ホストソリューションの料金体系

マーケットデータ(現在の売買価格、始値と終値の幅、また高値―低値や直近セールスなどに関し)のベンダーとして、弊社はこういったデータの配信に関し取引所の規定する規制や方法に係わる様々な取り決めの対象となっております。またこういった取引所の中にはホストソリューションと一般に呼ばれる方法で、リアルタイムまたは遅延データの送信をしているところもあります。ここで言うホストソリューションとは、non-disclosedの紹介ブローカーなどの組織のお客様が、取引所とお客様の組織間のベンダー協定ではなく、弊社の持つベンダー協定を通してマーケットデータの入手をすることを指します。

ホストソリューションがある場合、紹介ブローカーや組織に対し弊社では手数料の設定を選択制にし、手数料を外して顧客の購読を規制したり、手数料を含めることによって顧客の購読を可能にする方法をとっています。下記の表の手数料は2016年12月時点のものです。現在の手数料に関しましては、各取引所のウェブサイトをご確認されることをお奨め致します。

 

リアルタイム購読
月額料金
BATS EU Hosted Solutions
GBP 950
NASDAQ OMX MFDS (US Mutual Funds)
USD 150
NASDAQ OMX GIDS (NASDAQ Global Index Data Service)
USD 800
Nordic Equity Level 1 & Level 2 Non-Professional
EUR 800
Nordic Equity Level 1 & Level 2 Professional
EUR 2,140

 

手数料に関するご質問などがございましたら、弊社のプロフェッショナル・サービス・チームまでご連絡ください。番号は866-694-2757(米国およびカナダからの無料ダイヤル)または203-618-7791(直通)になります。

マーケットデータへのアクセス: プロフェッショナル(法人顧客)または一般購読家としての利用

概観: 

 大抵の取引所ではリアルタイム・マーケットデータ(クオートおよび取引情報)へのアクセスに対して手数料を設けています。

Background: 

 プロフェッショナル(法人顧客)向け手数料は、一般購読家向け手数料よりかなり高く設定されています。このため取引所ではユーザーに対して細かいアンケートへの記入を毎年必要としており、これは低い手数料の条件を満たすにあたり、とりわけ米国の取引所において重要になっています。

 続くサービス(AMEX、CME、NYSE,、NASDAQ、OPRAまたはU.S. Securities Snapshot & Futures Value Bundle)のリアルタイム・データにアクセスをご希望の場合にはこのアンケートにご記入いただき、内容の再確認を毎年行っていただく必要があります。

プロフェッショナルおよび一般購読者のデータ利用に関する詳細は下記のナレッジ・ベースよりご確認ください:

  • プロフェッショナル(法人顧客)および一般購読家としての利用に関する詳細: KB2369 
  • アンケートのご記入方法: KB2583 

NYSEおよびその他の米国取引所におけるプロフェッショナル(法人顧客)ユーザーの定義

概観: 

NYSEおよびその他の米国取引所におけるプロフェッショナル(法人顧客)ユーザーの定義

Background: 

報酬目的の活動(仕事やコンサルタント、また投資アドバイザーなど)に関連性がない場合、大抵の投資家のお客様はご自身の取引および投資活動を、プロフェッショナルではないものとみなされますが、リアルタイム・マーケットデータへのアクセスに関し、NYSEやそのほかの米国取引所によるところの「プロフェッショナル」 の定義はより広いものになっています。

こういった取引所におけるプロと一般の定義はデータの利用自体よりもデータを利用する個人に関連するところの方が多く、このため金融機関によって雇用される場合、取引やその他のマーケット関連活動に責任のある立場でなくても、雇用主が例えば銀行であるがためにプロフェッショナルとして分類されることになります。同様に金融機関(FINRAなどの)に登録がある場合、登録自体が取引やマーケット機能に関連していなくても、「プロフェッショナル」として分類されます。

データ・ベンダーや取引所のプロフェッショナル利用に対する手数料は、一般購読者向け手数料よりも一般的に高く設定されています。

購読者区分の分類が取引所によって行われているということにご注意ください。弊社では購読者の定義に関与することはできませんが、データ・ベンダーとエンド・ユーザ―の仲介として分類実施に関する義務があります。

プロフェッショナル(法人顧客)ユーザーの条件

以下のリストはデータ・ベンダーおよび取引所がリアルタイム・マーケットデータのユーザーを、プロフェッショナルまたは一般購読家として分類する際に考慮する条件の多くを網羅しています。以下の定義が口座/ユーザーに当てはまる場合、そのユーザーはプロフェッショナルとして分類されます。これは取引所の多くで使用される定義よりまとめられるものです。

特定の資料に関しては、ページ下方のリンクよりご確認ください。

  • 口座の名義人が自然人でない場合
  • 口座がORG口座の場合
  • ユーザーがなんらかの証券監督機関に登録されている場合
  • ユーザーがなんらかの規制または自主規制機関に登録されている場合
  • ユーザーが金融業務に従事またはファイナンシャル・アドバイザーとして雇用されている場合
  • ユーザーが米国証券取引委員会、全米商品先物取引委員会、なんらかの証券監督機関、なんらかの取引所または証券取引協会、なんらかの商品先物取引所または商品先物取引協会に登録されている、または許可を受けている場合
  • ユーザーが1940年投資顧問法201(11)に定義されている「投資アドバイザー」(登録されているまたは許可を受けているに係わらず)として従事している場合
  • ユーザーが連邦・州証券法に基づく登録が免除をされていない組織のために業務を行う場合には、登録または資格が必要となる業務を行うために連邦・州証券法に基づく登録が免除されている銀行または組織によって雇用されている場合
  • ユーザーが銀行や金融サービス・プロバイダーとして運営している場合
  • ユーザーが商業目的でデータを使用する場合
  • ユーザーがなんらかの全国または州の取引所、規制機関、協会または公認の機関に登録/資格を受けているプロフェッショナルの有価証券トレーダーまたは投資アドバイザーである場合
  • ユーザーが証券会社や銀行業務、投資または金融活動に従事する機関の代理である場合
  • ユーザーがクライアントに費用を請求している場合
  • ユーザーが有価証券のプロフェッショナルである場合
  • ユーザーまたは口座がブローカー/ディーラーである場合
  • ユーザーが投資アドバイザーの場合
  • ユーザーが取引または取引アドバイス行うを登録済み代表者の場合
  • ユーザーまたは口座が報酬を受け取る、または受け取らない投資クラブである場合
  • ユーザーが下請け会社または独立した請負業者である場合
  • ユーザーが第三者の利益のためになんらかの方法でデータを利用する場合
  • ユーザーがなんらかの個人、法人、パートナーシップ、企業、信託、協会またはその他の形態の事業体の代理として個人使用の目的で情報を受け取るまたは使用する、請負契約をする場合
  • ユーザーがその他の個人やなんらかの法人、パートナーシップ、企業、信託、協会またはその他の形態の事業体によって支払いを受ける業務の個人使用の目的で情報を受け取るまたは使用する、請負契約をする場合
  • ユーザーが雇用の一環として、またはなんらかの形態の取引または業務に関連して情報にアクセスする/これを利用する場合
  • 口座が1人以上の受託人を持つ信託である場合
  • 口座が信託であり受託人が自然人でない場合信託が組織であり、これの単独の所有者が該当しない自然人である場合受託人は自然人である必要があります
  • 口座が受益者を肉親としない信託である、または受益者が自然人でない場合
  • 口座が家族または家族信託でない信託である場合

NYSEの方針は、www.nyxdata.com/Docs/Market-Data/Policiesより、All NYSE Market Data Policies - The Complete Packageをクリックし、23ページにスクロールしてご確認ください。

NASDAQの方針は、http://nasdaqtrader.com/Trader.aspx?id=AgreementsDataより、NASDAQ OMX Global Subscriber Agreementをクリックし、2-6よりご確認ください。

OPRAの方針は、www.opradata.comより、左側の"Agreements"にマウスをかざしてElectronic Subscriber Agreement (Attachment B-1 to Vendor Agreement) (PDF)をクリックし、3ページの終わりから脚注を含む4ページの終わりまでをお読みください。

MARKET DATA ACCESS: PROFESSIONAL VS NON-PROFESIONAL USAGE

概観: 

 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 in IBLLC accounts or any IBKR account where the client resides in the U.S. 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 & Cboe 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.
 
- Cboe One: real-time streaming quotes from the four Cboe US equity exchanges for USD 5 per month. 
 
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.
 
Cboe One Add-On1: real-time streaming quotes from the four Cboe US equity exchanges. Will replace the snap quotes provided under the basic US Securities Snapshot and Futures Value Bundle subscription and costs USD 1 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.
 
Cboe One: real-time streaming quotes from the four Cboe US equity exchanges for USD 5 per month. 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 5 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.
 
Cboe One/ Cboe One Add-On1: real-time streaming quotes from the four Cboe US equity exchanges. 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 quotes1 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

1Delayed quotes are not provided for U.S. stocks in IBLLC accounts or any IBKR account where the client resides in the U.S. due to FINRA regulations.

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

 

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

概観: 

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.

マーケットデータ一般投資家購読ステータス確認アンケート

概観: 

新規一般投資家購読ステータス確認に関するアンケート

Background: 

NYSEやその他の多くの米国取引所ではマーケットデータの配信を開始する前に、各顧客のマーケットデート購読ステータスの確認を要求しています。そのため弊社ではNon-Professional Questionnaire(一般投資家確認アンケート)を使用して各顧客のマーケットデータ購読ステータスを確認させていただいております。取引所の規定に基づき、一般投資家としてマーケットデータ購読ステータスの確認が取れない場合には、自動でプロ(特定投資家)としてマーケットデータ購読ステータスが設定されます。このアンケートは全ての新規購読者にお答え頂きます。一般投資家の定義に関する詳細は

ibkb.interactivebrokers.com/article/2369

をご覧ください。

一般投資家ステータスが適用されるには全ての設問にお答え頂く必要がございます。取引所からの一般投資家ステータス確認要求のため、未完了、または不明瞭な一般投資家確認質問へのお答えでは、特定投資家購読ステータスが適用される可能性がございます。

ステータスに変更が必要な場合はヘルプデスクへお問い合わせください。 

質問の概要:

1)    商業、営業目的

a)    ご自身の事業、もしくはその企業のために財務情報(株式、コモディティ、もしくはその他の金融商品の価格データやニュース)を取得していますか?

解説:この口座のマーケットデータを個人的使用を除く、会社、またはその他企業のために使用していますか?

b)    企業、パートナーシップ、トラスト、投資会社、もしくはその他の企業のために証券、先物、または為替取引を行っていますか?

解説: ご自身のためだけでなく、その他法人(Ltd, LLC, GmbH, Co., LLP, Corp.)のために取引を行っていますか?

c)    (a)取引利益の共有、または(b)取引報酬の同意書を締結したことはありますか?

解説: 第三者機関、もしくは第三者から取引の報酬、もしくは取引利益の一部を受けとっていますか?

d)    財務コンサルタントとして取引と引き換えにオフィススペース、備品、その他を個人、法人から受け取っていますか?

解説: 第三者機関、もしくは第三者から現金以外の報酬を受けっとていますか?

2)    活動範囲

a)    現在、投資アドバイザー、またはブローカー・ディーラーとして活動していますか?

解説: 第三者の資産管理、または資産管理助言により報酬を受け取っていますか?

b)    証券、コモディティ、為替のアセット・マネージャーとして活動していますか?         
 

解説: 証券、コモディティ、為替の資産管理で報酬を受け取っていますか?

c)     現在、この財務情報を使用して、事業活動、または雇用者、会社の資産管理を行っていますか?

解説: データを事業目的、特に雇用者、もしくは会社の資産管理目的で使用していますか?

d)    その他の個人、または法人の資産を使用して取引を行っていますか?

解説: ご自身の資産以外に、第三者の資産が口座内にありますか?

3)    第三者へのデータ(再)配信

a)    第三者への金融情報の配信、再配信、発行、または提供をおこなっていますか?

解説: データのフォーム、配信方法に関わらず、取得したデータを第三者へ提供していますか?

4)    特定、認定証券/先物トレーダー

a)    現在、いかなる証券エージェンシー、コモディティ、先物市場の指定トレーダー、または取引所、規制当局、自主規制団体等の特定団体の投資アドバイザーとして登録、もしくは認定を受けていますか? i, ii
はい☐             いいえ☐

i) 規制監督局例:

  • 米国証券取引委員会 (SEC)
  • 米国商品先物取引委員会 (CFTC)
  • 英国金融庁 (FSA)
  • 日本金融庁 (JFSA)

ii) 自主規制団体例:

  • ニューヨーク証券取引所 (US NYSE)
  • 米国金融取引業規制機構 (US FINRA)
  • スイス金融サービス基準協会 (Swiss VQF)

 

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