IB Australia Account Types and Products Offerings

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

Account Types

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

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

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

Cash Accounts

IB Australia offer three different types of cash accounts:

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

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

This account is available for all clients except SMSF clients.

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

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

This account is available for all clients except SMSF clients.

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

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

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

Margin Accounts

IB Australia offer two different types of margin accounts:

  • Leveraqed Trading account
  • Professional account

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

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

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

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

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

CFD Product Offering

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

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

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

FX Offering

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

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

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

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

ASX24

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

 

盈透證券(英國)有限公司 – MiFID分類

簡介

歐盟《金融工具市場法規(MiFID)》及其后修訂版MiFID II要求盈透證券英國有限公司【Interactive Brokers (U.K.) Limited (IBUK)】根據客戶的知識水平、經驗和專長將客戶分為“零售客戶”、“專業客戶”或“合格對手方”這几類。 

根據英國金融行為監管局(“FCA”)的法規,IBUK將大多數客戶歸為零售客戶,為其提供較高層次的保護。
 
只有受監管的實體或由受監管的基金經理管理的基金才會被歸為專業客戶。

專業客戶與零售客戶在監管保障方面的主要區別有:

1. 組合投資的性質與風險說明:以其它服務或產品作為協議條件向零售客戶提供投資服務的公司必須:(i) 告知零售投資者組合協議的風險是否與各組成部分單獨對應的風險有所不同;并(ii) 向零售客戶提供協議不同組成部分的充分說明以及各部分相互作用改變風險的方式。上述要求不適用於專業客戶。但是,除了下方第3點的情況外,IBUK的處理方法并不會有太多不同。

2. 差價合約(”CFD“)的投資者保護措施:歐洲證券與市場管理局(”ESMA“)針對向零售客戶提供差價合約推出了干預措施。措施包括:(i) 對開倉頭寸實施新的杠杆限制,根據底層證券的波動率而定;(ii) 以單個賬戶為單位的保證金平倉規則,標准化了供應商必須平倉一個或多個未結差價合約的保證金百分比水平;(iii) 以單個賬戶為單位的負余額保護規則;
(iv) 限制交易差價合約的獎勵;以及(v) 標准化風險警示,包括披露差價合約供應商出現虧損的零售投資者賬戶的百分比。上述要求不適用於專業客戶。

3. 與客戶的溝通:公司必須確保其與所有客戶的溝通均清楚、公證、不具誤導性。但是,公司與專業客戶溝通(有關其自身、其服務與產品以及其報酬)的方式則可能會和與零售客戶溝通的方式不同。公司在信息提供的詳細程度、使用的工具以及時間選擇方面的責任都會根據客戶是零售客戶還是專業客戶而會有所不同。發送某些產品特定文件(如零售及保險投資產品組合(“PRIIP”)關鍵信息文件(“KID”)的要求不適用於專業客戶。

4. 價值減損報告:若零售客戶賬戶持有杠杆金融產品頭寸或涉及或有負債交易,則如果各產品的初始價值下降10%且之后以10%的倍數下跌,則公司必須通知零售客戶。上述要求不適用於專業客戶。

5. 合適性:在評估非咨詢(non-advised)服務的合適性時,公司須確定客戶是否具備必要的經驗和知識,能夠了解所提供或需求之產品或服務相關的風險。該等合適性評估要求應用到客戶時,公司會認為專業客戶具備必要的經驗和知識了解其被分類為專業客戶的該等特定投資服務或交易、或該等類型交易或產品相關的風險。但公司不會對零售客戶作此假設,而是必須確定零售客戶確實具備必要的經驗和知識水平。
 

IBUK提供非咨詢服務,在評估既定服務或產品的合適性時,不需要像對零售客戶那樣對專業客戶索取信息或遵守評估程序,如果不能確定某一既定服務或產品的合適性,IBUK也不需要向專業客戶發出警告。 

6. 責任免除:在FCA法規下,公司針對零售客戶免除或限制其自身責任或義務的能力比針對專業客戶時要弱。

7. 金融服務申訴機搆:英國金融申訴服務機搆對專業客戶不可用,除非其是,例如,在其自身行業、業務、技能或專業之外行動的消費者、小型企業或個人。

8. 補償:IBUK是英國金融服務補償計划的參與成員。如果IBUK不能履行對您的義務,您有權從該計划索取賠償。這取決於業務的類型以及索賠的情況;補償僅對某些類型的索賠人和某些類型的業務可用。從補償計划獲取補償的資格將根據計划適用的規則確定。
 

重新分類為專業客戶

IBUK允許其零售客戶申請重新分類為專業客戶。我們會告知客戶其客戶分類,并且客戶可隨時在賬戶管理(設置>賬戶設置>MiFID客戶類別)中進行查看。客戶也可從本頁面請求更改其MiFID分類。

在下方兩種情況下,IBUK會考慮將零售客戶重新分類為專業客戶:

1. 固有專業客戶可以通知IBUK,因至少滿足以下一項條件,其認為其自身根據FCA規則應該被分類為固有專業客戶:

(i) 被授權或受監管在金融市場運作;或

(ii) 公司層面滿足下方規模要求中任意兩項的大型事業:

(a) 資產負債表總額達20,000,000歐元;
(b) 淨營業額達40,000,000歐元;
(c) 自有資金達2,000,000歐元;

(iii) 主要活動為投資金融產品的機搆投資者。這包括致力於資產證券化或其它融資交易的實體。

2. 如果基於對客戶技能、經驗和知識的評估,IBUK有理由相信,考慮所設想之交易或服務的性質,客戶能夠自行做出投資決定并了解其中風險,則IBUK會將客戶作為選擇性專業客戶。不滿足固有專業客戶要求的客戶仍然可以申請被分類為選擇性專業客戶。

要獲得重新分類,零售客戶必須提供證據證明其至少滿足以下標准中的兩項:

1. 在過去4個季度,客戶進行大額金融產品交易的平均頻率達每季度10次。

IBUK會考慮以下條件來確定大額交易:

a. 過去4個季度內,進行了至少40筆交易;
b. 過去4個季度內每個季度至少進行了1筆交易;
c. 過去4個季度內進行的最大的40筆交易總名義價值大於200,000歐元;
d. 賬戶淨資產價值大於50,000歐元。

現貨外匯和未分配OTC金屬交易不納入計算。

2. 客戶持有的金融產品(包括現金)投資組合超過500,000歐元(或等值);

3. 客戶是個人賬戶持有人或機搆賬戶交易者,且其至少有一年在金融行業要求具備產品知識的專業崗位工作的經驗。

審核并驗證客戶提供的信息和證明資料后,如果所有相關條件均已符合,則IBUK會對客戶進行重新分類。

申請重新分類為專業客戶的零售客戶在提交相關申請前,必須閱讀并了解IBUK的警告信息。

重新分類為零售客戶專業客戶可以在上述同一賬戶管理頁面(設置>賬戶設置>MiFID客戶類別)向IBUK提出申請將其重新分類為零售客戶。

除了受監管實體或由受監管基金經理管理的基金應分類為固有專業客戶外,IBUK可接受所有此類請求。

本信息僅用於指導盈透證券全披露清算服務客戶。
注:以上信息不作為全面窮盡式指南,也不是對法規的權威性解釋,而是對IBUK對待客戶分類和重新分類政策之方法的總結。

 

 

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

Introduction

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

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

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

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

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

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

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

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

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

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

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

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

Re-categorisation as Professional Client

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

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

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

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

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

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

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

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

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

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

To determine the significant size IBUK considers the following:

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

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

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

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

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

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

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

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

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

 

 

Converting From an Individual to Trust Account

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

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

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

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

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

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


IMPORTANT NOTES

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

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

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

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

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

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

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

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

Free Riding Rule

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

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

Example A:

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

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

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

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

 

Example B:

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

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

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

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

 

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

 

常見問題- 轉換為以IBUK作為持有經紀商

 

一般問題

 
問:將發生什麼變化?

答: IB將擴大由IB UK清算和持有的客戶活動範圍,以包括某些當前由IB LLC處理的業務。目前,除實體商品(如黃金、白銀)和未在交易所掛牌的差價合約(CFD)外,IB UK通過IB LLC清算所有客戶活動。為區分由IB英國清算的和轉介給IB LLC處理的IB英國的活動,我們創建了一個稱為IBUKL的內部記賬賬戶,用於記錄IB英國的活動。該IBUKL賬戶將被用於清算和持有更廣泛的產品類型,包括股票、ETF、期權、期貨、期貨期權和外匯。

 
問:為什麼要這麼處理?

答: IB客戶群既包括美國賬戶也包括非美國賬戶,正傾向於變得更為國際化。目前很大一部分非美國客戶群的活動在美國經紀自營商IB LLC處清算、持有並託管(除CFD、實物金屬及所有通過IB印度和IB日本賬戶處理的活動),將部分活動轉移到IBUKL具有很大優勢,因規管結構更接近於客戶所在地。

這些優勢包括能將客戶的非美國商品和證券頭寸整合進同一個賬戶部分、通過頭寸對沖和應用基於風險的保證金計算方法享受更有利的保證金、通過合併當前不同項目下的現金餘額來降低借款成本/提高利息收入、以及盡可能減少美國稅務的報告義務。
 
 
問:IB UK和IBUKL有什麼區別?

答:盈透證券(英國)有限公司(“IB UK”)是一家由英國行為監管局(FCA)授權在英國運營的經紀商。相比之下,IBUKL不是法律實體,而是一種內部的記錄或標記慣例,用於指定通過IB UK交易的客戶業務子項目。目前,該活動僅包括由IB英國清算且作為對手方的場外產品,包括非交易所掛牌的CFD和實體商品(即黃金和白銀)。

 

問:貴公司計劃如何推出產品?

答:一開始,我們將向已有的IBUKL產品服務範圍添加非美國股票指數產品(即以同一種貨幣交付的期貨和期權)。這包括FTSE、CAC、恆生、日經及DAX等指數。我們將為這些產品創建一個新的“國際股票指數”許可,並向新客戶和合格原有客戶提供。合格原有客戶包括有期權權限、以及在過去12個月中持有頭寸或開展過頭寸交易的非美國賬戶。這些原有客戶將自動獲得該許可。

非美國股票指數產品轉換完成後,我們將按照以下順序擴大涵蓋產品的範圍:外匯、其他期貨及非美國股票。

 

問:開立了IBUKL賬戶的客戶是否會同時擁有IB LLC的賬戶?
答:在大多數情況下可能會。如果客戶僅交易由IBUKL賬戶清算和持有的產品,理論上他們無需開立IB LLC賬戶。有其他頭寸的客戶將保留或需開立IB LLC賬戶。

 

問:IBUKL賬戶會像IB LLC賬戶一樣有多個部分嗎?

答:不會。IB LLC賬戶下的多個部分反映了美國二元分化的監管結構,即證券產品由證券交易委員會(SEC)監管、而大宗商品則由商品期貨交易委員會(CFTC)監管。除了聯合監管的個股期貨以外,CFTC或SEC的法規對另一個監管機構管轄的賬戶中的產品的清算或保證金要求均不作規定。比如CFYC和SEC的客戶保護規則,儘管兩者的目的相似,但應用不同;此類規則旨在隔離一定金額的資產,以便償還與賬戶的證券或商品板塊相對應的權利主張,但僅以單個部分的潛在主張為限。

IB UK的主要監管方英國行為監管局(FCA)同時監管證券和商品,所有IBUKL頭寸將被放置在一個賬戶部分中。


問:IBUKL賬戶中的頭寸將適用何種保證金方法?
答:頭寸不適用美國Reg. T保證金要求,而是適用基於風險的(VAR)方法。初期,當新產品被遷移至IBUKL賬戶,本地交易所/清算方法(通常為SPAN)將被沿用,賬戶的保證金要求將是多種方法計算結果的加總。未來,IB將對整個賬戶使用統一的保證金計算方法,即基於IB當前獨有的投資組合保證金計算模型。

 

問:需要簽署額外的披露聲明或協議嗎?在哪裡可以看到?

答:對於由IBUK持有產品的IBUK客戶,新的客戶協議可在IB網站的產品與服務>表格與披露板塊找到。

 

 
問:我能否在賬戶間劃轉資金?
 
答:由於IBLLC和IB UK是獨立的法律實體,多餘資金無法自動在兩個賬戶間轉移,除非是為了滿足保證金要求。在某些情況下,IB會自動轉移所需的資金,以滿足IBLLC和IB UK賬戶的保證金要求。賬戶管理中剩餘資金劃轉選項仍將有效,但僅會影響IBLLC賬戶。

 

問:在資產轉移期間及轉移後利息怎麼計算?
 
答:在IBLLC持有現金餘額的客戶將繼續依據其在證券和商品賬戶中持有的現金餘額分別計算利息。在IB UK持有現金餘額的客戶只有一個現金餘額,利息都根據這個餘額計算。
 
 

客戶保護

 
問:IB UK賬戶能為我提供何種保護?
 
答: IB UK是英國金融服務補償計劃(“FSCS”)成員。補償標準會不斷變化,有關當前補償標準的詳情,請參考FSCS網站www.fscs.org.uk/
 
 
問:我從哪裡可以獲得有關客戶保護的更多信息?
 
答:您可參考知識庫文章KB2012了解有關客戶保護的更多信息。
 
 
問:IB UK是否提供高於行業標準的額外保護?
 
答: IB UK不提供高於FSCS標準的額外保護。
 
 
問:勞埃德(Lloyds)的保險是否也覆蓋IB UK的賬戶?
 
答:不覆蓋。倫敦勞埃德保險公司的某些保險人提供高於SIPC標準的保險範圍;但不適用於IBUK持有經紀商持有的產品。

 
問:如果變更賬戶後對我的違約保障會變差,我為什麼還要變更賬戶?
 
答:將資產託管在IB UK有多項好處。這些好處包括能將客戶的非美國商品和證券頭寸整合進同一個賬戶部分、通過頭寸對沖和應用基於風險的保證金計算方法享受更有利的保證金、通過合併當前不同項目下的現金餘額來降低借款成本/提高利息收入、以及盡可能減少美國稅務的報告義務。
 
 
問:我能否選擇繼續使用IBLLC賬戶以便享受SIPC的保護?
 
答:目前,IB想要將某些產品組遷移至IB UK,因此,所有持有相關產品組的客戶將被遷移至IB UK。將來這些產品可能可以通過IBLLC持有,但目前尚不可以。
 
 
問:IB UK破產而IBLLC不破產的情況可能發生嗎?

答:理論上可能,但我們認為這種情況不會出現。 IB LLC和IB UK都是同一家母公司盈透證券集團有限公司(Interactive Brokers Group LLC)的全資子公司。成立獨立實體主要是出於應對監管的目的,我們相信這兩者中任何一家都不會破產,母公司更不可能只讓其中一家破產。此外,由於IB約85%的股權是管理層和員工持有的,所有者出於經濟利益的考慮會極力保護其投資、不致讓這兩家實體破產。

 

 

 

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

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

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

Converting From a Single to Joint Account

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

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

 

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

Designation of Eligible Contract Participant

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

 

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

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

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

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

 

Step 2. Update your account information:

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

Eligible Contract Participant - Definition

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

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

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

 

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

 

Syndicate content