Summary of Risks relating to Forex CFDs issued by Interactive Brokers Securities Japan, Inc.

Overview: 

This summary highlights the principal risks associated with trading Forex CFDs issued by IBSJ (“IB FXCFDs"). It is not a risk disclosure for regulatory purposes.

  • Trading of IB FXCFDs is not suitable for all investors, and you should not trade them unless you are an experienced investor with a high risk tolerance and the capability to sustain losses if they occur
  • The volatility of foreign exchange rates and interest rates may quickly cause significant losses. Forex CFDs employ leverage that further amplifies the volatility relative to your investment and you may lose more than you have invested. In addition, IB FXCFD roll over interest may turn from a credit to a debit due to changes in interest rates
  • You are required to maintain sufficient equity in your account at all times to cover IBSJs maintenance margin requirement. There are no grace-periods and IBSJ does not issue margin calls. Your equity is calculated in real time and should it become insufficient, IBSJ will immediately and automatically liquidate positions to bring your account into margin compliance. Real time liquidations aim to minimize the risk that your account equity becomes negative, but they cannot eliminate that risk. Should your equity become negative you are required to deposit additional funds to cover the deficit
  • The price IBSJ displays to you for IB FXCFDs is based on the prevailing foreign exchange market. However there is no guarantee for executions at that price. Slippage may occur for large trades or in fast moving markets and during heavily traded hours
  • Moreover, your ability to establish or close positions on a timely basis is not guaranteed. It may become difficult to display quotes during major holidays or during hours when foreign exchange trading is not active. IBSJ may display prices that deviate from a fair market due to system-malfunctions or failures, or erroneous quotes that IBSJ may receive from market participants or for other reasons (off-market prices). IBSJ will adjust or cancel trades executed with off-market prices
  • IB FXCFDs are over-the-counter trades between you and IBSJ. They are not traded on any exchange or cleared by any central counterparty. You are therefore exposed to counterparty risk and should IBSJ become insolvent you may not be able to fully recoup your investment, or at all

Please contact IBSJs Client Service Department should you have questions about the content of this summary and read the full risk disclosure carefully before commencing trading. The risk disclosure is available in Account Management when you request IB FXCFD trading permissions, and on IBSJs web site.

IB外汇差价合约 - 事实与常见问题

Overview: 
下方文章对IB英国发行的外汇差价合约(CFD)进行了总体介绍。
IB外汇差价合约覆盖了可做即期外汇交易的全部85个货币对,佣金和保证金率均与即期外汇相同。与即期外汇相比,外汇差价合约有着极具竞争力的融资模式,详细信息请见下文。
 
有关IB股票差价合约的信息,请点击 此处。有关指数差价合约的信息,请点击此处

风险警告
差价合约属于复杂金融产品,其交易存在高风险,由于杠杆的作用,可能会出现迅速亏损。

在通过IBKR(UK)交易差价合约时,有67%的零售投资者账户出现了亏损。

您应考虑自己是否理解差价合约的运作机制以及自己是否能够承受亏损风险。

ESMA差价合约规定(仅限零售客户)

欧洲证券与市场管理局(ESMA)颁布了新的差价合约规定,自2018年8月1日起生效。

新规包括:1) 开仓差价合约头寸的杠杆限制;2) 以单个账户为单位的保证金平仓规则;以及3) 以单个账户为单位的负余额保护规则;ESMA规定仅适用于零售客户。

专业客户不受影响。

请参见ESMA差价合约新规推行了解更多详细信息。

 

IBKR外汇差价合约特点

透明的直接市场接入(DMA)报价:IB收紧的点差与丰富的流动性源于14家全球最大外汇交易商的联合报价,这些交易商占有全球银行同业拆借市场的份额超过70%*。因此显示的报价低至0.1个点差(PIP)。IB不会标高报价,而是会将其接收到的价格直接传递给客户并单独收取低廉的佣金。

*来源:欧洲货币杂志外汇调查(Euromoney FX survey)外汇投票2016。

息差:外汇差价合约在展期时会反映相关货币对的基准利率差。这基本上与其他经纪商使用的隔夜利息(TOM Next)展期相似,但由于基准利率的波动性通常小于互换利率,该息差的稳定性更高。此外,IB还提供很低的融资点差,对主要货币对低至1.0%;对较大余额低至0.5%。波动较大的货币对融资点差也会更高。
 
IB外汇差价合约的息差是根据货币对特定基准和点差而确定的。基准为两种货币的IB基准利率之差。计算方法为 + 基础货币基准利率 – 报价货币基准利率。

例如,2016年4月21日,英镑基准利率为0.483%,美元基准利率为0.37%。则适用的基准利率为:

GBP.USD基准 +0.483% - 0.37% = +0.113%

适用的客户利率为货币对基准 – IB多头头寸点差,基准 + 空头头寸点差:

GBP.USD多头利率 +0.113% - 1.00% = -0.887%

GBP.USD空头利率 +0.113% + 1.00% = +1.113%

请注意,多头利率为贷项,空头利率为借项。因此,对于多头头寸,正利率意味着您会收到利息,负利率意味着您会被收取利息。而对于空头头寸,正利率意味着您会被收取利息,负利率意味着您会收到利息。

利率根据以报价货币表示的合约价值进行计算,并以该货币收取或支付利息。举例:

举例:

每日利息
  头寸 GBP.USD收盘价 USD价值 利率 USD
GBP.USD -20,000 1.43232 -28,646.40 1.113% -0.89

外汇差价合约余额利息基于合约单独计算,而不是与其他货币头寸(包括即期外汇)合并或总括计算。尽管IB不会直接引用互换利率,但IB保留在特殊市场条件下(如财年结束前后的互换利率迅速上升)应用较高点差的权利。

点击此处可查看详细的利率信息。
 
交易:IB外汇差价合约的交易与即期外汇完全一样,也支持同样的20多种定单类型和算法。IB外汇差价合约交易可在标准模式TWS或IB外汇交易者中进行。要在标准模式TWS或外汇交易者中找到想要交易的合约,请输入货币对(如EUR.USD)并在合约选择弹框中选择差价合约。
 
保证金:IB外汇差价合约保证金按合约针对每个货币对计算,
而不考虑账户中持有的其他外汇余额,包括即期外汇。主要货币对的保证金低至合约价值的2.5%。点击此处可查看所有货币对的详细信息。取决于具体货币对,零售客户须满足3.33%或5%的最低初始保证金。请参见ESMA差价合约新规推行了解详细信息。
 
佣金:IB会将其接收到的价格直接传递给客户并单独收取低廉的佣金。
我们之所以这样做是为了向客户提供透明的定价结构,而不是像许多外汇经纪商那样不收取佣金但标高报价。佣金阶梯根据月交易量来确定,从0.20到0.08个基点不等。外汇差价合约和即期外汇交易量都计入阶梯。
点击此处可查看详细信息。
 
交易许可:要交易外汇差价合约,您必须在账户管理中为外汇差价合约设置交易许可。适用条件与杠杆外汇相同。  请注意,外汇差价合约与其它差价合约一样均由IB英国承转,因此,如果您持有IB LLC账户,我们会提示您开立一个IB英国账户段。IB英国账户段会在您的当前账户号码后加上后缀“F”。 
 

交易举例(专业客户)

开仓

您以$1.16195的价格买入10手(200000)EUR.CHF差价合约,总计CHF 232,390,持有5天。

EUR.CHF外汇差价合约 – 新头寸
参考底层证券价格 1.16188 - 1.16195
差价合约参考价格 1.16188 - 1.16195
行动 买入
数量 200,000
交易价值 CHF 232,390.00
保证金(3% x 232,390) AUD 9,100

 

收取的利息(232,390瑞郎5天的利息)
第一阶梯(货币对BM 0.42% - IB点差1%) CHF 232,390.00 -0.58% (CHF 18.72)

平仓

平仓差价合约头寸
  盈利情境 亏损情境
参考底层证券价格 1.16840 - 1.16848 1.15539 - 1.15546
差价合约参考价格 1.16840 - 1.16848 1.15539 - 1.15546
行动 卖出 卖出
数量 200,000 200,000
交易价值 CHF 233,680.00 CHF 231,078.00
交易盈亏 CHF 1,290.00 (CHF 1,312.00)
融资 (CHF 18.72) (CHF 18.72)
开仓佣金0.002% (CHF 4.65) (CHF 4.65)
开仓佣金0.002% (CHF 4.67) (CHF 4.62)
总盈亏 CHF 1,261.96 (CHF 1,339.99)

差价合约的相关资源

下方链接可帮助您了解更多有关IB差价合约产品的详细信息:

 

常见问题

任何人都能交易IB外汇差价合约吗?

除美国、加拿大和香港的居民,其他所有客户都能交易IB差价合约。任何投资者类型都不能免于这一基于居住地的限制。

 

IB外汇差价合约和IB现金外汇之间的区别是什么?

IB现金外汇是一种带杠杆的现金交易,可实物交割货币对的两种货币。您的外汇交易相关余额会与您其他交易活动产生的其他余额合并,且您需根据每种货币的基准利率为这些合并余额支付利息或收取相关利息。

相比之下,IB外汇差价合约是一种提供仓位但不支持实物交割底层货币的合约,且您是根据合约的名义价值支付或收取利息的。合约的基准利率是两种底层货币的基准利率差额。这基本上与其他经纪商使用的隔夜利息(TOM Next)展期相似,但由于基准利率的波动性通常小于互换利率,该息差的稳定性更高。

请参见上方的息差部分查看详细举例。

 

有什么市场数据要求吗?

IB外汇差价合约的市场数据与杠杆外汇相同。其为全局许可且免费。

 

差价合约交易与头寸在报表中如何反映?

如果您在IB LLC持有账户,且您的差价合约头寸持有在单独的账户段(主账户号码加后缀“F”)中。您可选择单独查看F账户段的活动报表,也可以选择与主账户合并查看。您可在账户管理的报表窗口进行选择。

 

我可以采用与即期外汇一样的定单类型和算法交易外汇差价合约吗?我可以在外汇交易者中进行这种交易吗?

可以,交易是一样的。

 

IB指数差价合约 - 事实与常见问题

下方文章对IB发行的指数差价合约(CFD)进行了总体介绍。

有关IB股票差价合约的信息,请点击此处。有关外汇差价合约的信息,请点击此处

风险警告
差价合约属于复杂金融产品,其交易存在高风险,由于杠杆的作用,可能会出现迅速亏损。

在通过IBKR(UK)交易差价合约时,有67%的零售投资者账户出现了亏损。

您应考虑自己是否理解差价合约的运作机制以及自己是否能够承受亏损风险。

ESMA差价合约规定(仅限零售客户)
欧洲证券与市场管理局(ESMA)颁布了新的差价合约规定,自2018年8月1日起生效。

新规包括:1) 开仓差价合约头寸的杠杆限制;2) 以单个账户为单位的保证金平仓规则;以及3) 以单个账户为单位的负余额保护规则;

ESMA新规仅适用于零售客户。专业客户不受影响。

请参见ESMA差价合约新规推行了解更多详细信息。

简介

IB指数差价合约是一种能够提供市场指数的回报率的合约。换句话说,差价合约是买家(您)与IB就交易某种指数的当前价值与未来价值之差额而达成的协定。如果您持有多头头寸,且差额为正,则IB会付钱给您。而如果差额为负,则您应向IB付钱。

IB指数差价合约通过您的保证金账户进行交易,因此您可建立多头以及空头杠杆头寸。

IB指数差价合约   佣金  
合约 IB代码 每笔交易 每笔定单最低 货币 乘数*
US 500 IBUS500 0.005% 1.00 USD 1
US 30 IBUS30 0.005% 1.00 USD 1
US Tech 100 IBUST100 0.010% 1.00 USD 1
           
UK 100 IBGB100 0.005% 1.00 GBP 1
EURO 50 IBEU50 0.010% 1.00 EUR 1
GERMANY 30 IBDE30 0.005% 1.00 EUR 1
FRANCE 40 IBFR40 0.010% 1.00 EUR 1
SPAIN 35 IBES35 0.010% 1.00 EUR 1
NETHERLANDS 25 IBNL25 0.010% 1.00 EUR 1
SWITZERLAND 20 IBCH20 0.010% 1.00 CHF 1
           
JAPAN 225 IBJP225 0.010% 40.00 JPY 1
HONG KONG 50 IBHK50 0.010% 10.00 HKD 1
AUSTRALIA 200 IBAU200 0.010% 1.00 AUD 1
*乘以指数等级          

指数差价合约的价格直接与交易所报出的相关期货的价格有关。指数差价合约的价格会追踪相关期货的价格变动,但这两个价格之间存在利息和股息的差异(经公允价值调整)。

举例(真实报价):

29-Jan-15 IBDE 30         DAX Mar'15    
时间 买价  卖价 价差 变化   买价  卖价 价差 变化
10:10:04 10706.69 10707.19 0.5     10710.00 10710.50 0.5  
10:10:11 10704.19 10705.19 1 -2.5   10707.50 10708.50 1 -2.5
10:10:19 10709.19 10709.69 0.5 5.0   10712.50 10713.00 0.5 5.0
10:10:27 10710.19 10710.69 0.5 1   10713.50 10714.00 0.5 1
10:10:33 10709.69 10710.69 1 -0.5   10713 10714 1 -0.5

IB指数差价合约定价:IB指数差价合约追踪相关期货,且经公允价值调整。综合指数水平与现金指数非常接近,但在某些方面有差别,具体见下方解释。

在期货市场中,公允价值是期货合约的均衡价格。该价格考虑以下因素:即,投资者支付合理水平的利息,及投资者由于持有期货而非底层股票放弃股息所应获得的补偿。

通过以下方法调整现金指数,并考虑到期前剩余的时间确定公允价值:

现金指数价值 + 利息 - 股息 = 期货的公允价值

要确定IB指数差价合约的价值,我们将该过程反过来操作:

实际期货价格 - 利息 + 股息 = IB指数差价合约的价值

计算结果不一定等于现金指数的价值。这是因为计算起点是期货的实际价格,而期货的交易价格可能高于或低于其公允价值。

确定综合指数的水平后,差价合约的实际报价显示的价差和价格将反映底层期货的价差和价格。IB收取佣金而非扩大价差,这使客户得以透明地比较指数差价合约和相关期货的回报率。

 

低廉的佣金和融资利率:与其他指数差价合约供应商不同的是,IB收取透明的佣金,而非通过扩大相关期货的价差牟利。视指数的不同,佣金比例仅为0.005% - 0.01%。隔夜融资利率仅为基础利率+/- 1.5%。

 
透明的报价:由于IB不扩大价差,指数差价合约的报价能准确地反映相关期货的价差及价格变动情况,且不存在重新报价。所见即所得。
 
灵活地进入主要市场: IB指数差价合约覆盖了美国、欧洲和亚太地区的主要指数。最小交易单位可以是一单位的指数,即相关期货尺寸的一部分。与相关期货不同的是,指数差价合约无需展期。您可于中欧标准时间09:00 - 22:00点交易所有的欧洲和美国IB指数差价合约。
 
保证金效率: IB指数差价合约的保证金要求和相关期货一样都很低,且根据合约尺寸调整(最低为5%)。取决于具体指数,零售客户须满足5%或10%的最低初始保证金。请参见ESMA差价合约新规推行了解详细信息。
 
此外,IB还为指数差价合约设置了与相关期货合约一样的日内保证金率。日内保证金率一般为隔夜保证金率的50%,其时间跨度为自流动性交易时段开始,至流动性交易收盘前的15分钟。无论是日内还是隔夜,零售客户都须满足ESMA最低保证金要求。

IB代码 流动性交易时间 总交易时间 时区
IBUS500 09:30 - 16:00 03:00 - 16:00 EST
IBUS30 09:30 - 16:00 03:00 - 16:00 EST
IBUST100 09:30 - 16:00 03:00 - 16:00 EST
       
IBGB100 08:00 - 16:30 08:00 - 21:00 GMT
IBEU50 09:00 - 22:00 09:00 - 22:00 CET
IBDE30 09:00 - 22:00 09:00 - 22:00 CET
IBFR40 09:00 - 18:15 09:00 - 22:00 CET
IBES35 09:00 - 17:35 09:00 - 20:00 CET
IBNL25 09:00 - 17:30 09:00 - 22:00 CET
IBCH20 09:00 - 17:27 09:00 - 22:00 CET
       
IBJP225 09:00 - 15:00 09:00 - 15:00 JST
IBHK50 09:30 - 16:00 09:30 - 16:00 HKT
IBAU200 10:00 - 16:00 10:00 - 16:00 EDT

保证金交易风险很高,资金损失可能超过您的入金数额。

 
股息调整: 基于各指数成分股的一般股息调整。股息在除息日计提并按T + 2结算。
 
公司行动调整:不适用于差价合约。公司行动在指数水平中反映
  
交易许可:与股票差价合约相同
 
市场数据许可:指数差价合约的市场数据免费,但系统要求客户获得许可。

 

交易举例(专业客户):

开仓

您以23,534.48美元的价格买入10张IBUS30差价合约,总计235,344.80美元,之后持有5天。

IBUS30指数差价合约 – 新头寸
参考底层证券价格 23,465 - 23,466
差价合约参考价格 23,533.48 - 23,534.48
行动 买入
数量 10
交易价值 USD 235,344.80
保证金(5%) AUD 15,393.00

 

适用利率等级(AUD 235,344.80,5天)
固定利息(美元Libor + 1.5%) USD 235,344.80 2.684% (USD 87.73)

平仓

平仓差价合约头寸
  盈利情境 亏损情境
参考底层证券价格 23,627 - 23,628 23,303 - 23,304
差价合约参考价格 23,693.34 - 23,694.34 23,369.34 - 23,370.34
行动 卖出 卖出
数量 10 10
交易价值 USD 236,933.40 USD 233,693.40
交易盈亏 USD 1,588.60 (USD 1,651.40)
融资 (USD 87.73) (USD 87.73)
开仓佣金0.005% (USD 11.77) (USD 11.77)
平仓佣金0.005% (USD 11.85) (USD 11.68)
总盈亏   USD 1,477.25 (USD 1,762.58)

 

差价合约的相关资源

下方链接可帮助您了解更多有关IB差价合约产品的详细信息:

差价合约产品列表

差价合约佣金

差价合约融资利率

差价合约保证金要求

差价合约公司行动

还可参看以下视频教程:

如何在TWS中进行差价合约交易

常见问题

哪些指数可进行差价合约交易?

美国、欧洲和亚太市场的主要指数。详情请见差价合约产品列表

你们是否提供商品的差价合约?

目前IB不提供商品的差价合约交易。

你们如何确定指数差价合约的报价?

IB指数差价合约追踪相关期货,且经公允价值调整。指数差价合约实际上反映的是综合指数水平,而综合指数水平与现金指数非常接近,但在某些方面有差别,具体见下方解释。

在期货市场中,公允价值是期货合约的均衡价格。该价格考虑以下因素:即,投资者支付合理水平的利息,及投资者由于持有期货而非底层股票放弃股息所应获得的补偿。

通过以下方法调整现金指数,并考虑到期前剩余的时间确定公允价值:

现金指数价值 + 利息 - 股息 = 期货的公允价值

要确定IB指数差价合约的价值,我们将该过程反过来操作:

实际期货价格 - 利息 + 股息 = IB指数差价合约的价值

计算结果不一定等于现金指数的价值。这是因为计算起点是期货的实际价格,而期货的交易价格可能高于或低于其公允价值。

确定综合指数的水平后,差价合约的实际报价显示的价差和价格将反映底层期货的价差和价格。IB收取佣金而非扩大价差,这使客户得以透明地比较指数差价合约和相关期货的回报率。

你们如何确定指数差价合约的保证金?

保证金的计算方法与相关期货一样,且会根据尺寸调整,包括提供日内较低比例。详情请见差价合约保证金要求。取决于具体指数,零售客户须满足5%或10%的最低初始保证金。请参见ESMA差价合约新规推行了解详细信息。

空头指数差价合约要强制补仓吗?

不要。鉴于参照的金融产品为期货,不论股票是否可借到,指数差价合约均不受影响。

IB如何处理股息和公司行动?

指数水平本身会反映公司行动的影响,因此无需直接对差价合约做
调整。然而指数差价合约会结合股息做调整,因为其底层期货通常基于价格指数。IB目前提供的指数差价合约中唯一的特例是德国30指数差价合约(IBDE30),该产品基于总回报指数。

要了解概述信息,请参见差价合约公司行动

任何人都能交易IB差价合约吗?

除美国、加拿大、香港、新西兰和以色列的居民,其他所有客户都能交易IB差价合约。任何投资者类型都不能免于这一基于居住地的限制。

我需要做什么才可以开始在IB交易差价合约?

您需要在账户管理中设置差价合约交易许可,并同意相关交易披露。交易许可同时覆盖指数和股票差价合约。随后IB将设置一个新的账户板块(即您当前的账户号码加上后缀“F”)。设置确认后您便可以开始交易了。您无需单独为F账户注资,资金会从您的主账户自动转入以满足差价合约保证金要求。

有什么市场数据要求吗?

IB指数差价合约的市场数据免费,但系统要求您订阅该数据。与外汇交易许可一样,该许可为全局许可,因此您只需订阅一次。要进行订阅,请登录账户管理,并依次点击以下标签:设置/使用者设置/交易平台/市场数据订阅。或者,您也可在TWS报价监控面板中添加一个指数差价合约,然后点击报价行上出现的“市场数据订阅管理”按钮。

差价合约交易与头寸在报表中如何反映?

您的差价合约头寸持有在单独的账户板块中,该账户板块以您的主账户号码加上后缀“F”加以区分。您可以选择单独查看F板块的活动报表,也可以选择与主账户合并查看。您可在账户管理的报表窗口进行选择。

我可以从其他经纪商处转入差价合约头寸吗?

目前IB不支持指数差价合约转移服务。但IB很乐意帮您转移股票差价合约的头寸。因差价合约头寸转账比股票头寸转账更为复杂,我们通常要求头寸不低于10万美元等值。

在IB交易差价合约有什么账户保护?

差价合约以IB英国作为您的交易对方,不是在受监管的交易所进行交易,也不是在中央结算所进行结算。因IB英国是您差价合约交易的对方,您会面临与IB英国交易相关的财务和商业风险,包括信用风险。但请注意,所有客户资金永远都是完全隔离的,包括对机构客户。IB英国是英国金融服务补偿计划(“FSCS”)参与者。IB英国不是美国证券投资者保护公司(“SIPC”)成员。请参见IB英国差价合约风险披露文件,了解有关差价合约交易风险的详细信息。

何种IB账户可交易差价合约(如个人、朋友和家庭、
机构)?

所有保证金账户均可进行差价合约交易。现金账户和SIPP账户不能。

在某一特定差价合约中我最多可持有多少头寸?

我们对头寸没有预设的尺寸限制,但请注意指数差价合约有交易尺寸限制。请参见本文件开始的表格,获取详细信息。

我能否通过电话交易差价合约?

不能。在极端情况下我们可能同意通过电话处理平仓定单,但绝不会通过电话处理开仓定单。

 

IBKR股票差价合约概述

下方文章对IBKR发行的股票差价合约(CFD)进行了总体介绍。

有关IBKR指数差价合约的信息,请点击此处。有关外汇差价合约的信息,请点击此处

涵盖主题如下:

I.   差价合约定义
II.   差价合约与底层股票之比较
III. 成本与保证金
IV. 范例
V.   差价合约的相关资源
VI. 常见问题

 

风险警告

差价合约属于复杂金融产品,其交易存在高风险,由于杠杆的作用,可能会出现迅速亏损。

在通过IBKR(UK)交易差价合约时,有67%的零售投资者账户出现了亏损。

您应考虑自己是否理解差价合约的运作机制以及自己是否能够承受亏损风险。

ESMA差价合约规定(仅限零售客户)

欧洲证券与市场管理局(ESMA)颁布了新的差价合约规定,自2018年8月1日起生效。

新规包括:1) 开仓差价合约头寸的杠杆限制;2) 以单个账户为单位的保证金平仓规则;以及3) 以单个账户为单位的负余额保护规则;

ESMA新规仅适用于零售客户。专业客户不受影响。

请参见ESMA差价合约新规推行了解更多详细信息。

I. 股票差价合约定义

IBKR差价合约是场外交易合约,提供底层股票的收益,包括股息与公司行动(了解更多有关差价合约公司行动的信息)。

换句话说,这是买家(您)与IBKR就交易一只股票当前价值与未来价值之差额而达成的协定。如果您持有多头头寸,且差额为正,则IBKR会付钱给您。而如果差额为负,则您应向IBKR付钱。

IBKR股票差价合约通过您的保证金账户进行交易,因此您可建立多头以及空头杠杆头寸。差价合约的价格即是底层股票的交易所报价。实际上,IBKR差价合约报价与股票的智能传递报价(可在TWS中查看)相同,且IBKR提供直接市场接入(DMA)。与股票类似,您的非适销(即限价)定单会使底层对冲直接呈现在其进行交易之交易所的深度定单册中。 这也意味着您可以下单以底层买价买入差价合约或以底层卖价卖出差价合约。

要将IBKR透明的差价合约模型与市场上其他差价合约进行比较,请参见我们的差价合约市场模型概述

IBKR目前提供约7100只股票差价合约,覆盖美国、欧洲和亚洲的主要市场。下表所列的主要指数其成分股目前都可做IBKR股票差价合约。在许多国家,IBKR还可供交易高流动性小盘股。这些股票自由流通量调整市值至少为5亿美元,每日交易量中间值至少为60万美元。 详情请见差价合约产品列表。不久将会增加更多国家。

美国 标普500、道琼斯股价平均指数、纳斯达克100、标普400中盘股、高流动性小盘股
英国 富时350 + 高流动性小盘股(包括IOB)
德国 Dax、MDax、TecDax + 高流动性小盘股
瑞士 斯托克欧洲600指数(48只股票)+ 高流动性小盘股
法国 CAC大盘股、CAC中盘股 + 高流动性小盘股
荷兰 AEX、AMS中盘股 + 高流动性小盘
比利时 BEL 20、BEL中盘股 + 高流动性小盘
西班牙 IBEX 35 + 高流动性小盘股
葡萄牙 PSI 20
瑞典 OMX斯德哥尔摩30指数 + 高流动性小盘股
芬兰 OMX赫尔辛基25指数 + 高流动性小盘股
丹麦 OMX哥本哈根30指数 + 高流动性小盘股
挪威 OBX
捷克 PX
日本 日经225指数 + 高流动性小盘股
香港 恒生指数 + 高流动性小盘股
澳大利亚 ASX 200指数 + 高流动性小盘股
新加坡* 海峡时报指数 + 高流动性小盘股
南非 Top 40 + 高流动性小盘股

 *对新加坡居民不可用

II.   差价合约与底层股票之比较

取决于您的交易目标和交易风格,差价合约相对于股票有着许多优势,但也存在一些不足之处:
 
IBKR差价合约的优势 IBKR差价合约的缺点
无印花税和金融交易税(英国、法国、比利时) 无股权
佣金和保证金利率通常比股票低 复杂公司行动并不总能完全复制
股息享受税务协定税率,无需重新申请 收益的征税可能与股票有所不同(请咨询您的税务顾问)
不受即日交易规则限制  

III. 成本与保证金

在欧洲股票市场,IBKR差价合约可以比IB极具竞争力的股票产品更加高效。

首先,IBKR差价合约佣金比股票低,且有着与股票一样低的融资点差:

欧洲   差价合约 股票
佣金 GBP 0.05% 英镑6.00 + 0.05%*
EUR 0.05% 0.10%
融资** 基准+/- 1.50% 1.50%

*每单 + 超出5万英镑部分的0.05%
**对于差价合约是总头寸价值的融资;对于股票是借用金额的融资

交易量更大时,差价合约佣金会变得更低,最低至0.02%。头寸更大时,融资利率也会降低,最低至0.5%。 详情请参见差价合约佣金差价合约融资利率

其次,差价合约的保证金要求比股票低。零售客户须满足欧洲监管机构ESMA规定的额外保证金要求。请参见ESMA差价合约新规推行了解详细信息。

  差价合约 股票
  所有 标准 投资组合保证金
维持保证金要求*

10%

25% - 50% 15%

*蓝筹股特有保证金。零售客户最低初始保证金要求为20%。股票标准的25%日内维持保证金,50%隔夜保证金。 显示的投资组合保证金为维持保证金(包括隔夜)。波动较大的股票保证金要求更高

请参见CFD保证金要求了解更多详细信息。


IV. 范例(专业客户)

让我们来看一下例子。联合利华在阿姆斯特丹的挂牌股票在过去一个月(2012年5月14日前20个交易日)回报率为3.2%,您认为其会继续有良好表现。您想建立20万欧元的仓位,并持仓5天。您以10笔交易建仓并以10笔交易平仓。您的直接成本如下:

股票

  差价合约 股票
200,000欧元头寸   标准 投资组合保证金
保证金要求 20,000 100,000 30,000
佣金(双向) 200.00 400.00 400.00
利率(简化) 1.50% 1.50% 1.50%
融资金额 200,000 100,000 170,000
融资天数  5 5 5
利息支出(1.5%的简化利率) 41.67 20.83 35.42
总计直接成本(佣金+利息) 241.67 420.83 435.42
成本差额   高74% 高80%

注意:差价合约的利息支出根据总的合约头寸进行计算,而股票的利息支出则是根据借用金额进行计算。股票和差价合约的适用利率相同。

 

但是,假设您只有2万欧元可用来做保证金。如果联合利华继续上月的表现,您的潜在盈利比较如下:  

杠杆回报 差价合约 股票
可用保证金 20,000 20,000 20,000
总投入 200,000 40,000 133,333
总收益(5天) 1,600 320 1,066.66
佣金 200.00 80.00 266.67
利息支出(1.5%的简化利率) 41.67 4.17 23.61
总计直接成本(佣金+利息) 241.67 84.17 290.28
净收益(总收益减去直接成本) 1,358.33 235.83 776.39
保证金投资金额回报 0.07 0.01 0.04
差额   收益少83% 收益少43%

 

杠杆风险 差价合约 股票
可用保证金 20,000 20,000 20,000
总投入 200,000 40,000 133,333
总收益(5天) -1,600 -320 -1,066.66
佣金 200.00 80.00 266.67
利息支出(1.5%的简化利率) 41.67 4.17 23.61
总计直接成本(佣金+利息) 241.67 84.17 290.28
净收益(总收益减去直接成本) -1,841.67 -404.17 -1,356.94
差额   损失少78% 损失少26%

 

V.   差价合约相关资源

下方链接可帮助您了解更多有关IBKR差价合约产品的详细信息:

差价合约参数

差价合约产品列表

差价合约佣金

差价合约融资利率

差价合约保证金要求

差价合约公司行动

还可参看以下视频教程:

如何在TWS中进行差价合约交易

 

VI. 常见问题

什么股票可进行差价合约交易?

美国、西欧、北欧与日本的大盘和中盘股股票。许多市场上的高流动性小盘股也可以。请参见差价合约产品列表了解更多详细信息。不久将会增加更多国家。

 

IB提供股票指数和外汇的差价合约吗?

是的。请参见IBKR指数差价合约 - 事实与常见问题以及外汇差价合约 - 事实与常见问题

 

IB如何确定股票差价合约报价?

IBKR差价合约报价与底层股票的智能传递报价相同。IBKR不会扩大价差或与您对赌。要了解更多信息,请参见差价合约市场模型概述

 

我能看到自己的限价定单反映在交易所中吗?

是的。IBKR提供直接市场接入(DMA),这样您的非适销(即限价)定单会使底层对冲直接呈现在其进行交易之交易所的深度定单册中。这也意味着您可以下单以底层买价买入差价合约或以底层卖价卖出差价合约。此外,如果其他客户的定单以优于公开市场的价格与您的定单交叉,您还可能会获得价格改善。

 

IB如何确定股票差价合约的保证金?

IBKR根据每只底层股票的历史波动率建立了基于风险的保证金要求机制。最低保证金为10%。 大多数IBKR差价合约都应用该保证金率,这使差价合约在大多数情况下都比底层股票交易更具效率。 零售客户须满足欧洲监管机构ESMA规定的额外保证金

要求。 请参见ESMA差价合约新规推行了解详细信息。单个差价合约头寸之间或差价合约与底层股票头寸之间没有投资组合抵消。集中头寸和超大头寸可能需要准备额外的保证金。请参见差价合约保证金要求了解更多详细信息。

 

空头股票差价合约会要强制补仓吗?

是的。如果底层股票很难或者根本不可能借到,则空头差价合约头寸的持有者将需要进行补仓。

 

IB如何处理股息和公司行动?

IBKR通常会为差价合约持有者反映公司行动的经济效应,就好像他们一直持有着底层证券一样。股息会表现为现金调整,而其他行动则会通过现金或头寸调整表现。例如,如果公司行动导致股票数量发生变化(如股票分隔和逆向股票分隔),差价合约的数量也会相应地进行调整。如果行动导致产生新的上市实体,且IBKR决定将其股票作为差价合约交易,则需要创建适当数量之新的多头或空头头寸。要了解概述信息,请参见差价合约公司行动

*请注意,某些情况下对于合并等复杂公司行动可能无法对差价合约进行准确调整。这时候,IBKR可能会在除息日前终止差价合约。

 

任何人都能交易IBKR差价合约吗?

除美国、加拿大和香港的居民,其他所有客户都能交易IBKR差价合约。新加坡居民可交易除新加坡上市之股票差价合约以外的其它IBKR差价合约。任何投资者类型都不能免于这一基于居住地的限制。

 

我需要做什么才可以开始在IBKR交易差价合约?

您需要在账户管理中设置差价合约交易许可,并同意相关交易披露。如果您的账户是在IB LLC开立,则IBKR将设置一个新的账户板块(即您当前的账户号码加上后缀“F”)。设置确认后您便可以开始交易了。您无需单独为F账户注资,资金会从您的主账户自动转入以满足差价合约保证金要求。  

有什么市场数据要求吗?

IBKR股票差价合约的市场数据便是底层股票的市场数据。因此需要具备相关交易所的市场数据许可。如果您已经为股票交易设置了交易所的市场数据许可,那么就无需再进行任何操作。如果您想在当前并无市场数据许可的交易所交易差价合约,您可以设置许可,操作与底层股票的市场数据许可设置相同。

 

差价合约交易与头寸在报表中如何反映?

如果您是在IB LLC持有账户,且您的差价合约头寸持有在单独的账户板块(主账户号码加后缀“F”)中。您可以选择单独查看F板块的活动报表,也可以选择与主账户合并查看。您可在账户管理的报表窗口进行选择。对于其他账户,差价合约通常会与其他交易产品一起在您的账户报表中显示。

 

我可以从其他经纪商处转入差价合约头寸吗?

IBKR当前不支持差价合约头寸转账。

 

股票差价合约可以使用图表功能吗?

是的。

 在IBKR交易差价合约有什么账户保护?

差价合约以IB英国作为您的交易对方,不是在受监管的交易所进行交易,也不是在中央结算所进行结算。因IB英国是您差价合约交易的对方,您会面临与IB英国交易相关的财务和商业风险,包括信用风险。但请注意,所有客户资金永远都是完全隔离的,包括对机构客户。IB英国是英国金融服务补偿计划(“FSCS”)参与者。IB英国不是美国证券投资者保护公司(“SIPC”)成员。请参见IB英国差价合约风险披露文件了解有关差价合约交易风险的详细信息。

 

在哪种类型(如个人、朋友和家庭、机构等)的IBKR账户中可交易差价合约? 

所有保证金账户均可进行差价合约交易。现金账户和SIPP账户不能。

 

在某一特定差价合约中我最多可持有多少头寸?

没有预设限制。但请注意,超大头寸可能会有更高保证金要求。请参见CFD保证金要求了解更多详细信息。

 

我能否通过电话交易差价合约?

不要。在极端情况下我们可能同意通过电话处理平仓定单,但绝不会通过电话处理开仓定单。

 

 

差价合约属于复杂金融产品,其交易存在高风险,由于杠杆的作用,可能会出现迅速亏损。

在通过IBKR(UK)交易差价合约时,有67%的零售投资者账户出现了亏损。

您应考虑自己是否理解差价合约的运作机制以及自己是否能够承受亏损风险。

ESMA规定

欧洲证券与市场管理局(ESMA)发布临时产品干涉措施,自2018年8月1日起生效。

ESMA决议实施的限制包括:1) 开仓差价合约头寸的杠杆限制;2) 以单个账户为单位的保证金平仓规则;3) 以单个账户为单位的负余额保护规则;4) 对交易差价合约激励措施的限制;以及5) 标准的风险警告。

ESMA新规仅适用于零售客户。 专业客户不受影响。

 

IB Forex CFDs - Facts and Q&A

Overview: 
The following article is intended to provide a general introduction to forex-based Contracts for Differences (CFDs) issued by IB UK.
IB Forex CFDs are available for the same 85 tradable currency pairs IB offers as Spot FX, with identical low commissions and margin rates. By contrast, Forex CFDs feature a contract-style highly competitive financing model detailed below.
 
For information on IB Share CFDs click here. For Index CFDs click here.

Risk Warning

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

60.5% 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.

 

IBKR Forex CFD Features

Transparent DMA Quotes: IB ensures tight spreads and substantial liquidity as a result of combining quotation streams from 14 of the world's largest foreign exchange dealers which constitute more than 70% of market share in the global interbank market*. This results in displayed quotes as small as 0.1 PIP. IB does not mark up the quotes, rather passes through the prices that it receives and charges a separate low commission.

*Source: Euromoney FX survey FX Poll 2016.

Carry Interest: Forex CFDs are rolled over reflecting the benchmark interest rate differential of the relevant currency pair. This is in principle similar to the TOM Next rolls used by other brokers, but offers greater stability as benchmark rates generally are less volatile than swap rates. In addition IB applies a low financing spread that for major pairs starts at just 1.0% and can be as low as 0.5% for large balances. More volatile pairs have higher financing spreads.
 
The carry interest for IB Forex CFDs is based on a currency-pair specific benchmark and a spread. The benchmark is the difference between the IB benchmark rates for the two currencies. It is calculated as + BM Base currency – BM Quote currency.

For example, April 21, 2016 the GBP benchmark rate was 0.483%, the USD rate was 0.37%. The applicable benchmark rate is:

GBP.USD BM +0.48% - 0.37% = +0.113%

The applicable customer rate is Pair BM – IB spread for long positions, BM + spread for short positions:

GBP.USD Long Rate +0.113% - 1.00% = -0.887%

GBP.USD Short Rate +0.113% + 1.00% = +1.113%

It is important to note that the long rate is applied as a credit, the short rate as a debit. Consequently for a long position a positive rate means a credit, a negative rate a charge. However for short positions a positive rate means a charge, a negative rate a credit.

Interest is calculated on the contract value expressed in the quote currency, and credited or debited in that currency. For example:

For example:

Daily Interest
  Position GBP.USD Close USD Value Rate USD
GBP.USD -20,000 1.43232 -28,646.40 1.113% -0.89

Interest on Forex CFD balances is calculated on a stand-alone contract basis, and not combined or netted with other currency exposures, including Spot FX. Although IB does not directly reference swap rates, IB reserves the right to apply higher spreads in exceptional market conditions, such as during spikes in swap rates that can occur around fiscal year-ends.

Detailed interest schedules can be viewed here.
 
Trading: IB Forex CFDs are traded exactly like Spot FX, with the same over 20 available order types and algos. IB Forex CFDs can be traded either in classical TWS or in the IB FX Trader. To find the contract you want to trade in classical TWS or FX Trader, enter the currency pair (i.e. EUR.USD) and choose Sec Tyoe CFD in the Contract Selection pop-up.
 
Margin: IB Forex CFD margins are determined for each currency pair on a per contract basis without
regard to other Forex balances held in the account, including Spot FX. Margins start as low as 2.5% of contract value for major currency pairs. Details for all currency pairs can be found here. Retail clients are subject to minimum regulatory initial margins of 3.33% or 5% depending on the currency pair. Please see ESMA CFD Rules Implementation at IBKR for additional detail.
 
Commissions: IB passes through the prices that it receives and charges a separate low commission.
We do this in the interest of providing a transparent pricing structure instead of marking up our quotes and charging nothing in commissions as is the practice with many forex brokers. Commissions are tiered based on monthly traded value, and range from 0.20 basis points to 0.08 basis points. Both Forex CFD and spot FX volumes count toward the tiers.
Details are found here.
 
Trading Permissions: In order to trade Forex CFDs, you must set up the trading permission for Forex CFDs in Account Management. The suitability criteria are the same as those for Leverage FX.  Note that Forex CFDs, like other CFDs, are carried by IB UK, and therefore if you have an IB LLC account you will be prompted to open an IB UK segment. The IB UK segment will have your current account number followed by the suffix F. 
 

Trading Example (Professional Clients)

Opening the position

You purchase 10 lots (200000) EUR.CHF CFDs at $1.16195 for CHF 232,390, which you then hold for 5 days.

EUR.CHF Forex CFDs – New Position
Reference Underlying Price 1.16188 - 1.16195
CFDs Reference Price 1.16188 - 1.16195
Action Buy
Quantity 200,000
Trade Value CHF 232,390.00
Margin (3% x 232,390) AUD 9,100

 

Interest Charged (on CHF 232,390 over 5 days)
Tier I (Pair BM 0.42% - IB Spread 1%) CHF 232,390.00 -0.58% (CHF 18.72)

Closing the position

Exit CFD Position
  Profit Scenario Loss Scenario
Reference Underlying Price 1.16840 - 1.16848 1.15539 - 1.15546
CFDs Reference Price 1.16840 - 1.16848 1.15539 - 1.15546
Action Sell Sell
Quantity 200,000 200,000
Trade Value CHF 233,680.00 CHF 231,078.00
Trade P&L CHF 1,290.00 (CHF 1,312.00)
Financing (CHF 18.72) (CHF 18.72)
Entry Commission 0.002% (CHF 4.65) (CHF 4.65)
Entry Commission 0.002% (CHF 4.67) (CHF 4.62)
Total P&L CHF 1,261.96 (CHF 1,339.99)

CFD Resources

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

 

Frequently Asked Questions

Can anyone trade IB Forex CFDs?

All clients can trade IB CFDs, except residents of the USA, Canada, and Hong Kong. There are no exemptions based on investor type to the residency-based exclusions.

 

What is the difference between IB Forex CFDs and IB Cash Forex?

IB Cash Forex is a leveraged cash trade where you take delivery of the two currencies making up the pair. Your Forex-trading related balances are combined with your other balances arising out of your other trading activity, and you pay or receive interest on these consolidated balances based on the benchmark rate for each currency.

By contrast IB Forex CFDs are a contract which provides exposure but does not deliver the underlying currencies, and you pay or receive interest on the notional value of the contract. The benchmark rate for the contract is the difference between the benchmark rates for the two underlying currencies. This is in principle similar to the TOM Next rolls used by other brokers, but offers greater stability as benchmark rates generally are less volatile than swap rates.

Please see the Carry Interest section above for a detailed example.

 

Are there any market data requirements?

The market data for IB Forex CFDs is the same as for Leverage FX. It is a global permission and free of charge.

 

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

If you hold an account carried by IB LLC 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.

 

Can I trade Forex CFDs with the same order types and algos as Spot FX, and can I trade them in the FX Trader?

Yes, the trading experience is identical.

 

Notice to Financial and Non-Financial Counterparties trading OTC products (e.g. CFDs) not cleared by Central Counterparties

European regulators, as part of EMIR, issued technical rules concerning Risk Mitigation Techniques for derivatives not cleared by a Central Counterparty (“CCP”), which detail how the regulators expect these products to be margined from 1st March 2017. In general customers trading products subject to these rules are required to exchange variation margin.

Interactive Brokers (U.K.) Ltd. (“IBUK”) provides Contracts for Difference (‘CFDs’) that fall under these rules, and is your counter party to these trades. IBUK wishes to inform you how IBUK provides information regarding variation margin and reconciliation arrangements. This does not represent a material change from our current practice.

Variation Margin – Applicable where you are classified as FC or NFC+

All financial counterparties (‘FC’) and larger non financial counterparties (‘NFC+’) are subject to the EMIR variation margin rules for OTC derivatives. Whether larger non financial counterparties are subject to the rules is determined by reference to whether their 30-day rolling average of the gross notional OTC derivative positions entered into for non-hedging purposes are above specified clearing thresholds (eg EUR1bn for equity derivatives). IBUK ensures variation margin is exchanged with its counterparties with respect to OTC derivative transactions not centrally cleared by CCP.

IBUK provides customers with timely confirmations of trades each day via two secure platforms: by displaying them on our Trader Work Station (“TWS”) and via the Trade Confirmations and Daily Activity Statements in Account Management. The marked-to-market value of your OTC derivative contracts are shown in your Daily Activity statement.

The variation margin rule requires that variation margin is calculated on a daily basis based on the values of all the outstanding derivatives contracts under the IBUK Client Agreement for Products Carried by IBUK (the “Agreement”) on the previous business day.

Where this marked-to-market value of your transactions reflects a credit exposure for IBUK, IBUK collects variation margin equal to the positive mark-to-market value of its OTC derivatives. The variation margin collection is achieved through reduction in the net equity value available, an offset and/or liquidation of positions in the posting account. You may refer to the supplemental information about margin and the Agreement on the IB UK website for further details. Where the marked-to-market value reflects a credit to you, IBUK will reflect this via an increase in your net
equity.

Whilst the variation margin rule requires that variation margin is calculated on a daily basis, IBUK further expects that clients monitor their accounts continuously, including intraday, so that at all times the account contains sufficient equity to meet margin requirement as calculated by IBUK.

Reconciliation

Activity Statements are provided on a daily, monthly and annual basis. Customers can download this information using a "flex query" tool (which is available in our "account management system) in CSV type format.

You may reconcile the OTC positions detailed on these Trade Confirmations and Activity Statements account against your own records. The regulations state that you should reconcile your positions, contract information, valuation(s) and profits and losses and any related information.

If you note any discrepancies, you can contact IBUK customer service. Contact information for Interactive Brokers customer service is available on the IB website at:
https://www.interactivebrokers.com/en/?f=customerService.

The process for resolving any dispute is discussed in your client agreement with us.

Please note that the rules also require customers of firms that carry portfolios on a gross basis to carry out portfolio compression with the firm but this is not relevant as IBUK maintains your OTC positions on a net basis.

The rules also detail how often particular types of customers need to conduct these
reconciliations:

If you are an FC or a an NFC+ the rules require you to conduct portfolio reconciliations at the following frequencies:
• Daily, whenever you have 500 or more open OTC contracts;
• Weekly, if you have between 51 and 499 OTC contracts open at any time during the week;
• Quarterly, if you have 50 or fewer contracts open at any time during the quarter.
 

If you are a non-financial counter party not meeting the criteria to be an NFC+ (ie “NFC-“) you are required under the rules to carry out portfolio reconciliations at least:
• Quarterly, if you have more than 100 open OTC contracts open at any time in the quarter;
• Annually, if you have 100 or fewer open contracts at any time in the year.

Please note that this communication is not intended to serve as legal advice.

Interactive Brokers (U.K.) Limited

 

"EMIR": Reporting to Trade Repository Obligations and Interactive Brokers Delegated Service to help meet your obligations

 

1. Background: In 2009 the G20 pledged to undertake reforms aimed at increasing transparency and reducing counterparty risk in the OTC derivatives market post the financial crisis of 2008. The European market infrastructure regulation (“EMIR”) implements most of these pledges in the EU. EMIR is a EU regulation and entered into force on 16 August 2012.
 
2. Financial instruments and asset classes reportable under EMIR: OTC and Exchange Traded derivatives for the following asset classes: credit, interest, equity, commodity and foreign exchange derivatives Reporting obligation does not apply to exchange traded warrants.
 
3. Who do EMIR reporting obligations apply to: Reporting obligations normally apply to all counterparties established in the EU with the exception of natural persons. They apply to:
* Financial Counterparties (“FC”)
* Non-financial counterparties above the clearing threshold (“NFC+”)
* Non-financial counterparties below the clearing threshold (“NFC-“)
* Third country Entities outside the EU (“TCE”) in some limited circumstances
 
The reporting obligations essentially apply to any entity established in the EU that has entered into a derivatives contract.
 
4. Financial counterparties (“FC”): include banks, investment firms, credit institutions, insurers, UCITS and pension schemes and Alternative Investment Fund managed by an AIFM. The Alternative Investment Fund (“AIF”) will only become an FC if the manager of that AIF is authorised under the Alternative Investment Fund Managers Directive (“AIFMD”), so a fund outside the EU may be subject to EMIR reporting requirements.
 
5. Non-Financial Counterparty (“NFC”): A NFC is defined as an undertaking established in the EU other than those defined as a FC or a Central Counterparty (“CCP”), like the Clearing Houses. NFCs have lesser obligations than FCs. But when an NFC breaches a “clearing threshold” it becomes an NFC+, when it is subject to almost the same obligations as FCs (including collateral and valuation reporting). NFCs below the clearing threshold are known as NFC-s. In practice anyone other than a natural individual person (i.e. an individual or individuals operating a joint
account) is defined as an NFC- and subject to reporting obligations.
 
INTERACTIVE BROKERS DELEGATED REPORTING SERVICE TO HELP MEET YOUR REPORTING OBLIGATIONS
 
6. What service will Interactive Brokers offer to its customers to facilitate them fulfill their reporting obligations i.e. will it offer a delegated service for trade reporting as well as facilitating issuance of LEI: As noted above, both FCs and NFCs must report details of their transactions (both OTC and ETD) to authorized Trade Repositories. This obligation can be discharged directly through a Trade Repository, or by delegating the operational aspects of reporting to the counterparty or a third party (who submits reports on their behalf).
 
Interactive Brokers intends to facilitate the issuance of LEIs and offer delegated reporting to customers for whom it executes and clear trades, subject to customer consent, to the extent it is possible to do so from an operational, legal and regulatory perspective.
 
If you are subject to EMIR Reporting you will shortly be able to log into the IB Account Management system and apply for an LEI and delegate your reporting to Interactive Brokers.
 
We intend to include valuation reporting but only if and to the extent and for so long as it is permissible for Interactive brokers to do so from a legal and regulatory perspective and where the counterparty is required to do so (i.e. in cases where it is a FC or NFC+).
 
However, this would be subject to condition that Interactive Brokers uses its own trade valuation for reporting purposes.
 
7. Can EMIR reporting be delegated: EMIR allows either counterparty to delegate reporting to a third-party. If a counterparty or CCP delegates reporting to a third party, it remains ultimately responsible for complying with the reporting obligation. Likewise, the counterparty or CCP must ensure that the third party to whom it has delegated reports correctly. Brokers and dealers do not have a reporting obligation when acting purely in an agency capacity. If a block trade gives rise to multiple transactions, each transaction would have to be reported.
 
FUNDS AND SUB-FUNDS - The obligations under EMIR are on the counterparty which may be the fund or sub-fund. The fund or sub-fund that is the principal to transactions will have to provide details of their classification (FC, NFC+ or NFC-), authorization for delegated reporting and Legal Entity Identifier (“LEI”) application.
 
8. Exemptions under Article 1(4) and 1(5) of EMIR: Articles 1(4) and 1(5) of EMIR exempt certain entities from some or all of the obligations set out in EMIR, depending on their classification. Specifically, exempt entities under Article 1(4) are exempt from all obligations set out in EMIR, while exempt entities under Article 1(5) are exempt from all obligations except the reporting obligation, which continues to apply.
 
9. Entities qualifying under Article 1(4) and 1(5) of EMIR: Article 1(4) initially applied only to EU central banks, Union public bodies involved in the management of public debt and the Bank for International Settlements. Subsequently the
application of the Article 1(4) exemption was extended to include the central banks and debt management offices of the United States and Japan. The Commission has indicated that further foreign central banks and debt management offices may be added in the future if they are satisfied that equivalent regulation is put in place in those jurisdictions. Article 1(5) broadly exempts the following categories of entities:
- Multilateral development banks;
- Non-commercial public sector entities owned and guaranteed by central government; and
- The European Financial Stability Facility and the European Stability Mechanism.
 
10. OTC and Exchange Traded Derivatives: There is no distinction between reporting of exchange traded derivatives (“ETDs”) and OTC contracts within the level 1 regulations, implementing technical standards, or regulatory technical standards of ESMA.
 
The contract is to be identified by using a unique product identifier. In addition, a unique trade identifier will be required for transactions. In the event that a globally agreed system of product identifiers does not materialise, it has been suggested that International Securities Identification numbers (“ISIN”), Alternative Instruments Identifiers (“AII”), or Classification of Financial Instruments Codes (“CFI”) may serve as alternatives.
 
11. Trade repository Interactive Brokers use: Interactive Brokers (U.K.) Limited will use the services of CME ETR, which is part of the CME Group.
 
12. Issuance of Legal Entity Identifiers (“LEI”)
 
All EU counterparties entering into derivative trades will need to have a LEI In order to comply with the reporting obligation. The LEI will be used for the purpose of reporting counterparty data.
 
A LEI is a unique identifier or code attached to a legal person or structure, that will allow for the unambiguous identification of parties to financial transactions.
 
“EMIR”: Further Information on Reporting to Trade Repository Obligations
 
13. Thresholds which determine whether an NFC is an NFC+ or NFC-: Breaching any of the following clearing threshold values will mean classification as an NFC+. Positions must be calculated on a notional, 30-day rolling average basis:
• EUR 1 billion in gross notional value for OTC credit derivative contracts;
• EUR 1 billion in gross notional value for OTC equity derivative contracts;
• EUR 3 billion in gross notional value for OTC interest rate derivative contracts;
• EUR 3 billion in gross notional value for OTC FX derivative contracts; and
• EUR 3 billion in gross notional value for OTC commodity derivative contracts and other OTC derivative contracts not covered above.
 
For the purpose of calculating whether a clearing threshold has been breached, an NFC must aggregate the transactions of all non-financial entities in its group (and determine whether or not those entities are inside or outside the EU) but discount transactions entered into for hedging or treasury purposes. The term “hedging transactions” in this context means transactions objectively measureable as reducing risks directly relating to the commercial activity or treasuring financing activity of the NFC or its group.
 
14. Reporting Of Exposures: FCs and NFC+s must report on:
 
* Mark-to-market or mark-to-model valuations of each contract
* Details of all collateral posted, either on a transaction or portfolio basis (i.e. where collateral is calculated on the basis of net positions resulting from a set of contracts rather than being posted on a transaction by transaction basis)
 
15. Timetable to report to Trade repositories: The reporting start date is 12 February 2014:
 
* New contracts they enter into on or after February 12th, on a trade date +1;
* Positions open from contracts entered into on or after 16 August 2012 and still open on February 12th, 2014 must be reported to a trade repository by February 12th 2014;
* Positions open from contracts entered into before 16th August and still open on February 12th, 2014 must be reported to a trade repository by 13th May 2014;
* Reporting of valuation and collateral must be reported to a trade repository by 12th August 2014;
* Contracts that were either entered before, on or after 16 August 2012 but not open on 12th February 2014 must be reported to a trade repository by February 12th, 2017.
 
16. What must be reported and when: Information must be reported on the counterparties to each trade (counterparty data) and the contracts themselves (common data).
 
There are 26 items that must be reported with regard to counterparty data, and 59 items that must be reported with regard to common data. These items are set out within tables 1 and 2 of the Annex to the ESMA’s Regulatory technical standards on minimum details to be reported to trade repositories.
 
Counterparties and CCPs have to make a report:
 
* when a contract is entered into
* when a contract is modified
* when a contract is terminated
 
A report must be made no later than the working day following the conclusion, modification or termination of the contract.
 
17. What has to be reported and who is responsible for reporting: Reporting applies to both OTC derivatives and exchange traded derivatives. The reporting obligation applies to counterparties to a trade, irrespective of their classification. Please note:
 
* Reporting of valuation and collateral is only required for FCs and NFC+s
* Every trade must be normally be reported by both counterparties.
 
THIS INFORMATION IS GUIDANCE FOR INTERACTIVE BROKERS 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 ESMA’S EMIR REGULATION AND RESULTING TRADE REPOSITORY REPORTING OBLIGATIONS.

 

Italian Financial Transaction Tax (IFTT): Impacts on CFD investing

Background: 

Recent initiatives across European markets to impose a financial transaction tax are being enacted on a country-by-country basis. Italy is the latest country to define its version of transaction taxation (IFTT) which will come into effect on March 1, 2013.

While the tax nominally applies to stocks and does not specifically address CFD investing, the IFTT does apply to the share trading that is used to back the CFD contract, and hence increases the cost of CFD liquidity by the amount of the tax. Other jurisdictions with a Financial Transaction Tax (FTT) have regulations which do not create this additional cost for investing in CFDs.

As a result of these new regulations for transacting in Italian stocks, and the implications for costs on CFD investing, IB will pass on the IFTT equivalent costs, which would be equal to the IFTT that would have been levied for transacting in the underlying shares. The costs will be shown as a regulatory expense in your activity statements.

The IFTT applies to shares with market capitalizations in excess of EUR 500 million. It is calculated at 0.12% (12 basis points) on net purchase transactions for a given settlement date. In the case of Italian stocks and CFDs, this would be trade date+3 days.

Scenario A: Buy and sell the same Share or CFD intraday, leaving a net long position

Day 1
Volume
Price Value
Trade 1 +1000 25.00 25,000
Trade 2 -400 26.50 (10,600)
Net Position +600 av 24.00 14,400
IFTT   0.12% 17.28

Scenario B: Buy  Day 1, sell the same Share or CFD Day 2, leaving a net long position

Day 1 Volume Price
Value
Trade 1 +1000 25.00 25,000
IFTT   0.12% 30.00
       
Day 2      
Trade 2 -400 26.50 (10,600)
IFTT    -  -
Net Position +600 av 24.00 14,400
Cum IFTT     30.00

 

 

IB Index CFDs - Facts and Q&A

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

For information on IB Share CFDs, please click here. For Forex CFDs click here.

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

60.5 % 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.

Introduction

IB Index CFDs are contracts which deliver the return of a market index. Said differently, the CFD is an agreement between the buyer (you) and IB to exchange the difference between the current value of an index, and its value at a future time. If you hold a long position and the difference is  positive, IB pays you. If it is negative, you pay IB.

IB Index CFDs are traded through your margin account, and you can therefore enter long as well as short leveraged positions.

IB Index CFDs   Commissions  
Contract IB Symbol Per Trade Min. Per Order Currency Multiplier*
US 500 IBUS500 0.005% 1.00 USD 1
US 30 IBUS30 0.005% 1.00 USD 1
US Tech 100 IBUST100 0.010% 1.00 USD 1
           
UK 100 IBGB100 0.005% 1.00 GBP 1
EURO 50 IBEU50 0.010% 1.00 EUR 1
GERMANY 30 IBDE30 0.005% 1.00 EUR 1
FRANCE 40 IBFR40 0.010% 1.00 EUR 1
SPAIN 35 IBES35 0.010% 1.00 EUR 1
NETHERLANDS 25 IBNL25 0.010% 1.00 EUR 1
SWITZERLAND 20 IBCH20 0.010% 1.00 CHF 1
           
JAPAN 225 IBJP225 0.010% 40.00 JPY 1
HONG KONG 50 IBHK50 0.010% 10.00 HKD 1
AUSTRALIA 200 IBAU200 0.010% 1.00 AUD 1
*times index level          

The price of the Index CFD is directly related to the price of the exchange-quoted related future. The price-movement of the Index CFD tracks the movement of the related future, although the price levels differ by an adjustment for interest and dividends (fair-value adjustment).

For example (actual quotes):

29-Jan-15 IBDE 30         DAX Mar'15    
Time Bid  Ask Spread Change   Bid  Ask Spread Change
10:10:04 10706.69 10707.19 0.5     10710.00 10710.50 0.5  
10:10:11 10704.19 10705.19 1 -2.5   10707.50 10708.50 1 -2.5
10:10:19 10709.19 10709.69 0.5 5.0   10712.50 10713.00 0.5 5.0
10:10:27 10710.19 10710.69 0.5 1   10713.50 10714.00 0.5 1
10:10:33 10709.69 10710.69 1 -0.5   10713 10714 1 -0.5

IB Index CFD Price Determination: As discussed the IB Index CFDs track the related future, adjusted for fair value. The synthetic index level is very close to the cash index, but may differ somewhat as explained below.

In the futures market fair value is the equilibrium price for a futures contract. It is the price at which an investor effectively pays the appropriate rate of interest, and is compensated for the dividends he forgoes by holding the future rather than the underlying shares.

The fair value is determined by adjusting the cash index as follows, taking into account the time remaining to expiry:

Cash Index Value + Interest - Dividends = Future at Fair Value

To determine the value of the IB Index CFD, we reverse the process:

Actual Futures Price - Interest + Dividends = IB Index CFD Value

The result is not necessarily the same value as the cash index. This is because the starting point is the actual price of the future, and the future may trade above or below its fair value.

Having established the level for the synthetic index, the actual CFD quotes show spreads and ticks that reflect those of the underlying future. IB charges a commission rather than widening the spread, enabling a transparent comparison between the returns of the Index CFD and the related future.

 

Low Commissions and Financing Rates: Unlike other Index CFD providers IB charges a transparent commission, rather than widening the spread of the related future. Depending on the index, commission rates are only 0.005% - 0.01%. Overnight financing rates are just benchmark +/- 1.5%.

 
Transparent Quotes: Because IB does not widen the spread, the Index CFD quotes accurately  represent the spreads and price movements of the related future, and there are no re-quotes. What you see is what you get.
 
Flexible Exposure to Major Markets: IB Index CFDs are available for the main US, European and Asia Pacific indices. They can be traded in lots as small as 1X the index level, a fraction of the size of the related futures. And unlike the related futures, they do not need to be rolled over. You can trade all European and US IB Index CFDs from 09:00 - 22:00 CET.
 
Margin Efficiency: IB Index CFDs are margined at the same low rates as the related future, adjusted for contract size (subject to a minimum of 5%). Retail clients are subject to regulatory minimum initial margins of 5% or 10% depending on the index. Please see ESMA CFD Rules Implementation at IBKR for additional detail and examples.
 
IB also offers intraday margin rates on Index CFDs at a level consistent with that of the related futures contract. Intraday rates are generally set at 50% of the overnight rate and are offered during a time frame which begins at the start of liquid trading hours and ends 15 minutes before the liquid trading close. Retail clients are subject to the ESMA minimum margin requirements both intraday and overnight.

IB Symbol Liquid Hours Total Hours Time Zone
IBUS500 09:30 - 16:00 03:00 - 16:00 EST
IBUS30 09:30 - 16:00 03:00 - 16:00 EST
IBUST100 09:30 - 16:00 03:00 - 16:00 EST
       
IBGB100 08:00 - 16:30 08:00 - 21:00 GMT
IBEU50 09:00 - 22:00 09:00 - 22:00 CET
IBDE30 09:00 - 22:00 09:00 - 22:00 CET
IBFR40 09:00 - 18:15 09:00 - 22:00 CET
IBES35 09:00 - 17:35 09:00 - 20:00 CET
IBNL25 09:00 - 17:30 09:00 - 22:00 CET
IBCH20 09:00 - 17:27 09:00 - 22:00 CET
       
IBJP225 09:00 - 15:00 09:00 - 15:00 JST
IBHK50 09:30 - 16:00 09:30 - 16:00 HKT
IBAU200 10:00 - 16:00 10:00 - 16:00 EDT

Trading requiring margin involves a high degree of risk and may result in a loss of funds greater than the amount you have deposited.

 
Dividend Adjustment: Based on ordinary dividends for the constituents of each index. Dividends are accrued on the ex-date and settled T + 2.
 
Corporate Action Adjustments: None for the CFD. Corporate actions are reflected in the index level
  
Trading Permissions: Same as for Share CFDs
 
Market Data Permissions: Index CFD market data is free, but permission is required for system reasons

 

Worked Trade Example (Professional Clients):

Opening the Position

You purchase 10 IBUS30 CFDs at $23,534.48 for USD 235,344.80, which you then hold for 5 days.

IBUS30 Index CFDs – New Position
Reference Underlying Price 23,465 - 23,466
CFDs Reference Price 23,533.48 - 23,534.48
Action Buy
Quantity 10
Trade Value USD 235,344.80
Margin (5%) AUD 15,393.00

 

Interest tier Charged (on AUD 235,344.80 over 5 days)
Flat Interest (USD Libor + 1.5%) USD 235,344.80 2.684% (USD 87.73)

Closing the Position

Exit CFD Position
  Profit Scenario Loss Scenario
Reference Underlying Price 23,627 - 23,628 23,303 - 23,304
CFDs Reference Price 23,693.34 - 23,694.34 23,369.34 - 23,370.34
Action Sell Sell
Quantity 10 10
Trade Value USD 236,933.40 USD 233,693.40
Trade P&L USD 1,588.60 (USD 1,651.40)
Financing (USD 87.73) (USD 87.73)
Entry Commission 0.005% (USD 11.77) (USD 11.77)
Exit Commission 0.005% (USD 11.85) (USD 11.68)
Total P&L   USD 1,477.25 (USD 1,762.58)

 

CFD Resources

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

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

Frequently asked Questions

What Indices are available as CFDs?

The principal indices in the United States, Europe and Asia Pacific. Please see CFD Product Listings for more detail.

Do you have CFDs on commodities?

IB does not currently offer Commodity CFDs.

How do you determine your Index CFD quotes?

IB Index CFDs track the related future, adjusted for fair value. It is in effect a synthetic index level that is very close to the cash index, but may differ somewhat as explained below.

In the futures market fair value is the equilibrium price for a futures contract. It is the price at which an investor effectively pays the appropriate rate of interest, and is compensated for the dividends he forgoes by holding the future rather than the underlying shares.

The fair value is determined by adjusting the cash index as follows, taking into account the time remaining to expiry:

Cash Index Value + Interest - Dividends = Future at Fair Value

To determine the value of the IB Index CFD, we reverse the process:

Actual Futures Price - Interest + Dividends = IB Index CFD Value

The result is not necessarily the same value as the cash index. This is because the starting point is the actual price of the future, and the future may trade above or below its fair value.

Having established the level for the synthetic index, the actual CFD quotes show spreads and ticks that reflect those of the underlying future. IB charges a commission rather than widening the spread, enabling a transparent comparison between the returns of the Index CFD and the related future.

How do you determine margins for Index CFDs?

The margins are the same as for the related future, adjusted for size, including lower rates intraday. Please refer to CFD Margin Requirements for more detail. Retail clients are subject to regulatory minimum initial margins of 5% or 10% depending on the index. Please see ESMA CFD Rules Implementation at IBKR for additional detail.

Are short Index CFDs subject to forced buy-in?

No. As the reference instrument is a future, the index CFD is not affected by stock loan availability.

How do you handle dividends and corporate actions?

The index level itself is adjusted for corporate actions, and no direct adjustments to the CFD are
necessary. Index CFDs are however adjusted for dividends as the underlying future is typically based on a price index. The only exception among the currently available IB Index CFDs is Germany 30 (IBDE30), which is based on a total return index.

For an overview please see CFD Corporate Actions.

Can anyone trade IB CFDs?

All clients can trade IB CFDs, except residents of the USA, Canada, Hong Kong, New Zealand and Israel. There are no exemptions based on investor type to the residency based exclusions.

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

You need to set up trading permission for CFDs in Account Management, and agree to the relevant trading disclosures. The trading permission covers both Index and Share CFDs. IB 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 segment 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 IB Index CFDs is free, but you need to subscribe to it for system reasons. It is a global permission (like FX), so you only need to subscribe once. To do this, log into Account Management, and click through the following tabs: Settings/User Settings/Trading Platform/Market Data Subscriptions. Alternatively you can set up an Index CFD in your TWS quote monitor and click the “Market Data Subscription Manager” button that appears on the quote line.

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

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.

Can I transfer in CFD positions from another broker?

IB does not currently have a facility for transferring Index CFD positions. IB will be glad to facilitate the transfer of Share CFD positions. As the transfer of CFD positions is more complex than is the case for share positions, we generally require the position to be at least the equivalent of USD 100,000.

What account protections apply when trading CFDs with IB?

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 the IB UK CFD Risk Disclosure for further detail on risks associated with trading CFDs.

In what type of IB 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 positions I can have in a specific Index CFD?

There is no pre-set limit for position size, but please be aware that trade-size restrictions apply to Index CFDs. Please see the table at the beginning of this document 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.

 

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.

60.5% 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
Brazil Bovespa
Russia MOEX

 *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.
 

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