Chicago Personal Property Tax

Chicago has a personal property tax which applies to a non-possessory computer lease by a Chicago resident. The Chicago tax authorities have ruled that tax is to be applied in cases where a customer pays for electronic research/use of an interactive site. The passive receipt or streaming of information is not subject to the tax.

Clients whose permanent residential address or principal business address is Chicago will have this tax passed through to their accounts.

The tax rate, as of October 2017, is 9%. The tax will be charged on the research and news feeds a client is subscribed to. Should a research and news feed be eligible to a waiver based upon commissions generated, the tax will not be applied.

As of October 2017, research and news subscriptions which would be subject to the tax would include

Base IBIS Research Platform and the IBIS Research Essentials Subscription Bundle
Cusip
Dow Jones News Service
Dow Jones Real Time News
US Press Release Feed
Reuters Global Newswire
Reuters StreetEvents Calendars
Reuters Fundamentals
Reuters Basic Newfeed
Morningstar Equity, ETF and Credit Reports
Wall Street Horizons
Zacks Equity Research Reports

The above list is provided on a best efforts basis and is subject to change. Clients will be responsible for any pass through tax regardless of any discrepancy from the list provided above.

 

市场数据获取:专业与非专业使用

Overview: 

大多数交易所会对其实时市场数据(报价及交易信息)收费。

Background: 

针对专业用户的费率通常远高于非专业用户。相应地,很多交易所,尤其是美国的交易所,会要求用户完成一份详细的问卷调查,以享受较低的费率。

如您希望获取以下数据服务(美交所、芝加哥商业交易所、纽交所、纳斯达克、OPRA或美国证券快照与期权数据组)的实时数据,您必须每年填写并重新确认本问卷。

有关专业与非专业数据使用的更多信息,请见以下知识库文章:

  • 有关专业与非专业用户标准的详细描述:KB2369 
  • 如何填写数据使用问卷:KB2583 

纽交所和大部分美国交易所对专业用户的定义

Overview: 

纽交所和大部分美国交易所对专业用户的定义

Background: 

大部分投资者认为当其交易及投资活动的目的与有偿活动(如工作、担任咨询师、投资顾问等)无关时,此类交易及投资活动为非专业行为。纽交所和许多美国交易所在评估实时市场数据时对“专业”的定义要宽泛得多。

对于这些交易所,“专业”和“非专业”的定义更多取决于使用数据的人,而非使用数据的性质,比如受雇于金融行业的人士 -- 即使不担任与交易或其他与市场活动有关的岗位 - 仍将被归为专业用户,这仅仅因为他们的雇主,可能是一家银行。同样地,如果某人是任意金融监管机构(如FINRA)的注册人士,即使与该注册相关的活动与交易所或市场职能无关,他们也将被归为“专业”人士。

数据供应商和交易所针对专业用途收取的费用通常远高于非专业用途。

需注意的是,此分类规则是交易所制定的,尽管IB对其定义无贡献,但作为数据供应商和终端用户的中间机构,我们有义务确保此类规则得到贯彻。

专业用户的标准

以下列表囊括了数据供应商和交易所在评估某实时市场数据的使用者是专业用户还是非专业用户时考虑的诸多标准。如以下任意一条定义适用于账户/使用者,则用户将被归为“专业”用户。此类定义汇编自多家交易所。

具体文件请查看页面底部的链接。

  • 如果账户不是以自然人的名义开立的
  • 如果账户为机构账户
  • 如果用户在任意证券机构注册过
  • 如果用户在任意监管机构或自律组织注册过
  • 如果用户供职于金融服务行业或受雇担任金融顾问
  • 如果用户在美国证监会、商品期货交易委员会、任意州证券机构、任意证券交易所或协会、或任意大宗商品或期货合约市场或协会注册或有资格任职。
  • 如果用户担任美国《1940年投资顾问法案》第202(a)(11)章节定义的“投资顾问”(不论是否按该法案注册或有任职资格);
  • 如果用户受雇于在联邦或州证券法下免于注册的银行或其他机构、且发挥的职能对于未被免于注册的机构而言需注册或有任职资格
  • 如果用户为银行或金融服务供应商
  • 如果用户出于商业用途使用数据
  • 如果用户在任意国家或州交易所、监管机构、专业协会或公认的专业机构注册为/有资格担任专业证券交易员或投资顾问
  • 如果用户代表涉足券商、银行、投资或金融活动的机构行动
  • 如果用户收取客户费用
  • 如果用户为证券专业人士
  • 如果用户或账户为经纪商/交易商
  • 如果用户为投资顾问
  • 如果用户为交易或就交易提供咨询意见的注册代表
  • 如果用户或账户为收受或不收受报酬的投资俱乐部
  • 如果用户为转包商或独立承包商
  • 如果用户出于第三方的利益使用数据
  • 如果用户代表任意其他人或任意公司、合伙企业、有限责任公司、信托、协会或其他实体形式出于私人使用之目的就信息达成协议,或接收或使用信息
  • 如果用户提供服务并由其他人或任意公司、合伙企业、有限责任公司、信托、协会或其他实体形式支付报酬,且出于私人使用之目的就信息达成协议、接收或使用信息
  • 如果用户在受雇期间或在与任意交易或商业形式相关的情况下评估/使用信息
  • 如果账户为有一个以上受托人的信托
  • 如果账户为信托且受托人不是自然人。如果受托人为机构,而机构的唯一所有人为自然人,这不能归为“专业”用户。受托人必须为自然人。
  • 如果账户为信托,且其受益人不是直系亲属或如果受益人不是自然人
  • 如果账户为家族信托形式以外的信托。

要查看纽交所的政策,请访问www.nyxdata.com/Docs/Market-Data/Policies并点击“纽交所所有市场数据政策——完整包”并拉到第23页。

要查看纳斯达克的政策,请访问http://nasdaqtrader.com/Trader.aspx?id=AgreementsData并点击纳斯达克OMX全球订阅用户协议,阅读第2-6页。

要查看OPRA政策,请访问www.opradata.com并将鼠标悬停在左侧的“协议”上方并点击“电子订阅用户协议”(供应商协议附件B-1)(PDF),并阅读第3页底部到第4页底部包括脚注在内的内容。

MARKET DATA ACCESS: PROFESSIONAL VS NON-PROFESIONAL USAGE

Overview: 

 Most exchanges charge for access to their real-time market data (quotes and trade information).

Background: 

 The charges for professional users are considerably higher than for non-professional use. Accordingly, many exchanges, and US exchanges in particular, have a detailed questionnaire that they require users to complete in order to qualify for the lower charges.

 If you wish to access real-time data for any of the following data services (AMEX, CME, NYSE, NASDAQ, OPRA or U.S. Securities Snapshot & Futures Value Bundle), you must fill out this questionnaire and re-affirm it annually.

More information about Professional vs. Non-Professional data use can be found at various knowledge base articles:

  • Detailed description of what qualifies as professional vs non-professional use: KB2369 
  • Assistance on completing the data use questionnaire: KB2583 

Subscription considerations for U.S. market data (Non-Professionals)

In determining the range of market data subscription offerings to make available, IBKR seeks to balance the needs of a wide variety of clients, both in terms of the scope of products traded and the frequency of data use. To afford clients the opportunity to minimize their monthly subscription costs for U.S. data, both bundled and a la carte monthly services are offered as well as options for real-time streaming, snapshot and delayed feeds. Please note, delayed quotes are not provided for U.S. stocks in IBLLC accounts or any IBKR account where the client resides in the U.S. due to FINRA regulations.

Outlined below are the basic questions to be considered when deciding which subscription best meets your needs (see website for current subscription rates). Note that clients are not obligated to purchase data through IBKR.
 

What US Products do you trade?

Generally speaking, clients trading a broad variety of product classes should consider the basic bundled subscription referred to as the US Securities Snapshot and Futures Value Bundle which costs USD 10 per month and provides quotes for a variety of U.S. stocks, stock indices, bonds, futures and futures options. The monthly fee for this subscription is waived for any month in which the account generates at least USD 30 in commissions.
 
Futures
- US Securities Snapshot and Futures Value Bundle: real-time top of book quotes for CBOT, CME, COMEX, and NYMEXUS.
- Futures Value PLUS Bundle: real-time depth (Level 2) of book quotes for CBOT, CME, COMEX, and NYMEX.1
- ICE Futures U.S. (NYBOT): includes real-time options and LIFFE precious metals futures and futures options.
 
Bonds
- US Securities Snapshot and Futures Value Bundle: real-time quotes for US corporate bonds and US-Treasuries.
- US Bond Real-Time Data: real-time quotes for US corporate bonds and US-Treasuries offered free of charge.
 
Options
- OPRA Top of Book: real-time top of book quotes for all U.S. securities option exchanges.
- US Securities Snapshot and Futures Value Bundle: real-time quotes for many of the stock indices which underlie options.
 
OTC Stocks
- US Securities Snapshot and Futures Value Bundle: real-time top of book quotes for OTCBB and PINK listings.
 
National Market System (NMS) Stocks - the subscription elections for NMS stocks (i.e., NYSE, AMEX, NASDAQ & Cboe listings) are varied and depend upon the following considerations:
 

 

How often would you like to see real-time quotes?

 
Occasionally
- US Securities Snapshot and Futures Value Bundle: includes real-time top of book quotes for stocks listed on each of the NYSE, AMEX and NASDAQ exchanges. Intended for occasional users as no quotes are provided unless a “snapshot” refresh is requested, with each request subject to a USD 0.01 fee. If the number of refresh requests reaches 150 for a given exchange in a given month, the monthly cost for that exchange will be capped at USD 1.50 and the subscriber will receive real-time streaming quotes for that exchange for the remainder of the month at no additional charge (i.e., the maximum snapshot fee for a given month for all three exchanges is USD 4.50).  Note that while the base fee of USD 10 for this bundle is waived for accounts generating at least USD 30 monthly commissions, the fee for snapshot quote requests is not waived.
 
Routinely
- NYSE (Network A), AMEX (Network B), NASDAQ (Network C): real-time streaming top of book quotes for each the NYSE, AMEX and NASDAQ exchanges which may be subscribed to on an a la carte basis for USD 1.50 per month each (USD 4.50 for all). Intended for users who trade securities listed on only one or two of the above exchanges on a frequent basis.
 
- Cboe One: real-time streaming quotes from the four Cboe US equity exchanges for USD 5 per month. 
 
OPRA Top of Book: real-time top of book quotes for all U.S. securities option exchanges which may be subscribed to for USD 1.50 per month
 
- US Equity and Options Add-On Streaming Bundle1: Includes NYSE (Network A), AMEX (Network B), NASDAQ(Network C), and OPRA(US Options). Intended for users who trade securities listed on all of the above exchanges on a frequent basis. Will replace the snap quotes provided under the basic US Securities Snapshot and Futures Value Bundle subscription and costs USD 4.50 per month.
 
Cboe One Add-On1: real-time streaming quotes from the four Cboe US equity exchanges. Will replace the snap quotes provided under the basic US Securities Snapshot and Futures Value Bundle subscription and costs USD 1 per month.

 

How much commissions do you typically generate per month?

 
Less than USD 30 per month
- NYSE (Network A), AMEX (Network B), NASDAQ (Network C): real-time streaming top of book quotes for each the NYSE, AMEX and NASDAQ exchanges. If you trade only NMS stocks and generate commissions of less than USD 30 per month, you can receive real-time streaming stock quotes for all three exchanges at a monthly cost of USD 4.50 vs. snap quotes at a monthly cost of USD 10.
 
Cboe One: real-time streaming quotes from the four Cboe US equity exchanges for USD 5 per month. If you trade only NMS stocks and generate commissions of less than USD 30 per month, you can receive real-time streaming stock quotes for all three exchanges at a monthly cost of USD 5 vs. snap quotes at a monthly cost of USD 10.
 
More than USD 30 per month
- US Securities Snapshot and Futures Value Bundle: includes real-time top of book quotes for stocks listed on each of the NYSE, AMEX and NASDAQ exchanges on a snapshot request basis. There is no cost to elect this subscription as the fee is waived if you generate monthly commissions of at least USD 30. You may wish to consider augmenting this subscription with any of the NYSE (Network A), AMEX (Network B), NASDAQ (Network C) real-time streaming services at a monthly cost of USD 1.50 each.
 

 

What exchanges do you trade? 

 
Limited population 
- NYSE (Network A), AMEX (Network B), NASDAQ (Network C): real-time streaming top of book quotes for each the NYSE, AMEX and NASDAQ exchanges. If you trade securities listed on a subset of these three exchanges, you can receive real-time streaming stock quotes at a monthly cost of USD 1.50 for each. If you also maintain a subscription to the US Securities Snapshot and Futures Value Bundle, the real-time feed will serve to overlay the snap quote for any of the individual exchanges selected and you will receive snap quotes for the remainder. If you are not subscribed to the US Securities Snapshot and Futures Value Bundle, then you will receive no quotes for US stocks as delayed quotes are not provided for U.S. stocks on live accounts due to FINRA regulations.
 
All
- US Equity and Options Add-On Streaming Bundle1: Includes NYSE (Network A), AMEX (Network B), NASDAQ(Network C), and OPRA(US Options). Intended for users who trade securities listed on all of the above exchanges on a frequent basis. Will replace the snap quotes provided under the basic US Securities Snapshot and Futures Value Bundle subscription.
 
Cboe One/ Cboe One Add-On1: real-time streaming quotes from the four Cboe US equity exchanges. Will replace the snap quotes provided under the basic US Securities Snapshot and Futures Value Bundle subscription.

1Requires a subscription to the US Securities Snapshot and Futures Value Bundle.

 

 

Snapshot Market Data

BACKGROUND

IBKR offers eligible clients the option of receiving a real-time price quote for a single instrument on a request basis. This service, referred to as “Snapshot Quotes” differs from the traditional quote services which offer continuous streaming and updates of real-time prices. Snapshot Quotes are offered as a lost-cost alternative to clients who do not trade regularly and do not want to rely upon delayed quotes1 when submitting an order. Additional details regarding this quote service is provided below. 

QUOTE COMPONENTS

The Snapshot quote includes the following data:        

  • Last price
  • Last size
  • Last exchange
  • Current bid-ask
  • Size for each of current bid-ask
  • Exchange for each of current bid-ask 

AVAILABLE SERVICES

Service Restrictions Price per Quote Request (USD)2
AMEX (Network B/CTA)   $0.01
ASX Total No access to ASX24.
Limited to Non-Professional subscribers
$0.03
Bolsa de Madrid   $0.03
Canadian Exchange Group (TSX/TSXV) Limited to Non-Professional subscribers who are not clients of IB Canada $0.03
CBOT Real-Time   $0.03
CME Real-Time   $0.03
COMEX Real-Time   $0.03
Eurex Core Limited to Non-Professional subscribers $0.03
Euronext Basic Limited to Non-Professional subscribers

Includes Euronext equities, indices, equity derivatives and index derivatives.
$0.03
German ETF's and Indices Limited to Non-Professional subscribers $0.03
Hong Kong (HKFE) Derivatives   $0.03
Hong Kong Securities Exchange (Stocks, Warrants, Bonds)   $0.03
Johannesburg Stock Exchange   $0.03
Montreal Derivatives Limited to Non-Professional subscribers $0.03
NASDAQ (Network C/UTP)   $0.01
Nordic Derivatives   $0.03
Nordic Equity   $0.03
NYMEX Real-Time   $0.03
NYSE (Network A/CTA)   $0.01
OPRA (US Options Exchanges)   $0.03
Shanghai Stock Exchange 5 Second Snapshot (via HKEx)   $0.03
Shenzhen Stock Exchange 3 Second Snapshot (via HKEx)   $0.03
SIX Swiss Exchange Limited to Non-Professional subscribers $0.03
Spot Market Germany (Frankfurt/Xetra) Limited to Non-Professional subscribers $0.03
STOXX Index Real-Time Data Limited to Non-Professional subscribers $0.03
Toronto Stk Exchange Limited to Non-Professional subscribers who are clients of IB Canada $0.03
TSX Venture Exchange Limited to Non-Professional subscribers who are clients of IB Canada $0.03
UK LSE (IOB) Equities   $0.03
UK LSE Equities   $0.03

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

2Cost is per snapshot quote request and will be assessed in the Base Currency equivalent, if not USD.

 

ELIGIBILITY

  • Accounts must maintain the Market Data Subscription Minimum and Maintenance Equity Balance Requirements in order to qualify for Snapshot quotes.
  • The Users must operate TWS Build 976.0 or higher to access Snapshot quote functionality.

 

PRICING DETAILS

  • Clients will receive $1.00 of snapshot quotes free of charge each month. Free snaphots may be applied to either U.S. or non-U.S. quote requests and charges will be applied, without additional notice, once the free allocation has been exhausted. Clients may review their snapshot usage as of the close of each business day via the Client Portal.
  • Quote fees are assessed on a lag basis, generally in the first week after the month in which Snapshot services were provided. Accounts which do not have sufficient cash or Equity With Loan Value to cover the monthly fee will be subject to position liquidations.
  • The monthly fee for snapshots will be capped at the related streaming real-time monthly service price. At which time the streaming quotes will be provided at no additional cost for the remainder of the month.  The switch to streaming quotes will take place at approximately 18:30 EST the following business day after reaching the snapshot threshold. At the close of the month, the streaming service will automatically terminate and the snapshot counter will reset. Each service is capped independently of the others and quote requests for one service cannot be counted towards the cap of another. See table below for sample details.
Service Price per Quote Request (USD) Non-Pro Subscriber Cap (Requests/Total Cost)2 Pro Subscriber Cap (Requests/Total Cost)3
AMEX (Network B/CTA) $0.01 150/$1.50 2,300/$23.00
NASDAQ (Network C/UTP) $0.01 150/$1.50 2,500/$25.00
NYSE (Network A/CTA) $0.01 150/$1.50 4,500/$45.00

 

REQUESTING SNAPSHOT QUOTES

Desktop Trading - TWS (Classic):

If you have delayed data displayed and subscribed to the snapshot permissions, under the column Ticker Action you would see a button for Snapshot:

 

When clicking the Snapshot button, it will populate a quote details window. The quote details window will generate a timestamp the moment the NBBO quote is received for that symbol along with the NBBO information:


 

In the Quote Details Window clicking the Refresh link will update the the NBBO quote. 

Example:

In the above case, GOOG is a NASDAQ (Network C/UTP) listed stock. There will be a charge of 0.01 USD per query (a snapshot).

  • Non-Professionals can request another 149 snapshots for GOOG or any other NASDAQ (Network C/UTP) listed shares, before it turns into streaming quotes.
  • Professionals can request another 2,499 snapshots for GOOG or any other NASDAQ (Network C/UTP) listed shares, before it turns into streaming quotes.

You will only be charged for the snapshots until the cap amount. Once the snapshot limit is reached, no further charges will be applied for the rest of the month and will begin receiving streaming quotes for that service.

 

Desktop Trading - TWS (Mosaic):

If you have delayed data displayed and subscribed to the snapshot permissions, when selecting a row in the Monitor tab, the Order Entry window will display an option to request a Snapshot.

 


 

Clicking the +SNAPSHOT link will populate a quote details window. The quote details window will generate a timestamp the moment the NBBO quote is received for that symbol and will populate the NBBO information:

 


 

In the Quote Details Window clicking the Refresh link will update the the NBBO quote.

Client Portal:

If you have delayed data displayed and subscribed to the snapshot permissions, in the Order Ticket window, under the Bid/Ask price you would see a link for Snapshot:

 

 

When clicking the Snapshot link, will populate a quote details window. The quote details window will generate a timestamp the moment the NBBO quote is received for that symbol:

 

 

In the snapshot window clicking the Refresh link will update the the NBBO quote.

 

Web Trading - WebTrader:

If you have delayed data displayed and subscribed to the snapshot permissions, on the Market Tab under the column Additional Data you would see a button for Snapshot:

 


 

When clicking the Snapshot button, will populate a quote details window. The quote details window will generate a timestamp the moment the NBBO quote is received for that symbol:

 

Mobile Trading - IBKR Mobile app:

On the Quote Screen tapping on a Symbol will expand the quote box. If you have delayed data displayed and are subscribed to the snapshot permissions you will see a link for Snapshot:


When tapping the Snapshot link, it will populate a quote details window. The quote details window will generate a timestamp the moment the NBBO quote is received for that symbol along with the NBBO information:

 

 

How to check and solve connectivity issues affecting the Trader Workstation (TWS)

Background: 

The Trader Workstation (TWS) software needs to connect to our gateways and market data servers in order to work properly. Connectivity issues affecting your local network or your Internet Service Provider network may negatively affect the TWS functionality. In this article we will indicate how to test your connectivity using an automated connectivity test web page.

 

How to test the connectivity using the automated "IB Connectivity Test" web page?

1) Click on this link: http://www.interactivebrokers.com/cgi-bin/conn_test.pl 

2) Please wait until all the tests have been completed and results have been displayed. If you see "Success" as outcome for all tests, your connectivity to IB Servers is reliable at the present moment. No additional connectivity troubleshooting or configuration should be needed.

3) If you see "Fail" as outcome for one or more test/s, please click on the link "Fail" itself in order to display the "IB Network Troubleshooting Guide". That section will help you conduct some manual tests to identify the cause of the failure.

Note for Corporative environments and Proxy server users: the automated "Connectivity Test" page may return misleading results in case your machine is accessing the Internet through a Proxy server. This usually happens if you are connected to a company network. If this is your case, we kindly ask you to contact your Network Administrator or your IT Team and ask them to perform a manual connectivity tests towards the destination servers indicated in the table on the top of the IB automated "Connectivity Test" web page itself. The manual connectivity test should be conducted using destination TCP ports 4000 and 4001. Should they prefer to have the server list in another format or should they need to set up the firewall / IP Management rules, you can forward them this page.

 

Allocation of Partial Fills

Title:

How are executions allocated when an order receives a partial fill because an insufficient quantity is available to complete the allocation of shares/contracts to sub-accounts?

 

Overview:

From time-to-time, one may experience an allocation order which is partially executed and is canceled prior to being completed (i.e. market closes, contract expires, halts due to news, prices move in an unfavorable direction, etc.). In such cases, IB determines which customers (who were originally included in the order group and/or profile) will receive the executed shares/contracts. The methodology used by IB to impartially determine who receives the shares/contacts in the event of a partial fill is described in this article.

 

Background:

Before placing an order CTAs and FAs are given the ability to predetermine the method by which an execution is to be allocated amongst client accounts. They can do so by first creating a group (i.e. ratio/percentage) or profile (i.e. specific amount) wherein a distinct number of shares/contracts are specified per client account (i.e. pre-trade allocation). These amounts can be prearranged based on certain account values including the clients’ Net Liquidation Total, Available Equity, etc., or indicated prior to the order execution using Ratios, Percentages, etc. Each group and/or profile is generally created with the assumption that the order will be executed in full. However, as we will see, this is not always the case. Therefore, we are providing examples that describe and demonstrate the process used to allocate partial executions with pre-defined groups and/or profiles and how the allocations are determined.

Here is the list of allocation methods with brief descriptions about how they work.

·         AvailableEquity
Use sub account’ available equality value as ratio. 

·         NetLiq
Use subaccount’ net liquidation value as ratio

·         EqualQuantity
Same ratio for each account

·         PctChange1:Portion of the allocation logic is in Trader Workstation (the initial calculation of the desired quantities per account).

·         Profile

The ratio is prescribed by the user

·         Inline Profile

The ratio is prescribed by the user.

·         Model1:
Roughly speaking, we use each account NLV in the model as the desired ratio. It is possible to dynamically add (invest) or remove (divest) accounts to/from a model, which can change allocation of the existing orders.

 

 

 

Basic Examples:

Details:

CTA/FA has 3-clients with a predefined profile titled “XYZ commodities” for orders of 50 contracts which (upon execution) are allocated as follows:

Account (A) = 25 contracts

Account (B) = 15 contracts

Account (C) = 10 contracts

 

Example #1:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 10 am (ET) the order begins to execute2but in very small portions and over a very long period of time. At 2 pm (ET) the order is canceled prior to being executed in full. As a result, only a portion of the order is filled (i.e., 7 of the 50 contracts are filled or 14%). For each account the system initially allocates by rounding fractional amounts down to whole numbers:

 

Account (A) = 14% of 25 = 3.5 rounded down to 3

Account (B) = 14% of 15 = 2.1 rounded down to 2

Account (C) = 14% of 10 = 1.4 rounded down to 1

 

To Summarize:

A: initially receives 3 contracts, which is 3/25 of desired (fill ratio = 0.12)

B: initially receives 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: initially receives 1 contract, which is 1/10 of desired (fill ratio = 0.10)

 

The system then allocates the next (and final) contract to an account with the smallest ratio (i.e. Account C which currently has a ratio of 0.10).

A: final allocation of 3 contracts, which is 3/25 of desired (fill ratio = 0.12)

B: final allocation of 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: final allocation of 2 contract, which is 2/10 of desired (fill ratio = 0.20)

The execution(s) received have now been allocated in full.

 

Example #2:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 11 am (ET) the order begins to be filled3 but in very small portions and over a very long period of time. At 1 pm (ET) the order is canceled prior being executed in full. As a result, only a portion of the order is executed (i.e., 5 of the 50 contracts are filled or 10%).For each account, the system initially allocates by rounding fractional amounts down to whole numbers:

 

Account (A) = 10% of 25 = 2.5 rounded down to 2

Account (B) = 10% of 15 = 1.5 rounded down to 1

Account (C) = 10% of 10 = 1 (no rounding necessary)

 

To Summarize:

A: initially receives 2 contracts, which is 2/25 of desired (fill ratio = 0.08)

B: initially receives 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: initially receives 1 contract, which is 1/10 of desired (fill ratio = 0.10)

The system then allocates the next (and final) contract to an account with the smallest ratio (i.e. to Account B which currently has a ratio of 0.067).

A: final allocation of 2 contracts, which is 2/25 of desired (fill ratio = 0.08)

B: final allocation of 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: final allocation of 1 contract, which is 1/10 of desired (fill ratio = 0.10)

 

The execution(s) received have now been allocated in full.

Example #3:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 11 am (ET) the order begins to be executed2  but in very small portions and over a very long period of time. At 12 pm (ET) the order is canceled prior to being executed in full. As a result, only a portion of the order is filled (i.e., 3 of the 50 contracts are filled or 6%). Normally the system initially allocates by rounding fractional amounts down to whole numbers, however for a fill size of less than 4 shares/contracts, IB first allocates based on the following random allocation methodology.

 

In this case, since the fill size is 3, we skip the rounding fractional amounts down.

 

For the first share/contract, all A, B and C have the same initial fill ratio and fill quantity, so we randomly pick an account and allocate this share/contract. The system randomly chose account A for allocation of the first share/contract.

 

To Summarize3:

A: initially receives 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: initially receives 0 contracts, which is 0/15 of desired (fill ratio = 0.00)

C: initially receives 0 contracts, which is 0/10 of desired (fill ratio = 0.00)

 

Next, the system will perform a random allocation amongst the remaining accounts (in this case accounts B & C, each with an equal probability) to determine who will receive the next share/contract.

 

The system randomly chose account B for allocation of the second share/contract.

A: 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: 0 contracts, which is 0/10 of desired (fill ratio = 0.00)

 

The system then allocates the final [3] share/contract to an account(s) with the smallest ratio (i.e. Account C which currently has a ratio of 0.00).

A: final allocation of 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: final allocation of 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: final allocation of 1 contract, which is 1/10 of desired (fill ratio = 0.10)

 

The execution(s) received have now been allocated in full.

 

Available allocation Flags

Besides the allocation methods above, user can choose the following flags, which also influence the allocation:

·         Strict per-account allocation.
For the initially submitted order if one or more subaccounts are rejected by the credit checking, we reject the whole order.

·         “Close positions first”1.This is the default handling mode for all orders which close a position (whether or not they are also opening position on the other side or not). The calculation are slightly different and ensure that we do not start opening position for one account if another account still has a position to close, except in few more complex cases.


Other factor affects allocations:

1)      Mutual Fund: the allocation has two steps. The first execution report is received before market open. We allocate based onMonetaryValue for buy order and MonetaryValueShares for sell order. Later, when second execution report which has the NetAssetValue comes, we do the final allocation based on first allocation report.

2)      Allocate in Lot Size: if a user chooses (thru account config) to prefer whole-lot allocations for stocks, the calculations are more complex and will be described in the next version of this document.

3)      Combo allocation1: we allocate combo trades as a unit, resulting in slightly different calculations.

4)      Long/short split1: applied to orders for stocks, warrants or structured products. When allocating long sell orders, we only allocate to accounts which have long position: resulting in calculations being more complex.

5)      For non-guaranteed smart combo: we do allocation by each leg instead of combo.

6)      In case of trade bust or correction1: the allocations are adjusted using more complex logic.

7)      Account exclusion1: Some subaccounts could be excluded from allocation for the following reasons, no trading permission, employee restriction, broker restriction, RejectIfOpening, prop account restrictions, dynamic size violation, MoneyMarketRules restriction for mutual fund. We do not allocate to excluded accountsand we cancel the order after other accounts are filled. In case of partial restriction (e.g. account is permitted to close but not to open, or account has enough excess liquidity only for a portion of the desired position).

 

 

Footnotes:

1.        Details of these calculations will be included in the next revision of this document.

2.        To continue observing margin in each account on a real-time basis, IB allocates each trade immediately (behind the scenes) however from the CTA and/or FA (or client’s) point of view, the final distribution of the execution at an average price typically occurs when the trade is executed in full, is canceled or at the end of day (whichever happens first).

3.       If no account has a ratio greater than 1.0 or multiple accounts are tied in the final step (i.e. ratio = 0.00), the first step is skipped and allocation of the first share/contract is decided via step two (i.e. random allocation).

 

Changing Market Data Subscriber Status from Pro to Non-Pro

Overview: 

For purposes of determining available quote subscriptions and fees, IB is obligated to determine whether account holders fall under the exchange classifications as a Professional or Non-Professional subscriber (See KB2369 for definitions). In most instances, account holders are allowed to self-declare their subscriber status at the point of application or update via Account Management thereafter, although these declarations are subject to review and account holders electing Non-Professional status are subject to having their status amended to Professional based upon the account information they've submitted.

 

Account holders who no longer meet the definition of a Professional may request a change in their status to Non-Professional by following the steps below:

 

Individual and Joint Accounts

  1. Log into Account Management and select the Manage Account, Trade Configuration, and then Subscriber Status menu options. You will be presented with a page through which you can select the option titled Non-Professional and agree to the permitted use and notification of future change in status requirements.
  2. Your request will then be subject to a review by IB to determine whether it can be accepted or denied based upon the account information of record or whether completion of the Non Professional Questionnaire is required. You will be notified via the Message Center if accepted or denied.
  3. If completion of the questionnaire is required, you will receive an email advising you to log into Account Management at which point you will be prompted with the form. Once completed, the responses will be reviewed by IB and you will be notified as to whether or not your change request has been accepted. Please allow between 1 - 2 business days for this review process to complete.
  4. If your request to change status is approved, your Professional Subscriptions will be canceled immediately and, as exchanges do not provide for prorated subscriptions, you will be charged for the subscription as if you had use of it the entire month.  If you wish to subscribe to replacement quote services as a Non-Professional, you may do so through Account Management.  Again, please note that mid-month subscriptions are charged at the full monthly rate.  Accordingly, depending upon your decision to request a change of status and elect replacement subscriptions, you may be subject to both Professional and Non-Professional fees for a given month.

 

Family & Friends Advisor Accounts

  1. Submit your request to complete the Non-Professional Questionnaire via the Message Center located in Account Management.
  2. Your request will then be subject to a review by IB to determine whether it can be accepted or denied based upon the account information of record or whether you are eligible to complete the Non Professional Questionnaire. You will be notified via the Message Center as to the decision.
  3. If eligible to complete the Non Professional Questionnaire, you will receive an email advising you to log into Account Management at which point you will be prompted with the form. Once completed, the responses will be reviewed by IB and you will be notified as to whether or not your change request has been accepted. Please allow between 1 - 2 business days for this review process to complete.
  4. Friends & Family Advisor accounts that are reclassified from Professional to Non-Professional are subject to the same market data cancellation, replacement and billing considerations as noted above for Individual accounts.

 

Organizations, Professional Advisor Accounts & Professional Trusts

  1. These types of accounts are classified as Professional by default per exchange rules and will not be considered for reclassification to Non Professional.

市场数据非专业客户问卷

Overview: 

如何完成最新的非专业客户问卷。

Background: 

纽约证券交易所(NYSE)及大多数美国的交易所均要求供应商在允许客户接收市场数据前确认每个客户接收市场数据的身份。未来,我们将使用非专业客户问卷来识别及确认所有订阅用户的市场数据身份。根据交易所的要求,在未明确客户为非专业人士之前,将默认客户的市场数据接收身份为专业人士。该流程能够保证所有新订阅用户的数据订阅身份是准确的。若要获取有关非专业人士定义的简要指南,请见ibkb.interactivebrokers.com/article/2369。

您必须回答问卷上的所有问题,方可被定义为非专业人士。鉴于交易所要求供应商明确获得客户为非专业人士的证明,若问卷回答不完整或不清晰,客户将被界定为专业投资者,直至其身份得到确认。

如您的身份有所变更,请联系帮助台。

问题解释:

1)    商业及业务用途

a)    您是否出于业务需要、或代表其他商业实体接收财经信息(包括关于证券、商品及其他金融产品的新闻或价格数据)?

解释:除个人用途外,您是否代表公司或其他组织接收及使用本账户中的市场数据?

b)    您是否代表公司、合伙企业、专业信托机构、专业投资俱乐部或其他实体开展证券、商品或外汇交易?

解释:您只代表个人交易,还是也代表机构(如,有限责任公司、有限责任企业、股份有限公司、公司、有限责任合伙企业等)交易

c)    您是否就以下事项与其他实体或个人达成过协议:(a) 分享交易活动的盈利,或 (b)获取交易酬劳?

解释:您是否通过交易获得酬劳,或与第三方实体或个人分享交易活动的盈利?

d)    您是否通过交易换取办公场所、设备或其他福利?或者,您是否担任任意个人、企业或商业实体的财务顾问?

解释:您是否以任意形式从第三方获得交易的酬劳,该酬劳不一定以货币的形式支付。

2)    担任职务

a)    目前您是否担任任何投资顾问或经纪交易商的职务?

解释:您是否通过管理第三方的资产或指导他人如何管理资产获得酬劳?

b)    您是否担任证券、商品或外汇方面的资产管理人?

解释:您是否通过管理证券、商品或外汇资产获得酬劳?

c)     目前您是否在工作中使用此类财经信息,或将其用于管理您的雇主或公司的资产?

解释:您使用数据是否单纯出于商业目的,即,用于管理您的雇主及/或公司的资产?

d)    您交易时是否使用了其他个人或实体的资金?

解释:您的账户中除了您个人的资产,是否有其他实体的资产?

3)    向其他任意实体传播、再发布或提供数据

a)    您是否以任意方式向任意第三方传播、再传播、发布或提供任何从服务中获得的财经信息?

解释:您是否以任意形式向其他实体发送您从我方获得的任何数据?

4)    合资格的专业证券/期货交易商

a)    目前,您是否为任意证券机构、商品或期货市场的注册或合资格的专业证券交易员,或为任意国家交易所、监管机构、专业协会或公认专业机构的投资顾问?i, ii
是☐             否☐

i) 监管机构的例子包括但不限于:

  • 美国证券交易委员会(SEC)
  • 美国商品期货交易委员会(CFTC)
  • 英国金融服务局(FSA)
  • 日本金融服务局(JFSA)

ii) 自律组织(SROs)的例子包括但不限于:

  • 美国纽约证券交易所(NYSE)
  • 美国金融业监管局(FINRA)
  • 瑞士联邦金融局(VQF)

 

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