T+2決済に関する概要

イントロダクション

2017年9月5日より、米国およびカナダの取引所で取引される有価証券の標準決済にかかる期間が、3営業日(T+3)から2営業日(T+2)に変更されます。以下はこの変更の背景、ならびにこれに伴って予想される影響およびFAQをまとめたものです。
 
背景
決済は取引後のプロセスであり、この支払によって有価証券の法的な所有権が売り手から買い手に譲渡されます。このプロセスは有価証券の所有権に関する記録を管理する振替決済機関、および資金の交換をプロセスし所有権の譲渡を決済機関に指示するクリアリング機関によって促進されます。米国有価証券用の主要な振替決済機関はDepository Trust Company(DTC)、クリアリング機関は米国証券取引所決済機関(NSCC)となっています。またカナダ有価証券用にはCanadian Depository for Securities(CDS)が両方の機関の役を担っています。 米国およびカナダの有価証券に現在適用されている決済サイクルは、取引日に続く3営業日です。
 
なぜ決済期間が変更されるのですか?
電子フォームでの有価証券所有権の登録による管理的な効率、また電子的な資金移管による簡易性と低コストが、決済サイクルの短縮化を可能にする決定的な要素となっています。決済サイクルは前回、1995年に5営業日から3営業日に短縮化され、物理的な証書の受渡しや小切手による支払を含む取引は減り続けています。
 
決済サイクルの短縮化は業界およびその参加者に、以下の利益をもたらすと考えられます:
 
  • 財政システムへのリスクの軽減 – 有価証券の価格が変動する可能性は時間と共に増加するため、決済にかかる日数を減らすことにより、不払いや有価証券の不渡しによる信用リスク発生の軽減につながります。 決済進行中における有価証券の想定元本を減らすことにより、市場に深刻な混乱が起きた際に考えられるシステム的な問題から、金融セクターを防御することができます。 
  • 現金使用の効率 – 「キャッシュ」タイプの口座をお持ちのお客様は、決済済みでない資金による取引(「フリーライド」および支払をせずに有価証券の購入や売却をすること)に対する規制の対象となります。 T+2への変更後は、有価証券の売却による資金が1営業日早く利用可能になります。資金へのアクセスがすばやくできるようになる分、早く次の購入に資金を利用することができるようになります。 
  • グローバル決済の強化 - T+2決済サイクルへの変更により、すでにこれを導入しているヨーロッパおよびアジアの主要な国際市場と、米国およびカナダの市場の調和が強化されます。
 
どういった商品がこの変更の影響を受けますか?
米国およびカナダの株式、ETF、ADR、社債、地方債、CFD、および単位型投資信託がこの影響を受けます。
 
この変更による口座への影響はありますか?
配当およびコーポレートアクション – 有価証券に関わる配当金およびその他の権利を受取りには、有価証券の権利落ち日前の購入が必要となります。   現在のT+3決済サイクルにおける権利落ち日は通常、割当日の2営業日前ですが、T+2への変更後はこれが1営業日前になります。
 
空売り取引 – SEC規定204に則り、有価証券の借入および決済時における受渡が不可能な場合には、空売りのクローズ処理が必要となります。クローズ処理は現在、T+4の通常取引時間始まりまでに行われる必要があります。決済サイクルがT+2に短縮されるとこにより、クローズ処理が1営業日前のT+3に移動します。
 
T+2注文発注先 – 弊社では現在、割当てのある場合には、カバードコール売り手により良い原価の株式の購入および受渡を可能とする注文発注先(TPLUS2)をご提供しています。不要なキャピタルゲイン税を引き起こす可能性を減らすT+2注文は、同様のベネフィットをもたらすT+1に修正されます。 T+2注文発注先は2017年9月5日以前に無効化され、この後すぐにT+1注文発注先が導入されますことにご注意ください。(短縮された決済期間による注文発注先の導入までに移行期間があるということです)
 
オプション権利行使 – 株式オプションの権利行使による株式の受渡期間および現金支払は、3営業日から2営業日に変更します。
 
プラス残高への利子 – 利子の計算は決済済みの現金残高に基づきます。株式を購入してこの購入を全額支払うに足りる現金を保有している場合(証拠金ローンではなく)、この株式の支払に必要となる資金は現在T+3まで利息を得ることができ、この時点でクリアリング機関に支払いが行われます。 利息を得ることのできるこの期間が、T+2に変更することで1日減ります。しかしこれはまた、T+2への変更後の有価証券売却時には資金がお客様の口座に1営業日早く決済され、その時点から利子を得ることができるようになることも意味します。 
 
マイナス残高に請求される金利 – 金利の計算は決済済みの現金残高に基づきます。株式を購入してこの購入の支払資金を借り入れる場合(証拠金ローンではなく)、資金がT+3にクリアリング機関に支払われるまで、ローンに対する金利は請求されません。 ローン開始日は、T+2に変更することで1日早まります。しかしこれはまた、T+2への変更後の有価証券売却時には資金がお客様の口座に1営業日早く支払われ、1営業日分のローンを部分的または完全に支払うことも意味します。   
 
FAQ

オプションや先物、または先物オプションコントラクトの購入および売却の決済に変更はありますか?

いいえ。これらの商品は現在T+1で決済されており、 これに対する変更はありません。

 
投資信託の購入および売却の決済に変更はありますか?
いいえ。弊社で現在、取り扱いのある投資信託はすべてT+1で決済されており、 これに対する変更はありません。
 
この変更により、注文発注時に必要とされる現金または資産への影響はありますか?
いいえ。現在すべての注文は、約定に必要な条件を口座が満たしているかを発注前に確認の上で発注されています。キャッシュ口座における現金の場合には、決済がT+3またはT+2に関わらず、決済済みの現金が口座に入っている必要があります。 同様にマージン口座の場合には、証拠金に必要となる条件を満たすだけの証拠金余力が口座に必要となります。この条件はT+2への変更以降も変わりません。
 
この変更により、ACATSまたはATONを利用しての有価証券移管にかかる期間への影響はありますか?
いいえ。T+3からT+2への変更に伴う移管プロセスへの変更はありません。

Overview of T+2 Settlement

Introduction

Effective September 5, 2017, the standard settlement period for securities traded on U.S. and Canadian exchanges will be reduced from 3 business days (T+3) to 2 business days (T+2). Background information regarding this change, its projected impact and a list of FAQs are outlined below.
 
Background
Settlement is a post-trade process whereby legal ownership of securities is transferred from the seller to the purchaser in exchange for payment.  This process is facilitated via a central depository which maintains security ownership records and a clearinghouse which processes the exchange of funds and instructs the depository to transfer ownership of the securities. For U.S. securities, the Depository Trust Company (DTC) operates as the primary depository and the National Securities Clearing Corporation (NSCC), the clearinghouse. The Canadian Depository for Securities (CDS) performs these functions for Canadian securities. The current settlement cycle for both U.S. and Canadian securities is 3 business days following the trade date.
 
Why is the settlement period changing?
Operational efficiencies afforded by registering securities ownership in an electronic form and the ease and low cost by which clients may transfer funds electronically are critical factors enabling the shortening of the settlement cycle. The settlement cycle was last reduced from 5 business days to 3 in 1995 and transactions involving the delivery of physical certificates or payment via check continue to decline.
 
Shortening the settlement cycle is expected to yield the following benefits for the industry and its participants:
 
  • Lessens risk to the financial system – the likelihood that the price of a given security will change increases over time and reducing the settlement day lessens exposure to credit risk due to non-payment or non-delivery of that security. By reducing the notional value of outstanding obligations in the settlement pipeline, the financial sector is better protected from the potential systemic consequences of serious market disruptions. 
  • Cash deployment efficiencies – clients who maintain “Cash” type accounts are subject to restrictions which may preclude them from trading with unsettled funds (i.e., “Free-Riding” or buying and selling a security without paying for it). With T+2, funds from the sale of a security will now be available 1 business day earlier, thereby providing quicker access to funds and the ability to redeploy them sooner for subsequent purchases. 
  • Enhanced global settlement harmonization - the transition to a T+2 settlement cycle will align the U.S. and Canadian markets with other major international markets in Europe and Asia that currently operate in a T+2 environment.
 
What products are impacted by this change?
U.S. and Canadian stocks, ETFs, ADRs, corporate bonds, municipal bonds, CFDs, and unit investment trusts (UITs)
 
How will this change impact my account?
Dividends & corporate actions – securities must be purchased prior to the Ex-Date for entitlement to dividends or other rights associated with the security.    Under the current T+3 settlement cycle, the Ex-Date is typically 2 business days prior to the Record Date and this relationship will be reduced to 1 business day under T+2.
 
Short sale transactions – brokers are required under SEC Rule 204 to close out short sales if unable to borrow securities and make delivery at settlement. Currently, close out must take place by no later than the beginning of regular trading hours on T+4.  With the shortening of the settlement cycle to T+2, close out will be moved up 1 business day to T+3.
 
T+2 Order Destination – IB currently offers an order destination (TPLUS2) which allows covered call writers to purchase and deliver, upon assignment, shares having a more favorable cost basis. This T+2 order, which reduces the possibility of triggering an unwanted capital gains tax, will be amended to T+1 delivery in order to provide the same benefits.  Note that this T+2 order destination will be disabled prior to September 5, 2017 and the T+1 order destination enabled shortly after that date (i.e., there will be a transition period during which this accelerated settlement order destination will not be offered).
 
Option Exercise – The delivery period for stock and payment of cash resulting from the exercise of stock options will be reduced from 3 business days to 2.
 
Interest paid on credit balances – interest computations are based upon settled cash balances. If you purchase stock and have sufficient cash to pay for the purchase in full (i.e., no margin loan), the proceeds necessary to pay for that stock are currently eligible to earn interest up until T+3 at which point they are remitted to the clearinghouse. That interest earning period will be reduced by 1 business day under T+2. Note, however, that when that security is sold the funds settle to your account 1 business day earlier under T+2 and are then eligible to earn interest. 
 
Interest charged on debit balances – interest computations are based upon settled cash balances. If you purchase stock and borrow funds to pay for the purchase (i.e., a margin loan), interest is not charged on the loan until payment is remitted to the clearinghouse on T+3. That loan date will start 1 business day earlier under T+2. Note, however, that when that security is sold, the proceeds are credited to your account and will partially or fully pay of the loan 1 business day earlier under T+2.   
 
FAQs

Will the settlement for purchases and sales of options, futures or futures options contracts change?

No. These products currently settle on T+1 and that settlement cycle will not change.

 
Will the settlement for purchases and sales of mutual funds change?
No. All mutual funds offered by IB currently settle on T+1 and that settlement cycle will not change.
 
Will this change have any impact upon the cash or assets required to initiate an order?
No. All orders are currently pre-checked prior to submission to ensure that the account will be compliant were the order to execute. In the cash of cash accounts, that means that the account must have the necessary settled cash on hand to meet the settlement regardless of T+3 or T+2.  Similarly, in the case of margin accounts, the account must have the necessary Excess Equity to remain margin compliant. This safeguard will not change under T+2.
 
Will this change have any impact upon the timeframe by which securities are transferred via ACATS or ATON?
No. Transfer processes will not be impacted by the move from T+3 to T+2.

IB発行株式CFDに関する概要

以下の記事はIB発行の株式ベースの差金決済取引(CFD)に関する概略をご提供することを目的としています。

IB株価指数CFDに関する情報はこちらをクリックしてください。Forex CFDに関する情報はこちらをクリックしてください。

ここでは以下のトピックを取り上げます:

I.   CFDの定義
II.   CFDと原資産株式の比較
III. 費用および証拠金に関する留意点
IV. 例
V.   CFDのリソース
VI. よくあるご質問

 

リスク警告

CFDはレバレッジによる損失のリスクが高い複雑な商品です。

62%の個人投資家口座に、IBKR(UK)とのCFD取引による損失が発生しています。

お取引を開始される前に、CFDの機能の仕方および損失の際のリスクをご理解ください。

CFDに関わるESMAルール(リテールクライアントのみ)

欧州証券市場監督局(ESMA)は2018年8月1日より有効となるCFDルールを実施しました。

ルールには以下が含まれます: 1) CFDのポジションを建てるにあたってレバレッジの上限; 2) 口座ごとの証拠金解約; および 3) マイナス残高に対する口座ごとの保護。

ESMAによる決定はリテールクライアントのみに適用されます。特定投資家のお客様への影響はありません。

詳細はIBKRにおけるESMA CFDルールの実施をご参照ください。

I. 株式CFDの定義

IB CFDは配当およびコーポレートアクション(CFDコーポレートアクションに関する詳細)を含む、原資産株式のリターンを生むOTC取引です。

これは言い方を変えれば、株式の現在と将来の価値の差額を交換するという、購入者(お客様)と弊社間における合意になります。お客様がロングポジションを保有し差額がプラスの場合には、弊社がお客様にお支払します。差額がマイナスの場合にはお客様にお支払いただくことになります。

IB株式CFD取引は証拠金口座を通して行われるため、ロングおよびショートのレバレッジ・ポジションを建てることができます。CFD価格は原資産株式の取引所クオート価格になります。実際にIB CFDクオートは、トレーダー・ワークステーションで見ることのできる株式用のスマートルーティング・クオートと同じであり、IBではダイレクト・マーケット・アクセス(DMA)をご提供しております。株式同様に、成行とならない(指値の)注文の原資産ヘッジは、取引されている取引所の 板画面に直接表示されています。 これはまたCFDを原資産のビッド価格で購入しオファー価格で売る注文の発注ができるということになります。

弊社の透明性のあるCFDモデルをマーケット上にある他社のものと比較される場合にはCFDマーケットモデルの概要をご覧ください。

IBでは現在、米国、ヨーロッパおよびアジアの主なマーケットをカバーする約6500の株式CFDご提供しております。 下記にリストされている主要指数の構成銘柄は、現在IB株式CFDとしてご利用可能です。IBではまた多くの国で流動小型株の取引もご提供しております。これは最低5億米ドルの時価総額の浮動株を持ち、また平均最低60万米ドルに値する日次の取引を行う株式です。  詳細はCFD商品リストをご覧ください。ご利用可能国は近い将来、さらに追加される予定です。

米国 S&P 500, DJA, Nasdaq 100, S&P 400(中型株), 流動小型株
イギリス FTSE 350 + 流動小型株 (IOBを含む)
ドイツ Dax, MDax, TecDax + 流動小型株
スイス Swiss portion of STOXX Europe 600 (48 shares) + 流動小型株
フランス CAC Large Cap, CAC 中型株 + 流動小型株
オランダ AEX, AMS 中型株 + 流動小型株
ベルギー BEL 20, BEL 中型株 + 流動小型株
スペイン IBEX 35 + 流動小型株
ポルトガル PSI 20
スウェーデン OMX Stockholm 30 + 流動小型株
フィンランド OMX Helsinki 25 + 流動小型株
デンマーク OMX Copenhagen 30 + 流動小型株
ノルウェー OBX
チェコ PX
日本 Nikkei 225 + 流動小型株
香港 HSI + 流動小型株
オーストラリア ASX 200 + 流動小型株
シンガポール* STI + 流動小型株
南アフリカ トップ40 + 流動小型株

 *シンガポール居住者にはご利用いただけません

II.  CFDと原資産株式の比較

お客様の取引目標と取引スタイルにより、株式に比べてCFD取引にはメリットもあればデメリットもあります:
 
IB CFDのメリット IB CFDのデメリット
印紙税や金融取引税はありません(英国、フランス、ベルギー) 所有権がありません
株式に比べ手数料や証拠金が一般的に低めです 複雑なコーポレトアクションがいつでも反映されるわけではありません
配当金は租税条約レートの対象となり、請求の必要がありません 収益に対する税金は株式への税金と異なる場合があります(専門の税理士にご相談ください)
デイ・トレーディング規制の対象外です  

III. 費用および証拠金に関する留意点

IB CFDは、IB提供のすでに競争性のある株式と比較しても効率的なヨーロッパ株式の取引方法です。

先ず、IB CFDにかかる手数料は株式と比べて低額ですがスプレッドは同じです:

ヨーロッパ   CFD 株式
手数料 GBP 0.05% GBP 6.00 + 0.05%*
EUR 0.05% 0.10%
金利** ベンチマーク +/- 1.50% 1.50%

*注文につき+ 50,000英ポンドを超える場合は0.05%の超過金
**ポジションの合計価値に対するCFD金利、借入額に対する株式金利

CFDの手数料は取引が増えるほど低額になり、0.02%まで下がります。借入金利はポジションが大きいほど減少し、0.5%まで下がります。 詳細はCFD手数料およびCFD借入金利をご覧ください。

次に、CFDの必要証拠金は株式と比べて低額です。リテールクライアントは欧州証券市場監督局ESMAによる追加の必要証拠金の対象となります。詳細はIBKRにおけるESMA CFDルールの実施をご参照ください。

  CFD 株式
  すべて 標準 ポートフォリオ・マージン
維持証拠金率*

10%

25% - 50% 15%

*ブルーチップ用に一般的な証拠金です。リテールクライアントは最低20%の委託証拠金の対象となります。株式には標準的な25%の日中維持証拠金、オーバーナイトは50%。 表示されているポートフォリオ・マージンは維持証拠金です(オーバーナイトを含み)。ボラティリティの高い場合には必要証拠金額も上がります

詳細はCFD必要証拠金をご参照ください。


IV. 例(プロフェッショナル・クライアント)

例を見てみましょう。Unilever’s Amsterdamリストからの過去一ヶ月(2012年5月14から20取引日)のリターンは3.2%となり、今後のパフォーマンスも良好に見えます。200,000ユーロのエクスポージャーを建て、5日保有したいとします。取引を10回行って蓄積した後、さらに10回行って相殺します。かかる直接の費用は以下のようになります:

株式

  CFD 株式
200,000ユーロのポジション   標準 ポートフォリオ・マージン
必要証拠金 20,000 100,000 30,000
手数料(往復) 200.00 400.00 400.00
金利(簡略化されたもの) 1.50% 1.50% 1.50%
提供される資金額 200,000 100,000 170,000
提供を受ける日数  5 5 5
支払利息(1.5% 簡略化されたもの) 41.67 20.83 35.42
直接費用合計(手数料 + 金利) 241.67 420.83 435.42
原価差異   74%上がる 80%上がる

注意:CFD支払金利は取引ポジション全体に大して計算されますが、株式にかかる金利は借入量に対して計算されます。株式およびCFDに適用されるレートは同じです。

 

今度は証拠金資金として20,000ユーロのみ持ち合わせがあると考えてみます。 Unileverが前月と同じようなパフォーマンスを継続すると考えると、そこから期待される利益は以下のようになります:  

レバレッジ利益 CFD 株式
利用可能な証拠金 20,000 20,000 20,000
合計投資額 200,000 40,000 133,333
総利益(5日) 1,600 320 1,066.66
手数料 200.00 80.00 266.67
支払利息(1.5% 簡略化されたもの) 41.67 4.17 23.61
直接費用合計(手数料 + 金利) 241.67 84.17 290.28
純利益(総利益-直接費用) 1,358.33 235.83 776.39
証拠金投資額に対するリターン 0.07 0.01 0.04
差異   利益が83%下がる 利益が43%下がる

 

レバレッジリスク CFD 株式
利用可能な証拠金 20,000 20,000 20,000
合計投資額 200,000 40,000 133,333
総利益(5日) -1,600 -320 -1,066.66
手数料 200.00 80.00 266.67
支払利息(1.5% 簡略化されたもの) 41.67 4.17 23.61
直接費用合計(手数料 + 金利) 241.67 84.17 290.28
純利益(総利益-直接費用) -1,841.67 -404.17 -1,356.94
差異   損失が78%下がる 損失が26%下がる

 

V.   CFDのリソース

以下はIB提供のCFDに関する詳細を記載したリンクです:

CFDコントラクトの仕様

CFD商品リスト

CFD手数料

CFD借入金利

CFD必要証拠金

CFDコーポレートアクション

以下のビデオレッスンもご利用可能です:

トレーダー・ワークステーションからのCFD取引の発注方法

 

VI. よくあるご質問

CFDとしてどのような株式が利用できますか?

米国、西ヨーロッパ、北欧および日本における大型および中型株です。 流動小型株の取り扱いのあるマーケットも多くあります。詳細はCFD商品リストをご覧ください。ご利用可能国は近い将来、さらに追加される予定です。

 

株式指数とFOREXにCFDは含まれていますか?

はい。詳細およびQ&AはIB株価指数CFD - 詳細およびQ&A and Forex CFD - 詳細およびQ&Aをご覧ください。

 

株式CFDクオートはどのように設定するのですか?

IB CFDのクオートは原資産株式に対するスマートルーティング・クオートと同じです。 IBではスプレッドを広げる、またはお客様に対抗するポジションを建てることはありません。 詳細はCFDマーケットモデルの概要をご覧ください。

 

取引所にての自分の指値注文は見ることができますか?

はい。IBではダイレクト・マーケット・アクセス(DMS)を提供しており、成行とならない(指値の)注文の原資産ヘッジは取引されている取引所の 板画面に直接表示されています。これはまたCFDを原資産のビッド価格で購入しオファー価格で売る注文の発注ができるということになります。また一般の市場よりも良い価格の注文が他のクライアントから出てきた場合、価格向上につながることもあります。

 

株式CFDの証拠金はどのように設定するのですか?

IBでは各原資産の過去のボラティリティに基づき、 リスク・ベースで証拠金を採用しています。最小証拠金は10%です。 IB CFDの証拠金はほとんどこのレートで設定されており、これによりCFDは多くの場合、原資産株式の取引に比べて効果的ですが、 リテールクライアントは欧州証券市場監督局ESMAによる追加の必要証拠金の
対象となります。 詳細はIBKRにおけるESMA CFDルールの実施をご参照ください。ポートフォリオ内の各CFDポジション間または個別のCFDポジションと原資産株式のエクスポージャー間のオフセットはありません。集中しているポジションや大型のポジションは追加の証拠金の対象の対象になる可能性があります。詳細はCFD必要証拠金をご参照ください。

 

売りの株式CFDは強制買い入れの対象になりますか?

はい。原資産株式の借入が困難または不可能になった場合、売りのCFDポジション保持者は買い入れの対象になります。

 

配当金やコーポレートアクションはどのように取り扱われますか?

一般的にIBでは、コーポレートアクションの経済的な影響を、原資産の有価証券の保持を同じようにCFDを保持しているお客様に対し反映させます。配当金は現金調整として反映され、その他のコーポレートアクションは現金またはポジションの調整、またはその両方として反映されます。例として、コーポレートアクションが株式数の変動につながった場合(株式分割や、株式の合併など)、CFD数も合わせて調整されます。アクションが上場株を持つ新法人の設立にいたり、IBがこれをCFDとして提供する場合には、これに適格な量で新規のロングおよびショート・ポジションが作成されます概要はCFDコーポレートアクションをご覧ください。

*合併などの複雑なコーポレートアクションに対しCFDが正確に調整されない場合もあることをご了承ください。このような場合、CFDは権利落ち日前に終了する可能性があります。

 

誰でもIB CFDの取引はできますか?

米国、カナダおよび香港以外の国の居住者はIB CFD取引が可能です。シンガポール居住者は、シンガポールに上場されている株式をベースとする以外のIB CFDをお取引いただけます。居住地に基づいて設定される例外で、特定の投資家タイプに適用されるものはありません。

 

IB CFDの取引はどのように始めればよいのでしょうか?

アカウント・マネジメントよりCFD用の取引許可を設定し、該当する取引開示に合意してください。 IB LLCの口座をお持ちの場合、この後、弊社が新規の口座セグメントを設定します(お客様のすでにお持ちの口座番号の末尾に「F」を追加します)。設定が承認され次第、お取引が可能になります。F口座に別途、資金をご入金いただく必要はありません。資金はCFDの必要証拠金に合わせてお客様のメイン口座より自動的に移動されます。  

必要なマーケットデータはありますか?

IB株式CFD用のマーケットデータは、その原資産株式用のマーケットデータになります。 このため関連取引所に対するマーケットデータ許可が必要となります。株式取引に対し取引所のマーケットデータ許可をすでに設定されている場合には、それ以上必要なものはありません。現在マーケットデータ許可の持ち合わせがない取引所におけるCFD取引をご希望の場合には、原資産株式の取引に対する許可と同じ方法で許可を設定することができます。

 

CFD取引およびポジションはステートメントにどのように表示されますか?

B LLCの口座をお持ちの場合、 CFDポジションは主要口座番号の末尾に「F」を追加した形で別の口座セグメントに維持されます。アクティビティー・ステートメント上のFセグメントは、別途またはメイン口座と合わせて表示することができます。選択はアカウント・マネジメントのステートメント画面より可能です。その他の口座に関しては、通常の口座ステートメントと同じようにCFDもその他の取引商品と共に表示されます。

 

別のブローカーからのCFDポジションの移管はできますか?

別ブローカーとの合意の下、弊社にてCFDポジション移管作業を進めます。株式ポジションの移管に比べてCFDポジションの移管は複雑なため、通常、弊社では少なくとも100,000米ドル相当のポジションを条件としております。

 

株式CFDのチャートはありますか?

はい。

 IBでのCFD取引にはどのような口座保護が適用しますか?

CFDはIB UKを取引先とする取引であり、取引所による取引や中央決済機関による決済はありません。IB UKをCFD取引の取引先とするため、クレジットリスクを含める、IB UKとの取引に関連する取引やビジネス上のリスクの対象となります。しかしながら、すべてのお客様の資金は法人クライアントも含め、完全に分離されています。IB UKは英国金融サービス補償計画(UK Financial Services Compensation Scheme「FSCS」)に参加しています。IB UKは、米国証券投資者保護公祉(「SIPC」)のメンバーではありません。CFD取引に関連するリスクの詳細はIB UK CFDリスク・ディスクロージャーをご参照ください。

 

個人、ファミリー、機関など、どのような種類のIB口座でCFD取引ができますか? 

CFD取引はすべてマージン口座でご利用可能です。キャッシュまたはSIPPではご利用いただけません。

 

特定のCFDで保有可能の最大ポジションを教えてください。

事前に設定されている制限はありませんが、ポジションがかなり大型の場合、必要証拠金が増加する場合があることにお気をつけください。詳細はCFD必要証拠金をご参照ください。

 

電話によるCFDの取引はできますか?

いいえ。例外的にクロージング注文の処理をお電話にてお引き受けすることはありますが、オープニング注文はお受けしておりません。

 

 

CFDはレバレッジによる損失のリスクが高い複雑な商品です。

62%の個人投資家口座に、IBKR(UK)とのCFD取引による損失が発生しています。

お取引を開始される前に、CFDの機能の仕方および損失の際のリスクをご理解ください。

ESMAルール

欧州証券市場監督局(ESMA)は、2018年8月1日より有効となる一時的な介入策(ESMA Decision)をて発行しました。

これによる規制には以下が含まれます: 1) CFDのポジションを建てるにあたってレバレッジの上限; 2) 口座ごとの証拠金解約; 3) マイナス残高に対する口座ごとの保護; 4) CFD取引へのインセンティブに対する規制; および 5) 標準的なリスク警告。

ESMAによる決定はリテールクライアントのみに適用されます。 特定投資家のお客様への影響はありません。


 

CFDはレバレッジによる損失のリスクが高い複雑な商品です。

62%の個人投資家口座に、IBKR(UK)とのCFD取引による損失が発生しています。

お取引を開始される前に、CFDの機能の仕方および損失の際のリスクをご理解ください。
 

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).

 

Overview of IBKR issued Share CFDs

The following article is intended to provide a general introduction to share-based Contracts for Differences (CFDs) issued by IBKR.

For Information on IBKR Index CFDs click here. For Forex CFDs click here.

Topics covered are as follows:

I.    CFD Definition
II.   Comparison Between CFDs and Underlying Shares
III.  Cost and Margin Considerations
IV.  Worked Example
V.   CFD Resources
VI.  Frequently Asked Questions

 

Risk Warning

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

69% of retail investor accounts lose money when trading CFDs with IBKR (UK).

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

ESMA Rules for CFDs (Retail Clients only)

The European Securities and Markets Authority (ESMA) has enacted new CFD rules effective 1st August 2018.

The rules include: 1) leverage limits on the opening of a CFD position; 2) a margin close out rule on a per account basis; and 3) negative balance protection on a per account basis.

The ESMA Decision is only applicable to retail clients. Professional clients are unaffected.

Please refer to ESMA CFD Rules Implementation at IBKR for more detail.

I.  Share  CFD Definition

IBKR CFDs are OTC contracts which deliver the return of the underlying stock, including dividends and corporate actions (read more about CFD corporate actions).

Said differently, it is an agreement between the buyer (you) and IBKR to exchange the difference in the current value of a share, and its value at a future time. If you hold a long position and the difference is positive, IBKR pays you. If it is negative, you pay IBKR.

IBKR Share CFDs are traded through your margin account, and you can therefore enter long as well as short leveraged positions. The price of the CFD is the exchange-quoted price of the underlying share. In fact, IBKR CFD quotes are identical to the Smart-routed quotes for shares that you can observe in the Trader Workstation and IBKR offers Direct Market Access (DMA). Similar to shares, your non-marketable (i.e., limit) orders have the underlying hedge directly represented on the deep book of those exchanges at which it trades.  This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer.

To compare IBKR’s transparent CFD model to others available in the market please see our Overview of CFD Market Models.

IBKR currently offers approximately 7100 Share CFDs covering the principal markets in the US, Europe and Asia. The constituents of the major indexes listed below are currently available as IBKR Share CFDs. In many countries IBKR also offers trading in liquid small cap shares. These are shares with free float adjusted market capitalization of at least USD 500 million and median daily trading value of at least USD 600 thousand.  Please see CFD Product Listings for more detail. More countries will be added in the near future.

United States S&P 500, DJA, Nasdaq 100, S&P 400 (Mid Cap), Liquid Small Cap
United Kingdom FTSE 350 + Liquid Small Cap (incl. IOB)
Germany Dax, MDax, TecDax + Liquid Small Cap
Switzerland Swiss portion of STOXX Europe 600 (48 shares) + Liquid Small Cap
France CAC Large Cap, CAC Mid Cap + Liquid Small Cap
Netherlands AEX, AMS Mid Cap + Liquid Small Cap
Belgium BEL 20, BEL Mid Cap + Liquid Small Cap
Spain IBEX 35 + Liquid Small Cap
Portugal PSI 20
Sweden OMX Stockholm 30 + Liquid Small Cap
Finland OMX Helsinki 25 + Liquid Small Cap
Denmark OMX Copenhagen 30 + Liquid Small Cap
Norway OBX
Czech PX
Japan Nikkei 225 + Liquid Small Cap
Hong Kong HSI + Liquid Small Cap
Australia ASX 200 + Liquid Small Cap
Singapore* STI + Liquid Small Cap
South Africa Top 40 + Liquid Small Cap

 *not available to Singapore residents

II.   Comparison Between CFDs and Underlying Shares

Depending on your trading objectives and trading style, CFDs offer a number of advantages compared to stocks, but also some disadvantages:
 
BENEFITS of IBKR CFDs DRAWBACKS of IBKR CFDs
No stamp duty or financial transaction tax (UK, France, Belgium) No ownership rights
Generally lower commission and margin rates than shares Complex corporate actions may not always be exactly replicable
Tax treaty rates for dividends without need for reclaim Taxation of gains may differ from shares (please consult your tax advisor)
Exemption from day trading rules  

III.  Cost and Margin Considerations

IBKR CFDs can be an even more efficient way to trade the European stock markets than IBKR’s highly competitive stock offering.

Firstly, IBKR CFDs have low commissions compared to stocks, and the same low financing spreads:

EUROPE   CFD STOCK
Commission GBP 0.05% GBP 6.00 + 0.05%*
EUR 0.05% 0.10%
Financing** Benchmark +/- 1.50% 1.50%

*per order + 0.05% of excess over GBP 50,000
**CFD financing on total position value, stock financing on borrowed amount

When you trade more, CFD commissions become even lower, as low as 0.02%. Financing rates are reduced for larger positions, to as low as 0.5%.  Please see CFD Commissions and CFD Financing Rates for more details.

Secondly, CFDs have lower margin requirements than stocks. Retail clients are subject to additional margin requirements mandated by ESMA, the European regulator. Please see ESMA CFD Rules Implementation at IBKR for details.

  CFD STOCK
  All Standard Portfolio Margin
Maintenance Margin Requirement*

10%

25% - 50% 15%

*Typical margin for blue-chips. Retail Clients are subject to a minimum Initial Margin of 20%. Standard 25% intraday maintenance margin for stocks, 50% overnight.  Portfolio Margin shown is maintenance margin (incl. overnight). More volatile issues are subject to higher requirements

Please refer to CFD Margin Requirements and for more detail.


IV.  Worked Example (Professional Client)

Let’s look at an example. Unilever’s Amsterdam listing has returned 3.2% in the past month (20 trading days to May 14th, 2012) and you believe it will continue to perform well. You want to build a EUR 200,000 exposure and hold it for 5 days. You do 10 trades to build up and 10 trades to unwind. Your direct costs would be as follows:

STOCK

  CFD STOCK
EUR 200,000 Position   Standard Portfolio Margin
Margin Requirement 20,000 100,000 30,000
Commission (round trip) 200.00 400.00 400.00
Interest Rate (Simplified) 1.50% 1.50% 1.50%
Amount Financed 200,000 100,000 170,000
Days Financed  5 5 5
Interest Expense (1.5% Simplified Rate) 41.67 20.83 35.42
Total Direct Cost (Commission + Interest) 241.67 420.83 435.42
Cost Difference   74% Higher 80% Higher

Note: Interest expense for CFDs is calculated on the entire contract position, for shares interest is calculated on the borrowed amount. The applicable rates are the same for both shares and CFDs.

 

But let’s assume you only have EUR 20,000 available to fund the margin. If Unilever continues to perform as it has in the past month, your potential profit would compare as follows:  

LEVERAGE REWARD CFD STOCK
Available Margin 20,000 20,000 20,000
Total Invested 200,000 40,000 133,333
Gross Return (5 Days) 1,600 320 1,066.66
Commission 200.00 80.00 266.67
Interest Expense (1.5% Simplified Rate) 41.67 4.17 23.61
Total Direct Cost (Commission + Interest) 241.67 84.17 290.28
Net Return (Gross Return less Direct Cost) 1,358.33 235.83 776.39
Return on Margin Investment Amount 0.07 0.01 0.04
Difference   83% Less Gain 43% Less Gain

 

LEVERAGE RISK CFD STOCK
Available Margin 20,000 20,000 20,000
Total Invested 200,000 40,000 133,333
Gross Return (5 Days) -1,600 -320 -1,066.66
Commission 200.00 80.00 266.67
Interest Expense (1.5% Simplified Rate) 41.67 4.17 23.61
Total Direct Cost (Commission + Interest) 241.67 84.17 290.28
Net Return (Gross Return less Direct Cost) -1,841.67 -404.17 -1,356.94
Difference   78% Less Loss 26% Less Loss

 

V.   CFD Resources

Below are some useful links with more detailed information on IBKR’s CFD offering:

CFD Contract Specifications

CFD Product Listings

CFD Commissions

CFD Financing Rates

CFD Margin Requirements

CFD Corporate Actions

The following video tutorial is also available:

How to Place a CFD Trade on the Trader Workstation

 

VI.  Frequently Asked Questions

What Stocks are available as CFDs?

Large and Mid-Cap stocks in the US, Western Europe, Nordic and Japan. Liquid Small Cap stocks are also available in many markets. Please see CFD Product Listings for more detail. More countries will be added in the near future.

 

Do you have CFDs on Stock Indices and Forex?

Yes. Please see IBKR Index CFDs - Facts and Q&A and Forex CFDs - Facts and Q&A.

 

How do you determine your Share CFD quotes?

IBKR CFD quotes are identical to the Smart routed quotes for the underlying share. IBKR does not widen the spread or hold positions against you. To learn more please go to Overview of CFD Market Models.

 

Can I see my limit orders reflected on the exchange?

Yes. IBKR offers Direct market Access (DMA) whereby your non-marketable (i.e., limit) orders have the underlying hedge directly represented on the deep book of those exchanges at which it trades. This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer. In addition, you may also receive price improvement if another client's order crosses yours at a better price than is available on public markets.

 

How do you determine margins for Share CFDs?

IBKR establishes risk-based margin requirements based on the historical volatility of each underlying share. The minimum margin is 10%. Most IBKR CFDs are margined at this rate, making CFDs more margin-efficient than trading the underlying share in most cases.  Retail investors are subject to additional margin requirements mandated by ESMA, the European

regulator. Please see ESMA CFD Rules Implementation at IBKR for details. There are no portfolio off-sets between individual CFD positions or between CFDs and exposures to the underlying share. Concentrated positions and very large positions may be subject to additional margin. Please refer to CFD Margin Requirements for more detail.

 

Are short Share CFDs subject to forced buy-in?

Yes. In the event the underlying stock becomes difficult or impossible to borrow, the holder of the short CFD position will become subject to buy-in.

 

How do you handle dividends and corporate actions?

IBKR will generally reflect the economic effect of the corporate action for CFD holders as if they had been holding the underlying security. Dividends are reflected as cash adjustments, while other actions may be reflected through either cash or position adjustments, or both. For example, where the corporate action results in a change of the number of shares (e.g. stock-split, reverse stock split), the number of CFDs will be adjusted accordingly. Where the action results in a new entity with listed shares, and IBKR decides to offer these as CFDs, then new long or short positions will be created in the appropriate amount. For an overview please CFD Corporate Actions.

*Please note that in some cases it may not be possible to accurately adjust the CFD for a complex corporate action such as some mergers. In these cases IBKR may terminate the CFD prior to the ex-date.

 

Can anyone trade IBKR CFDs?

All clients can trade IBKR CFDs, except residents of the USA, Canada, and Hong Kong. Singapore residents can trade IBKR CFDs except those based on shares listed in Singapore. There are no exemptions based on investor type to the residency based exclusions.

 

What do I need to do to start trading CFDs with IBKR?

You need to set up trading permission for CFDs in Account Management, and agree to the relevant trading disclosures. If your account is with IBLLC, IBKR will then set up a new account segment (identified with your existing account number plus the suffix “F”). Once the set-up is confirmed you can begin to trade. You do not need to fund the F-account separately, funds will be automatically transferred to meet CFD margin requirements from your main account.  

Are there any market data requirements?

The market data for IBKR Share CFDs is the market data for the underlying shares. It is therefore necessary to have market data permissions for the relevant exchanges. If you already have set up market data permissions for an exchange for trading the shares, you do not need to do anything. If you want to trade CFDs on an exchange for which you do not currently have market data permissions, you can set up the permissions in the same way as you would if you planned to trade the underlying shares.

 

How are my CFD trades and positions reflected in my statements?

If you have an account with IBLLC, your CFD positions are held in a separate account segment identified by your primary account number with the suffix “F”. You can choose to view Activity Statements for the F-segment either separately or consolidated with your main account. You can make the choice in the statement window in Account Management. For other accounts CFDs are shown normally in your account statement alongside other trading products.

 

Can I transfer in CFD positions from another broker?

IBKR does not facilitate the transfer of CFD positions at this time.

 

Are charts available for Share CFDs?

Yes.

 What account protections apply when trading CFDs with IBKR?

CFDs are contracts with IB UK as your counterparty, and are not traded on a regulated exchange and are not cleared on a central clearinghouse. Since IB UK is the counterparty to your CFD trades, you are exposed to the financial and business risks, including credit risk, associated with dealing with IB UK. Please note however that all client funds are always fully segregated, including for institutional clients. IB UK is a participant in the UK Financial Services Compensation Scheme ("FSCS"). IB UK is not a member of the U.S. Securities Investor Protection Corporation (“SIPC”).Please refer to the IB UK CFD Risk Disclosure for further detail on risks associated with trading CFDs.

 

In what type of IBKR accounts can I trade CFDs e.g., Individual, Friends and Family, Institutional, etc.? 

All margin accounts are eligible for CFD trading. Cash or SIPP accounts are not.

 

What are the maximum a positions I can have in a specific CFD?

There is no pre-set limit. Bear in mind however that very large positions may be subject to increased margin requirements. Please refer to CFD Margin Requirements for more detail.

 

Can I trade CFDs over the phone?

No. In exceptional cases we may agree to process closing orders over the phone, but never opening orders.

 

 

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

62% of retail investor accounts lose money when trading CFDs with IBKR (UK).

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

ESMA Ruling

The European Securities and Markets Authority (ESMA) issued temporary product intervention measures effective from 1st August 2018 (ESMA Decision).

The restrictions imposed by the ESMA Decision consist of: 1) leverage limits on the opening of a CFD position; 2) a margin close out rule on a per account basis; 3) negative balance protection on a per account basis; 4) a restriction on the incentives offered to trade CFDs; and 5) a standardized risk warning.

The ESMA Decision is only applicable to retail clients. Professional clients are unaffected.


 

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

62% of retail investor accounts lose money when trading CFDs with IBKR (UK).

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
 

IBKR Stock Yield Enhancement Program

PROGRAM OVERVIEW

The Stock Yield Enhancement Program (SYEP) offers clients the opportunity to earn additional income on their full-paid shares by lending those shares to IBKR for on-lending to short sellers that are willing to pay to borrow them. 

Upon enrollment, Program activities are managed in their entirety by IBKR and require no actions on the part of participants.  These activities include the following:

- Identifying the shares in client accounts which borrowers are attempting to borrow;

- Establishing loans and returns;

- Paying interest (expressed as an interest accrual for activity statement reporting purposes) on cash collateral posted to a client’s account; and

- Reporting of loan activity, cash collateral transfers and income on the activity statements;

In contrast to the securities lending programs offered by others, IBKR provides complete transparency to the market rates, gross income earned from each transaction by IB and interest paid by to the client and IBKR. 

 

HOW IT WORKS

- Clients may enroll in the Program in Account Management (full details below). Activation generally takes place overnight. Eligible accounts include any IB LLC, IB Hong Kong, IB Canada, and IB-UK margin accounts, IB LLC, IB Canada, IB-UK or IB Hong Kong cash accounts with equity in excess of USD 50,000 are also eligible.

- Once activated, IBKR will review the inventory of eligible shares on a daily basis held by the client and use eligible shares to satisfy internal and external borrow demand. If the supply of eligible shares exceeds borrow demand, clients will be allocated loans on a pro rata basis (e.g. if aggregate supply is 20,000 shares and aggregate demand 10,000, each client will be eligible to have 50% of their shares loaned).

- At the end of each day that any loan is in place, IBKR will pay the client interest (presented as an interest accrual) on the cash collateral posted to the client’s account for the loan. IBKR will retain any amounts it earns from the loan in excess of the interest paid to the client. The details regarding the transaction, including the quantity of shares loaned, collateral amount, gross income earned by IBKR and interest accruing to the client are reflected on the daily activity statement. 

- Clients maintain full control of loaned shares with no impairment as to:

          * Market exposure ( i.e., will continue to recognize profit or loss consistent with stock price move);

          * The ability to sell at any time without prior notice;

          * Hedges (e.g., covered calls, protective puts);

          * The representation of holdings in statements and the trading platform; and

          * Cost basis 

 

SPECIAL CONSIDERATIONS

- Loaned shares may not be protected by SIPC, however, the cash collateral received for the loaned securities is segregated within the 15c3-3 Reserve Account and therefore subject to the same investment restrictions;

- The interest rate that IBKR pays for any given loan is subject to supply and demand considerations that are outside the control of IBKR and which are susceptible to change from one day to another without advance notice or limit as to the magnitude of change. The interest paid to participants will reflect such changes;

- Proxy voting rights on loaned shares are forfeited (rights go to borrower);

- Loaned shares are typically used to facilitate short sales and such transactions may affect the value of shares.

 

HOW TO ENROLL IN THE STOCK YIELD ENHANCEMENT PROGRAM

For enrollment in the latest Client Portal, please click on the below buttons in the order specified.

 

For enrollment via Classic Account Management, please click on the below buttons in the order specified.

 

For additional FAQs relating to the Yield Enhancement Program, click here.

 

Stock Yield Enhancement Program FAQs

What is the purpose of the Stock Yield Enhancement Program?
The Stock Yield Enhancement program provides customers with the opportunity to earn additional income on securities positions which would otherwise be segregated (i.e., fully-paid and excess margin securities) by permitting IBKR to lend out those securities to third parties. Customers who participate in the program will receive cash collateral to secure the return of the stock loan at its termination as well as interest on the cash collateral provided by the borrower for any day the loan exists.

 

What are fully-paid and excess margin securities?
Fully-paid securities are securities in a customer’s account that have been completely paid for. Excess margin securities are securities that have not been completely paid for, but whose market value exceeds 140% of the customer’s margin debit balance.

 

How is the income received by a customer on any given Stock Yield Enhancement Program loan transaction determined?
The income which a customer receives in exchange for shares lent depend upon loan rates established in the over-the-counter securities lending market. These rates can vary significantly not only by the particular security loaned but also by the loan date. In general, IBKR pays interest to participants on their cash collateral at a rate that approximates 50% of the amounts earned by IBKR for lending the shares. . For example, assume IBKR earns 15% annualized income from lending shares with a value of $10,000 and it posts $10,000 cash collateral to a participant’s account. The normal daily interest rate IB would pay to a participant on the cash collateral would be $2.08

 

How is the amount of cash collateral for a given loan determined?
The cash collateral underlying the security loan and used for determining interest payments is determined using standard industry convention whereby the closing price of the stock is multiplied by 102% and then rounded up to the nearest whole dollar. For example, a loan of 100 shares of a stock which closes at $59.24 would be equal to $6,100 ($59.24 * 1.02 = $60.4248; round to $61, multiply by 100).

 

How do long sales, transfers of securities lent via the IBKR Stock Yield Enhancement Program or un-enrollment affect interest?

Interest ceases to accrue on the next business day after the trade date (T+1). Interest also ceases to accrue on the next business day after the transfer input or un-enrollment date.

 

What are the eligibility requirements for participation in the IBKR Stock Yield Enhancement Program?
All IB LLC, IB UK, IB HK, and IB Canada margin accounts or IB LLC, IB UK (excluding SIPP accounts), IB HK and IB Canada cash accounts with equity over $50,000 at the time of application are eligible. IB Japan, IB Australia and IB India customers are not eligible. Japanese and Indian clients maintaining accounts with IB LLC are eligible.


In addition, Financial Advisor client accounts, fully disclosed IBroker clients and Omnibus Brokers who meet the above requirements can participate. In the case of Financial Advisors and fully disclosed IBrokers, the clients themselves must sign the agreements. For Omnibus Brokers, the broker signs the agreement.

 

Are IRA accounts eligible to participate in the Stock Yield Enhancement Program?
Yes.

 

Are partitions of IRA accounts managed by Interactive Brokers Asset Management eligible to participate in the Stock Yield Enhancement Program?
No.

 

Are UK SIPP accounts eligible to participate in the Stock Yield Enhancement Program?
No.

 

How do I enroll in the IBKR Stock Yield Enhancement Program?
Clients who are eligible and who wish to enroll in the Stock Yield Enhancement Program may do so by selecting Settings followed by Account Settings. Click the gear icon next to the words Trading Permissions. Check the box at the top of the page under Trading Programs that says Stock Yield Enhancement. Click CONTINUE and fill out any required agreements/disclosures.

 

What happens if equity in a participating cash account falls below the $50,000 qualifying threshold?
The cash account must meet this minimum equity requirement solely at the point of signing up for the program. If the equity falls below that level thereafter there is no impact upon existing loans or the ability to initiate new loans.

 

How does one terminate Stock Yield Enhancement Program participation?

Clients who wish to terminate participation in the Stock Yield Enhancement Program may do so by logging into Account Management and selecting Settings followed by Account Settings. Click the gear icon next to the words Trading Permissions. Remove the check from the box in the Trading Programs section titled Stock Yield Enhancement Program". Click CONTINUE and fill out any required agreements/disclosures. Requests to terminate are typically processed at the end of the day.

 

If an account signs up and un-enrolls at a later time, when can it be re-enrolled into the program?
After un-enrollment, the account may not re-enroll for 90 calendar days.

 

What types of securities positions are eligible to be lent?
Eligible securities include U.S. common stocks (exchange listed, PINK and OTCBB) and Canadian common stocks (exchange listed), ETFs, preferred stocks and corporate bonds. Municipal bonds, non-U.S. and non-Canadian securities are not eligible.

 

Is there any restriction on lending stocks which are trading in the secondary market following an IPO?
No, as long as IBKR is not part of the selling group.

 

How does IBKR determine the amount of shares which are eligible to be loaned?
The first step is to determine the value of securities, if any, which IBKR maintains a margin lien upon and can lend without client participation in the Stock Yield Enhancement Program. A broker who finances client purchases of securities via margin loan is allowed by regulation to loan or pledge as collateral that client’s securities in an amount up to 140% of the cash debit balance. For example, if a client maintaining a cash balance of $50,000 buys securities having a market value of $100,000, the debit or loan balance will be $50,000 and the broker holds a lien on 140% of that balance or $70,000 of securities. Any securities held by the client in excess of that amount are referred to as excess margin securities ($30,000 in this example) and are required to be segregated unless the client provides IB the authorization to lend through the Stock Yield Enhancement Program.

The debit balance is determined by first converting all non-USD denominated cash balances to USD and then backing out any short stock sale proceeds (converted to USD as necessary). If the result is negative then we free up 140% of that negative number. In addition, cash balances maintained in the commodities segment or for spot metals and CFDs are not considered.

EXAMPLE 1: Customer is long EUR 100,000 in a USD Base Currency account with a EUR.USD rate of 1.40. Customer purchases USD denominated stock valued at $112,000 (EUR 80,000 equivalent). All securities are deemed fully-paid as cash balance as converted to USD is a credit.

Component EUR USD Base (USD)
Cash 100,000 (112,000) $28,000
Long Stock   $112,000 $112,000
NLV     $140,000

EXAMPLE 2: Customer holds long USD of 80,000, long USD denominated stock of $100,000 and short USD denominated stock of $100,000. Long securities totaling $28,000 are deemed margin securities and the remainder of $72,000 excess margin securities. This is determined by subtracting the short stock proceeds from the cash balance ($80,000 - $100,000) and multiplying the resultant debit by 140% ($20,000 * 1.4 = $28,000)

Component Base (USD)
Cash $80,000
Long Stock $100,000
Short Stock ($100,000)
NLV $80,000

 

Will IBKR lend out all eligible shares?
There is no guarantee that all eligible shares in a given account will be loaned through the Stock Yield Enhancement Program as there may not be a market at an advantageous rate for certain securities, IBKR may not have access to a market with willing borrowers or IBKR may not want to loan your shares.

 

Are Stock Yield Enhancement Program loans made only in increments of 100?
No. Loans can be made in any whole share amount although externally we only lend in multiples of 100 shares. Thus the possibility exists that we would lend 75 shares from one client and 25 from another should there be external demand to borrow 100 shares.

 

How are loans allocated among clients when the supply of shares available to lend exceeds the borrow demand?
In the event that the demand for borrowing a given security is less than the supply of shares available to lend from participants in our Yield Enhancement Program, loans will be allocated on a pro rata basis (e.g. if aggregate supply is 20,000 and demand is 10,000, each client will be eligible to have 50% of his/her shares lent)

 

Are shares loaned only to other IBKR clients or to other third parties?
Shares may be loaned to any counterparty and is not limited solely to other IBKR clients.

 

Can the Stock Yield Enhancement Program participant determine which shares IBKR can lend?
No. The program is entirely managed by IBKR who, after determining those securities, if any, which IBKR is authorized to lend by virtue of a margin loan lien, has the discretion to determine whether any of the fully-paid or excess margin securities can be loaned out and to initiate the loans.

 

Are there any restrictions placed upon the sale of securities which have been lent through the Stock Yield Enhancement Program?
Loaned shares may be sold at any time, without restriction. The shares do not need to be returned in time to settle your sale of the share and proceeds from the sale are credited to the client’s account on the normal settlement date. In addition, the loan will be terminated on the open of the business day following the security sale date.

 

Can a client write covered calls against stock which has been loaned out through the Stock Yield Enhancement Program and receive the covered call margin treatment?
Yes. A loan of stock has no impact upon its margin requirement on an uncovered or hedged basis since the lender retains exposure to any gains or losses associated with the loaned position.

 

What happens to stock which is the subject of a loan and which is subsequently delivered against a call assignment or put exercise?
The loan will be terminated on T+1 of the action (trade, assignment, exercise) which closed or decreased the position.

 

What happens to stock which is the subject of a loan and which is subsequently halted from trading?
A halt has no direct impact upon the ability to lend the stock and as long as IBKR can continue to loan the stock, such loan will remain in place regardless of whether the stock is halted.

 

Can the cash collateral from a loan be swept to the commodities segment to cover margin and/or variation?
No. The cash collateral securing the loan never impacts margin or financing.

 

What happens if a program participant initiates a margin loan or increases an existing loan balance?
If a client maintains fully-paid securities which have been loaned through the Stock Yield Enhancement Program and subsequently initiates a margin loan, the loan will be terminated to the extent that the securities do not qualify as excess margin securities. Similarly, if a client maintaining excess margin securities which have been loaned through the program increases the existing margin loan, the loan may again be terminated to the extent that the securities no longer qualify as excess margin securities.

 

Under what circumstances will a given stock loan be terminated?
In the event of any of the following, a stock loan will be automatically terminated:

- If the client elects to terminate program participation
- Transfer of shares
- Borrowing of a certain amount against the shares
- Sale of shares
- Call assignment/put exercise
- Account closure

 

Do participants in the Stock Yield Enhancement Program receive dividends on shares loaned?
Yes. Stock Yield Enhancement Program shares that are lent out are segregated and IBKR will pay the dividend and not payment in lieu (PIL).

 

Do participants in the Stock Yield Enhancement Program retain voting rights for shares loaned?

No. The borrower of the securities has the right to vote or provide any consent with respect to the securities if the Record Date or deadline for voting, providing consent or taking other action falls within the loan term.

 

Do participants in the Stock Yield Enhancement Program receive rights, warrants and spin-off shares on shares loaned?

Yes. The lender of the securities will receive any rights, warrants, spin-off shares and distributions made on loaned securities.

 

How are loans reflected on the activity statement?

Loan collateral, shares outstanding, activity and income is reflected in the following 6 statement sections:


1. Cash Detail – details starting cash collateral balance, net change resulting from loan activity (positive if new loans initiated; negative if net returns) and ending cash collateral balance.

 

2. Net Stock Position Summary – for each stock details total Shares at IBKR, the number of Shares Borrowed, the number of Shares Lent and the Net Shares (=Shares at IBKR + Shares Borrowed - Shares Lent). 

 

3. IB Managed Securities Lent – lists for each stock loaned through the Stock Yield Enhancement Program the Quantity of shares loaned, the Interest Rate (%). 

 

4. IB Managed Securities Lent Activity – details the loan activity for each security including Loan Return Allocations (i.e., terminated loans); New Loan Allocations (i.e., initiated loans); the share Quantity; the Net Interest Rate (%); Interest Rate on Customer Collateral (%) and the Collateral Amount. 

 

5. IB Managed Securities Lent Activity Interest Details – details on an individual loan basis including the Interest Rate Earned by IBKR (%); the Income Earned by IBKR (represents the total income IBKR earns from the loan which is equal to {Collateral Amount * Interest Rate}/360); the Interest Rate on Customer Collateral (represents about half of the income IB earns on the loan) and Interest Paid to Customer (represents the interest income earned on a client’s collateral)

Note: This section will only be displayed if the interest accrual earned by the client exceeds USD 1 for the statement period.   

 

6. Interest Accruals – the interest income is accounted for here as an interest accrual and is treated as any other interest accrual (aggregated but only displayed as an accrual when exceeding $1 and posted to cash monthly). For year-end reporting purposes, this interest income will be reported on Form 1099 issued to U.S. taxpayers.

 

India Intra-Day Shorting Risk Disclosure

Interactive Brokers currently offers the ability to short sell stocks before taking delivery on an intra-day basis. In accordance with IB’s intra-day shorting rules, traders are required to deliver shares sold or close short stock positions prior to the end of the trading session. 

Should traders establish a short stock position intra-day and still hold the position ten minutes prior to the end of the trading session at 15:20 IST, Interactive Brokers may, on a best efforts basis, close the position on your behalf. If the position is not closed by the end of the day and the shares are not delivered by the customer before settlement, the loss on account of auction will be borne by the customer. Please note that prices in the auction market are highly variable and typically not favorable compared to the normal market.

It is important to note, IB will not take into consideration any closing orders for short stock positions placed by the customer which may still be working. If your account holds a short position ten minutes prior to the end of the trading session and you have placed working orders to close those positions, there is the possibility your closing order will execute and that IB will act to close out your short position.  In this situation you will be responsible for both executions and will need to manage your long position accordingly.

A fee of INR 2,000 will be charged for this manual processing in addition to any external penalties in the case of short stock positions resulting in auction trades.  As such, we strongly urge customers to monitor their positions and take appropriate action themselves in order to avoid this.

When I short a stock, when will the hard to borrow interest begin accruing?

Short positions will have a borrow interest/fee associated with them.

Borrow interest will begin being charged on a short position from short settlement date to buy-to-cover settlement date.

For example, you sell XYZ on Monday, and you close the position on Tuesday. Borrow interest would start to be charged upon Wednesday's settlement date (T+2). Interest would cease to be charged on Thursday, the settlement date (T+2) of the buy-to-cover order.

 

Why do I receive a notice of a potential buy-in of my short position when your Short Stock Availability List is showing shares available to borrow?

As background, the short stock availability list represents the inventory of shares which IBKR has available to lend and which other brokers have indicated that they have available to lend. While it is updated on a near real-time basis throughout the day for changes to IBKR's inventory and periodically throughout the day to reflect updates to the availability lists of other brokers, many brokers provide updates only once per day.


It should be noted that the purpose of the short stock availability list is to meet the broker's regulatory obligation that they have made a reasonable determination that a security can be borrowed in time for settlement three business days later. There is no regulatory requirement, in most instances, that the broker pre-borrow shares to effect delivery on a short sale prior to settlement and the requirement which this list serves to address is completely separate from the SEC rules which require that the broker force-close any short position having a delivery obligation subject to fail with the clearinghouse on any given day.


It is these rules which we are adhering to when we review your short positions relative to our settlement obligations with the clearinghouse each day. While the shares necessary to cover your short sale may have been available as of the date your trade took place and subsequently thereafter, there can be no assurance that those shares can be borrowed indefinitely. The inventory of available shares to borrow is dynamic and subject to change throughout a given day. When we believe that there is a reasonable chance that we will not be able to maintain your borrow position on a particular day, we will make every effort to provide you with a notice of those short positions which are likely to be bought in absent preemptive action on your part.

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