excess of—
(I) $10,000,000; or
(II) $5,000,000 and who enters into the agreement, contract, or transaction in order to manage the risk associated with an asset owned or liability incurred, or reasonably likely to be owned or incurred, by the individual;
 
(B)
 
(i)                  a person described in clause (i), (ii), (iv), (v), (viii), (ix), or (x) of subparagraph (A) or in subparagraph (C), acting as broker or performing an equivalent agency function on behalf of another person described in subparagraph (A) or (C); or
 
(ii)        an investment adviser subject to regulation under the Investment Advisers Act of 1940 [15 U.S.C. 80b–1 et seq.], a commodity trading advisor subject to regulation under this chapter, a foreign person performing a similar role or function subject as such to foreign regulation, or a person described in clause (i), (ii), (iv), (v), (viii), (ix), or (x) of subparagraph (A) or in subparagraph (C), in any such case acting as investment manager or fiduciary (but excluding a person acting as broker or performing an equivalent agency function) for another person described in subparagraph (A) or (C) and who is authorized by such person to commit such person to the transaction; or
 
(C) any other person that the Commission determines to be eligible in light of the financial or other qualifications of the person.
 

 

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