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 low-cost alternative to clients who do not trade regularly and require data from specific exchanges1 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)2
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

1In accordance with regulatory requirements, IBKR no longer offers delayed quotation information on U.S. equities to Interactive Brokers LLC clients. All clients (IBKR Lite and Pro) have access to streaming real-time US equity quotes from Cboe One and IEX at no charge. Since this data does not include all markets, IB does not show this quote when entering parameters for an order in a US stock quote. IB customers are able to access a snapshot of real-time quote information for US stocks at the point of order entry.

2Cost 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/$45.00

 

Market Data Non-Professional Questionnaire

概観: 

Insight into completing the new Non-Professional Questionnaire.

Background: 

The NYSE and most US exchanges require vendors to positively confirm the market data status of each customer before allowing them to receive market data. Going forward, the Non-Professional Questionnaire will be used to identify and positively confirm the market data status of all customer subscribers. As per exchange requirements, without positively identifying customers as non-professional, the default market data status will be professional. The process will protect and maintain the correct market data status for all new subscribers. For a short guide on non-professional definitions, please see https://ibkr.info/article/2369.

Each question on the questionnaire must be answered in order to have a non-professional designation. As exchanges require positive confirmations of proof for non-professional designations, an incomplete or unclear Non-Professional Questionnaire will result in a Professional designation until the status can be confirmed. 

If the status should change, please contact the helpdesk.

Explanation of questions:

1)    Commercial & Business purposes

a)    Do you receive financial information (including news or price data concerning securities, commodities and other financial instruments) for your business or any other commercial entity?

Explanation: Are you receiving and using the market data for use on behalf of a company or other organization aside from using the data on this account for personal use?

b)    Are you conducting trading of any securities, commodities or forex for the benefit of a corporation, partnership, professional trust, professional investment club or other entity?

Explanation: Are you trading for yourself only or are you trading on behalf of an organization (Ltd, LLC, GmbH, Co., LLP, Corp.)?

c)    Have you entered into any agreement to (a) share the profit of your trading activities or (b) receive compensation for your trading activities?

Explanation: Are you being compensated to trade or are you sharing profits from your trading activities with a third party entity or individual?

d)    Are you receiving office space, and equipment or other benefits in exchange for your trading or work as a financial consultant to any person, firm or business entity?

Explanation: Are you being compensated in any way for your trading activity by a third party, not necessarily by being paid in currency.

2)    Act in a capacity

a)    Are you currently acting in any capacity as an investment adviser or broker dealer?

Explanation: Are you being compensated to manage third party assets or compensated to advise others on how to manage their assets?

b)    Are you engaged as an asset manager for securities, commodities or forex?         
 

Explanation: Are you being compensated to manage securities, commodities, or forex?

c)     Are you currently using this financial information in a business capacity or for managing your employer’s or company’s assets?

Explanation: Are you using data at all for a commercial purposes specifically to manage your employer and/or company assets?

d)    Are you using the capital of any other individual or entity in the conduct of your trading?

Explanation: Are there assets of any other entity in your account other than your own?

3)    Distribute, republish or provide data to any other party

a)    Are you distributing, redistributing, publishing, making available or otherwise providing any financial information from the service to any third party in any manner?

Explanation: Are you sending any data you receive from us to another party in any way, shape, or form?

4)    Qualified professional securities / futures trader

a)    Are you currently registered or qualified as a professional securities trader with any security agency, or with any commodities or futures contract market or investment adviser with any national or state exchange, regulatory authority, professional association or recognized professional body? i, ii
YES☐             NO☐

i) Examples of Regulatory bodies include, but are not limited to,

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

ii) Examples of Self-Regulatory Organization (SROs) include, but are not limited to:

  • US NYSE
  • US FINRA
  • Swiss VQF 

ADRパススルー手数料

American Depository Receipts (ADRs)でポジションを管理されている口座保有者はADRの代理としてカストディサービスを提供しているエージェント・バンクの定期手数料の対象となりますのでご注意ください。これらのセービスは通常、ADRで引き受けられている外国株式の保管と登録管理、遵守と記録保管業務が含まれます。

本来、エージェント・バンクはADR配当からカストディ手数料を差し引くことが可能でしたが、多くのADRが定期的に配当を支払わないため、エージェント・バンクは手数料を徴収することができなくなりました。そのため2009年より、Depository Trust Company (DTC)はSECの承認を受け、定期的な配当支払がないADRのカストディ手数料をエージェント・バンクの代理として徴収することとなりました。DTCはIBなどの顧客のためにADRを保有する参加ブローカーから手数料を徴収いたします。この手数料はパススルー手数料としてブローカーより顧客に直接徴収するように取り決められております。

ADRへ配当を支払うポジションを保有している場合、この手数料は配当より差し引かれます。ADRへ配当を支払わないポジションを保有する場合、このパススルー手数料は毎月のステートメントに査定日をレコード日として反映されます。現金配当と同様、ADR手数料の分配は口座ステートメントの未払いセクションに反映されます。徴収されますと、ADRのシンボル付きで「調節 - その他」としてステートメントの入出金セクションに記録されます。
 

この手数料は通常、一株につき$0.01 - $0.03となりますが、金額ADRによって異なり、詳しい情報はADRの目論見書をご確認していただく必要があります。目論見書のオンライン検索はEDGAR Company Searchツールで行うことが可能です。

リスク・ナビゲーターを使用してエクスポージャー・フィーの見積もり

リスクナビゲーターではカスタムシナリオ作成機能があり、ポジションとシナリオの変化によってエクスポージャー・フィーが発生するか査定することが可能です。下記の手順によって「What-If (仮想)」ポートフォリオを策することが可能で既存のポートフォリオもしくは新規のポートフォリオを基にエクスポージャー・フィーの見積もりが可能です。この機能はTWS 951 ver.以降でご利用いただけます。

Step 1: What-Ifポートフォリオを開く
TWSのクラシック画面より分析ツールリスクナビゲーターを選択し、新規What-Ifメニューオプションを選択してください。
 
Exhibit 1

 

Step 2: 開始するポートフォリオの定義を作成する
ポップアップ・ウインドウA pop-up(Exhibit 2)が表示され。こちらで既存のポートフォリオより仮想ポートフォリオを作成するか新規で作成するか決定することが可能です。「yes」ボタンを押すと既存のポジションをダウンロードして「What If」ポートフォリオを作成することが可能です。
 
Exhibit 2

 
「No」ボタンを押すとWhat-Ifポートフォリオをポジションなしで開始します(Exhibit 3)。仮想ポジションを作成した商品クラスのタブを選択する(例:Equityなど)
  
Exhibit 3
 
 
 
Step 3: ポジションを追加する
What-Ifポートフォリオにポジションを追加する場合、「New」と書かれている緑の列をクリックして原資産シンボルを入力し、(Exhibit 4)、商品タイプを設定し(Exhibit 5)、数量を入力してください(Exhibit 6)。
 
Exhibit 4
 
 
Exhibit 5
 
 
Exhibit 6
 
 
Step 4: エクスポージャー・フィーの見積もり
ご自身のWhat-Ifポートフォリオを基にエクスポージャー・フィーの予想金額を確認するには、エクスポージャー・フィーメニューオプションにあるレポートをクリックしてください(Exhibit 7)。商品クラス別に分けられたエクスポージャー・フィーの予想額がポップアップ・ウインドウに表示されます(Exhibit 8)。
 
Exhibit 7
 
 
Exhibit 8

 

 

KB2344に口座ウインドウよりエクスポージャー・フィーのモニタリングを行う方法についての情報、KB2276に注文確認画面でのエクスポージャー・フィーの確認についての情報が記載されております。

Exposure Fee Monitoring via Account Window

The Account Window provides the high-level information suitable for monitoring one's account on a real-time basis. This includes key balances such as total equity and cash, the portfolio composition and margin balances for determining compliance with requirements and available buying power.  This window also includes information relating to the most recently assessed exposure fee and a projection of the next fee taking into consideration current positions.

To open the Account Window: 
• From TWS classic workspace, click on the Account icon, or from the Account menu select Account Window (Exhibit 1)
 

Exhibit 1

 

• From TWS Mosaic workspace, click on Account from the menu, and then select Account Window (Exhibit 2)

Exhibit 2

 

After opening the window, scroll down to the Margin Requirements section and click on the + sign in the upper-right hand corner to expand the section.  There, the "Last" and "Estimated Next" exposure fees will be detailed for each of the product classifications to which the fee applies (e.g., Equity, Oil).  Note that the "Last" balance represents the fee as of the date last assessed (note that fees are computed based upon open positions held as of the close of business and assessed shortly thereafter).  The "Estimated Next" balance represents the projected fee as of the current day's close taking into account position activity since the prior calculation (Exhibit 3).

Exhibit 3

 

To set the default view when the section is collapsed, click on the checkbox alongside any line item and those line items will remain displayed at all times.

 

Please see KB2275 for information regarding the use of IB's Risk Navigator for managing and projecting the Exposure Fee and KB2276 for verifying exposure fee through the Order Preview screen.

 

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. Exposure Fee Monitoring via the Account window is only available for accounts that have been charged an exposure fee in the last 30 days

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

Using Risk Navigator to Project Exposure Fees

概観: 

IB's Risk Navigator provides a custom scenario feature which allows one to determine what effect, if any, changes to their portfolio will have to the Exposure fee. Outlined below are the steps for creating a what-ifportfolio through assumed changes to an existing portfolio or through an entirely new proposed portfolio along with determining the resultant fee.   Note that this feature is available through TWS build 971.0i and above.

Step 1: Open a new “What-if” portfolio
 
From the Classic TWS trading platform, select the Analytical Tools, Risk Navigator, and then Open New What-If menu options (Exhibit 1).
 
Exhibit 1
 
 
From the Mosaic TWS trading platform, select the New Window, Select Risk Navigator, and then Open New What-If menu options.
 
Step 2: Define starting portfolio
 
A pop-up window will appear (Exhibit 2) from which you will be prompted to define whether you would like to create a hypothetical portfolio starting from your current portfolio or a newly created portfolio.  Clicking on the "yes" button will serve to download existing positions to the new “What-If” portfolio.
 
Exhibit 2
 
Clicking on the "No" button will open up the “What-If” Portfolio with no positions. 
 
Step 3: Add Positions
 
To add a position to the what-ifportfolio, click on the green row titled "New" and then enter the underlying symbol (Exhibit 3), define the product type (Exhibit 4) and enter position quantity (Exhibit 5).
 
Exhibit 3
 
 
Exhibit 4
 
 
Exhibit 5
 
 
You can modify the positions to see how that changes the margin.  After you altered your positions you will need to click on the recalculate icon () to the right of the margin numbers in order to have them update.  Whenever that icon is present the margin numbers are not up-to-date with the content of the what-ifPortfolio.
 
Step 4: Determine Exposure Fee
 
To view the projected correlated exposure fee based upon your what-ifportfolio, click on the Report and then Exposure Fee menu options (Exhibit 6).  Once selected, a new Exposure Fee tab will be added, which will display the projected exposure fee broken down by primary risk factors (Exhibit 7).
 
Exhibit 6
 
 
Exhibit 7
 
You can modify the positions to see how that changes the Exposure Fee.  After you altered your positions you will need to click on the refresh button to the right of the Last Calculation Time.  Whenever the warning icon () is present the Exposure Fee Calculations numbers are not up-to-date with the content of the what-ifPortfolio. 
 

Please see KB2344 for information on monitoring the Exposure fee through the Account Window and KB2276 for verifying exposure fee through the Order Preview screen.

Important Note

1. The on-demand Exposure Fee check represents 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.

Overview of Dodd-Frank

Background
The Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd-Frank, is a U.S. law enacted in July of 2010, the purpose of which is to prevent the recurrence of events which lead to the 2008 financial crisis. Its principal goals are to:

- Promote U.S. financial stability by improving accountability and transparency within the financial system;
- Protect taxpayers from future bailouts of institutions deemed “too big to fail”; and
- Protect consumers from financial services practices considered abusive.

For additional information, please review the following sections:
- Dodd-Frank reforms
- Dodd-Frank and your IB Account

 

 

 

 

 

Dodd-Frank Reforms
To accomplish its goals, Dodd-Frank proposed the following reforms:

- Enhanced oversight and supervision of financial institutions through the creation of Financial Stability Oversight Council
- Creation of a new agency responsible for implementing and enforcing compliance with consumer financial laws (Bureau of Consumer Financial Protection)
- Implementation of more stringent regulatory capital requirements
- Changes in the regulation of over the counter derivatives including restrictions upon access to Federal credit by swaps entities, establishment of regulatory oversight and mandatory trading and clearing requirements
- Enhanced regulation of credit rating agencies intended to eliminate exemptions from liability, enhance rating agency disclosure, establish prohibited activities and impose standards for independent Board governance
- Changes to corporate governance and executive compensation practices
- Incorporation of the Volcker Rule which imposes restrictions upon the speculative proprietary trading activities of banking entities
- Mandating studies intended to reform investor protection rules
- Changes to the securitization market including requirements that mortgage bankers retain a % of risky loans.

 Return

 

 

 

 

Dodd-Frank and Your IB Account
Perhaps most visible to IB account holders of all the Dodd-Frank regulations are those relating to money transfers. Here, Section 1073 of the Act introduces consumer protections designed to increase transparency with respect to the costs, timing and the right to repudiate cross-border transactions.
For purpose of Section 1073, a cross-border transaction is defined as an electronic transfer of money from a consumer in the United States to a person or business in a foreign country. As IB LLC is a U.S. based broker, all its account holders regardless of whether they are domiciled in the U.S. or not, benefit from this protection and it covers withdrawals denominated in a currency other than the U.S. dollar as well as USD denominated withdrawals sent to a non-U.S. bank. Account holders submitting a withdrawal which is covered by this regulation will be provided with a disclosure after confirming the request within Account Management. This disclosure will include the following information:

- The name and address of the sender and recipient
- The amount to be deducted from the sender’s IB account
- The amount projected to be credited to the recipient’s bank account including an estimate of fees which the receiving bank's correspondent bank(s) may charge. Note that these correspondent bank fees are not set by nor is any part of them earned by IB.
- A disclaimer that additional fees and foreign taxes may apply.
- Notice of the sender’s right to cancel the transfer request for a full refund within 30 minutes of it being authorized.
- Regulatory contact information in the event of questions or complaints.

When estimating correspondent bank transfer fees, IB takes into consideration information collected from past customer transactions in addition to data made available by our agent banks. We encourage our customers to review and consider this information when making decisions regarding cross-border transactions.

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Information Regarding Italian Financial Transaction Tax on Derivatives

概観: 

This document is designed to provide an overview of how the Italian Financial Transaction Tax (I-FTT) will be handled by Interactive Brokers for Italian derivatives.

Effective September 1, 2013, the tax will be implemented on the purchase and sale of Italian derivatives.

Tax Rate

The tax rate is dependent on the type of financial instrument traded, whether the instrument was traded OTC or on a regulated exchange or MTF and on the value of the contract. The tax is applied per contract.

Scope

The I-FTT will be applied to transactions on derivatives whose underlying assets are mainly I-FTT taxable shares or whole value depends mainly on I-FTT taxable shares. It will also be applied on any other financial instrument which allows the purchase or share of I-FTT taxable shares or involving a cash settlement determined with reference to I-FTT taxable shares.

Calculation Method

The I-FTT will be applied to both the purchaser and the seller of the derivative contract. As such, there is no benefit of netting as there is when trading stocks.

The rates as set for 2013 when trading on a regulated exchange or MTF are outlined below. Note that a transaction occurring OTC will be charged 5 times the rates displayed below. The values displayed below are in EUR.

 

 

Instrument

Value < 2,500

2,500 to 4,999 5,000 to 9,999 10,000 to 49,999 50,000 to 99,999 100,000 to 499,999 500,000 to 999,999 1,000,000 +
Futures, certificates, covered warrants, options on yields, measures or indices related to shares  0.00375  0.0075  0.015  0.075  0.15  0.75  1.5  3
Futures, warrants, certificates, covered warrants and options on shares  0.025  0.05  0.1  0.5  1  5 10  20
All other products not listed above  0.05 0.1 0.2 1  2  10  20  40

 

The information above is being provided on a best efforts basis only and is subject to change.

Security Device Replacement Charge

Account holders logging into their account via IBKR's Secure Login System are issued a security device, which provides an additional layer of protection to that afforded by the user name and password, and which is intended to prevent online hackers and other unauthorized individuals from accessing their account. While IBKR does not charge any fee for the use of the device, certain versions require that the account holder return the device upon account closing or incur a replacement fee.  Existing account holders are also subject to this replacement fee in the event their device is lost, stolen or damaged (note that there is no fee to replace a device returned as a result of battery failure). 

In addition, while IBKR does not assess a replacement fee unless a determination has been made that the device has been lost, stolen, damaged or not returned, a reserve equal to the fee will placed upon the account upon issuance of the device to secure its return.  This reserve will have no effect upon the equity of the account available for trading, but will act as limit to full withdrawals or transfers until such time the device is returned (i.e., cannot withdraw the reserve balance).

Outlined below are the replacement fee associated with each device.

SECURITY DEVICE REPLACEMENT FEE
Security Code Card1 $0.001
Digital Security Card + $20.00 

For instructions regarding the return of security devices, please see KB975

 

1 The Security Code Card is not required to be returned upon account closing and may be destroyed and discarded once remaining funds have been returned and the account has been fully closed. Access to Client Portal after closure for purposes of viewing and retrieving activity statements and tax documents is maintained using solely the existing user name and password combination. This type of two-factor security is no longer being issued.

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