Order Preview - Check Exposure Fee Impact
IB provides a feature which allows account holders to check what impact, if any, an order will have upon the projected Exposure Fee. The feature is intended to be used prior to submitting the order to provide advance notice as to the fee and allow for changes to be made to the order prior to submission in order to minimize or eliminate the fee.
The feature is enabled by right-clicking on the order line at which point the Order Preview window will open. This window will contain a link titled "Check Exposure Fee Impact" (see red highlighted box in Exhibit I below).
Exhibit I
Clicking the link will expand the window and display the Exposure fee, if any, associated with the current positions, the change in the fee were the order to be executed, and the total resultant fee upon order execution (see red highlighted box in Exhibit II below). These balances are further broken down by the product classification to which the fee applies (e.g. Equity, Oil). Account holders may simply close the window without transmitting the order if the fee impact is determined to be excessive.
Exhibit II
Please see KB2275 for information regarding the use of IB's Risk Navigator for managing and projecting the Exposure Fee and KB2344 for monitoring fees through the Account Window
Important Notes
1. The Estimated Next Exposure Fee is a projection based upon readily available information. As the fee calculation is based upon information (e.g., prices and implied volatility factors) available only after the close, the actual fee may differ from that of the projection.
2. The Check Exposure Fee Impact is only available for accounts that have been charged an exposure fee in the last 30 days
Tools Provided to Monitor and Manage Margin
IB provides a variety of tools and information intended to provide account holders with real-time details as to their state of margin compliance so as to avoid forced liquidations. These include the following:
a. Account Window – The account window is available for real-time account activity monitoring. This window will display key values that update with every price change in the portfolio. Included are account balances (cash, Net Liquidation Value, Equity with Loan Value), margin requirements (current, look ahead, overnight and post expiration), and balances available for trading (Available Funds and Excess Equity).
b. Preview Order/Check Margin – Prior to transmitting an order it can be previewed including the impact upon the margin requirement were the order to be executed. Additional information may be found in KB644.
c. Communications – IB will act to send out communications via TWS bulletin and/or email when the margin cushion in an account reaches 5% and a margin deficiency is therefore approaching. Account holders may also create their own margin alerts based upon the margin cushion which, when triggered, may generate email or text message alerts, TWS pop-up messages, flashing rows and sound alarms.
d. Reports – A Daily Margin Report is made available with Account Management which reflects key margin balances and for portfolio margin accounts, requirements broken down by security class.
In addition, IB provides a Last to Liquidate feature within the TWS Account window that allows customers to specify the positions they would prefer IB liquidate last in the event of a margin deficit. While IB will attempt on a best efforts basis to adhere to such requests, account positions and market conditions may make doing so impractical and IB therefore reserves the right to liquidate in the sequence it deems most optimal.
Trading on margin in an IRA account
IRA accounts, by definition, may not use borrowed funds to purchase securities and must pay for all long stock purchases in full, may not carry short stock positions and may not hold a debit cash balance (in any currency). IRA accounts are eligible to carry futures and option contracts. In addition, IB offers a specific form of IRA account referred to as a “Margin IRA” that allows the account holder to trade with unsettled funds, carry American style option spreads and maintain long balances in multiple currency denominations.
For additional information regarding trading permissions in an IRA account, refer to KB188.
How to determine if you are borrowing funds from IB
If the aggregate cash balance in a given account is a debit, or negative, then funds are being borrowed and the loan is subject to interest charges. A loan may still exist, however, even if the aggregate cash balance is a credit, or positive, as a result of balance netting or timing differences. The most common examples of this are as follows:
1. Long vs. Short Currency Balances – accounts holders may borrow cash denominated in one currency if it can be secured by a credit balance in another. Take, for example, a USD base currency account holding a long USD settled cash balance of 10,000, a short EUR settled cash balance of 5,000, with a EUR.USD exchange rate of 1.38:1. Here, for statement reporting and interest computation purposes, the overall cash balance is a USD credit of 3,088 (10,000 – (5,000 * 1.38)). As each currency is subject to a unique funding and reinvestment arrangement, the short balance would be subject to financing costs based upon its benchmark rate and tier. This cost may be offset by any interest earned on the long balance based upon its benchmark rate and tier.
2. Gross Balances by Segment – IB’s Universal Account contains multiple sub accounts or segments, each of which holds positions and collateral which, for regulatory and customer protection purposes, may not be commingled. This separation does not allow for netting of balances across segments and a credit in one segment may therefore not offset a debit in another. Take, for example, an IB LLC account holding both securities and commodities positions with the securities segment maintaining a debit cash balance of USD 3,000 and the commodities segment a credit cash balance of USD 8,000. While the account holds an overall net credit balance of USD 5,000, the short balance would be subject to an interest charge which may be partially offset by any interest earned on the long balance.
3. Short Sales – a short sale is a margin transaction in which the account holder is borrowing stock rather than cash. While the proceeds from the short sale are credited to the cash balance of the account, these funds must be posted with the lender of the shares as collateral to secure their return. As a result, and in recognition of the fact that the loan transaction is subject to its own financing terms, the cash collateralizing the loan is excluded for the purpose of determining whether a margin loan exists.
As example, consider an account reporting net liquidating equity (all balances in USD) of 9,000 comprised of a credit cash balance of 4,000, long stock valued at 10,000 and short stock valued at 5,000. In order to determine whether funds are being borrowed to finance the long stock position, the 5,000 portion of the cash pledged as collateral to the lender of the shares is deducted from the overall 4,000 cash balance, resulting in a 1,000 debit. This debit is subject to interest charges and the cash underlying the stock borrow either an interest charge in the case of hard to borrow shares or a short stock rebate if the shares are easy to borrow and reinvestment rates sufficiently high.
4. Unsettled Funds - borrowings are determined based upon settled funds and the timeframe by which payment is due or received for a given transaction is product specific (e.g., stocks generally settle in 3 business days, spot currencies 2 and derivatives 1). For statement and trading platform purposes, cash balances are reported on a trade date rather than settlement date basis, as if settlement has completed.
As a result, an account reporting a credit cash balance may, in fact, still be carrying a margin loan if that balance includes proceeds from the sale of stock purchased with borrowed funds awaiting settlement. Similarly, an account may report a trade date based debit balance, but not yet incurring a margin loan and interest charges, as the trade has not yet settled.
For additional information regarding interest calculations, please refer to How Interest is Calculated.
Overview of Margin Methodologies
Introduction
The methodology used to calculate the margin requirement for a given position is largely determined by the following three factors:
1. The product type;
2. The rules of the exchange on which the product is listed and/or the primary regulator of the carrying broker;
3. IB’s “house” requirements.
While a number of methodologies exist, they tend to be categorized into one of two approaches: rules based or risk based. Rules based methods generally assume uniform margin rates across like products, offer no inter-product offsets and consider derivative instruments in a manner similar to that of their underlying. In this sense, they offer ease of computation but oftentimes make assumptions which, while simple to execute, may overstate or understate the risk of an instrument relative to its historic performance. A common example of a rules based methodology is the U.S. based Reg. T requirement.
In contrast, risk based methodologies often seek to apply margin coverage reflective of the product’s past performance, recognize some inter-product offsets and seek to model the non-linear risk of derivative products using mathematical pricing models. These methodologies, while intuitive, involve computations which may not be easily replicable by the client. Moreover, to the extent that their inputs rely upon observed market behavior, may result in requirements that are subject to rapid and sizable fluctuation. Examples of risk based methodologies include TIMS and SPAN,
Regardless of whether the methodology is rules or risk based, most brokers will apply “house” margin requirements which serve to increase the statutory, or base, requirement in targeted instances where the broker’s view of exposure is greater than that which would satisfied solely by meeting that base requirement. An overview of the most common risk and rules based methodologies is provided below.
Methodology Overview
Risk Based
a. Portfolio Margin (TIMS) – The Theoretical Intermarket Margin System, or TIMS, is a risk based methodology created by the Options Clearing Corporation (OCC) which computes the value of the portfolio given a series of hypothetical market scenarios where price changes are assumed and positions revalued. The methodology uses an option pricing model to revalue options and the OCC scenarios are augmented by a number of house scenarios which serve to capture additional risks such as extreme market moves, concentrated positions and shifts in option implied volatilities. In addition, there are certain securities (e.g., Pink Sheet, OTCBB and low cap) for which margin may not be extended. Once the projected portfolio values are determined at each scenario, the one which projects the greatest loss is the margin requirement.
Positions to which the TIMS methodology is eligible to be applied include U.S. stocks, ETFs, options, single stock futures and Non U.S. stocks and options which meet the SEC’s ready market test.
As this methodology uses a much more complex set of computations than one that is rules based, it tends to more accurately model risk and generally offers greater leverage. Given its ability to offer enhanced leverage and that the requirements fluctuate and may react quickly to changing market conditions, it is intended for sophisticated individuals and requires minimum equity of $110,000 to initiate and $100,000 to maintain. Requirements for stocks under this methodology generally range from 15% to 30% with the more favorable requirement applied to portfolios which contain a highly diversified group of stocks which have historically exhibited low volatility and which tend to employ option hedges.
b. SPAN – Standard Portfolio Analysis of Risk, or SPAN, is a risk-based margin methodology created by the Chicago Mercantile Exchange (CME) that is designed for futures and future options. Similar to TIMS, SPAN determines a margin requirement by calculating the value of the portfolio given a set of hypothetical market scenarios where underlying price changes and option implied volatilities are assumed to change. Again, IB will include in these assumptions house scenarios which account for extreme price moves along with the particular impact such moves may have upon deep out-of-the-money options. The scenario which projects the greatest loss becomes the margin requirement. A detailed overview of the SPAN margining system is provided in KB563.
Rules Based
a. Reg. T – The U.S. central bank, the Federal Reserve Board, holds responsibility for maintaining the stability of the financial system and containing systemic risk that may arise in financial markets. It does this, in part, by governing the amount of credit that broker dealers may extend to customers who borrow money to buy securities on margin.
This is accomplished through Regulation T, or Reg. T as it is commonly referred, which provides for establishment of a margin account and which imposes the initial margin requirement and payment rules on certain securities transactions. For example, on stock purchases, Reg. T currently requires an initial margin deposit by the client equal to 50% of the purchase value, allowing the broker to extend credit or finance the remaining 50%. For example, an account holder purchasing $1,000 worth of securities is required to deposit $500 and allowed to borrow $500 to hold those securities.
Reg. T only establishes the initial margin requirement and the maintenance requirement, the amount necessary to continue holding the position once initiated, is set by exchange rule (25% for stocks). Reg. T also does not establish margin requirements for securities options as this falls under the jurisdiction of the listing exchange’s rules which are subject to SEC approval. Options held in a Reg.T account are also subject to a rules based methodology where short positions are treated like a stock equivalent and margin relief is provided for spread transactions. Finally, positions held in a qualifying portfolio margin account are exempt from the requirements of Reg. T.
Where to Learn More
Tools provided to monitor and manage margin
How to determine if you are borrowing funds from IB
Why does IB calculate and report a margin requirement when I am not borrowing funds?
Margin Loan Restrictions
Overview:
Note: This article only concerns Australian resident clients that continue to contract with IB LLC and DO NOT apply to Australian resident clients that contract with IB Australia ("IBAU").
As a result of recently imposed regulatory restrictions, IB has implemented a margin change, the effect of which is to restrict Australian residents from creating or increasing a margin loan. While this change is intended to be temporary in duration, IB is currently unable to confirm the date at which margin lending will be restored for Australian residents. In the meantime, clients are encouraged to log into Account Management, if they have not already done so, to review the Regulatory Notice which provides more detailed information.
Key implications of this change are as follows:
- The change only impacts accounts belonging to natural persons and organizations that are categorized as retail clients
- The change applies to securities transactions and does not directly impact futures or forex transactions
In addition, outlined below are a series of FAQs relating to this topic.
AUSTRALIAN MARGIN RESTRICTION FAQS
1. Does this margin restriction mean that account holders can no longer trade?
No. Account holders who log into Account Management and affirm the Customer Agreement may continue to trade securities using cash (i.e., must pay for securities transactions in full) and, if approved, futures and forex.
2. What happens if an account holder attempts to enter an opening order which would create or increase a margin loan balance?
Opening orders which serve to create or increase the loan balance will prompt the following alert message when transmitted and will be rejected:
3. Will this restriction prevent account holders from entering closing orders?
No. Account holders who experience problems transmitting orders which close positions should contact their local Customer Service Center.
4. Does this margin restriction apply to all Australian residents?
No. This restriction applies solely to accounts associated with a natural personal and organizations that are categorized as retail clients. In the case of trust accounts, the restriction applies if any of the trustees are natural persons.
5. Does this margin restriction apply to all products?
No. The restriction applies to securities transactions and not futures or forex. Note, however, cash may not be transferred from the securities segment to support the margin required on a futures transaction if that transfer would serve to create or increase a margin loan within the securities segment.
6. Does this restriction require that I immediately pay back my current margin loan?
No. The restriction does not impose any time condition with respect to the payment of existing margin loans. Such loans may be sustained at their current level as long as client continues to remain margin compliant. The margin loan balance, however, may not be increased.
7. If I repay a margin loan either in whole or in part will I later be able to obtain a loan for portion which has been repaid?
No. Reductions to a margin loan made subsequent to the implementation of this restriction serve to place a new cap on the size of the loan allowed. In other words, no order will be accepted which would serve to create or increase the loan balance in effect at the point of its entry.
8. Does this margin restriction impact cash withdrawals?
If after giving effect to the withdrawal a margin loan would be created or increased, then the withdrawal will not be allowed.
9. Where can I get additional information or direct my questions?
IB has set up a special email address for inquiries relating to the Australian margin restriction. Please forward such inquiries to: auclients@interactivebrokers.com
Determining Buying Power
Buying power serves as a measurement of the dollar value of securities that one may purchase in a securities account without depositing additional funds. In the case of a cash account where, by definition, securities may not be purchased using funds borrowed from the broker and must be paid for in full, buying power is equal to the amount of settled cash on hand. Here, for example, an account holding $10,000 in cash may purchase up to $10,000 in stock.
In a margin account, buying power is increased through the use of leverage provided by the broker using cash as well as the value of stocks already held in the account as collateral. The amount of leverage depends upon whether the account is approved for Reg. T margin or Portfolio Margin. Here, a Reg. T account holding $10,000 in cash may purchase and hold overnight $20,000 in securities as Reg. T imposes an initial margin requirement of 50%, which translates to buying power of 2:1 (i.e., 1/.50). Similarly, a Reg. T account holding $10,000 in cash may purchase and hold on an intra-day basis $40,000 in securities given IB’s default intra-day maintenance margin requirement of 25%, which translates to buying power of 4:1 (i.e., 1/.25).
In the case of a Portfolio Margin account, greater leverage is available although, as the name suggests, the amount is highly dependent upon the make-up of the portfolio. Here, the requirement on individual stocks (initial = maintenance) generally ranges from 15% - 30%, translating to buying power of between 6.67 – 3.33:1. As the margin rate under this methodology can change daily as it considers risk factors such as the observed volatility of each stock and concentration, portfolios comprised of low-volatility stocks and which are diversified in nature tend to receive the most favorable margin treatment (e.g., higher buying power).
In addition to the cash examples above, buying power may be provided to securities held in the margin account, with the leverage dependent upon the loan value of the securities and the amount of funds, if any, borrowed to purchase them. Take, for example, an account which holds $10,000 in securities which are fully paid (i.e., no margin loan). Using the Reg. T initial margin requirement of 50%, these securities would have a loan value of $5,000 (= $10,000 * (1 - .50)) which, using that same initial requirement providing buying power of 2:1, could be applied to purchase and hold overnight an additional $10,000 of securities. Similarly, an account holding $10,000 in securities and a $1,000 margin loan (i.e., net liquidating equity of $9,000), has a remaining equity loan value of $4,000 which could be applied to purchase and hold overnight an additional $8,000 of securities. The same principals would hold true in a Portfolio Margin account, albeit with a potentially different level of buying power.
Finally, while the concept of buying power applies to the purchase of assets such as stocks, bonds, funds and forex, it does not translate in the same manner to derivatives. Most securities derivatives (e.g., short options and single stock futures) are not assets but rather contingent liabilities and long options, while an asset, are short-term in nature, considered a wasting asset and therefore generally have no loan value. The margin requirement on short options, therefore, is not based upon a percentage of the option premium value, but rather determined on the underlying stock as if the option were assigned (under Reg. T) or by estimating the cost to repurchase the option given adverse market changes (under Portfolio Margining).
Margin Treatment for Foreign Stocks Carried by a U.S. Broker
As a U.S. broker-dealer registered with the Securities & Exchange Commission (SEC) for the purpose of facilitating customer securities transactions, IB LLC is subject to various regulations relating to the extension of credit and margining of those transactions. In the case of foreign equity securities (i.e., non-U.S. issuer), Reg T. allows a U.S. broker to extend margin credit to those which either appear on the Federal Reserve Board's periodically published List of Foreign Margin Stocks, or are deemed to have a have a "ready market" under SEC Rule 15c3-1 or SEC no-action letter.
Prior to November 2012, "ready market" was deemed to include equity securities of a foreign issuer that are listed on what is now known as the FTSE World Index. This definition was based upon a 1993 SEC no-action letter and was premised upon the fact that, while there may not have been a ready market for such securities within the U.S., the securities could be readily resold in the applicable foreign market. In November of 2012, the SEC issued a follow-up no-action letter (www.sec.gov/divisions/marketreg/mr-noaction/2012/finra-112812.pdf) which expanded the population of foreign equity securities deemed to have a ready market to also include those not listed on the FTSE World Index provided that the following four conditions are met:
1. The security is listed on a foreign exchange located within a FTSE World Index recognized country, where the security has been trading on the exchange for at least 90 days;
2. Daily bid, ask and last quotations for the security as provided by the foreign listing exchange are made continuously available to the U.S. broker through an electronic quote system;
3. The median daily trading volume calculated over the preceding 20 business day period of the security on its listing exchange is either at least 100,000 shares or $500,000 (excluding shares purchased by the computing broker);
4. The aggregate unrestricted market capitalization in shares of the security exceed $500 million over each of the preceding 10 business days.
Note: if a security previously meeting the above conditions no longer does so, the broker is provided with a 5 business day window after which time the security will no longer be deemed readily marketable and must be treated as non-marginable.
Foreign equity securities which do not meet the above conditions, will be treated as non-marginable and will therefore have no loan value. Note that for purposes of this no-action letter foreign equity securities do not include options.
Aperçu des CFD sur actions émis par IB
L’article qui suit constitue une introduction générale aux CFD (contrat sur différence) sur actions émis par IBKR.
Pour des informations concernant les CFD sur indices IBKR, cliquez ici. Pour les CFD sur Forex, cliquez ici.
Table des matières :
I. Définition d'un CFD
II. Comparaison entre les CFD et les actions sous-jacentes
III. Coûts et marge
IV. Exemples
V. Ressources
VI. Foire aux questions
Avertissement concernant les risques
Les CFD sont des instruments complexes associés à un risque élevé de perte financière rapide en raison de l'effet de levier.
67% des comptes d'investisseurs de détail perdent de l'argent lorsqu'ils tradent des CFD avec IBKR (UK).
Vous devez vous assurer que vous comprenez la manière dont fonctionnent les CFD et que vous pouvez vous permettre de courir un risque élevé de perdre de l'argent.
Règles ESMA relatives aux CFD (Pour les clients de détail uniquement)
L'Autorité européenne des marchés financiers (ESMA) a édicté de nouvelles règles relatives aux CFD qui entreront en vigueur à compter du 1er août 2018.
Les règles consistent en: 1) des limites sur les effets de levier à l'ouverture de positions de CFD; 2) une règle de clôture des positions ouvertes par compte basée sur la marge 3) une protection contre les soldes négatifs par compte.
Les mesures de l'ESMA s'appliquent aux clients de détail. Les clients professionnels ne sont pas affectés.
Veuillez vous référer au document Application des règles de l'ESMA sur les CFD à IBKR pour plus d'informations.
I. Définition d'un CFD sur actions
Les CFD IBKR sont des contrats de gré à gré (OTC) qui offrent le rendement de l’action sous-jacente, y compris les dividendes et les opérations sur titres (en savoir plus sur les Opérations sur titres pour les CFD).
En d’autres termes, il s’agit d’un accord entre l’acheteur (vous) et IBKR visant à échanger la différence entre la valeur actuelle d’une action et sa valeur à une date ultérieure. Si vous détenez une position longue et que la différence est positive, IBKR vous paie. Si la différence est négative, vous payez IBKR.
Les CFD sur actions IBKRsont négociés sur votre compte de marge; vous pouvez donc trader aussi bien des positions longues que courtes avec effet de levier. Le prix des CFD correspond au prix coté sur la Bourse de l’action sous-jacente. Les prix des CFD IBKR sont en fait identiques aux prix "Smart-routed" pour les actions, comme vous pouvez l'observer sur la Trader Workstation. Par ailleurs, IB offre un accès direct au marché (DMA). Comme pour les actions, vos ordres non négociables (par ex. les ordres à cours limité) voient le hedge du sous-jacent directement inscrit dans la profondeur du carnet d’ordres des Bourses où il est négocié. Cela signifie également que vous pouvez acheter le CFD au cours acheteur du sous-jacent et le vendre au cours vendeur.
Pour comparer le modèle transparent d’IBKR à d’autres modèles disponibles sur le marché, consultez notre Aperçu des modèles du marché CFD.
IBKRoffre actuellement environ 7100 CFD sur actions couvrant les marchés principaux des États-Unis, de l'Europe et d' Asie. Les constituants des indices majeurs mentionnés ci-dessous sont actuellement disponibles sous forme de CFD sur actions IBKR. Dans de nombreux pays, IBKR offre également le trading d’actions liquides de faible capitalisation. Il s’agit d’actions dont la capitalisation boursière ajustée du flottant est de 500 millions d'USD minimum pour une valeur de trading médiane journalière de 600,000 USD minimum. Pour en savoir plus, consultez notre liste de produits CFD . D’autres pays seront bientôt ajoutés.
| États-Unis | S&P 500, DJA, Nasdaq 100, S&P 400 (Moy. Cap), Small cap liquides |
| Royaume-Uni | FTSE 350 + Small cap liquides (y compris. IOB) |
| Allemagne | Dax, MDax, TecDax + Small cap liquides |
| Suisse | Portion suisse du STOXX Europe 600 (48 actions) + Small cap liquides |
| France | CAC Large Caps, CAC Mid Caps + Small Cap liquides |
| Pays-Bas | AEX, AMS Mid Cap + Small Cap liquides |
| Belgique | BEL 20, BEL Mid Cap + Small Cap liquides |
| Espagne | IBEX 35 + Small Cap liquides |
| Portugal | PSI 20 |
| Suède | OMX Stockholm 30 + Small Cap liquides |
| Finlande | OMX Helsinki 25 + Small Cap liquides |
| Danemark | OMX Copenhagen 30 + Small Cap liquides |
| Norvège | OBX |
| République Tchèque | PX |
| Japon | Nikkei 225 + Small Cap liquides |
| Hong Kong | HSI + Small Cap liquides |
| Australie | ASX 200 + Small Cap liquides |
| Singapour* | STI + Small Cap liquides |
| Afrique du sud | Top 40 + Small Cap liquides |
*non disponible pour les résidents de Singapour
II. Comparaison entre les CFD et les actions sous-jacentes
Selon vos objectifs et votre style de trading, les CFD offrent un certain nombre d'avantages par rapport aux actions, mais également quelques inconvénients:
| AVANTAGES des CFD IBKR | INCONVÉNIENTS DES CFD IBKR |
|---|---|
| Pas de droit de timbre ou taxe sur les transactions financières (Royaume-Uni, Belgique, France) | Pas de droit de propriété |
| En général, les commissions et taux de marge sont moins élevés que pour les actions | Les opérations sur titres complexes ne peuvent pas toujours être reproduites |
| Taux de convention fiscale sans la nécessité de récupération | L'imposition des gains peut différer des actions (veuillez consulter votre conseiller fiscal) |
| Exemption des règles de day trading |
III. Coûts et marge
Les CFD IBKR peuvent être un moyen encore plus efficace de négocier sur les marchés boursiers européens plutôt que d’utiliser l’offre déjà très compétitive d'actions proposée par IB.
Tout d’abord, les CFD IBKR sont soumis à des commissions moins élevées que les actions, tout en offrant les mêmes spreads à faible financement:
| EUROPE | CFD | ACTION | |
|---|---|---|---|
| Commission | GBP | 0.05% | 6.00 + 0.05% GBP* |
| EUR | 0.05% | 0.10% | |
| Financement** | Benchmark +/- | 1.50% | 1.50% |
*par ordre + 0.05% plus franchise au delà de 50,000 GBP
**Financement CFD sur valeur totale de position, financement action sur montant emprunté
Plus vous négociez et plus les commissions des CFD baissent, jusqu'à 0,02%. Pour les positions portant sur des volumes importants, les frais de financement sont réduits et peuvent être de 0.5% seulement. Pour en savoir plus, consultez nos commissions CFD et Taux de financement CFD.
De plus, les CFD ont des exigences de marge moindre par rapport aux actions. Les clients de détail sont soumis à des exigences de marge supplémentaires comme l'impose l'ESMA, l'organisme régulateur européen. Veuillez consulter le document Application des règles de l'ESMA sur les CFD à IBKR pour plus d'informations.
| CFD | ACTION | ||
|---|---|---|---|
| Tous | Standard | Portfolio margin | |
| Exigence de marge de maintien* |
10% |
25% - 50% | 15% |
*Marge type pour les blue-chips. Les clients de détail sont soumis à une marge initiale minimum de 20%. Marge de maintien standard intraday de 25% pour les actions, 50% overnight. La marge de portefeuille (Portfolio Margin) indiquée est la marge de maintien (y compris overnight). Les émissions plus volatiles sont soumises à des exigences de marge plus importantes
Veuillez vous référer aux Exigences de marge pour les CFD pour plus d'informations.
IV. Exemple (Client professionnel)
Examinons l'exemple ci-dessous. Le listing d’Unilever Amsterdam a augmenté de 3.2% au cours du dernier mois (20 jours de trading au 14 mai 2012) et vous pensez que sa performance va se maintenir. , Vous souhaitez créer une exposition de 200,000 EUR et la conserver pendant 5 jours. Vous passez 10 ordres pour développer et 10 ordres pour déboucler. Vos coûts directs seraient comme suit:
ACTION
| CFD | ACTION | ||
|---|---|---|---|
| Position 200,000 EUR | Standard | Portfolio margin | |
| Exigence de marge | 20,000 | 100,000 | 30,000 |
| Commission (Aller Retour) | 200.00 | 400.00 | 400.00 |
| Taux d'intérêt (Simplifié) | 1.50% | 1.50% | 1.50% |
| Montant financé | 200,000 | 100,000 | 170,000 |
| Jours financés | 5 | 5 | 5 |
| Dépense en intérêts (1.5% Taux simplifié) | 41.67 | 20.83 | 35.42 |
| Coût total direct (Commission + Intérêt) | 241.67 | 420.83 | 435.42 |
| Différence de coût | 74% plus élevé | 80% plus élevé | |
Remarque: les intérêts des CFD sont calculés sur la position totale tandis que les intérêts des actions sont calculés sur le montant emprunté. Les taux appliqués sont les mêmes pour les CFD et les actions. Les intérêts applicables sont les mêmes pour les actions et pour les CFD
Mais supposons que vous n'ayez que 20,000 EUR de disponible pour financer la marge. Si Unilever maintient le même niveau de performance qu'au cours du mois passé, votre gain potentiel serait aux alentours de:
| GAIN EFFET DE LEVIER | CFD | ACTION | |
|---|---|---|---|
| Marge disponible | 20,000 | 20,000 | 20,000 |
| Total investi | 200,000 | 40,000 | 133,333 |
| Rendement brut (5 Days) | 1,600 | 320 | 1,066.66 |
| Commission | 200.00 | 80.00 | 266.67 |
| Dépense en intérêts (1.5% Taux simplifié) | 41.67 | 4.17 | 23.61 |
| Coût total direct (Commission + Interest) | 241.67 | 84.17 | 290.28 |
| Rendement net (Rendement brut moins coût direct) | 1,358.33 | 235.83 | 776.39 |
| Montant d'investissement du rendement sur marge | 0.07 | 0.01 | 0.04 |
| Différence | 83% moins Gain | 43% moins Gain | |
| RISQUE EFFET DE LEVIER | CFD | ACTION | |
|---|---|---|---|
| Marge disponible | 20,000 | 20,000 | 20,000 |
| Total investi | 200,000 | 40,000 | 133,333 |
| Rendement brut (5 Days) | -1,600 | -320 | -1,066.66 |
| Commission | 200.00 | 80.00 | 266.67 |
| Dépense en intérêts (1.5% Taux simplifié) | 41.67 | 4.17 | 23.61 |
| Coût total direct (Commission + Interest) | 241.67 | 84.17 | 290.28 |
| Rendement net (Rendement brut moins coût direct) | -1,841.67 | -404.17 | -1,356.94 |
| Différence | 78% Moins Perte | 26% Moins Perte | |
V. Ressources CFD
Vous trouverez ci-dessous des liens utiles contenant des informations plus détaillées sur l’offre des CFD IBKR:
Le tutoriel suivant est également disponible:
Comment passer un ordre de CFD sur la Trader Workstation
VI. Foire aux questions
Quelles actions sont disponibles en tant que CFD?
Les actions de forte et moyenne capitalisation aux États-Unis, en Europe de l'ouest, dans les pays nordiques et au Japon. Les actions de faible capitalisation liquides sont également disponibles sur de nombreux marchés. Veuillez consulter la page Liste de produits CFD pour plus d'informations. D'autres pays seront ajoutés très prochainement.
Avez-vous des CFD pour des indices sur actions et Forex?
Oui. Veuillez consulter la page CFD sur indices IBKR - Informations et questions et CFD sur Forex - Informations et questions.
Comment sont déterminées les cotations des CFD sur actions?
Le prix des CFD IBKR correspond à la cotation via Smartrouting de l’action sous-jacente. IBKR n'élargit pas le spread ni ne détient de positions en votre défaveur. Pour en savoir plus, veuillez consulter l'aperçu des modèles du marché CFD.
Puis-je voir mes ordres à cours limité sur la Bourse?
Oui. IBKRoffre un accès direct au marché (DMA). Comme les actions, les ordres qui ne sont pas négociables (par ex. les ordres à cours limité) bénéficient de la protection du sous-jacent qui est directement inscrit sur le carnet d’ordres des bourses où il est négocié. Cela signifie également que vous pouvez acheter le CFD au cours acheteur du sous-jacent et le vendre au cours vendeur. De plus, vous recevrez peut-être une amélioration de prix si l'ordre d'un autre client peut être croisé au vôtre à un meilleur prix que celui disponible sur les marchés.
Comment déterminez-vous les marges des CFD sur actions?
IBKR établit des exigences de marge sur la base de la volatilité historique de chaque action sous-jacente. La marge minimum est de 10% Ce taux de marge est généralement appliqué à la plupart des CFD IBKR, ce qui rend le trading de CFD plus attractif en termes de marge que le trading du sous-jacent. Les investisseurs de détail sont soumis à des exigences de marge supplémentaires imposées par ESMA, l'organisme
régulateur européen. Veuillez consulter le document Application des règles de l'ESMA sur les CFD à IBKR pour plus d'informations. Il n'y a pas de compensation de portefeuille entre des positions CFD individuelles ou entre des positions CFD et l'exposition à l’action sous-jacente. Les positions concentrées et portant sur de gros volumes peuvent être soumises à des marges supplémentaires. Pour en savoir plus, veuillez consulter les exigences de marge des CFD.
Les CFD sur action courts sont-ils soumis à des rachats forcés ?
Oui. Si l’action sous-jacente devient difficile ou impossible à emprunter, le détenteur de la position sera soumis à un rachat.
Comment traitez-vous les dividendes et opérations sur titre?
En règle générale, IBKR reflète l'effet économique de l’opération sur titre pour les détenteurs de CFD comme s'ils détenaient les titres sous-jacent*. Les dividendes sont comptabilisés sous forme d'ajustement de liquidité, tandis que d'autres actions peuvent être comptabilisées sous forme d'ajustement de liquidité, d'ajustement de position ou une combinaison des deux. Par exemple, si les actions d'entreprise se traduisent par un changement du nombre d’actions (par ex. dans le cas de fractionnement d'actions ou fractionnement d'actions inversé), le nombre de CFD est ajusté en conséquence. Lorsque l’action devient une nouvelle entité et qu'IBKR décide de la proposer comme CFD, de nouvelles positions courtes et longues sont créées dans la quantité appropriée. Pour en savoir plus, consultez la page CFD - Opérations sur titre.
*Dans certains cas, il ne sera pas possible d'ajuster de manière exacte le CFD, comme pour une opération sur titres complexe telle qu'une fusion par exemple. Dans ce cas, IBKR pourra clôturer la position de CFD avant la date de détachement.
Tout le monde peut-il trader des CFD IBKR?
Tous les clients peuvent trader des CFD IBKR à l'exception des résidents des États-Unis, du Canada et de Hong Kong. Les résidents de Singapour peuvent trader des CFD IBKR à l'exception de ceux basés sur des actions cotées à Singapour. Il n'existe pas d'exemption aux exclusions sur la base de la résidence en fonction du type d'investisseur.
Que dois-je faire pour commencer à trader des CFD avec IBKR?
Vous devez mettre en place les autorisations de trading pour les CFD dans la Gestion de compte et accepter les déclarations adéquates. Si vous détenez un compte auprès d'IB LLC, IBKR créera un nouveau segment de compte (identifié avec votre numéro de compte existant par le suffixe “F”). Une fois le segment confirmé, vous pourrez commencer à trader. Vous n'avez pas besoin d'approvisionner le compte "F" séparément, les fonds seront automatiquement transférés en fonction des exigences de marge de votre compte principal.
Existe t-il des conditions en termes de données de marché?
Les données de marché pour les CFD sur actions IBKR sont les mêmes que les données de marché des actions sous-jacentes. Il est par conséquent nécessaire d'obtenir les autorisations de données de marché pour les Bourses correspondantes. Si vous avez déjà mis en place des autorisations de données de marché pour une Bourse afin de pouvoir trader des actions, aucune autre action n'est requise. Si vous souhaitez trader des CFD sur une Bourse pour laquelle vous n'avez pas actuellement d'autorisation de données de marché, vous pouvez mettre en place des autorisations de trading de la même manière que si vous envisagiez de trader les actions sous-jacentes.
Mes transactions de CFD apparaissent-elles dans mes relevés de compte?
Si vous détenez un compte auprès d'IBLLC, vos positions de CFD sont détenues dans un segment de compte distinct identifié par le suffixe "F" et votre numéro de compte principal. Vous pouvez choisir de visualiser les relevés de compte pour ce segment "F" soit séparément, soit de manière consolidée avec votre compte principal. Vous pouvez sélectionner l'option de votre choix dans la fenêtre des relevés de la Gestion de compte. Pour les autres comptes, les CFD sont affichés normalement dans le relevé de compte comme les autres produits de trading.
Puis-je transférer mes positions CFD depuis un autre courtier?
IBKR ne permet pas le transfert de positions de CFD à l'heure actuelle.
Des graphiques sont-ils disponibles pour les CFD?
Oui.
Quelles protections de compte s’appliquent au trading de CFD émis pas IBKR?
Les CFD sont des contrats émis par IB UK qui agit en tant que contrepartie. Ils ne sont donc pas négociés sur un marché réglementé et ne sont pas compensés par une chambre de compensation centrale. Étant donné qu’IB UK est votre contrepartie pour les CFD, vous êtes exposé à des risques financiers et commerciaux, y compris le risque de crédit associé à la réalisation de transactions avec IB Royaume-Uni. Veuillez noter cependant que tous les fonds des clients sont toujours totalement ségrégés, y compris ceux des clients institutionnels. IB UK est membre du programme UK Financial Services Compensation Scheme (FSCS). IB UK n'est pas un membre de la U.S. Securities Investor Protection Corporation (“SIPC”). Veuillez consulter la déclaration des risques liés aux CFD IB UK pour davantage d'informations sur les risques liés au trading de CFD.
Avec quel type de compte IBKR puis-je négocier des CFD (par ex. compte individuel, institutionnel, Amis et famille, etc.)?
Tous les comptes de marge sont éligibles au trading de CFD. Les comptes au comptant et SIPP ne sont pas éligibles.
Combien de positions maximum puis-je avoir pour un CFD spécifique?
Pas de limite pré-établie. Cependant, rappelez-vous que les positions très importantes peuvent être soumises à une augmentation des exigences de marge. Pour en savoir plus, veuillez consulter les exigences de marge des CFD.
Puis-je trader des CFD par téléphone?
Non. Cependant, dans certains cas exceptionnels, nous pouvons accepter de traiter des ordres de fermeture par téléphone mais jamais des ordres d'ouverture.
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