Grille tarifaire solutions hébergées

En tant que fournisseur de données de marché (par ex. cours acheteur/vendeur, fourchette ouverture et clôture, plus haut et bas et dernières ventes), IB est tenu de respecter plusieurs accords avec les Bourses qui stipulent et contrôlent la manière dont de ces données sont distribuées. De plus, certaines de ces Bourses imposent des frais mensuels lorsque des données en temps réel ou différées sont distribuées par le biais de ce que l'on appelle communément des Solutions hébergées. Ce terme est ici généralement utilisé pour décrire un accord par lequel les clients d'une organisation, telle qu'un courtier introducteur en courtage confidentiel, obtiennent des données de marché par le biais du contrat de fournisseur d'IB plutôt que par le biais d'un contrat de fournisseur entre l'organisation et la Bourse.

Si des solutions hébergées existent, IB permettra au courtier introducteur ou à une organisation de ne pas adhérer aux frais afin de restreindre l'accès à leurs clients à un abonnement sous-jacent ou d'empêcher que les frais leur permettent de souscrire des abonnements sous-jacents connexes. Vous trouverez ci-dessous une liste de ces frais prenant effet à compter de décembre 2016. Nous vous recommandons de vous référer au site Internet de chaque Bourse pour consulter les mises à jour.

 

Souscription en temps réel
Frais mensuels
Solutions hébergées BATS EU
950 GBP
NASDAQ OMX MFDS (FCP US)
150 USD
NASDAQ OMX GIDS (NASDAQ Global Index Data Service)
800 USD
Nordic Equity Level 1 & Level 2 Non-Professionnel
800 EUR
Nordic Equity Level 1 & Level 2 Professionnel
2,140 EUR

 

Les questions concernant les frais peuvent être adressées à l'équipe de services professionnels IB au 866-694-2757 (appel gratuit au sein des États-Unis et au sein du Canada) ou 203-618-7791 (appel direct).

ACCES AUX DONNEES DE MARCHE: USAGE PROFESSIONNEL VS NON-PROFESIONNEL

Overview: 

 La plupart des Bourses facturent des frais d'accès aux données de marché en temps réel (cotations et informations de trading).

Background: 

Les frais appliqués aux utilisateurs professionnels sont généralement sensiblement plus élevés que les frais pour un usage non-professionnel. Par conséquent, de nombreuses Bourses, en particulier les Bourses américaines, requièrent que les utilisateurs remplissent un questionnaire détaillé afin de déterminer leur éligibilité à des frais moindres.

Si vous souhaitez accéder à des données en temps réel pour les services de données d'AMEX, CME, NYSE, NASDAQ, OPRA ou les liasses Value de titres et contrats à terme des États-Unis, vous devez remplir ce questionnaire et reconfirmer votre statut tous les ans.

Vous trouverez plus d'informations concernant l'usage de données pour Professionnels vs Non-professionnels dans différents articles de la base de connaissance:

  • Description détaillée des critères définissant un usage Professionnel et Non-professionnel: article KB2369 
  • Informations sur la manière de remplir le questionnaire: article KB2583 

Définitions du terme Utilisateur Professionnel selon le NYSE et la majorité des Bourses des États-Unis

Overview: 

Définitions du terme Utilisateur Professionnel selon le NYSE et la majorité des Bourses des États-Unis

Background: 

La plupart des investisseurs considèrent que leur activité de trading et d'investissement est non-professionnelle lorsqu' elle n'est pas liée à une activité rémunérée (emploi, consultant, gérant indépendant, conseiller en investissement, etc.). Le NYSE, ainsi que de nombreuses Bourses des États-Unis ont une définition beaucoup plus exhaustive de ce qui définit un "Professionnel" dans le cadre de l'accès aux données de marché en temps réel.

Pour ces Bourses, la définition d'un Professionnel et d'un Non-professionnel est liée à la personne utilisant les données bien plus qu'à la nature de cette utilisation, si bien que des personnes employées dans le secteur financier, même si leur rôle n'est pas lié au trading ou une activité orientée vers les marchés, entrent dans la catégorie des professionnels simplement du fait que leur employeur est, par exemple, une banque. De la même manière, si une personne est enregistrée auprès d'un organisme financier régulateur tel que la FINRA, même si cet enregistrement est lié à des activités sans rapport à la Bourse ou au marché, elle est considérée comme "Professionnelle".

Les frais facturés par les fournisseurs de données et les Bourses pour un usage professionnel sont généralement sensiblement plus élevés que les frais pour usage non-professionnel.

Il est important de noter que ces classifications sont établies par les Bourses et, bien qu'IB ne contribue pas à l'élaboration de cette définition, en tant qu’intermédiaire entre les fournisseurs de données et l'utilisateur final, nous sommes dans l'obligation de veiller à leur bonne application.

Critères de définition d'un utilisateur professionnel

La liste suivante reprend de nombreux critères dont les fournisseurs de données et les Bourses tiennent compte lorsqu'elles tentent de déterminer si un utilisateur de données en temps réel est un utilisateur professionnel ou peut être considéré comme non-professionnel. Un utilisateur sera considéré comme un professionnel si au moins une des définitions suivantes s'applique au compte ou à l'utilisateur. Ces définitions émanent de plusieurs Bourses.

Pour consulter des documents spécifiques, veuillez cliquer les liens fournis en bas de page.

  • Si le compte n'est pas au nom d'une personne physique
  • Si le compte est celui d'une organisation
  • Si l'utilisateur est enregistré auprès d'agences de valeurs mobilières
  • Si l'utilisateur est enregistré auprès d'un organisme de réglementation ou d'auto-réglementation
  • Si l'utilisateur participe à des activités commerciales de services financiers ou est employé en tant que gérant/conseiller financier.
  • Si l'utilisateur est enregistré ou possède un agrément, de quelque nature, auprès de la Securities and Exchange Commission, la Commodities Futures Trading Commission, ou tout autre agence de valeurs mobilières d'un État, association ou Bourse de valeurs mobilières, ou encore tout marché ou association de matières premières ou de contrats à terme.
  • Si l'utilisateur est employé en tant que gérant indépendant/conseiller en investissement (“investment advisor”) tel que défini dans la Section 202(a)(11) du Investment Advisors Act de 1940 (avec ou sans enregistrement en vertu de cet acte);
  • Si l'utilisateur est employé dans une banque ou une autre organisation exempte d'enregistrement en vertu des lois fédérales ou étatiques sur les valeurs mobilières, afin de remplir des tâches qui nécessiteraient un enregistrement ou un agrément si elles étaient réalisées par une organisation qui ne soit pas exempte d'enregistrement.
  • Si l’utilisateur est une banque ou un prestataire de services financiers
  • Si l'utilisateur fait un usage commercial des données
  • Si l'utilisateur est enregistré ou a un agrément en tant que trader professionnel ou gérant indépendant/conseiller en investissement auprès d'une Bourse nationale ou d'État, un organisme réglementaire, une association professionnelle ou un organisme professionnel
  • Si l'utilisateur agit au nom d'un établissement qui participe à des activités de courtage, bancaires, d'investissement ou financières.,
  • Si l'utilisateur facture des frais à des clients,
  • Si l'utilisateur est un professionnel des valeurs mobilières
  • Si l'utilisateur (ou le compte) est un négociateur-courtier
  • Si l'utilisateur est un gérant/conseiller en investissement
  • Si l'utilisateur est un représentant enregistré qui trade ou fournit des conseils liés au trading
  • Si l'utilisateur ou le compte est un club d'investissement, qu'il perçoive ou non une rémunération
  • Si l'utilisateur est un sous-traitant ou prestataire indépendant
  • Si l'utilisateur fait usage de données, d'une quelconque manière, au bénéfice de parties tierces
  • Si l'utilisateur a signé un contrat, reçoit ou utilise des informations en vue d'un usage privé, au nom de toute autre personne ou société, société de personnes, société à responsabilité limitée, fiducie, association ou toute autre forme d'entité
  • Si l'utilisateur a signé un contrat, reçoit ou utilise des informations en vue d'un usage privé pour tout service payé par une autre personne ou toute autre personne ou société, société de personnes, société à responsabilité limitée, fiducie, association ou toute autre forme d'entité
  • Si l'utilisateur accède à, ou utilise, des informations dans le cadre de son emploi ou en lien avec toute forme de trading ou d'activité commerciale
  • Si le compte est une fiducie comptant plus d'un fiduciaire
  • Si le compte et une fiducie dont le fiduciaire est une personne physique Si le fiduciaire est une organisation dont le seul propriétaire est une personne physique, cela ne compte pas Le fiduciaire doit être une personne physique
  • Si le compte est une fiducie comptant plus d'un bénéficiaire qui ne sont pas des membres directs de la famille ou si les bénéficiaires sont des personnes physiques
  • Si le compte est une fiducie qui n'est ni une fiducie de famille, ni une fiducie familiale

Pour consulter la directive du NYSE, rendez vous www.nyxdata.com/Docs/Market-Data/Policies et cliquez sur All NYSE Market Data Policies - The Complete Package, puis allez à la page 23.

Pour consulter la directive du NASDAQ, rendez vous sur http://nasdaqtrader.com/Trader.aspx?id=AgreementsData et cliquez sur NASDAQ OMX Global Subscriber Agreement puis allez à la page 2-6.

Pour consulter la directive OPRA, rendez vous sur www.opradata.com et placez votre souris au dessus de "Agreements" à gauche de la page et cliquez sur Electronic Subscriber Agreement (Attachment B-1 to Vendor Agreement) (PDF), puis lisez la partie du bas de la page 3 jusqu'à la page 4 ainsi que les notes de bas de page.

MARKET DATA ACCESS: PROFESSIONAL VS NON-PROFESIONAL USAGE

Overview: 

 Most exchanges charge for access to their real-time market data (quotes and trade information).

Background: 

 The charges for professional users are considerably higher than for non-professional use. Accordingly, many exchanges, and US exchanges in particular, have a detailed questionnaire that they require users to complete in order to qualify for the lower charges.

 If you wish to access real-time data for any of the following data services (AMEX, CME, NYSE, NASDAQ, OPRA or U.S. Securities Snapshot & Futures Value Bundle), you must fill out this questionnaire and re-affirm it annually.

More information about Professional vs. Non-Professional data use can be found at various knowledge base articles:

  • Detailed description of what qualifies as professional vs non-professional use: KB2369 
  • Assistance on completing the data use questionnaire: KB2583 

Subscription considerations for U.S. market data (Non-Professionals)

In determining the range of market data subscription offerings to make available, IBKR seeks to balance the needs of a wide variety of clients, both in terms of the scope of products traded and the frequency of data use. To afford clients the opportunity to minimize their monthly subscription costs for U.S. data, both bundled and a la carte monthly services are offered as well as options for real-time streaming, snapshot and delayed feeds. Please note, delayed quotes are not provided for U.S. stocks on live accounts due to FINRA regulations.

Outlined below are the basic questions to be considered when deciding which subscription best meets your needs (see website for current subscription rates). Note that clients are not obligated to purchase data through IBKR.
 

What US Products do you trade?

Generally speaking, clients trading a broad variety of product classes should consider the basic bundled subscription referred to as the US Securities Snapshot and Futures Value Bundle which costs USD 10 per month and provides quotes for a variety of U.S. stocks, stock indices, bonds, futures and futures options. The monthly fee for this subscription is waived for any month in which the account generates at least USD 30 in commissions.
 
Futures
- US Securities Snapshot and Futures Value Bundle: real-time top of book quotes for CBOT, CME, COMEX, and NYMEXUS.
- Futures Value PLUS Bundle: real-time depth (Level 2) of book quotes for CBOT, CME, COMEX, and NYMEX.1
- ICE Futures U.S. (NYBOT): includes real-time options and LIFFE precious metals futures and futures options.
 
Bonds
- US Securities Snapshot and Futures Value Bundle: real-time quotes for US corporate bonds and US-Treasuries.
- US Bond Real-Time Data: real-time quotes for US corporate bonds and US-Treasuries offered free of charge.
 
Options
- OPRA Top of Book: real-time top of book quotes for all U.S. securities option exchanges.
- US Securities Snapshot and Futures Value Bundle: real-time quotes for many of the stock indices which underlie options.
 
OTC Stocks
- US Securities Snapshot and Futures Value Bundle: real-time top of book quotes for OTCBB and PINK listings.
 
National Market System (NMS) Stocks - the subscription elections for NMS stocks (i.e., NYSE, AMEX & NASDAQ listings) are varied and depend upon the following considerations:
 

 

How often would you like to see real-time quotes?

 
Occasionally
- US Securities Snapshot and Futures Value Bundle: includes real-time top of book quotes for stocks listed on each of the NYSE, AMEX and NASDAQ exchanges. Intended for occasional users as no quotes are provided unless a “snapshot” refresh is requested, with each request subject to a USD 0.01 fee. If the number of refresh requests reaches 150 for a given exchange in a given month, the monthly cost for that exchange will be capped at USD 1.50 and the subscriber will receive real-time streaming quotes for that exchange for the remainder of the month at no additional charge (i.e., the maximum snapshot fee for a given month for all three exchanges is USD 4.50).  Note that while the base fee of USD 10 for this bundle is waived for accounts generating at least USD 30 monthly commissions, the fee for snapshot quote requests is not waived.
 
Routinely
- NYSE (Network A), AMEX (Network B), NASDAQ (Network C): real-time streaming top of book quotes for each the NYSE, AMEX and NASDAQ exchanges which may be subscribed to on an a la carte basis for USD 1.50 per month each (USD 4.50 for all). Intended for users who trade securities listed on only one or two of the above exchanges on a frequent basis.
 
OPRA Top of Book: real-time top of book quotes for all U.S. securities option exchanges which may be subscribed to for USD 1.50 per month
 
- US Equity and Options Add-On Streaming Bundle1: Includes NYSE (Network A), AMEX (Network B), NASDAQ(Network C), and OPRA(US Options). Intended for users who trade securities listed on all of the above exchanges on a frequent basis. Will replace the snap quotes provided under the basic US Securities Snapshot and Futures Value Bundle subscription and costs USD 4.50 per month.

 

How much commissions do you typically generate per month?

 
Less than USD 30 per month
- NYSE (Network A), AMEX (Network B), NASDAQ (Network C): real-time streaming top of book quotes for each the NYSE, AMEX and NASDAQ exchanges. If you trade only NMS stocks and generate commissions of less than USD 30 per month, you can receive real-time streaming stock quotes for all three exchanges at a monthly cost of USD 4.50 vs. snap quotes at a monthly cost of USD 10.
 
More than USD 30 per month
- US Securities Snapshot and Futures Value Bundle: includes real-time top of book quotes for stocks listed on each of the NYSE, AMEX and NASDAQ exchanges on a snapshot request basis. There is no cost to elect this subscription as the fee is waived if you generate monthly commissions of at least USD 30. You may wish to consider augmenting this subscription with any of the NYSE (Network A), AMEX (Network B), NASDAQ (Network C) real-time streaming services at a monthly cost of USD 1.50 each.
 

 

What exchanges do you trade? 

 
Limited population 
- NYSE (Network A), AMEX (Network B), NASDAQ (Network C): real-time streaming top of book quotes for each the NYSE, AMEX and NASDAQ exchanges. If you trade securities listed on a subset of these three exchanges, you can receive real-time streaming stock quotes at a monthly cost of USD 1.50 for each. If you also maintain a subscription to the US Securities Snapshot and Futures Value Bundle, the real-time feed will serve to overlay the snap quote for any of the individual exchanges selected and you will receive snap quotes for the remainder. If you are not subscribed to the US Securities Snapshot and Futures Value Bundle, then you will receive no quotes for US stocks as delayed quotes are not provided for U.S. stocks on live accounts due to FINRA regulations.
 
All
- US Equity and Options Add-On Streaming Bundle1: Includes NYSE (Network A), AMEX (Network B), NASDAQ(Network C), and OPRA(US Options). Intended for users who trade securities listed on all of the above exchanges on a frequent basis. Will replace the snap quotes provided under the basic US Securities Snapshot and Futures Value Bundle subscription.

1Requires a subscription to the US Securities Snapshot and Futures Value Bundle.

 

 

Snapshot Market Data

BACKGROUND

IBKR offers eligible clients the option of receiving a real-time price quote for a single instrument on a request basis. This service, referred to as “Snapshot Quotes” differs from the traditional quote services which offer continuous streaming and updates of real-time prices. Snapshot Quotes are offered as a lost-cost alternative to clients who do not trade regularly and do not want to rely upon delayed quotes when submitting an order.  Additional details regarding this quote service is provided below. 

QUOTE COMPONENTS

The Snapshot quote includes the following data:        

  • Last price
  • Last size
  • Last exchange
  • Current bid-ask
  • Size for each of current bid-ask
  • Exchange for each of current bid-ask 

AVAILABLE SERVICES

Service Restrictions Price per Quote Request (USD)1
AMEX (Network B/CTA)   $0.01
ASX Total No access to ASX24.
Limited to Non-Professional subscribers
$0.03
Bolsa de Madrid   $0.03
Canadian Exchange Group (TSX/TSXV) Limited to Non-Professional subscribers who are not clients of IB Canada $0.03
CBOT Real-Time   $0.03
CME Real-Time   $0.03
COMEX Real-Time   $0.03
Eurex Core Limited to Non-Professional subscribers $0.03
Euronext Basic Limited to Non-Professional subscribers

Includes Euronext equities, indices, equity derivatives and index derivatives.
$0.03
German ETF's and Indices Limited to Non-Professional subscribers $0.03
Hong Kong (HKFE) Derivatives   $0.03
Hong Kong Securities Exchange (Stocks, Warrants, Bonds)   $0.03
Johannesburg Stock Exchange   $0.03
Montreal Derivatives Limited to Non-Professional subscribers $0.03
NASDAQ (Network C/UTP)   $0.01
Nordic Derivatives   $0.03
Nordic Equity   $0.03
NYMEX Real-Time   $0.03
NYSE (Network A/CTA)   $0.01
OPRA (US Options Exchanges)   $0.03
Shanghai Stock Exchange 5 Second Snapshot (via HKEx)   $0.03
Shenzhen Stock Exchange 3 Second Snapshot (via HKEx)   $0.03
SIX Swiss Exchange Limited to Non-Professional subscribers $0.03
Spot Market Germany (Frankfurt/Xetra) Limited to Non-Professional subscribers $0.03
STOXX Index Real-Time Data Limited to Non-Professional subscribers $0.03
Toronto Stk Exchange Limited to Non-Professional subscribers who are clients of IB Canada $0.03
TSX Venture Exchange Limited to Non-Professional subscribers who are clients of IB Canada $0.03
UK LSE (IOB) Equities   $0.03
UK LSE Equities   $0.03

 1Cost is per snapshot quote request and will be assessed in the Base Currency equivalent, if not USD.

 

ELIGIBILITY

  • Accounts must maintain the Market Data Subscription Minimum and Maintenance Equity Balance Requirements in order to qualify for Snapshot quotes.
  • The Users must operate TWS Build 976.0 or higher to access Snapshot quote functionality.

 

PRICING DETAILS

  • Clients will receive $1.00 of snapshot quotes free of charge each month. Free snaphots may be applied to either U.S. or non-U.S. quote requests and charges will be applied, without additional notice, once the free allocation has been exhausted. Clients may review their snapshot usage as of the close of each business day via the Client Portal.
  • Quote fees are assessed on a lag basis, generally in the first week after the month in which Snapshot services were provided. Accounts which do not have sufficient cash or Equity With Loan Value to cover the monthly fee will be subject to position liquidations.
  • The monthly fee for snapshots will be capped at the related streaming real-time monthly service price. At which time the streaming quotes will be provided at no additional cost for the remainder of the month.  The switch to streaming quotes will take place at approximately 18:30 EST the following business day after reaching the snapshot threshold. At the close of the month, the streaming service will automatically terminate and the snapshot counter will reset. Each service is capped independently of the others and quote requests for one service cannot be counted towards the cap of another. See table below for sample details.
Service Price per Quote Request (USD) Non-Pro Subscriber Cap (Requests/Total Cost)2 Pro Subscriber Cap (Requests/Total Cost)3
AMEX (Network B/CTA) $0.01 150/$1.50 2,300/$23.00
NASDAQ (Network C/UTP) $0.01 150/$1.50 2,500/$25.00
NYSE (Network A/CTA) $0.01 150/$1.50 4,500/$4,500

 

REQUESTING SNAPSHOT QUOTES

Desktop Trading - TWS (Classic):

If you have delayed data displayed and subscribed to the snapshot permissions, under the column Ticker Action you would see a button for Snapshot:

 

When clicking the Snapshot button, it will populate a quote details window. The quote details window will generate a timestamp the moment the NBBO quote is received for that symbol along with the NBBO information:


 

In the Quote Details Window clicking the Refresh link will update the the NBBO quote. 

Example:

In the above case, GOOG is a NASDAQ (Network C/UTP) listed stock. There will be a charge of 0.01 USD per query (a snapshot).

  • Non-Professionals can request another 149 snapshots for GOOG or any other NASDAQ (Network C/UTP) listed shares, before it turns into streaming quotes.
  • Professionals can request another 2,499 snapshots for GOOG or any other NASDAQ (Network C/UTP) listed shares, before it turns into streaming quotes.

You will only be charged for the snapshots until the cap amount. Once the snapshot limit is reached, no further charges will be applied for the rest of the month and will begin receiving streaming quotes for that service.

 

Desktop Trading - TWS (Mosaic):

If you have delayed data displayed and subscribed to the snapshot permissions, when selecting a row in the Monitor tab, the Order Entry window will display an option to request a Snapshot.

 


 

Clicking the +SNAPSHOT link will populate a quote details window. The quote details window will generate a timestamp the moment the NBBO quote is received for that symbol and will populate the NBBO information:

 


 

In the Quote Details Window clicking the Refresh link will update the the NBBO quote.

Client Portal:

If you have delayed data displayed and subscribed to the snapshot permissions, in the Order Ticket window, under the Bid/Ask price you would see a link for Snapshot:

 

 

When clicking the Snapshot link, will populate a quote details window. The quote details window will generate a timestamp the moment the NBBO quote is received for that symbol:

 

 

In the snapshot window clicking the Refresh link will update the the NBBO quote.

 

Web Trading - WebTrader:

If you have delayed data displayed and subscribed to the snapshot permissions, on the Market Tab under the column Additional Data you would see a button for Snapshot:

 


 

When clicking the Snapshot button, will populate a quote details window. The quote details window will generate a timestamp the moment the NBBO quote is received for that symbol:

 

Mobile Trading - IBKR Mobile app:

On the Quote Screen tapping on a Symbol will expand the quote box. If you have delayed data displayed and are subscribed to the snapshot permissions you will see a link for Snapshot:


When tapping the Snapshot link, it will populate a quote details window. The quote details window will generate a timestamp the moment the NBBO quote is received for that symbol along with the NBBO information:

 

 

How to check and solve connectivity issues affecting the Trader Workstation (TWS)

Background: 

The Trader Workstation (TWS) software needs to connect to our gateways and market data servers in order to work properly. Connectivity issues affecting your local network or your Internet Service Provider network may negatively affect the TWS functionality. In this article we will indicate how to test your connectivity using an automated connectivity test web page.

 

How to test the connectivity using the automated "IB Connectivity Test" web page?

1) Click on this link: http://www.interactivebrokers.com/cgi-bin/conn_test.pl 

2) Please wait until all the tests have been completed and results have been displayed. If you see "Success" as outcome for all tests, your connectivity to IB Servers is reliable at the present moment. No additional connectivity troubleshooting or configuration should be needed.

3) If you see "Fail" as outcome for one or more test/s, please click on the link "Fail" itself in order to display the "IB Network Troubleshooting Guide". That section will help you conduct some manual tests to identify the cause of the failure.

Note for Corporative environments and Proxy server users: the automated "Connectivity Test" page may return misleading results in case your machine is accessing the Internet through a Proxy server. This usually happens if you are connected to a company network. If this is your case, we kindly ask you to contact your Network Administrator or your IT Team and ask them to perform a manual connectivity tests towards the destination servers indicated in the table on the top of the IB automated "Connectivity Test" web page itself. The manual connectivity test should be conducted using destination TCP ports 4000 and 4001. Should they prefer to have the server list in another format or should they need to set up the firewall / IP Management rules, you can forward them this page.

 

Allocation of Partial Fills

Title:

How are executions allocated when an order receives a partial fill because an insufficient quantity is available to complete the allocation of shares/contracts to sub-accounts?

 

Overview:

From time-to-time, one may experience an allocation order which is partially executed and is canceled prior to being completed (i.e. market closes, contract expires, halts due to news, prices move in an unfavorable direction, etc.). In such cases, IB determines which customers (who were originally included in the order group and/or profile) will receive the executed shares/contracts. The methodology used by IB to impartially determine who receives the shares/contacts in the event of a partial fill is described in this article.

 

Background:

Before placing an order CTAs and FAs are given the ability to predetermine the method by which an execution is to be allocated amongst client accounts. They can do so by first creating a group (i.e. ratio/percentage) or profile (i.e. specific amount) wherein a distinct number of shares/contracts are specified per client account (i.e. pre-trade allocation). These amounts can be prearranged based on certain account values including the clients’ Net Liquidation Total, Available Equity, etc., or indicated prior to the order execution using Ratios, Percentages, etc. Each group and/or profile is generally created with the assumption that the order will be executed in full. However, as we will see, this is not always the case. Therefore, we are providing examples that describe and demonstrate the process used to allocate partial executions with pre-defined groups and/or profiles and how the allocations are determined.

Here is the list of allocation methods with brief descriptions about how they work.

·         AvailableEquity
Use sub account’ available equality value as ratio. 

·         NetLiq
Use subaccount’ net liquidation value as ratio

·         EqualQuantity
Same ratio for each account

·         PctChange1:Portion of the allocation logic is in Trader Workstation (the initial calculation of the desired quantities per account).

·         Profile

The ratio is prescribed by the user

·         Inline Profile

The ratio is prescribed by the user.

·         Model1:
Roughly speaking, we use each account NLV in the model as the desired ratio. It is possible to dynamically add (invest) or remove (divest) accounts to/from a model, which can change allocation of the existing orders.

 

 

 

Basic Examples:

Details:

CTA/FA has 3-clients with a predefined profile titled “XYZ commodities” for orders of 50 contracts which (upon execution) are allocated as follows:

Account (A) = 25 contracts

Account (B) = 15 contracts

Account (C) = 10 contracts

 

Example #1:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 10 am (ET) the order begins to execute2but in very small portions and over a very long period of time. At 2 pm (ET) the order is canceled prior to being executed in full. As a result, only a portion of the order is filled (i.e., 7 of the 50 contracts are filled or 14%). For each account the system initially allocates by rounding fractional amounts down to whole numbers:

 

Account (A) = 14% of 25 = 3.5 rounded down to 3

Account (B) = 14% of 15 = 2.1 rounded down to 2

Account (C) = 14% of 10 = 1.4 rounded down to 1

 

To Summarize:

A: initially receives 3 contracts, which is 3/25 of desired (fill ratio = 0.12)

B: initially receives 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: initially receives 1 contract, which is 1/10 of desired (fill ratio = 0.10)

 

The system then allocates the next (and final) contract to an account with the smallest ratio (i.e. Account C which currently has a ratio of 0.10).

A: final allocation of 3 contracts, which is 3/25 of desired (fill ratio = 0.12)

B: final allocation of 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: final allocation of 2 contract, which is 2/10 of desired (fill ratio = 0.20)

The execution(s) received have now been allocated in full.

 

Example #2:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 11 am (ET) the order begins to be filled3 but in very small portions and over a very long period of time. At 1 pm (ET) the order is canceled prior being executed in full. As a result, only a portion of the order is executed (i.e., 5 of the 50 contracts are filled or 10%).For each account, the system initially allocates by rounding fractional amounts down to whole numbers:

 

Account (A) = 10% of 25 = 2.5 rounded down to 2

Account (B) = 10% of 15 = 1.5 rounded down to 1

Account (C) = 10% of 10 = 1 (no rounding necessary)

 

To Summarize:

A: initially receives 2 contracts, which is 2/25 of desired (fill ratio = 0.08)

B: initially receives 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: initially receives 1 contract, which is 1/10 of desired (fill ratio = 0.10)

The system then allocates the next (and final) contract to an account with the smallest ratio (i.e. to Account B which currently has a ratio of 0.067).

A: final allocation of 2 contracts, which is 2/25 of desired (fill ratio = 0.08)

B: final allocation of 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: final allocation of 1 contract, which is 1/10 of desired (fill ratio = 0.10)

 

The execution(s) received have now been allocated in full.

Example #3:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 11 am (ET) the order begins to be executed2  but in very small portions and over a very long period of time. At 12 pm (ET) the order is canceled prior to being executed in full. As a result, only a portion of the order is filled (i.e., 3 of the 50 contracts are filled or 6%). Normally the system initially allocates by rounding fractional amounts down to whole numbers, however for a fill size of less than 4 shares/contracts, IB first allocates based on the following random allocation methodology.

 

In this case, since the fill size is 3, we skip the rounding fractional amounts down.

 

For the first share/contract, all A, B and C have the same initial fill ratio and fill quantity, so we randomly pick an account and allocate this share/contract. The system randomly chose account A for allocation of the first share/contract.

 

To Summarize3:

A: initially receives 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: initially receives 0 contracts, which is 0/15 of desired (fill ratio = 0.00)

C: initially receives 0 contracts, which is 0/10 of desired (fill ratio = 0.00)

 

Next, the system will perform a random allocation amongst the remaining accounts (in this case accounts B & C, each with an equal probability) to determine who will receive the next share/contract.

 

The system randomly chose account B for allocation of the second share/contract.

A: 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: 0 contracts, which is 0/10 of desired (fill ratio = 0.00)

 

The system then allocates the final [3] share/contract to an account(s) with the smallest ratio (i.e. Account C which currently has a ratio of 0.00).

A: final allocation of 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: final allocation of 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: final allocation of 1 contract, which is 1/10 of desired (fill ratio = 0.10)

 

The execution(s) received have now been allocated in full.

 

Available allocation Flags

Besides the allocation methods above, user can choose the following flags, which also influence the allocation:

·         Strict per-account allocation.
For the initially submitted order if one or more subaccounts are rejected by the credit checking, we reject the whole order.

·         “Close positions first”1.This is the default handling mode for all orders which close a position (whether or not they are also opening position on the other side or not). The calculation are slightly different and ensure that we do not start opening position for one account if another account still has a position to close, except in few more complex cases.


Other factor affects allocations:

1)      Mutual Fund: the allocation has two steps. The first execution report is received before market open. We allocate based onMonetaryValue for buy order and MonetaryValueShares for sell order. Later, when second execution report which has the NetAssetValue comes, we do the final allocation based on first allocation report.

2)      Allocate in Lot Size: if a user chooses (thru account config) to prefer whole-lot allocations for stocks, the calculations are more complex and will be described in the next version of this document.

3)      Combo allocation1: we allocate combo trades as a unit, resulting in slightly different calculations.

4)      Long/short split1: applied to orders for stocks, warrants or structured products. When allocating long sell orders, we only allocate to accounts which have long position: resulting in calculations being more complex.

5)      For non-guaranteed smart combo: we do allocation by each leg instead of combo.

6)      In case of trade bust or correction1: the allocations are adjusted using more complex logic.

7)      Account exclusion1: Some subaccounts could be excluded from allocation for the following reasons, no trading permission, employee restriction, broker restriction, RejectIfOpening, prop account restrictions, dynamic size violation, MoneyMarketRules restriction for mutual fund. We do not allocate to excluded accountsand we cancel the order after other accounts are filled. In case of partial restriction (e.g. account is permitted to close but not to open, or account has enough excess liquidity only for a portion of the desired position).

 

 

Footnotes:

1.        Details of these calculations will be included in the next revision of this document.

2.        To continue observing margin in each account on a real-time basis, IB allocates each trade immediately (behind the scenes) however from the CTA and/or FA (or client’s) point of view, the final distribution of the execution at an average price typically occurs when the trade is executed in full, is canceled or at the end of day (whichever happens first).

3.       If no account has a ratio greater than 1.0 or multiple accounts are tied in the final step (i.e. ratio = 0.00), the first step is skipped and allocation of the first share/contract is decided via step two (i.e. random allocation).

 

Changing Market Data Subscriber Status from Pro to Non-Pro

Overview: 

For purposes of determining available quote subscriptions and fees, IB is obligated to determine whether account holders fall under the exchange classifications as a Professional or Non-Professional subscriber (See KB2369 for definitions). In most instances, account holders are allowed to self-declare their subscriber status at the point of application or update via Account Management thereafter, although these declarations are subject to review and account holders electing Non-Professional status are subject to having their status amended to Professional based upon the account information they've submitted.

 

Account holders who no longer meet the definition of a Professional may request a change in their status to Non-Professional by following the steps below:

 

Individual and Joint Accounts

  1. Log into Account Management and select the Manage Account, Trade Configuration, and then Subscriber Status menu options. You will be presented with a page through which you can select the option titled Non-Professional and agree to the permitted use and notification of future change in status requirements.
  2. Your request will then be subject to a review by IB to determine whether it can be accepted or denied based upon the account information of record or whether completion of the Non Professional Questionnaire is required. You will be notified via the Message Center if accepted or denied.
  3. If completion of the questionnaire is required, you will receive an email advising you to log into Account Management at which point you will be prompted with the form. Once completed, the responses will be reviewed by IB and you will be notified as to whether or not your change request has been accepted. Please allow between 1 - 2 business days for this review process to complete.
  4. If your request to change status is approved, your Professional Subscriptions will be canceled immediately and, as exchanges do not provide for prorated subscriptions, you will be charged for the subscription as if you had use of it the entire month.  If you wish to subscribe to replacement quote services as a Non-Professional, you may do so through Account Management.  Again, please note that mid-month subscriptions are charged at the full monthly rate.  Accordingly, depending upon your decision to request a change of status and elect replacement subscriptions, you may be subject to both Professional and Non-Professional fees for a given month.

 

Family & Friends Advisor Accounts

  1. Submit your request to complete the Non-Professional Questionnaire via the Message Center located in Account Management.
  2. Your request will then be subject to a review by IB to determine whether it can be accepted or denied based upon the account information of record or whether you are eligible to complete the Non Professional Questionnaire. You will be notified via the Message Center as to the decision.
  3. If eligible to complete the Non Professional Questionnaire, you will receive an email advising you to log into Account Management at which point you will be prompted with the form. Once completed, the responses will be reviewed by IB and you will be notified as to whether or not your change request has been accepted. Please allow between 1 - 2 business days for this review process to complete.
  4. Friends & Family Advisor accounts that are reclassified from Professional to Non-Professional are subject to the same market data cancellation, replacement and billing considerations as noted above for Individual accounts.

 

Organizations, Professional Advisor Accounts & Professional Trusts

  1. These types of accounts are classified as Professional by default per exchange rules and will not be considered for reclassification to Non Professional.

Questionnaire relatif aux données de marché pour Non-Professionel

Overview: 

Informations sur la manière de remplir le nouveau questionnaire destiné aux non-professionnels.

Background: 

Le NYSE ainsi que la plupart des Bourses américaines exigent que les fournisseurs confirment avec certitude le statut de chaque client Non-Professionnel avant de leur permettre de recevoir des données de marché. À l'avenir, le questionnaire pour Non-Professionel sera utilisé pour déterminer et confirmer le statut de chaque client en termes d'accès aux données de marché. Conformément aux exigences de la Bourse, si les clients ne sont pas identifiés comme non-professionnels, ils se verront attribuer par défaut le statut de professionnels. Ce procédé vise à garantir et conserver le bon statut ouvrant accès aux données de marché pour tout nouvel abonné. Pour une définition du statut de professionnel, veuillez consulter l'article ibkb.interactivebrokers.com/article/2369.

 

Vous devrez répondre à chaque question de ce questionnaire afin que votre statut de non-professionnel puisse être déterminé. Les Bourses exigeant la confirmation de la preuve de la désignation de non-professionnel, un questionnaire incomplet ou ambigu aboutira à l'attribution du statut de Professionnel jusqu'à ce que le statut puisse être confirmé.

Si ce statut était amené à changer, veuillez contacter votre service d'assistance.

Clarification des questions:

1)    À des fins commerciales ou entrepreneuriales

a)    Recevez-vous des informations financières (y compris des informations d'actualité ou de prix concernant des titres, contrats ou autres instruments financiers ?

Explication : recevez-vous et utilisez-vous les données de marché pour le compte d'une entreprise ou toute autre organisation, en dehors de l'utilisation personnelle que vous en faite sur ce compte ?


b)    Réalisez-vous des opérations de trading de titres , de contrats ou de produits Forex pour le bénéfice d'une personne morale, d'une société de personnes, d'une fiducie professionnelle, d'un club d'investissement ou d'une autre entité ?

Explication : tradez-vous pour votre propre compte ou pour le compte d'une organisation (Ltd, LLC, GmbH, Co., LLP, Corp, SARL, SA, etc.) ?

c)  Avez-vous conclu un accord de (a) partage de profit pour vos activités de trading ou (b) de rémunération de vos activités de trading ?

Explication : percevez-vous une rémunération ou rétribution pour réaliser du trading ou partagez-vous les profits de vos activités de trading avec une entité ou personne tierce ?

d)    Recevez-vous un espace de travail, de l'équipement ou tout autre avantage en contrepartie de votre trading ou travail en tant que consultant financier d'une personne, entreprise ou entité ?

Explication : êtes-vous rémunéré ou percevez-vous une rétribution sous quelque forme que ce soit pour vos activités de trading, cette rétribution n'étant pas nécessairement monétaire.

2)    Agir en qualité de

a)    Agissez-vous actuellement, de quelque manière que ce soit, en qualité de conseiller en investissement ou négociateur-courtier ?

Explication: êtes-vous rémunéré  pour gérer les actifs d'une tierce-partie ou pour conseiller d'autres personnes sur la manière de gérer leurs actifs ?

b) Etes-vous engagé en tant que gestionnaire d'un patrimoine constitué de titres, contrats ou Forex ?

Explication : êtes-vous rémunéré pour gérer des titres, contrats ou produits Forex ?

c)     Utilisez-vous actuellement ces informations financières de manière professionnelle ou dans le but de gérer les actifs de votre employeur ou de la société qui vous emploie ?

Explication : utilisez-vous les données à de fins commerciales dans le but spécifique de gérer les actifs de votre employeur ou de la société qui vous emploie ?


d)    Utilisez-vous le capital de toute autre personne ou entité dans le cadre de vos activités de trading ?

Explication : y a t-il sur votre compte des actifs appartenant à une autre entité que la vôtre ?

3)    Distribuer, republier ou fournir des données à toute autre tierce partie

 

a)    Distribuez-vous, redistribuez-vous, publiez-vous, mettez-vous à la disposition d'un tiers ou fournissez-vous des informations financières découlant de ce service à une quelconque autre tierce partie ?

Explication : envoyez-vous des données à des tiers ou en recevez-vous de leur part d'une quelconque façon ?


4)    Trader qualifié de titres ou contrats à terme

a)    Etes-vous actuellement enregistré ou qualifié en tant que trader de titres auprès d'une agence de titres, ou auprès d'un marché de matières premières ou contrats à terme, ou êtes-vous un conseiller en investissement auprès d'une Bourse nationale ou d'État, un organisme régulateur, une association professionnelle ou une institution professionnelle reconnue ? i, ii
OUI☐             NON☐

i) Veuillez trouver ci-dessous une liste non-exhaustive d'exemples d'organismes régulateurs :

  • US Securities and Exchange Commission (SEC)
  • US Commodities Futures Trading Commission (CFTC)
  • UK Financial Service Authority (FSA)
  • Japanese Financial Service Agency (JFSA)

ii) Veuillez trouver ci-dessous une liste non-exhaustive d'exemples d'organismes autorégulateurs :

  • US NYSE
  • US FINRA
  • Swiss VQF 

 

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