Ajout et Retrait de liquidité

Overview: 

Cet article a pour but de vous permettre de comprendre les frais des Bourse ainsi que les frais d'ajout et de retrait de liquidité pour les tarifications ne comprenant pas les liasses de commissions.

 

 

Le concept d'ajout ou de retrait de liquidité s'applique à la fois aux actions et aux options sur actions/indices. Un ordre retire ou ajoute de la liquidité selon qu'il soit négociable ou non.

Les ordres négociables RETIRENT de la liquidité.
Les ordres négociables sont soit des ordres au marché, SOIT des ordres d'achat ou de vente à cours limité dont la limite est au-dessus ou en dessous du marché actuel.

1. Pour un ordre d'achat négociable à cours limité, le prix limite est au dessus ou au niveau du cours vendeur.

2. Pour un ordre de vente négociable à cours limité, le prix limite est au niveau ou en dessous du cours acheteur.

Exemple:
Les quantités/prix de l'action XYZ au cours vendeur (offre) en vigueur sont de 400 actions à 46.00. Vous entrez un ordre à cours limité de 100 actions XYZ à 46.01. Cet ordre sera considéré comme négociable car une exécution immédiate aura lieu. Si des frais de retrait de liquidité existent sur la Bourse, le client se verra appliquer ces frais.


 

Les ordres non négociables ajoutent de la liquidité.
Les ordres non négociables sont des ordres d'achat ou de vente à cours limité pour lesquels le prix limite est en-dessous ou au dessus du marché.

1. Pour un ordre d'achat à cours limité non négociable, le prix limite est en dessous du cours vendeur.

2. Pour un ordre de vente à cours limité non négociable, le prix limite est au dessus du cours acheteur.

Exemple:
Les quantités/prix de l'action XYZ au cours vendeur (offre) en vigueur sont de 400 actions à 46.00. Vous entrez un ordre d'achat à cours limité de 100 actions XYZ à 45.99. Cet ordre sera considéré comme non négociable car il sera communiqué sur le marché comme le meilleur cours acheteur au lieu d'être immédiatement exécuté.
Si quelqu'un passe un ordre de vente négociable qui entraîne l'exécution de votre ordre d'achat à cours limité, vous devriez recevoir une remise (un crédit) si celle-ci est proposée pour ajout de liquidité.

REMARQUE:
1. Toutes les comptes qui tradent des options seront soumis aux éventuelles débits et crédits pour retrait ou ajout de liquidité des Bourses d'options.
2. En ce qui concerne le site Internet IB, seuls les chiffres négatifs apparaissant dans la tarification de Retrait et Ajout de liquidité sont des remises (crédits).
 
www.interactivebrokers.com/fr/index.php

Le lien ci-dessous vous dirige vers les frais/commissions pour les actions et options.

IEX Discretionary Peg Order

Background: 

IEX offers a Discretionary Peg™ (D-Peg™) order type which is a non-displayed order that is priced at either the National Best Bid (NBB for buys) or National Best Offer (NBO for sells). D-Peg™ orders passively rest on the book while seeking to access liquidity at a more aggressive price up to Midpoint of the NBBO, except when IEX determines that the quote is transitioning to less aggressive price

D-Peg™ combines elements of Midpoint Peg, Primary Peg, and traditional discretionary order types.
 
Information about slow and predictable changes in the NBBO are detected in IEX's Crumbling Quote Indicator and provides D-Peg™ orders with an instruction to stop seeking access to liquidity at a more aggressive price until the quote returns to a stable state.

 

How to Place a D-Peg Order

Please note, the IEX D-Peg order type is only available via the TWS version 961 and above. Instructions for entering this order type are outlined below:

Step 1

Enter a symbol and choose a directed quote, selecting IEX as the destination. Right click on the data line and select Trade followed by Order Ticket to open the Order Ticket window.

 

Step 2

Select the REL order type from the Order Type drop down menu.

 

Step 3

Click on the Miscellaneous tab (Misc.) and at the bottom there will be a checkbox for "Discretionary up to limit". Check this box. The price that you set in the Limit Price field will be used at the discretionary price on the order.

 

 

Step 4 

Hit Preview to view the Order Preview window.

 

 

For additional information concerning this order type, please review the following exchange website link: https://www.iextrading.com/trading/dpeg/

 

 

Additional Information Regarding the Use of Stop Orders

U.S. equity markets occasionally experience periods of extraordinary volatility and price dislocation. Sometimes these occurrences are prolonged and at other times they are of very short duration. Stop orders may play a role in contributing to downward price pressure and market volatility and may result in executions at prices very far from the trigger price. 

Investors may use stop sell orders to help protect a profit position in the event the price of a stock declines or to limit a loss. In addition, investors with a short position may use stop buy orders to help limit losses in the event of price increases. However, because stop orders, once triggered, become market orders, investors immediately face the same risks inherent with market orders – particularly during volatile market conditions when orders may be executed at prices materially above or below expected prices.
 
While stop orders may be a useful tool for investors to help monitor the price of their positions, stop orders are not without potential risks.  If you choose to trade using stop orders, please keep the following information in mind:
 
·         Stop prices are not guaranteed execution prices. A “stop order” becomes a “market order” when the “stop price” is reached and the resulting order is required to be executed fully and promptly at the current market price. Therefore, the price at which a stop order ultimately is executed may be very different from the investor’s “stop price.” Accordingly, while a customer may receive a prompt execution of a stop order that becomes a market order, during volatile market conditions, the execution price may be significantly different from the stop price, if the market is moving rapidly.
 
·         Stop orders may be triggered by a short-lived, dramatic price change. During periods of volatile market conditions, the price of a stock can move significantly in a short period of time and trigger an execution of a stop order (and the stock may later resume trading at its prior price level). Investors should understand that if their stop order is triggered under these circumstances, their order may be filled at an undesirable price, and the price may subsequently stabilize during the same trading day.
 
·         Sell stop orders may exacerbate price declines during times of extreme volatility. The activation of sell stop orders may add downward price pressure on a security. If triggered during a precipitous price decline, a sell stop order also is more likely to result in an execution well below the stop price.
 
·         Placing a “limit price” on a stop order may help manage some of these risks. A stop order with a “limit price” (a “stop limit” order) becomes a “limit order” when the stock reaches or exceeds the “stop price.” A “limit order” is an order to buy or sell a security for an amount no worse than a specific price (i.e., the “limit price”). By using a stop limit order instead of a regular stop order, a customer will receive additional certainty with respect to the price the customer receives for the stock. However, investors also should be aware that, because a sell order cannot be filled at a price that is lower (or a buy order for a price that is higher) than the limit price selected, there is the possibility that the order will not be filled at all. Customers should consider using limit orders in cases where they prioritize achieving a desired target price more than receiving an immediate execution irrespective of price.
 
·         The risks inherent in stop orders may be higher during illiquid market hours or around the open and close when markets may be more volatile. This may be of heightened importance for illiquid stocks, which may become even harder to sell at the then current price level and may experience added price dislocation during times of extraordinary market volatility. Customers should consider restricting the time of day during which a stop order may be triggered to prevent stop orders from activating during illiquid market hours or around the open and close when markets may be more volatile, and consider using other order types during these periods.
 
·         In light of the risks inherent in using stop orders, customers should carefully consider using other order types that may also be consistent with their trading needs.

Shanghai – Hong Kong Stock Connect

Shanghai – Hong Kong Stock Connect is a mutual market access program through which Hong Kong and international investors can trade shares listed on the Shanghai Stock Exchange (SSE) via the Stock Exchange of Hong Kong (SEHK) and their existing clearing house. As a member of SEHK, IB provides you with direct access to SSE and help you to trade with all listed products on the Shanghai Stock Exchange. All current IB clients with Hong Kong stock trading permissions will be eligible to trade SSE securities through Shanghai-Hong Kong Stock Connect.

 
Shanghai – Hong Kong Stock Connect Products
Among the different types of SSE-listed securities, only A shares (shares in mainland China-based companies that trade on Chinese stock exchange) will be included in the initial stage of the Shanghai-Hong Kong Stock Connect implementation. This includes all the constituent stocks of the SSE 180 Index, SSE 380 Index and all the SSE-listed A shares that are not included as constituent stocks of the relevant indices but have corresponding H shares listed on the SEHK.
Click here to see the product list and stock codes:
 
 
IB commission for trading SSE securities
Same as trading Hong Kong stocks, IB charges only 0.08% of trade value as a commission with a minimum CNH 15 per order. Exchange fees, clearing fees and stamp duty are required by the exchange and will be changed separately. The detailed fee rate can be find below. Comparison between fixed and tiered commission structures can also be found on our website.   
 
 
Clearing and settlement cycle
Stock settlement is within the same day (T) while cash settlement for SSE trades takes place one day later (T+1). Please be aware that the Forex settlement cycle is (T+2). Therefore, due to the unsynchronized settlement cycle, clients who exchange CNH themselves should execute the Forex trade one day prior to the stock trade (T-1) to avoid the extra day’s interest payment.
 
 
Trading hours for SSE (Hong Kong Time)

Trading Session
SSE Trading Hours
Opening Call Auction
09:15 – 09:25
Continuous Auction (Morning)
09:30 – 11:30
Continuous Auction (Afternoon)
13:00 – 15:00

09:20 – 09:25: SSE will not accept order cancellation

 
Trading price limit
For SSE securities, there is a general price limit of +/-10% (+/-5% for stocks under special treatment) based on the previous day closing price. All orders must be at or within the price limit. The upper and lower price limit will remain the same intra-day.
Please also note that during the initial phase of the launch, SEHK intends to set the dynamic price checking at 3% (the percentage maybe adjusted periodically).
 
 
Investment quota
Shanghai - Hong Kong Stock Connect is subject to a maximum cross-boundary investment quota (i.e. Aggregate Quota) and a daily Quota. The Aggregate Quota and Daily Quota through SSE is set at RMB 300 billion and RMB 13 billion respectively. Both the Aggregate Quota and Daily Quota are applied on a “net buy” basis. Under this principle, customers are allowed to sell their SSE securities regardless of the quota balance. Once the Daily Quota drops to zero or is exceeded during a continuous auction session, NO further buy orders will be accepted. IB will inform clients once the quota limitation is reached. SEHK will also publish the remaining balance of the Aggregate Quota and Daily Quota on the website.
 
 
Order limitation
For SSE securities, only limit orders (SSE limit orders can be matched at the specified or better price) will be accepted throughout the day. Meanwhile, all SSE securities are subject to the same trading board size, which is 100 shares. Buy orders must be multiples of a board lot; odd lot trading is only available for sell orders. Order amendment is NOT allowed. If you want to amend the order, you must cancel the order first and place a new order after the previous one is successfully cancelled.
 
 
Other trading limitations 
a)      Day trading is not allowed for the Mainland A shares market. Therefore HK and overseas investors buying SSE securities on day-T can only sell the shares on or after T+1.
b)      For SSE Securities, block trade facility will not be available.
c)       For SSE Securities, shorting is not allowed during the initial phase of the launch.
d)      IB will not be facilitating margin trading during the initial phase of the launch.
 
 
Where to learn more
Please refer to the following exchange website links for additional information regarding Shanghai – Hong Kong Stock Connect:
 
http://www.hkex.com.hk/eng/market/sec_tradinfra/chinaconnect/stockconnect.htm
http://www.hkex.com.hk/chi/market/sec_tradinfra/chinaconnect/stockconnec...
http://www.hkex.com.hk/chi/market/sec_tradinfra/chinaconnect/stockconnect_sc.htm
 
 
If you have any questions regarding Shanghai – Hong Kong Stock Connect, please contact IB customer service for further information. 
Tel: +852-2156-7907 / +86(21)6086 8586
Email: cnhelp@interactivebrokers.com

 

TWS Order Presets: Primary Order Fields

Brief video on Presets that are relevant to your Primary Order

IPO Considerations

An Initial Public Offering, or IPO, is defined as the first sale of stock by a company to the public. As IB generally does not operate as an underwriter or selling agent of IPO shares, the first opportunity customers have to transact in such shares does not take place until the issue begins trading in the secondary market.  Outlined below are key issues which customers should consider when transacting in shares on their first day of listing:

 

1. Margin

As IPOs are inherently subject to a high degree of uncertainty as to price and liquidity once secondary market trading begins, each new issue is subject to a review to determine whether initial and maintenance margin requirements above the minimum which is required by regulation is warranted. Current margin information is made available through the "Check Margin" feature on the trading platform. Customers should also note that IB reserves the right to change margin on an intraday basis and without advance notice when warranted.

 

2. Order Entry

IB monitors for upcoming IPOs and makes every effort to provide customers the ability to enter orders in advance of the day at which trading begins in the secondary market.  In certain circumstances, either IB and/or the exchange may impose restrictions on the type of orders which may be accepted as well as the time in force conditions associated with such orders.  It should also be noted that orders not direct-routed to the primary exchange may be subject to special auction handling and therefore may receive a different opening print from that of the primary exchange.  In addition, as the price at which the issue trades once available in the secondary market may differ significantly from the IPO price, customers are strongly encouraged to use limit orders when.

 

3. Short Availability

Customers should assume that IPO issues will not be available for shorting immediately upon trading in the secondary market. This limitation is a function of regulations which require the broker to locate and make a good faith determination that shares are available to borrow at settlement coupled with the likelihood that such shares will not be available (due to underwriter lending restrictions and the fact that secondary market transactions have not yet settled).  

How to Place a CFD Trade on the Trader Workstation

How to place trades in U.K. CFDs on the Trader Workstation

Passive Relative Order Type

How to create a Passive Relative Order

Understanding Guaranteed vs. Non-guaranteed Combination Orders

Overview: 

Provides information about multi-leg orders specifically relating to guaranteed vs non-guaranteed orders.

Multi-Leg Orders

A multi-leg order, also known as combination order, is a special order type comprising two or more components or legs that execute as a single transaction.  Each leg of a multi-leg order is defined with an asset, a leg side, and a ratio relative to other legs.  IB currently supports multi-leg orders with legs that belong to the following asset types: stocks, options, futures, future options and US CFDs.

Guaranteed and Non-Guaranteed Multi-Leg Orders

A guaranteed multi-leg order is an order in which executions are guaranteed to be delivered simultaneously for each leg and in proportion to the leg ratio.  This guarantee is fulfilled by IB or the exchange depending on the way the guaranteed multi-leg order is routed and executed.

Non-guaranteed multi-leg orders are not guaranteed to be executed proportionally to the required leg ratio although every effort is made to execute the order that way. 

Guaranteed multi-leg orders can be SMART routed or directed to a specific exchange, while non-guaranteed multi-leg orders can only be SMART routed. See the table below.

Guaranteed Multi-Leg Order Support by Routing Type

Routing Type

Guaranteed

Non-Guaranteed

SMART Routed

Yes

Yes

Exchange Directed

Yes

No

Directed Multi-Leg Orders 

A directed multi-leg order is an order that is routed to a specific exchange that has native support for such an order. Directed multi-leg orders follow the exchange’s rules in terms of allowed number of legs, permitted asset types, and allowed combinations of leg ratios and leg sides. IB never attempts to execute individual legs of a directed multi-leg order separately.

Directed multi-leg orders are guaranteed by the exchange to be executed following the specified leg ratio.  IB does not accept non-guaranteed directed orders.

SMART Guaranteed Multi-Leg Orders

IB supports SMART routed guaranteed multi-leg orders of up to 6 legs. Based on the order marketability, these orders can be routed by the IB system to one of the competing exchanges that support them natively. In addition, 2-legged SMART routed guaranteed US stock/option and US option/option orders can be executed by IB on different exchanges, where each leg is routed separately. Any risk of resulting execution that does not satisfy the required order ratio is taken over by IB.  

SMART Non-Guaranteed Multi-Leg Orders

IB supports SMART routed non-guaranteed multi-leg orders of up to 2 legs. Legs must trade in the same currency and must be stocks, options, futures, or futures options. Supported currencies are: USD, EUR, AUD, CAD, CHF, GBP, HKD, and JPY.

Non-guaranteed multi-leg orders can only be SMART routed.  These orders may be executed natively on an exchange if supported there or executed by IB on one or more exchanges with each leg routed separately. The IB system makes every effort to execute the order according to the specified order ratio, but does not guarantee such an execution. Clients must acknowledge the inherent risk of non-guaranteed multi-leg orders upon order entry.

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