Fractional Share Trading

Overview: 

Trading fractional shares allows you to invest in companies which you may not be able to afford the full share price. It also makes it easier for you to diversify your portfolio by allowing you to purchase fractional amounts in multiple companies when you otherwise may have only been able to purchase whole shares in one or two companies.

If you enable your account to trade in fractions, we will buy or sell a fraction of a share based on the amount of cash you specify. For example, if you want to spend $500 but one share of the stock you want to buy is currently $1000 you would end up with 0.5 shares.

Who is eligible for fractional share permissions?

All individual, standalone accounts including Lite customers (except those who reside in Israel and Canadian RRSP/TFSA accounts) are eligible for fractional share permissions.

Financial Advisors, Money Managers, and Introducing Brokers may enable their clients on an all-or-none basis.

How do I enable fractional shares?

If you are eligible then you can enable fractional share trading in Client Portal/Account Management. Select Settings followed by Account Settings and click on the Configure (gear) icon next to Trading Experience & Permissions. Scroll down to "Stocks", check the box for "United States (Trade in Fractions)", click CONTINUE and follow the prompts on screen.

Please note, TWS Build Version 979 or later is required to trade fractional shares. This feature currently supports most order types.

What products can I trade in fractions?

U.S. stocks listed on NYSE, AMEX, NASDAQ, ARCA, or BATS, as well as OTC Pink U.S. penny stocks with average daily volume above $10 million and market cap above $400 million are available for fractional shares trading. Non-U.S. stocks are not available for fractional shares trading at this time.

Can I short fractional shares?

IBKR does support short sales in fractional shares of eligible U.S. stocks as long as you have margin and approved trading permissions for "United States (Trade in Fractions)"/"Stocks".

What are the fees associated with fractional shares?

There is no additional fee to use fractional share trading. Standard commission rates (both IBKR Lite and IBKR Pro) apply.

Can I transfer fractional shares to IBKR?

IBKR does not accept fractional shares through a position transfer.

Do I receive dividends on my fractional shares?

Your fractional shares positions are eligible to receive dividends in the same manner as your full positions on the same stocks.

Are fractional shares eligible for the Dividend Reinvestment Program (DRIP)?

It is not possible to receive fractional shares for a reinvested dividend through the Dividend Reinvestment Program (DRIP) at this time. We hope to offer this in the future.

Please note the above does not apply in the event of mutual fund dividends, which are re-invested and may result in holding fractional shares of the fund.

Will I receive a fractional share position from a corporate action?

If your account has been approved for trading fractions and a US corporate action issues fractional shares, the fractional shares will remain in your account. However, if your account does not have permissions to trade in fractions or the corporate action is issuing non-US shares or non-eligible US shares, the fractional shares will be liquidated.

Is fractional trading available for the API?

Fractional trading is not supported via API or FIX/CTCI at this time.
 

PRIIP概述

背景
2018年,一项欧盟新规生效,该新规旨在对“零售”客户进行保护,确保其在买入某种产品时能够获得充分的披露信息。该法规被称为零售及保险投资产品组合法规(MiFID II指令2014/65/EU)或PRIIP,其覆盖了所有应付给客户的金额会受参考值或一种或多种并非由该等零售投资者直接买入之资产的业绩表现影响而波动的投资。常见列子包括期权、期货、差价合约、ETF、ETN和其它结构性产品。

值得注意的是,经纪商不得允许零售客户购买PRIIP覆盖的产品,除非该产品的发行机构已经备好了要求的披露文件让经纪商提供给客户。这种披露文件被称为关键信息文件(“KID”),包括产品描述、成本、风险回报情况及可能的业绩情境等信息。美国客户不受PRIIP影响,因此,某些美国挂牌ETF的发行机构通常不会创建关键信息文件。这就意味着,欧洲经济区(“EEA”)的零售客户可能无法购买此类产品。

客户分类
IBKR默认将所有个人客户分类为“零售”客户,因为这样可以给与客户MiFID提供的最广泛的保护。被分类为“专业”客户的客户无法享受“零售”客户级别的保护,但同时也不需要受KID文件要求的限制。根据MiFID II的定义,“专业”客户包括受监管的实体、大型客户和要求被重新分类为“选择性专业客户”并且在知识、经验和财务实力方面满足MiFID II要求的个人。

IB提供了线上程序可供“零售”客户申请将其分类更改为“专业”。重新分类的资格要求以及申请重新分类的步骤,请参见KB3298,如果要直接申请更改分类,可通过客户端/账户管理中的相关问卷进行。
 

PRIIPs Overview

BACKGROUND
In 2018, an EU regulation, intended to protect “Retail” clients by ensuring that they are provided with adequate disclosure when purchasing certain products took effect. This regulation is known as the Packaged Retail and Insurance-based Investment Product Regulation (MiFID II, Directive 2014/65/EU), or PRIIPs, and it covers any investment where the amount payable to the client fluctuates because of exposure to reference values or to the performance of one or more assets not directly purchased by such retail investor. Common examples of such products include options, futures, CFDs, ETFs, ETNs and other structured products.

It’s important to note that a broker cannot allow a Retail client to purchase a product covered by PRIIPs unless the issuer of that product has prepared the required disclosure document for the broker to provide to the client. This disclosure document is referred to as a Key Information Document, or KID, and it contains information such as product description, cost, risk-reward profile and possible performance scenarios. U.S. clients are not impacted by PRIIPs, so the issuers of some of the more popular U.S. listed ETFs often elect not to create a KID. This means that EEA Retail client may not purchase the product.

CLIENT CATEGORISATION
IBKR categorises all individual clients as “Retail” by default as this affords clients the broadest level of protection afforded by MiFID. Client who are categorised as “Professional” do not receive the same level of protection as “Retail” but are not subject to the KIDs requirement. As defined under MiFID II rules, “Professional” clients include regulated entities, large clients and individuals who have asked to be re-categorised as “elective professional clients” and meet the MiFID II requirements based on their knowledge, experience and financial capability.

IB provides an online step-by-step process that allows “Retail” to request that their categorisation be changed to “Professional". The qualifications for re-categorisation along with the steps for requesting that one’s categorisation be considered are outlined in KB3298 or, to directly apply for a change in categorisation, the questionnaire, is available in the Client Portal/Account Management.
 

VXX与VXZ到期相关信息

简介

2019年1月30日,iPath S&P 500 VIX短期期货(VXX)和中期期货(VXZ)交易所交易票据(ETN)即将到期。考虑到VXX和VXZ即将到期,其发行机构巴克莱银行发行了iPath“B系列”的S&P 500 VIX短期期货(VXXB)和中期期货(VXZB)交易所交易票据,于2018年1月开始交易,并将于2048年到期。

持有与即将到期的ETN及/或其衍生产品相关之头寸的客户应熟悉事件的时间安排、可做的选择以及相关风险和保证金影响。请注意,如不采取相应行动,或采取行动时不考虑保证金影响,可能会将您的账户置于不符合保证金要求的境地,从而导致强制清算

下方常见问题提供了与该事件相关的背景信息。

 

常见问题解答

问:VXX和VXZ交易所交易票据何时到期?答:VXX和VXZ将在2019年1月30日开盘时到期并摘牌。问:VXX和VXZ的最后交易日是哪天?

答:2019年1月29日将会是该等即将到期之ETN的最后交易日和最后估值日。

 

问:到期后VXX和VXZ会如何处理?

答:发行机构为VXX和VXZ的持有者提供了选择,即赎回票据兑换现金或以1:1的比例兑换对应的“B系列”票据。或者,该等票据持有者还可选择在2019年1月30日前平仓并将头寸替换成二级市场上对应的“B系列”票据。

 

问:如果赎回兑现该等即将到期的票据,可以获得多少现金?

答:如选择兑现票据,您每张票据可获得的现金将等于2019年1月29日(即最后估值日)所适用的收盘指示性价值。

 

问:赎回交易何时会记入我的账户?

答:赎回交易,无论是兑现还是兑换“B系列”票据,都会在2019年1月29日收盘后处理,并会于2019年1月30日开盘前记入您的账户。

 

问:如何将我的赎回决定告知IBKR?

答:我们会通过消息中心和电子邮箱向多头持有即将到期之头寸的客户发送通知,届时会开放选择窗口。通知会详细说明如何通过客户端/账户管理内的自愿公司行动工具提交选择。

 

问:是否可以选择提早赎回?

答:客户可以在到期前提早赎回票据兑换“B系列”票据或现金(即提前赎回),但需付$500.00美元费用。到期赎回没有费用。

 

问:选择决定是否可以撤销?

答:提前赎回选择不可撤销。到期赎回选择在选择窗口关闭前均可撤销。

 

问:IBKR是否支持现金和“B系列”票据结合的方式赎回?答:不支持。客户只可在全现金和全“B系列”票据之间选择一个。问:如果在选择窗口关闭前没有提供选择决定会怎么样?

答:如果您决定不采取行动或未能在截止时间前采取行动,到期头寸将兑换为现金。

 

问:如果在最后交易日前持有即将到期票据的空头头寸会怎么样?

答:如果在最后交易日前持有即将到期票据的空头头寸,出借方有权平仓您的空头头寸,强制您交付现金或对应的“B系列”票据。如果您没有足够数量的“B系列”票据多头头寸可供交付,则您会被分配一个空头头寸,如果无法借到该ETN,您将面临强制平仓。

 

问:如果在最后交易日后持有即将到期票据的空头头寸会怎么样?

答:如果在最后交易日后持有即将到期票据的空头头寸,则您必须交付现金。

 

问:与该事件相关的保证金影响有哪些?

答:在投资组合保证金账户中持有即将到期ETN的客户需要特别注意票据到期和赎回选择对其保证金要求的影响。尽管VXX、VXZ及其相关衍生品列入了美国货币监理署(OCC)的客户投资组合保证金文件,IB对这些产品提供投资组合保证金交易,但其对应的“B系列”票据并没有列入OCC的投资组合保证金文件,因此IBKR不会对该等产品提供投资组合保证金交易。这些“B系列”ETN和衍生品将根据Reg.T规定计算保证金要求。

因此,在当前投资组合保证金框架下支持的VXX和其它短期波动率产品(如VIXY、VIIX、UVXY、TVIX和SVXY)之间的保证金对销将不会适用于VXXB。同样,当前支持的VXZ和其它中期波动率产品(如VIXM和ZIV)之间的保证金对销也不会适用于VXZB。此外,由于Reg. T只对一部分期权策略提供保证金减免,Reg.T保证金框架下持有包含VXXB或VXZB的复合期权头寸的客户其保证金要求可能会高于投资组合保证金框架下对应VXX或VXZ头寸的保证金要求。

客户可通过在风险漫游中创建“What-if“投资组合来模拟VXX和VXZ到期的影响以及相关赎回选择。

 

注:如果赎回即将到期的ETN将其兑换成对应的“B系列”票据会导致账户保证金不足,IBKR有权禁止该等赎回,并强制进行现金赎回。

针对大麻类证券的清算所限制

斯图加特交易所(Boerse Stuttgart)和明讯银行(Clearstream Banking)宣布其将不再对主营业务与大麻及其它毒品直接或间接相关的证券提供服务。因此,该等证券将不会再于斯图加特(SWB)或法兰克福(FWB)证券交易所交易。自2018年9月19日收盘开始,IBKR将采取以下行动:

  1. 对于客户未采取行动平仓,但也不能转至美国挂牌市场的受影响头寸,进行强制平仓;
  2. 对于客户未采取行动平仓,但能够转至美国挂牌市场的受影响头寸,将股票转至其美国挂牌市场。

下方表格列出了斯图加特交易所和明讯银行截至2018年8月7日公布的受影响证券。该表格还标记了受影响证券是否能够转至美国挂牌市场。注意,清算所已声明该列表可能尚不完整,建议客户检查其各自网站了解最新信息。

ISIN 名称 交易所 是否可转至美国? 美国代码
CA00258G1037

ABATTIS BIOCEUTICALS CORP

FWB2

ATTBF

CA05156X1087

AURORA CANNABIS INC

FWB2, SWB2

ACBFF

CA37956B1013

GLOBAL CANNABIS APPLICATIONS

FWB2

FUAPF

US3988451072

GROOVE BOTANICALS INC

FWB

GRVE

US45408X3089

INDIA GLOBALIZATION CAPITAL

FWB2, SWB2

ICG

CA4576371062

INMED PHARMACEUTICALS INC

FWB2

IMLFF

CA53224Y1043

LIFESTYLE DELIVERY SYSTEMS I

FWB2, SWB2

LDSYF

CA56575M1086

MARAPHARM VENTURES INC

FWB2, SWB2

MRPHF

CA5768081096

MATICA ENTERPRISES INC

FWB2, SWB2

MQPXF

CA62987D1087

NAMASTE TECHNOLOGIES INC

FWB2, SWB2

NXTTF

CA63902L1004

NATURALLY SPLENDID ENT LTD

FWB2, SWB2

NSPDF

CA88166Y1007

TETRA BIO-PHARMA INC

FWB2

TBPMF

CA92347A1066

VERITAS PHARMA INC

FWB2

VRTHF

CA1377991023

CANNTAB THERAPEUTICS LTD

FWB2  
CA74737N1042

QUADRON CANNATECH CORP

FWB2  
CA84730M1023

SPEAKEASY CANNABIS CLUB LTD

FWB2, SWB2  
CA86860J1066

SUPREME CANNABIS CO INC/THE

FWB2  
CA92858L2021

VODIS PHARMACEUTICALS INC

FWB2  

 重要注意事项:

  • 请注意,美国挂牌证券通常为场外交易(PINK),且以美元(而非欧元)计价,因此,除市场风险外,您还将面对汇率风险。
  • 持有粉单(PINK Sheet)证券的账户持有人需要有美国(仙股)交易许可才能下达开仓定单。
  • 拥有美国(仙股)交易许可之账户的所有使用者均须使用双因素验证登录账户。

Clearinghouse Restrictions on Cannabis Securities

Boerse Stuttgart and Clearstream Banking have announced that they will no longer provide services for issues whose main business is connected directly or indirectly to cannabis and other narcotics products.  Consequently, those securities will no longer trade on the Stuttgart (SWB) or Frankfurt (FWB) stock exchanges. Effective as of the 19 September 2018 close, IBKR will take the following actions:

  1. Force close any impacted positions which clients have not acted to close and that are not eligible for transfer to a U.S. listing; and
  2. Force transfer to a U.S. listing any impacted positions which clients have not acted to close and that are eligible for such transfer.

Outlined in the table below are impacted issues as announced by the Boerse Stuttgart and Clearstream Banking  as of 7 August 2018. This table includes a notation as to whether the impacted issue is eligible for transfer to a U.S. listing. Note that the clearinghouses have indicated that this list may not yet be complete and clients are advised to review their respective websites for the most current information.

ISIN NAME EXCHANGE U.S. TRANSFER ELIGIBLE? U.S. SYMBOL
CA00258G1037

ABATTIS BIOCEUTICALS CORP

FWB2 YES

ATTBF

CA05156X1087

AURORA CANNABIS INC

FWB2, SWB2 YES

ACBFF

CA37956B1013

GLOBAL CANNABIS APPLICATIONS

FWB2 YES

FUAPF

US3988451072

GROOVE BOTANICALS INC

FWB YES

GRVE

US45408X3089

INDIA GLOBALIZATION CAPITAL

FWB2, SWB2 YES

ICG

CA4576371062

INMED PHARMACEUTICALS INC

FWB2 YES

IMLFF

CA53224Y1043

LIFESTYLE DELIVERY SYSTEMS I

FWB2, SWB2 YES

LDSYF

CA56575M1086

MARAPHARM VENTURES INC

FWB2, SWB2 YES

MRPHF

CA5768081096

MATICA ENTERPRISES INC

FWB2, SWB2 YES

MQPXF

CA62987D1087

NAMASTE TECHNOLOGIES INC

FWB2, SWB2 YES

NXTTF

CA63902L1004

NATURALLY SPLENDID ENT LTD

FWB2, SWB2 YES

NSPDF

CA88166Y1007

TETRA BIO-PHARMA INC

FWB2 YES

TBPMF

CA92347A1066

VERITAS PHARMA INC

FWB2 YES

VRTHF

CA1377991023

CANNTAB THERAPEUTICS LTD

FWB2 NO  
CA74737N1042

QUADRON CANNATECH CORP

FWB2 NO  
CA84730M1023

SPEAKEASY CANNABIS CLUB LTD

FWB2, SWB2 NO  
CA86860J1066

SUPREME CANNABIS CO INC/THE

FWB2 NO  
CA92858L2021

VODIS PHARMACEUTICALS INC

FWB2 NO  

 IMPORTANT NOTES:

  • Note that the U.S. listings generally trade over-the-counter (PINK) and are denominated in USD not EUR thereby exposing you to exchange rate risk in addition to market risk.
  • Account holders maintaining PINK Sheet securities require United States (Penny Stocks) trading permissions in order to enter opening orders.
  • All users on accounts maintaining United States (Penny Stocks) trading permissions are required use 2 Factor login protection when logging into the account.

中国股票交易“北向通”投资者ID模型

背景
2017年11月,香港证监会(SFC)和中国证监会(CSRC)宣布就大陆-香港股票互联互通机制下的“北向通”交易推出投资者识别体系。该体系旨在增强对香港投资者交易大陆股票的合规监管,要求经纪商向上海证交所或深圳交易所报告客户的身份。 该法规自2018年9月26日起生效。 更多信息请见以下常见问题。
 
什么是股票互联互通?
股票互联互通机制是香港、上海和深圳证券交易所间的合作项目,该机制使国际投资者和中国大陆投资者得以通过其所属交易所的交易和清算设施交易其它证券交易所的证券。
 
什么是“北向通”交易?
“北向通”交易是指通过香港证券交易所交易在中国大陆上市的股票(即在上交所或深交所上市的股票)。
 
要收集和报告的是什么信息?
要收集和报告的信息取决于客户分类。对于个人,要收集和报告的信息如下:
  • 中英文姓名
  • 身份证件的签发国家/司法辖域
  • 身份证件类型(香港身份证、相关国家/地区政府机关签发的身份证、护照、或其它任意官方的身份证明文件,如驾照)
  • 身份证号码(身份证明文件号码)
对于机构投资者,要收集和报告的信息如下:
  • 实体名称
  • 其它正式的成立文件(IBKR会尽可能使用客户开户时提供的文件)。
  • 法律实体识别号码(如您没有LEI,您可在请求“互联互通”交易许可时通过IBKR申请一个。请注意,申请LEI最长可能需要三天,需向LEI签发机构缴纳申请费,之后每年还需续费)
每位“北向通”交易客户都会被分配一个“经纪商至客户分配号码(BCAN)”,该号码将与收集来的识别信息挂钩,并用于实时标注每一笔“北向通”定单。
 
IBKR被授权向谁分享此类信息?
想通过股票互联互通机制交易的客户必须同意IBKR向香港交易及结算所有限公司和中国的监管机构提供其信息,其中中国的监管机构包括:
  • 上海和深圳证券交易所
  • 中国证券登记结算(香港)有限公司
  • 中国大陆的监管机构和执法机关
 
IBKR如何收集此类信息?
已有“北向通”交易许可的客户在登录账户管理时即会看到一份在线表格。该表格将授权IBKR收集必要的信息并就提交定单时分享该信息征求客户同意。
 
客户识别将于何时实施?
“北向通”投资者ID模型将于2018年10月22日实施。 
 
是否会有“南向通”投资者ID模型?
SFC和CSRC也同意在“北向通”投资者ID模型成功实施后尽快为“南向通”建立类似的投资者识别体系。
 
如果我不提供必要的信息会怎么样?
“北向通”投资者ID模型实施后,客户若不提供必要的信息或不同意我们报告必要的信息,则其将无法提交“北向通”开仓定单,但可平仓已有头寸。
 
怎样才能交易中国股票互联互通机制下的股票?
要交易中国股票互联互通机制下的股票,客户需登录账户管理请求相应的交易许可:设置 -> 账户设置 -> 交易许可 -> 香港/中国股票互联互通。
 
请求了相应的交易许可后,系统会弹出“北向通”交易者披露。客户给予同意后,IBKR会分配一个BCAN并在香港时间下午2:45之前将客户文件发送给香港交易及结算所有限公司。如果请求获批,客户在第二天便可开始交易。

China Connect Northbound Investor ID Model

Background
In November 2017, the Securities and Futures Commission (SFC) and China Securities Regulatory Commission (CSRC) announced an agreement to introduce an investor identification regime for Northbound trading under Mainland-Hong Kong Stock Connect. This regime is intended to enhance regulatory surveillance of mainland-listed stock trading from Hong Kong and requires brokers to report the identity of clients submitting orders to either the Shanghai or Shenzhen Stock Exchange.  This regulation will be effective as of September 26, 2018.  Additional information is provided in the series of FAQs below.
 
What is the Stock Connect?
The Stock Connect is a collaboration between the Hong Kong, Shanghai and Shenzhen Stock Exchanges which allows international and Mainland Chinese investors to trade securities in each other's markets through the trading and clearing facilities of their home exchange.
 
What is Northbound trading?
Northbound trading refers to the trading of mainland-listed stocks (e.g., Shanghai and Shenzhen Stock Exchanges) from the Hong Kong Stock Exchange.
 
What information is being collected and reported?
The information collected and reported depends upon the client classification. In the case of individuals, the information is as follows:
  • Name in English and Chinese
  • ID issuing country/jurisdiction
  • ID type (Hong Kong ID card, ID card issued by the government authority of relevant country/region, passport, or any other official identity document e.g. driver's license)
  • ID number (number of ID document)
For Institutional investors, the information is as follows:
  • Entity name
  • Other official incorporation documents (IBKR will attempt to us the documents clients provided at the point of account opening, whenever possible).
  • Legal Entity Identifier (if you do not already have an LEI, you can order one through IBKR when requesting trading permissions for China Connect. Note that obtaining a LEI can take up to three days, is associated with an application fee imposed by the LEI issuing organization, and an annual renewal fee thereafter).
Each Northbound trading client will be assigned a Broker-to-Client Assigned Number (BCAN) which will be associated with the identification information collected and will be tagged to every Northbound order on a real-time basis.
 
Who is IBKR authorized to share this information with?
Clients who wish to access the Stock Connect must provide IBKR with consent to provide their information to the Hong Kong Exchanges and Clearing Ltd and the Chinese regulatory bodies such as:
  • Shanghai and Shenzhen Stock Exchanges
  • China Securities Depository and Clearing (Hong Kong) Company Limited
  • Mainland regulatory authorities and law enforcement agencies
 
How will IBKR collect this information?
Clients with existing Northbound trading permissions will be presented with the online form upon log in to Account Management. This form will allow IBKR to collect the required information and consent to submit this information upon order submission.
 
When will the identification take place?
The Northbound Investor ID model will be effective as of October 22, 2018. 
 
Will there be a Southbound Investor ID model?
The SFC and the CSRC also agreed to introduce a similar investor identification regime for Southbound trading as soon as possible after the regime for Northbound trading is implemented.
 
What happens if I do not provide the required information?
Once the Northbound Investor ID model is in effect, clients who either fail to provide the required information or elect not to provide consent to report the required information will not be allowed to submit opening Northbound orders but will be allowed to close existing positions.
 
How can I trade China Connect Stocks?
In order to trade China Connect stocks clients are required to login to Account Management and request the necessary trading permissions in Settings -> Account Settings -> Trading Permissions -> Hong Kong/China Stock Connect.
 
After the trading permission has been requested clients will be prompted with the Northbound Trader Disclosure. Once consent has been given, IBKR will assign a BCAN and send the client file to the HKEX before the deadline at 2:45pm HKT. If the request has been approved, clients will be able to trade on the next day.

Utilization in the Securities Lending Market

Utilization Metrics

Utilization is defined as loaned shares divided by available shares in the securities lending market, expressed as a percentage. The Utilization metric on TWS is not specific to IB. It is based on industrywide data provided by a securities finance data vendor. The metric is not conclusive however, as not every lender reports their Utilization to the vendor. In addition, although the source is believed to be reliable, IBKR does not warrant its accuracy.

Generally, Utilization is the ratio of demand to supply. For example, Apple Inc. (AAPL) may have utilization of less than 1% because the stock has vast availability relative to the demand to borrow shares for shorting. Roku Inc. (ROKU) may have utilization above 90% because of higher demand to short shares as compared to the number of available shares.

For accounts enrolled in the Stock Yield Enhancement Program, a high stock-specific Utilization percentage may increase the likelihood that IB may be able to lend your shares. Conversely, stocks with a low Utilization percentage are generally in lesser demand in the securities finance market, generally reducing IB’s ability to lend your shares.

Utilization can be added as a column in TWS.

Using Mosaic Market Scanner to Determine an Indication of Stock Utilization

TWS users can find stock utilization indications by using Mosaic Market Scanner filters. After opening the scanner, Select Custom Scanner and input parameters. Some useful filters include Price, Market Cap, Fee Rate and Utilization.

Please also see Important Considerations and Risks of Participating in Interactive Brokers Fully-Paid Securities Lending Programs here

 

添加/消耗流动性

Overview: 

本文旨在对交易所费用、添加/消耗流动性费用以及非组合佣金提供正确的理解。

 

添加或消耗流动性的概念既适用于股票,也适用于股票/指数期权。一个定单是消耗流动性还是添加流动性,取决于定单是适销还是非适销。

适销定单会消耗流动性。
适销定单要么是市价定单,要么是限价等于或高于/低于当前市价的买入/卖出限价定单。

1. 对于适销的买入限价定单,限价等于或高于卖价。

2. 对于适销的卖出限价定单,限价等于或低于买价。

举例:
XYZ股票当前卖价尺寸/价格为400股/46.00。您输入一个买入限价定单,即以46.01的价格买入100股XYZ股票。由于定单马上就能执行,其将被视为适销定单。如果交易所会对消耗流动性收费,则客户将需缴纳该费用。


 

非适销定单会添加流动性。
非适销定单是限价低于/高于当前市价的买入/卖出限价定单。

1. 对于非适销的买入限价定单,限价低于卖价。

2. 对于非适销的卖出限价定单,限价高于买价。

举例:
XYZ股票当前卖价尺寸/价格为400股/46.00。您输入一个买入限价定单,即以45.99的价格买入100股XYZ股票。由于定单将被作为最佳买价发布至市场,而不会立即执行,其将被视为非适销定单。
若有人发送了一个适销的卖出定单,从而使您的买入限价定单得以执行,则如果有添加流动性返点,您会收到一定折扣(返点)。

请注意:
1. 所有交易期权的账户均需就消耗/添加流动性缴纳/享受期权交易所费用或返点。
2. 根据IB网站,消耗/添加流动性费用表下只有负数才是折扣(返点)。

https://www.ibkr.com.cn/cn/index.php?f=2356
股票与期权佣金/费用请参见上方链接。
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