Добавление пользователей (не сотрудников) на частный счет

Overview: 

Держатели частных счетов могут добавить несколько пользователей на свой счет IB.  Держатель счета может добавить второго пользователя, зарегистрированного под своим именем, чтобы одновременно открывать 2 сессии в TWS (с обычным доступом и для соединения через API).  Кроме того, согласно Соглашению об ограниченной доверенности держатель счета может предоставить доступ 5 пользователям, не являющимся сотрудниками – например, членам семьи.  Каждому из них также может быть предоставлен доступ второго пользователя.

Каждому новому пользователю будет присвоен уникальный логин для входа в "Управление счетом" и выбранную торговую платформу.  Процедура добавления пользователя (не сотрудника) описана ниже (для поиска процедуры добавления второго пользователя для держателей частных счетов введите KB1004).

Background: 

Процедура добавления пользователей (не сотрудников): 

  1. Войдите в "Управление счетом".
  2. Выберите пункт меню Настройки и затем Настройки счета.
  3. Нажмите на значок шестеренки в разделе Права доступа пользователей.
  4. Нажмите на значок "+" в правом верхнем углу. Вы увидите страницу Добавить пользователя.
  5. Процедура добавления пользователя и предоставления прав доступа разделена на несколько этапов. Выполнив текущий этап, нажмите Продолжить для перехода на следующую страницу. Если Вы хотите внести изменения в предыдущем этапе, нажмите Назад.
    1. На первой странице введите данные пользователя, включая логин, пароль, имя, отношение к владельцу основного счета и адрес эл.почты.
    2. На следующем этапе Вы можете выбрать роль пользователя из сохраненных. Роли пользователя автоматически предоставляют новому пользователю набор ранее настроенных прав доступа. Выбрав роль, Вы можете пропустить все дополнительные окна и перейти на страницу предпросмотра.
    3. Дальше Вы можете предоставить новому пользователю права доступа к определенному набору функций, сгруппированных по аналогии с главным меню "Управления счетом": Настройки пользователя, Торговля, Отчетность, Финансирование и Настройки счета. В каждом окне отметьте функции, доступ к которым Вы хотели бы предоставить.
  6. На последней странице Вы сможете заново просмотреть всю пользовательскую информацию, включая права доступа. Предоставляемые новому пользователю права отмечены зеленым; остальные права отображаются зачеркнутыми. Если данные верны, нажмите Продолжить . Для внесения изменений нажмите Назад .
  7. Если Вы не подключены к "Системе безопасного входа" с двухфакторной аутентификацией, Вам на почту придет письмо с кодом подтверждения. Введите полученный по эл. почте код и нажмите Продолжить. Если вы не получили письмо, нажмите Запросить код подтверждения для отправки нового письма с кодом на Ваш эл. адрес.
  8. Для сохранения нового пользователя нажмите "OK", после чего он появится на панели "Пользователи" и в окне "Пользователи и права доступа", а также на панели "Пользователи и права доступа" в "Управлении счетом".

 

ВАЖНО ЗНАТЬ:

1. Согласно требованиям к поставщикам рыночных данных, основному пользователю счета будет начисляться дополнительная комиссия за подписку на рыночные данные за каждый добавленный счет пользователя. 

2. Держатели счета могут удалить счет пользователя нажав на ссылку удалить рядом с именем пользователя в Настройках счета  в пункте меню Пользователи и права доступа.

IB Australia Account Types and Products Offerings

Interactive Brokers Australia Pty Ltd (“IB Australia”), which holds an Australian Financial Services License (“AFSL” No. 453554), has been established. IB Australia is headquartered in Sydney and has been set up to provide services to our Australian clients. IB Australia clients, products and services have some unique characteristics when compared to the Interactive Brokers (“IBKR”) global account and product suite. The purpose of this document is to outline these characteristics of the IB Australia offering.

Account Types

IB Australia offers Cash accounts to Individual / Joint / Self-Managed Superannuation Fund (“SMSF”) account holders and both Cash and Margin accounts to Corporate clients (including corporate trust account holders). Please note, margin-enabled accounts are only currently available for Corporate accounts (including corporate trust accounts) that are classified as a Wholesale/Professional investor.

In the case of a Trust with multiple trustees in order to qualify for a margin-enabled account, none of the trustees may be a natural person (e.g. individual) (i.e. all trustees must be corporate entities) and all must be classified as a Wholesale/Professional investor. Click [Here] for more information on Australian Retail, Wholesale or Professional Investor Status.

Furthermore, margin accounts under IB Australia will employ a risk-based model to calculate margin requirements.

Cash Accounts

IB Australia offer three different types of cash accounts:

  • Investment account
  • Trading account
  • SMSF account (only available to Self-Managed Superannuation Fund)

Investment Account: Similar to the IBLLC Cash account model, the IB Australia Investment account does not allow you to short securities or to borrow funds, i.e. your account cannot have a debit balance. Moreover, only a limited number of options strategies will be available. This account is not eligible for reduced intraday Futures margin.

This account is available for all clients except SMSF clients.

Trading Account: While this is also a cash account that does not permit you to have a debit balance, you will be permitted to short stock and trade any of the available option strategies in the Trading Account, provided that you have the requisite trading experience and expertise, which is outlined [Here]. Further, Trading Accounts enable you to trade with unsettled funds.

If you currently have an Investment Account, you can submit a change of account type to change to a Trading Account by logging into the Client Portal > Settings > Account Settings > under Configuration, click the Configure tool next to Account Type. This may take 2-3 business days to review.

This account is available for all clients except SMSF clients.

SMSF: This is only available to SMSF clients. This is a cash account that does not permit you to short securities or to borrow funds, i.e. your account cannot have a debit balance. Moreover, only a limited number of options strategies will be available. This account is not eligible for reduced intraday Futures margin.

The options strategies that are available in the Investment Account and the SMSF account are as follows:

  • Long Call or Put
  • Covered Calls
  • Short Put
  • Call Spread; exdate(long) >= exdate(short)
  • Put Spread; exdate(long) >= exdate(short)
  • Long / Short Butterfly
  • Iron Condor

Margin Accounts

IB Australia offer two different types of margin accounts:

  • Leveraqed Trading account
  • Professional account

At this stage, IB Australia has decided to only offer margin-enabled accounts to a corporate entity which is NOT designated as a retail client (i.e. the account is either a wholesale or professional investor).

Leveraged Trading Account: If the eligible account holder qualifies as a wholesale client and has provided the completed wholesale booklet to IB Australia, you can request to upgrade to a Leveraged Trading Account. This account operates on a risk based margin model. Clients with this account have the capability to create portfolios to the maximum degree of risk taking /leverage allowed by IB Australia.

Professional Account: If the eligible account holder qualifies as a professional investor and has provided the completed professional investor booklet to IB Australia, you can request to upgrade to a Professional Account. This account runs on a risk based margin model. Clients with this account have the capability to create portfolios to the maximum degree of risk taking /leverage allowed by IB Australia.

Refer to this link for information regarding Australian regulatory status under IB Australia.

Please click [Here] to download the wholesale investor booklet, and click [Here] to download the professional investor booklet.

CFD Product Offering

As a client of IB Australia, provided that you have the requisite trading experience and expertise, which is outlined [Here], you will be able to trade all of exchange traded products available (including local and global stocks, options, futures, bonds, ETFs etc.) through IBKR’s award winning trading platform and software. In addition, you may also trade our Stock, Index and FX CFDs and Spot FX over the counter all within the one IB Australia account.

In addition, IB Australia issue Contracts for Difference (“CFDs”) over global shares, indices and FX. These are only available to IB Australia clients. For further information on IB Australia's products and services, please see our website.

Refer to this link for information on IBAU’s share CFDs.
Refer to this link for information on IBAU’s index CFDs.
Refer to this link for information on IBAU’s FX CFDs.

FX Offering

IB Australia can only support currencies in AUD, USD, EUR and GBP and you can convert between these currencies. If you have cash balances in currencies other than IBA supported currencies (AUD, USD, GBP or EUR) these will to be converted into your nominated base currency.

IBAU clients, when permissioned, can trade in any market available across the IBKR network, even those outside the 4 supported currencies above. However, upon your instruction for any market outside the 4 supported currencies, IB Australia will automatically execute Forex conversions to ensure non-supported cash balances be cleared.

For example, if an IB Australia client using a Cash account wishes to buy HKD denominated securities, as long
as the client has sufficient available funds, the trade is permitted. To settle the trade, IB Australia will convert the existing cash balances into HKD. Similarly at a later date, if the same client wishes to sell their HKD denominated securities, IB Australia would automatically convert the HKD proceeds to the base currency by day end, once again leaving no residual HKD cash balances.

If an IB Australia client using a margin account has any positive or negative cash balances outside of the 4 supported currencies, it will be automatically converted to base currency by day end.

ASX24

In order to ensure continued compliance with our regulatory obligations, IB Australia will NOT accept any other form of collateral except cash for the purposes of determining whether you can trade or hold ASX24 products. If the margin requirements of ASX24 products cannot be met using cash, your account will be subject to automated liquidation.

 

Interactive Brokers (U.K.) Limited – Классификация MiFID

Введение

Законодательный акт Евросоюза под названием Директива о рынках финансовых инструментов (MiFID) с поправками согласно MiFID II требует, чтобы компания Interactive Brokers (U.K.) Limited (IBUK) классифицировала каждого клиента как "Розничный", "Профессиональный" или "Правомочный контрагент" согласно своим данным, знаниям и опыту. 

Основываясь на правилах Инспекции по контролю за деятельностью финансовых организаций, IBUK относит большинство клиентов к разряду розничных, обеспечивая их повышенной защитой.
 
Только клиентам, являющимся поднадзорными юридическими лицами или фондами под управлением регулируемых администраторов, присваивается статус "Заведомо профессиональных клиентов".

К главным различиям в регулятивной защите профессиональных клиентов в отличие от розничных относятся:

1. Описание характера и рисков стандартизированных инвестиций: Фирма, предлагающая инвестиционные услуги в совокупности с другими услугами или продуктами или в качестве одного из условий соглашения с розничным клиентом, должна: (i) проинформировать розничных клиентов о том, могут ли риски, обусловленные данным соглашением, отличаться от рисков, сопряженных с его отдельными составляющими; и (ii) предоставить розничным клиентам надлежащее описание различных составляющих соглашения и того, как меняются риски при их взаимодействии. Вышеназванные требования не применимы к профессиональным клиентам, однако IBUK не будет делать подобного различия за исключением пункта 3 ниже.

2. Меры защиты инвесторов при работе с контрактами на разницу (CFD): Европейская служба по ценным бумагам и рынкам (ESMA) ввела меры вмешательства, касающиеся предоставления CFD-контрактов розничным клиентам. В эти меры входят: (i) ограничения кредитного плеча при открытии позиции, зависящие от волатильности андерлаинга; (ii) правило ликвидации согласно марже конкретного счета, которое стандартизирует процент маржи, обязующий поставщиков к закрытию одного или нескольких CFD-контрактов; (iii) защита счета от отрицательного баланса;
(iv) ограничение поощрительных программ по торговле CFD; и (v) стандартное предупреждение о рисках, включая процент убытков на счетах розничных клиентов у поставщика CFD. Вышеперечисленные требования не применимы к профессиональным клиентам.

3. Связь с клиентами: Фирма должна обеспечивать четкую, беспристрастную и понятную коммуникацию со всеми клиентами. Однако ее подход к общению с профессиональными клиентами (передача информации о компании, услугах, продуктах и вознаграждении) может отличаться от подхода к розничным. Обязанности фирмы касательно уровня детализации, формата и времени предоставления информации зависят от того, является ли клиент розничным или профессиональным. Требование о снабжении клиентов некоторыми документами по конкретным продуктам (например, ключевой информационной документацией (KID) об инвестиционных продуктах розничного и страхового бизнеса (PRIIP) не действует в отношении профессионалов.

4. Отчетность о снижении стоимости: Фирма, хранящая счета розничных клиентов, на которых имеются позиции по финансовым инструментам с кредитным плечом или транзакции с условными обязательствами, должна сообщать розничным клиентам о падении начальной стоимости каждого инструмента на 10 процентов и о последующих снижениях, кратных 10 процентам. Вышеназванные требования не применимы к профессиональным клиентам.

5. Уместность: При оценке уместности неконсультируемых услуг фирма может быть обязана определить, есть ли у клиента достаточные знания и опыт для понимания рисков, связанных с предлагаемым или запрашиваемым продуктом или сервисом. В случае такого требования у фирмы могут иметься основания полагать, что профессиональный клиент обладает необходимым опытом и знаниями, а поэтому понимает риски конкретных инвестиционных услуг и операций или типов транзакций/продуктов, в области которых он является профессионалом. Подобное предположение недопустимо по отношению к розничному клиенту, и оценка его знаний/опыта обязательна.
 

Компания IBUK предоставляет неконсультируемые услуги и в случае профессиональных клиентов не обязана запрашивать информацию или придерживаться тех же процедур оценки, что и при определении уместности конкретного продукта или сервиса для розничных клиентов. IBUK не должна предупреждать профессиональных клиентов, если ей не удается установить уместность какого-либо продукта или сервиса. 

6. Исключение ответственности: По правилам FCA способность фирм сузить или исключить какие-либо обязательства или ответственность более ограничена при работе с розничными клиентами.

7. Служба финансового омбудсмена (FOS): Услуги FOS в Великобритании могут быть недоступны профессиональному клиенту, если он, к примеру, не является потребителем, малым бизнесом или частным лицом, ведущим деятельность вне своей профессиональной, деловой или торговой сферы.

8. Компенсация: Компания IBUK участвует в Программе Великобритании по компенсации в сфере финансовых услуг (FSCS). В случае невыполнения IBUK своих обязательств Вы можете потребовать возмещение в рамках этой программы. Результат будет зависеть от характера Вашей деятельности и обстоятельств предъявленного запроса; компенсация предоставляется только определенным типам заявителей и применительно к конкретным типам бизнеса. Приемлемость компенсации определяется согласно правилам программы.
 

Смена категории клиента на профессионала

IBUK позволяет розничным клиентам запросить смену их категории на "Профессионал". Ваша классификация указана в "Управлении счетом", раздел Настройки > Настройки счета > Категория клиента MiFID. В этом же окне можно запросить переклассификацию по MiFID.

IBUK рассмотрит возможность смены категории розничного клиента на профессиональную в двух случаях:

1. Клиенты, заведомо являющиеся профессионалами, могут сообщить IBUK, что, по их мнению, должны были быть классифицированы как таковые согласно правилам FCA, поскольку соответствуют как минимум одному из нижеприведенных условий:

(i) имеет полномочия осуществлять операции на финансовых рынках; или

(ii) является крупным предприятием, отвечающим двум из следующих требований размера в рамках одной компании:

(а) общий баланс в EUR 20,000,000 (или эквивалент в другой валюте);
(б) чистый оборот в EUR 40,000,000 ;
(в) собственные средства в EUR 2,000,000;

(iii) институциональный инвестор, чьей основной деятельностью является инвестирование в финансовые инструменты. Это включает юридические структуры, занимающиеся преобразованием активов в ценные бумаги или другими финансовыми транзакциями.

2. IBUK может классифицировать клиента как "Профессионал по выбору", если квалификаций, опыта и знаний клиента будет достаточно, чтобы убедить IBUK, что он способен принимать собственные инвестиционные решения и понимает сопряженные риски ввиду природы рассматриваемых транзакций или услуг. Лица, не отвечающие требованиям вхождения в категорию клиентов, заведомо являющихся профессиональными, могут запросить статус "Профессионал по выбору".

Для подобной переклассификации розничный клиент должен предоставить доказательство того, что он удовлетворяет хотя бы двум (2) следующим критериям:

1. За последние четыре (4) квартала клиент вел торговлю финансовыми инструментами в значительных объемах со средней частотой в десять (10) сделок за квартал.

Определяя, был ли объем значительным, IBUK основывается на следующих факторах:

а. За последние четыре квартала произошло как минимум сорок (40) сделок; и
б. За каждый из последних четырех (4) кварталов была осуществлена хотя бы одна (1) сделка; и
в. Общая номинальная стоимость сорока (40) главных сделок за последние четыре (4) квартала превышает EUR 200,000; и
г. Чистая стоимость активов (NAV) счета превышает EUR 50,000.

В данном расчете не учитываются сделки по спот-FX и "обезличенным" (unallocated) внебиржевым металлам.

2. Клиент владеет портфелем финансовых инструментов (включая деньги), чья стоимость превышает EUR 500,000 (или эквивалент в другой валюте);

3. Клиент является независимым владельцем индивидуального счета или трейдером счета организации, занимавшем или занимающим профессиональную должность в сфере финансов, где необходимы знания о продуктах, которыми он торгует.

Рассмотрев и проверив предоставленные сведения и подтверждающие документы, IBUK переклассифицирует клиента, если все актуальные условия были выполнены.

Розничные клиенты, запрашивающие смену категории на "Профессионал", должны прочесть и понять предупреждение от IBUK, прежде чем смогут отправить запрос.

Смена категории на "Розничный клиент" Профессиональные клиенты могут запросить, чтобы их переклассифицировали как розничных, через вышеописанный раздел "Управления счетом" (Настройки > Настройки счета > Категория клиента MiFID).

За исключением поднадзорных юридических лиц или фондов под управлением регулируемых администраторов, которым присваивается статус "Заведомо профессиональных клиентов", IBUK принимает все такие запросы.

ПРЕДСТАВЛЕННЫЕ СВЕДЕНИЯ ПРЕДНАЗНАЧЕНЫ ИСКЛЮЧИТЕЛЬНО ДЛЯ КЛИЕНТОВ, ОСУЩЕСТВЛЯЮЩИХ КЛИРИНГ В INTERACTIVE BROKERS.
ВНИМАНИЕ! ВЫШЕУКАЗАННАЯ ИНФОРМАЦИЯ НЕ ЯВЛЯЕТСЯ ВСЕОБЪЕМЛЮЩИМ ИЛИ ИСЧЕРПЫВАЮЩИМ ТОЛКОВАНИЕМ УПОМЯНУТЫХ НОРМ, А ПРЕДСТАВЛЯЕТ СОБОЙ ОБЩИЙ ОБЗОР ПОЛИТИКИ IBUK ПО КЛАССИФИКАЦИИ И ПЕРЕКЛАССИФИКАЦИИ КЛИЕНТОВ.

 

 

Interactive Brokers (U.K.) Limited – MiFID Categorisation

Introduction

The European Union legislative act known as the Markets in Financial Instruments Directive, or MiFID, as amended by MiFID II, requires Interactive Brokers (U.K.) Limited (IBUK) to classify each Client according to their knowledge, experience and expertise: "Retail", "Professional" or "Eligible Counterparty". 

In accordance with the Financial Conduct Authority rules, IBUK categorises most clients as Retail clients, providing them with a higher degree of protection.
 
Only those clients that are either regulated entities or funds managed by regulated fund managers, are categorised as Per Se Professional Clients.

The main differences in regulatory protections afforded to Professional Clients as compared with Retails Clients are:

1. Description of the nature and risks of packaged investments: A firm that offers an investment service with another service or product or as a condition of the same agreement with a retail client must: (i) inform retail clients if the risks resulting from the agreement are likely to be different from the risks associated with the components when taken separately; and (ii) provide retail clients with an adequate description of the different components of the agreement and the way in which its interaction modifies the risks. The above requirements do not apply in respect of professional clients. However, IBUK will not make such differentiation apart from the case specified under point 3 below.

2. Investor protection measures on the provision of Contracts for Differences (“CFDs”): The European Securities and Markets Authority (“ESMA”) introduced product intervention measures on the provision of CFDs to retail investors. The measures include: (i) New leverage limits on the opening of a position, which vary according to the volatility of the underlying; (ii) A margin close out rule on a per account basis that standardises the percentage of margin at which providers are required to close out one or more open CFDs; (iii) Negative balance protection on a per account basis;
(iv) A restriction on the incentives offered to trade CFDs; and (v) A standardised risk warning, including the percentage of losses on a CFD provider’s retail investor accounts.The above requirements do not apply in respect of professional clients.

3. Communication with clients: A firm must ensure that its communications with all clients are fair, clear and not misleading. However, the way in which a firm may communicate with professional clients (about itself, its services and products, and its remuneration) may be different from the way in which the firm communicates with retail clients. A firm’s obligations in respect of the level of details, medium and timing of the provision of information are different depending on whether the client is a retail or professional client. The requirements to deliver certain product-specific documents, such as Key Information Documents (“KID”) for Packaged Retail and Insurance-based Investment Products (“PRIIPs”), are not applied to professional clients.

4. Depreciation in value reporting: A firm that holds a retail client account that includes positions in leveraged financial instruments or contingent liability transactions must inform the retail client, where the initial value of each instrument depreciates by 10 per cent and thereafter at multiples of 10 per cent. The above requirements do not apply in respect of professional clients.

5. Appropriateness: When assessing appropriateness for non-advised services, a firm may be required to determine whether the client has the necessary experience and knowledge in order to understand the risks involved in relation to the product or service offered or demanded. Where such an appropriateness assessment requirement applies in respect of a client, the firm may assume that a professional client has the necessary experience and knowledge in order to understand the risks involved in relation to those particular investment services or transactions, or types of transaction or product, for which the client is classified as a professional client. A firm may not make such an assumption for a retail client and must determine that a retail client does have the necessary level of experience and knowledge.
 

IBUK provides non-advised services and is not required to request information or adhere to the assessment procedures for a professional client when assessing the appropriateness of a given service or product as with a retail client, and IBUK may not be required to give warnings to the professional client if it cannot determine appropriateness with respect to a given service or product. 

6. Exclusion of liability: Firms’ ability to exclude or restrict any duty or liability owed to clients is narrower under the FCA rules in the case of retail clients than in respect of professional clients.

7. The Financial Services Ombudsman: The services of the Financial Ombudsman Service in the UK may not be available to professional clients, unless they are, for example, consumers, small businesses or individuals acting outside of their trade, business, craft or profession.

8. Compensation: IBUK is a member of the UK Financial Services Compensation Scheme. You may be entitled to claim compensation from that scheme if IBUK cannot meet its obligations to you. This will depend on the type of business and the circumstances of the claim; compensation is only available for certain types of claimants and claims in respect of certain types of business. Eligibility for compensation from the scheme is determined under the rules applicable to the scheme.
 

Re-categorisation as Professional Client

IBUK allows its Retail Clients to request to be re-categorised as Professional Clients. Clients are notified of their Client Category and can check it at any time from Account Management, under Settings> Account Settings> MiFID Client Category. From this same screen, Clients can also request to change their MiFID Category.

IBUK will consider re-categorising Retail Clients to Professional Clients in two instances:

1. Per Se Professional Clients can notify IBUK that they consider that they should have been categorised as Per Se Professionals under the FCA rules, because at least one of the following conditions applies:

(i) authorised or regulated to operate in the financial markets; or

(ii) a large undertaking meeting two of the following size requirements on a company basis:

(a) balance sheet total of EUR 20,000,000;
(b) net turnover of EUR 40,000,000;
(c) own funds of EUR 2,000,000;

(iii) an institutional investor whose main activity is to invest in financial instruments. This includes entities dedicated to the securitisation of assets or other financing transactions.

2. IBUK may treat Clients as Elective Professional Clients if, based on an assessment of the Client’s expertise, experience, and knowledge, IBUK is reasonably assured that, in light of the nature of the transactions or services envisaged, the Client is capable of making its own investment decisions and understand the risks involved. Clients who do not meet the requirements to be categorised as Per Se Professional Clients can still request to be categorised as Elective Professional Clients.

To obtain such re-categorisation, Retail Clients must provide evidence that they satisfy at least two (2) of the following criteria:

1. Over the last four (4) quarters, the Client conducted trades in financial instruments in significant size at an average frequency of ten (10) per quarter.

To determine the significant size IBUK considers the following:

a. During the last four quarters, there were at least forty (40) trades; and
b. During each of the last four (4) quarters, there was at least one (1) trade; and
c. The total notional value of the top forty (40) trades of the last four (4) quarters is greater than EUR 200,000; and
d. The account has a net asset value greater than EUR 50,000.

Trades in Spot FX and Unallocated OTC Metals are not considered for the purpose of this calculation.

2. The Client holds a portfolio of financial instruments (including cash) that exceeds EUR 500,000 (or equivalent);

3. The Client is an individual accountholder or a trader of an organisation account who works or has worked in the financial sector for at least one year in a professional position which requires knowledge of products it trades in.

Upon review and verification of the information and supporting evidence provided, IBUK will re-categorise clients if all relevant conditions are met to satisfaction.

Retail Clients requesting to be re-categorised as Professional Accounts must read and understand the warning provided by IBUK before the relevant request is submitted.

Re-categorisation as Retail Client Professional Clients can request IBUK to be re-categorised as Retail Clients, from the same Account Management page described above (under Settings> Account Settings> MiFID Client Category).

With the sole exception of regulated entities or funds managed by regulated fund managers, which are categorised as Per Se Professional Clients, IBUK accepts all such requests.

THIS INFORMATION IS GUIDANCE FOR INTERACTIVE BROKERS FULLY DISCLOSED CLEARED CUSTOMERS ONLY.
NOTE: THE INFORMATION ABOVE IS NOT INTENDED TO BE A COMPREHENSIVE, EXHAUSTIVE NOR A DEFINITIVE INTERPRETATION OF THE REGULATION, BUT A SUMMARY OF IBUK’S APPROACH TO CLIENT CATEGORISATION AND RE-CATEGORISATION POLICY.

 

 

Converting From an Individual to Trust Account

The process of converting from an individual account to a trust account is outlined below: 

1. As the trust account structure differs from that of the individual in terms of account holder information required, legal agreements and, in certain cases, taxpayer status, direct conversion is not supported and a new trust account application must be completed online.

The online trust application may be initiated by visiting www.ibkr.com and clicking the "Open Account" button. Be sure to request trading permissions and, if necessary, margin status, sufficient to maintain the positions currently carried in your individual account. Note that if your account is managed by a financial advisor or you are a client of an introducing broker, please contact your advisor or broker to initiate the new application (you may need to make arrangements with your advisor or broker for fees that have accrued but not yet paid when the individual account closes).

2. The trust account application requires Compliance review and approval and documentation evidencing the creation of the trust and proof of identity and address of trustees may also be required. If this is the case, notice as to the required documents and how to submit will be provided at the conclusion of the online application.

3. Once you have received an email confirming approval of the trust account application, send a request from your Message Center authorizing IB to manually transfer positions from your Individual to trust account. Prior to submitting the request you should make sure to close all open orders in the individual account to ensure that no executions take place following the transfer.

Due to the manual steps and scheduling required, you should allow a minimum of one week after trust account approval and submitting your request for the transfer to take effect.


IMPORTANT NOTES

1. Note that exchange regulations preclude ownership transfer of derivative contracts such as futures and options. If you are holding such positions you would either need to close them prior to the transfer taking place or request that they remain in your individual account.

2. Prior to processing the transfer, you should make sure to close all open orders in the individual account to ensure that no executions take place following the transfer.

3. The SMA (Special Memorandum Account) balance in your individual account will not transfer to the trust account. In certain cases this may impact your ability to open new positions in the trust account on the first day after the transfer is completed.

4. Elective options such as market data subscriptions and participation in IB's Yield Enhancement Program will not be carried over to the trust account and must be re-initiated to continue. Note that trusts are often classified as Professionals for market data subscription purposes which generally implies higher subscription rates than that for Non-Professionals.

5. The cost basis of transferred positions as reported in the activity statements will remain unchanged for tax purposes. The cost basis as reported in your trading platform (which is not used for tax reporting purposes) will not transfer over to the trust account but may be manually adjusted.

6. Once the transfer has been completed and assuming all positions have been transferred your individual account will be designated for automatic closure. Note that certain balances such as dividend accruals can’t be transferred until paid, after which they will then be transferred and your individual account closed.

7. You'll receive any applicable tax forms for the reportable activity transacted in each of your individual and trust accounts at year end. Access to Account Management for you individual account will remain after it has been closed for the purpose of reviewing and printing activity statements and tax forms.

8. IBKR does not provide tax advice or investment guidance and recommends that account holder consult with qualified professionals to determine any legal, tax or estate planning consequences associated with individual to trust transfer requests.
 

Free Riding Rule

In a cash account, an investor must pay for the purchase of a security (meaning, the trade must settle) prior to selling that security. If an investor buys a security and then sells that same security without paying for the security in full by settlement date, the investor is considered to be “free riding.” Accounts that commit free riding violations will be restricted for 90 days, during which time the account can only purchase securities using settled funds.

Free riding examples that would be considered a violation at Interactive Brokers

Example A:

1) On T, the account has settled cash of $10,000

2) On T, the account buys ABC for $10,000

3) On T+1, the account sells ABC and buys $10,000 of XYZ

4) The customer sells the XYZ shares without depositing sufficient funds to pay for the purchase of XYZ in full

 

Example B:

1) On T, the account has fully paid for stock in ABC and no excess cash

2) On T, the account sells $10,000 of ABC

3) On T, the account buys $10,000 of XYZ

4) On T+1, the account sells the XYZ shares without depositing sufficient funds to pay for the purchase of XYZ in full

 

The end of day surveillance process would consider both of these scenarios to be free riding violations, which would restrict the account to only purchase using settled funds for 90 days. IB has put certain controls in place to help prevent free riding violations.

 

Can I have more than two individuals on a joint account?

IB offers three types of joint accounts: Tenants with Rights of Suvivorship, Tenancy in Common and Community Property. Each of these joint account types is limited to two account holders.

Applicants interested in opening an account with muliple owners in excess of two may consider the corporate, partnrship, limited liability company or unincorporated legal structure account types offered by IB.  Note that documentation establishing proof of formation and address are generally required at the point of application.

Converting From a Single to Joint Account

The process of adding a second owner to an existing single account for purposes of converting to a joint account is outlined below:

1.       As the joint account structure differs from that of the individual in terms of account holder information required, legal agreements and, in certain cases, taxpayer status, direct conversion is not supported and a new joint account application must be completed online.
 
The joint application may be initiated online from the single account by logging into Account Management and clicking the Settings and Account Settings options followed by clicking the gear icon next to the words "Create, Move, Link or Partition an Account" in the Configuration section. This process will allow you to retain your existing user name, password and security device for purposes of operating the joint account. Be sure to request trading permissions and, if necessary, margin status, sufficient to maintain the positions currently carried in your individual account.  Note that if your account is managed by a financial advisor or you are a client of an introducing broker, please contact your advisor or broker to initiate the new application (you may need to make arrangements with your advisor or broker for fees that have accrued but not yet paid if the individual account closes).
 
The joint account application requires Compliance review and approval and documentation evidencing the identity and address of the second account holder may be required. If this is the case, notice as to the required documents and how to submit will be provided at the conclusion of the online application.
 
 
2.       Once you have received an email confirming approval of the joint account application, send a request from your Message Center authorizing IB to manually transfer positions from your single to joint account. Prior to submitting the request you should make sure to close all open orders in the individual account to ensure that no executions take place following the transfer.
 
Due to the manual steps and scheduling required, you should allow a minimum of one week after joint account approval and submitting your request for the transfer to take effect. 

 

IMPORTANT NOTES
 
1.       Note that exchange regulations preclude ownership transfer of derivative contracts such as futures and options. If you are holding such positions you would either need to close them prior to the transfer taking place or request that they remain in your individual account.
 
2.       Prior to processing the transfer, you should make sure to close all open orders in the individual account to ensure that no executions take place following the transfer.
 
3.       The SMA (Special Memorandum Account) balance in your individual account will not transfer to the joint account. In certain cases this may impact your ability to open new positions in the joint account on the first day after the transfer is completed.
 
4.       Elective options such as market data subscriptions and participation in IB's Yield Enhancement Program will not be carried over to the joint account and must be re-initiated to continue.
 
5.       The cost basis of transferred positions as reported in the activity statements will remain unchanged for tax purposes.  The cost basis as reported in your trading platform (which is not used for tax reporting purposes) will not transfer over to the joint account but may be manually adjusted.
 
6.       Once the transfer has been completed and assuming all positions have been transferred your individual account will be designated for automatic closure. Note that certain balances such as dividend accruals can’t be transferred until paid, after which they will then be transferred and your individual account closed.
 
7.       You'll receive any applicable tax forms for the reportable activity transacted in each of your individual and joint accounts at year end. Access to Account Management for you individual account will remain after it has been closed for the purpose of reviewing and printing activity statements and tax forms.
 
8.       IBKR does not provide tax advice or investment guidance and recommends that account holder consult with qualified professionals to determine any legal, tax or estate planning consequences associated with single to joint transfer requests.

Designation of Eligible Contract Participant

Account holders may designate their status as an Eligible Contract Participant (ECP) by completing an online questionnaire provided via Account Management.  In the case where the account holder has provided information via the application process which suggests that they meet the ECP financial and/or organizational qualifications (see KB2731), the questionnaire is posted online in Account Management.  If the information submitted at the point of application does not support ECP qualification, the account holder may update their information online to obtain the questionnaire.  Outlined below are the steps necessary to access the questionnaire.

 

Step 1. Determine if the ECP questionnaire has been posted to your account:

For individual accounts, log into Account Management and select the Manage Account, Account Information, and then Investor Category menu options. If you reported net worth in excess of the minimum qualifying threshold, you will be provided with the ECP questionnaire. Note that account holders reporting net worth below the ECP qualifying threshold may be provided with questionnaires for different investor categories (i.e., Accredited Investor).

For organization accounts, log into Account Management and select the Manage Account, Account Information, and then Investor Category menu options. If your organization is of a specified category (e.g., registered broker dealer, FCM) or reported net worth in excess of the minimum qualifying threshold, you will be provided with the ECP questionnaire. Note that organizations reporting net worth below the ECP qualifying threshold may be provided with questionnaires for different investor categories (i.e., Qualified Purchaser).

If the ECP questionnaire has been posted to your account, complete and acknowledge the document via electronic signature.  If the questionnaire has not been posted to your account, follow Step 2 below.

 

Step 2. Update your account information:

For individual and organization accounts, if your net worth exceeds the minimum qualifying threshold of $10 million, you may log into Account Management and select the Manage Account, Account Information, Details and then Financial Information menu options. Included on that page will be a section where account holders can update and confirm their financial information.  Note that updates to this information are subject to review by our Compliance Department prior to taking effect. Once changes have taken effect and, assuming those changes meet the qualifying threshold, the ECP questionnaire will be made available as noted in Step 1 above.

Eligible Contract Participant - Definition

IMPORTANT: Note that regulations are subject to change and clients are responsible for determining whether or not they qualify as an ECP. Please refer to "7 U.S. Code § 1a – Definitions" to ensure you are reviewing the most current definition of an ECP.

Account holders should take note of the below excerpt from the definition which is likely to be the most relevant.

(xi) an individual who has amounts invested on a discretionary basis, the aggregate of which is in excess of—
(I) $10,000,000; or
(II) $5,000,000 and who enters into the agreement, contract, or transaction in order to manage the risk associated with an asset owned or liability incurred, or reasonably likely to be owned or incurred, by the individual;

 

(18) Eligible contract participant
The term “eligible contract participant” means—
 
(A) acting for its own account—
 
(i)                  a financial institution;
 
(ii)                an insurance company that is regulated by a State, or that is regulated by a foreign government and is subject to comparable regulation as determined by the Commission, including a regulated subsidiary or affiliate of such an insurance company;
 
(iii)               an investment company subject to regulation under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) or a foreign person performing a similar role or function subject as such to foreign regulation (regardless of whether each investor in the investment company or the foreign person is itself an eligible contract participant);
 
(iv)       a commodity pool that—
(I) has total assets exceeding $5,000,000; and
(II) is formed and operated by a person subject to regulation under this chapter or a foreign person performing a similar role or function subject as such to foreign regulation (regardless of whether each investor in the commodity pool or the foreign person is itself an eligible contract participant) provided, however, that for purposes of section 2(c)(2)(B)(vi) of this title and section 2(c)(2)(C)(vii) of this title, the term “eligible contract participant” shall not include a commodity pool in which any participant is not otherwise an eligible contract participant;
 
(v)        a corporation, partnership, proprietorship, organization, trust, or other entity—
(I) that has total assets exceeding $10,000,000;
(II) the obligations of which under an agreement, contract, or transaction are guaranteed or otherwise supported by a letter of credit or keepwell, support, or other agreement by an entity described in subclause (I), in clause (i), (ii), (iii), (iv), or (vii), or in subparagraph (C); or
(III) that—
(aa) has a net worth exceeding $1,000,000; and
(bb) enters into an agreement, contract, or transaction in connection with the conduct of the entity’s business or to manage the risk associated with an asset or liability owned or incurred or reasonably likely to be owned or incurred by the entity in the conduct of the entity’s business;
 
(vi)       an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et seq.), a governmental employee benefit plan, or a foreign person performing a similar role or function subject as such to foreign regulation—
(I) that has total assets exceeding $5,000,000; or
(II) the investment decisions of which are made by—
(aa) an investment adviser or commodity trading advisor subject to regulation under the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.) or this chapter;
(bb) a foreign person performing a similar role or function subject as such to foreign regulation;
(cc) a financial institution; or
(dd) an insurance company described in clause (ii), or a regulated subsidiary or affiliate of such an insurance company;
(vii)
(I) a governmental entity (including the United States, a State, or a foreign government) or political subdivision of a governmental entity;
(II) a multinational or supranational government entity; or
(III) an instrumentality, agency, or department of an entity described in subclause (I) or (II); except that such term does not include an entity, instrumentality, agency, or department referred to in subclause (I) or (III) of this clause unless (aa) the entity, instrumentality, agency, or department is a person described in clause (i), (ii), or (iii) of paragraph (17)(A); (bb) the entity, instrumentality, agency, or department owns and invests on a discretionary basis $50,000,000 or more in investments; or (cc) the agreement, contract, or transaction is offered by, and entered into with, an entity that is listed in any of subclauses (I) through (VI) of section 2(c)(2)(B)(ii) of this title;
(viii)
(I) a broker or dealer subject to regulation under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) or a foreign person performing a similar role or function subject as such to foreign regulation, except that, if the broker or dealer or foreign person is a natural person or proprietorship, the broker or dealer or foreign person shall not be considered to be an eligible contract participant unless the broker or dealer or foreign person also meets the requirements of clause (v) or (xi);
(II) an associated person of a registered broker or dealer concerning the financial or securities activities of which the registered person makes and keeps records under section 15C(b) or 17(h) of the Securities Exchange Act of 1934 (15 U.S.C. 78o–5(b), 78q(h));
(III) an investment bank holding company (as defined in section 17(i) [2] of the Securities Exchange Act of 1934 (15 U.S.C. 78q(i)); [3]
 
(ix)       a futures commission merchant subject to regulation under this chapter or a foreign person performing a similar role or function subject as such to foreign regulation, except that, if the futures commission merchant or foreign person is a natural person or proprietorship, the futures commission merchant or foreign person shall not be considered to be an eligible contract participant unless the futures commission merchant or foreign person also meets the requirements of clause (v) or (xi);
 
(x)        a floor broker or floor trader subject to regulation under this chapter in connection with any transaction that takes place on or through the facilities of a registered entity (other than an electronic trading facility with respect to a significant price discovery contract) or an exempt board of trade, or any affiliate thereof, on which such person regularly trades; or
 
(xi)       an individual who has amounts invested on a discretionary basis, the aggregate of which is in excess of—
(I) $10,000,000; or
(II) $5,000,000 and who enters into the agreement, contract, or transaction in order to manage the risk associated with an asset owned or liability incurred, or reasonably likely to be owned or incurred, by the individual;
 
(B)
 
(i)                  a person described in clause (i), (ii), (iv), (v), (viii), (ix), or (x) of subparagraph (A) or in subparagraph (C), acting as broker or performing an equivalent agency function on behalf of another person described in subparagraph (A) or (C); or
 
(ii)        an investment adviser subject to regulation under the Investment Advisers Act of 1940 [15 U.S.C. 80b–1 et seq.], a commodity trading advisor subject to regulation under this chapter, a foreign person performing a similar role or function subject as such to foreign regulation, or a person described in clause (i), (ii), (iv), (v), (viii), (ix), or (x) of subparagraph (A) or in subparagraph (C), in any such case acting as investment manager or fiduciary (but excluding a person acting as broker or performing an equivalent agency function) for another person described in subparagraph (A) or (C) and who is authorized by such person to commit such person to the transaction; or
 
(C) any other person that the Commission determines to be eligible in light of the financial or other qualifications of the person.
 

 

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