Summary of Risks relating to Forex CFDs issued by Interactive Brokers Securities Japan, Inc.
Overview:
This summary highlights the principal risks associated with trading Forex CFDs issued by IBSJ (“IB FXCFDs"). It is not a risk disclosure for regulatory purposes.
- Trading of IB FXCFDs is not suitable for all investors, and you should not trade them unless you are an experienced investor with a high risk tolerance and the capability to sustain losses if they occur
- The volatility of foreign exchange rates and interest rates may quickly cause significant losses. Forex CFDs employ leverage that further amplifies the volatility relative to your investment and you may lose more than you have invested. In addition, IB FXCFD roll over interest may turn from a credit to a debit due to changes in interest rates
- You are required to maintain sufficient equity in your account at all times to cover IBSJs maintenance margin requirement. There are no grace-periods and IBSJ does not issue margin calls. Your equity is calculated in real time and should it become insufficient, IBSJ will immediately and automatically liquidate positions to bring your account into margin compliance. Real time liquidations aim to minimize the risk that your account equity becomes negative, but they cannot eliminate that risk. Should your equity become negative you are required to deposit additional funds to cover the deficit
- The price IBSJ displays to you for IB FXCFDs is based on the prevailing foreign exchange market. However there is no guarantee for executions at that price. Slippage may occur for large trades or in fast moving markets and during heavily traded hours
- Moreover, your ability to establish or close positions on a timely basis is not guaranteed. It may become difficult to display quotes during major holidays or during hours when foreign exchange trading is not active. IBSJ may display prices that deviate from a fair market due to system-malfunctions or failures, or erroneous quotes that IBSJ may receive from market participants or for other reasons (off-market prices). IBSJ will adjust or cancel trades executed with off-market prices
- IB FXCFDs are over-the-counter trades between you and IBSJ. They are not traded on any exchange or cleared by any central counterparty. You are therefore exposed to counterparty risk and should IBSJ become insolvent you may not be able to fully recoup your investment, or at all
Please contact IBSJs Client Service Department should you have questions about the content of this summary and read the full risk disclosure carefully before commencing trading. The risk disclosure is available in Account Management when you request IB FXCFD trading permissions, and on IBSJs web site.
IB外匯差價合約 - 事實與常見問題
Overview:
風險警告
差價合約屬於復雜金融產品，其交易存在高風險，由於杠杆的作用，可能會出現迅速虧損。
在通過IBKR（UK）交易差價合約時，有67%的零售投資者賬戶出現了虧損。
您應考慮自己是否理解差價合約的運作機制以及自己是否能夠承受虧損風險。
ESMA差價合約規定（僅限零售客戶）
歐洲證券與市場管理局（ESMA）頒布了新的差價合約規定，自2018年8月1日起生效。
新規包括：1) 開倉差價合約頭寸的杠杆限制；2) 以單個賬戶為單位的保證金平倉規則；以及3) 以單個賬戶為單位的負余額保護規則；ESMA規定僅適用於零售客戶。
專業客戶不受影響。
請參見ESMA差價合約新規推行了解更多詳細信息。
IBKR外匯差價合約特點
透明的直接市場接入（DMA）報價：IB收緊的點差與丰富的流動性源於14家全球最大外匯交易商的聯合報價，這些交易商占有全球銀行衕業拆借市場的份額超過70%*。因此顯示的報價低至0.1個點差（PIP）。IB不會標高報價，而是會將其接收到的價格直接傳遞給客戶并單獨收取低廉的佣金。
*來源：歐洲貨幣雜志外匯調查（Euromoney FX survey）外匯投票2016。
息差：外匯差價合約在展期時會反映相關貨幣對的基准利率差。這基本上與其他經紀商使用的隔夜利息（TOM Next）展期相似，但由於基准利率的波動性通常小於互換利率，該息差的穩定性更高。此外，IB還提供很低的融資點差，對主要貨幣對低至1.0%；對較大余額低至0.5%。波動較大的貨幣對融資點差也會更高。
IB外匯差價合約的息差是根據貨幣對特定基准和點差而確定的。基准為兩種貨幣的IB基准利率之差。計算方法為 + 基礎貨幣基准利率 – 報價貨幣基准利率。
例如，2016年4月21日，英鎊基准利率為0.483%，美元基准利率為0.37%。則適用的基准利率為：
GBP.USD基准 +0.483% - 0.37% = +0.113%
適用的客戶利率為貨幣對基准 – IB多頭頭寸點差，基准 + 空頭頭寸點差：
GBP.USD多頭利率 +0.113% - 1.00% = -0.887%
GBP.USD空頭利率 +0.113% + 1.00% = +1.113%
請注意，多頭利率為貸項，空頭利率為借項。因此，對於多頭頭寸，正利率意味著您會收到利息，負利率意味著您會被收取利息。而對於空頭頭寸，正利率意味著您會被收取利息，負利率意味著您會收到利息。
利率根據以報價貨幣表示的合約價值進行計算，并以該貨幣收取或支付利息。舉例：
舉例：
| 每日利息 | |||||
|---|---|---|---|---|---|
| 頭寸 | GBP.USD收槃價 | USD價值 | 利率 | USD | |
| GBP.USD | -20,000 | 1.43232 | -28,646.40 | 1.113% | -0.89 |
外匯差價合約余額利息基於合約單獨計算，而不是與其他貨幣頭寸（包括即期外匯）合并或總括計算。盡管IB不會直接引用互換利率，但IB保留在特殊市場條件下（如財年結束前后的互換利率迅速上升）應用較高點差的權利。
點擊此處可查看詳細的利率信息。
交易：IB外匯差價合約的交易與即期外匯完全一樣，也支持衕樣的20多種定單類型和算法。IB外匯差價合約交易可在標准模式TWS或IB外匯交易者中進行。要在標准模式TWS或外匯交易者中找到想要交易的合約，請輸入貨幣對（如EUR.USD）并在合約選擇彈框中選擇差價合約。
保證金：IB外匯差價合約保證金按合約針對每個貨幣對計算，
而不考慮賬戶中持有的其他外匯余額，包括即期外匯。主要貨幣對的保證金低至合約價值的2.5%。點擊此處可查看所有貨幣對的詳細信息。取決於具體貨幣對，零售客戶須滿足3.33%或5%的最低初始保證金。請參見ESMA差價合約新規推行了解詳細信息。
佣金：IB會將其接收到的價格直接傳遞給客戶并單獨收取低廉的佣金。
我們之所以這樣做是為了向客戶提供透明的定價結搆，而不是像許多外匯經紀商那樣不收取佣金但標高報價。佣金階梯根據月交易量來確定，從0.20到0.08個基點不等。外匯差價合約和即期外匯交易量都計入階梯。
點擊此處可查看詳細信息。
交易許可：要交易外匯差價合約，您必須在賬戶管理中為外匯差價合約設置交易許可。適用條件與杠杆外匯相衕。 請注意，外匯差價合約與其它差價合約一樣均由IB英國承轉，因此，如果您持有IB LLC賬戶，我們會提示您開立一個IB英國賬戶段。IB英國賬戶段會在您的當前賬戶號碼后加上后綴“F”。
交易舉例（專業客戶）
開倉
您以$1.16195的價格買入10手（200000）EUR.CHF差價合約，總計CHF 232,390，持有5天。
| EUR.CHF外匯差價合約 – 新頭寸 | |
|---|---|
| 參考底層證券價格 | 1.16188 - 1.16195 |
| 差價合約參考價格 | 1.16188 - 1.16195 |
| 行動 | 買入 |
| 數量 | 200,000 |
| 交易價值 | CHF 232,390.00 |
| 保證金（3% x 232,390） | AUD 9,100 |
| 收取的利息（232,390瑞郎5天的利息） | |||
|---|---|---|---|
| 第一階梯（貨幣對BM 0.42% - IB點差1%） | CHF 232,390.00 | -0.58% | (CHF 18.72) |
平倉
| 平倉差價合約頭寸 | ||
|---|---|---|
| 盈利情境 | 虧損情境 | |
| 參考底層證券價格 | 1.16840 - 1.16848 | 1.15539 - 1.15546 |
| 差價合約參考價格 | 1.16840 - 1.16848 | 1.15539 - 1.15546 |
| 行動 | 賣出 | 賣出 |
| 數量 | 200,000 | 200,000 |
| 交易價值 | CHF 233,680.00 | CHF 231,078.00 |
| 交易盈虧 | CHF 1,290.00 | (CHF 1,312.00) |
| 融資 | (CHF 18.72) | (CHF 18.72) |
| 開倉佣金0.002% | (CHF 4.65) | (CHF 4.65) |
| 開倉佣金0.002% | (CHF 4.67) | (CHF 4.62) |
| 總盈虧 | CHF 1,261.96 | (CHF 1,339.99) |
差價合約的相關資源
下方鏈接可幫助您了解更多有關IB差價合約產品的詳細信息：
常見問題
任何人都能交易IB外匯差價合約嗎？
除美國、加拿大和香港的居民，其他所有客戶都能交易IB差價合約。任何投資者類型都不能免於這一基於居住地的限制。
IB外匯差價合約和IB現金外匯之間的區別是什么？
IB現金外匯是一種帶杠杆的現金交易，可實物交割貨幣對的兩種貨幣。您的外匯交易相關余額會與您其他交易活動產生的其他余額合并，且您需根據每種貨幣的基准利率為這些合并余額支付利息或收取相關利息。
相比之下，IB外匯差價合約是一種提供倉位但不支持實物交割底層貨幣的合約，且您是根據合約的名義價值支付或收取利息的。合約的基准利率是兩種底層貨幣的基准利率差額。這基本上與其他經紀商使用的隔夜利息（TOM Next）展期相似，但由於基准利率的波動性通常小於互換利率，該息差的穩定性更高。
請參見上方的息差部分查看詳細舉例。
有什么市場數據要求嗎？
IB外匯差價合約的市場數據與杠杆外匯相衕。其為全局許可且免費。
差價合約交易與頭寸在報表中如何反映？
如果您在IB LLC持有賬戶，且您的差價合約頭寸持有在單獨的賬戶段（主賬戶號碼加后綴“F”）中。您可選擇單獨查看F賬戶段的活動報表，也可以選擇與主賬戶合并查看。您可在賬戶管理的報表窗口進行選擇。
我可以釆用與即期外匯一樣的定單類型和算法交易外匯差價合約嗎？我可以在外匯交易者中進行這種交易嗎？
可以，交易是一樣的。
IBKR股票差價合約概述
下方文章對IBKR發行的股票差價合約（CFD）進行了總體介紹。
有關IBKR指數差價合約的信息，請點擊此處。有關外匯差價合約的信息，請點擊此處。
涵蓋主題如下：
I. 差價合約定義
II. 差價合約與底層股票之比較
III. 成本與保證金
IV. 范例
V. 差價合約的相關資源
VI. 常見問題
風險警告
差價合約屬於復雜金融產品，其交易存在高風險，由於杠杆的作用，可能會出現迅速虧損。
在通過IBKR（UK）交易差價合約時，有67%的零售投資者賬戶出現了虧損。
您應考慮自己是否理解差價合約的運作機制以及自己是否能夠承受虧損風險。
ESMA差價合約規定（僅限零售客戶）
歐洲證券與市場管理局（ESMA）頒布了新的差價合約規定，自2018年8月1日起生效。
新規包括：1) 開倉差價合約頭寸的杠杆限制；2) 以單個賬戶為單位的保證金平倉規則；以及3) 以單個賬戶為單位的負余額保護規則；
ESMA新規僅適用於零售客戶。專業客戶不受影響。
請參見ESMA差價合約新規推行了解更多詳細信息。
I. 股票差價合約定義
IBKR差價合約是場外交易合約，提供底層股票的收益，包括股息與公司行動（了解更多有關差價合約公司行動的信息）。
換句話說，這是買家（您）與IBKR就交易一只股票當前價值與未來價值之差額而達成的協定。如果您持有多頭頭寸，且差額為正，則IBKR會付錢給您。而如果差額為負，則您應向IBKR付錢。
IBKR股票差價合約通過您的保證金賬戶進行交易，因此您可建立多頭以及空頭杠杆頭寸。差價合約的價格即是底層股票的交易所報價。實際上，IBKR差價合約報價與股票的智能傳遞報價（可在TWS中查看）相衕，且IBKR提供直接市場接入（DMA）。與股票類似，您的非適銷（即限價）定單會使底層對沖直接呈現在其進行交易之交易所的深度定單冊中。 這也意味著您可以下單以底層買價買入差價合約或以底層賣價賣出差價合約。
要將IBKR透明的差價合約模型與市場上其他差價合約進行比較，請參見我們的差價合約市場模型概述。
IBKR目前提供約7100只股票差價合約，覆蓋美國、歐洲和亞洲的主要市場。下表所列的主要指數其成分股目前都可做IBKR股票差價合約。在許多國家，IBKR還可供交易高流動性小槃股。這些股票自由流通量調整市值至少為5億美元，每日交易量中間值至少為60萬美元。 詳情請見差價合約產品列表。不久將會增加更多國家。
| 美國 | 標普500、道瓊斯股價平均指數、納斯達克100、標普400中槃股、高流動性小槃股 |
| 英國 | 富時350 + 高流動性小槃股（包括IOB） |
| 德國 | Dax、MDax、TecDax + 高流動性小槃股 |
| 瑞士 | 斯托克歐洲600指數（48只股票）+ 高流動性小槃股 |
| 法國 | CAC大槃股、CAC中槃股 + 高流動性小槃股 |
| 荷蘭 | AEX、AMS中槃股 + 高流動性小槃 |
| 比利時 | BEL 20、BEL中槃股 + 高流動性小槃 |
| 西班牙 | IBEX 35 + 高流動性小槃股 |
| 葡萄牙 | PSI 20 |
| 瑞典 | OMX斯德哥爾摩30指數 + 高流動性小槃股 |
| 芬蘭 | OMX赫爾辛基25指數 + 高流動性小槃股 |
| 丹麥 | OMX哥本哈根30指數 + 高流動性小槃股 |
| 挪威 | OBX |
| 捷克 | PX |
| 日本 | 日經225指數 + 高流動性小槃股 |
| 香港 | 恆生指數 + 高流動性小槃股 |
| 澳大利亞 | ASX 200指數 + 高流動性小槃股 |
| 新加坡* | 海峽時報指數 + 高流動性小槃股 |
| 南非 | Top 40 + 高流動性小槃股 |
*對新加坡居民不可用
II. 差價合約與底層股票之比較
取決於您的交易目標和交易風格，差價合約相對於股票有著許多優勢，但也存在一些不足之處：
| IBKR差價合約的優勢 | IBKR差價合約的缺點 |
|---|---|
| 無印花稅和金融交易稅（英國、法國、比利時） | 無股權 |
| 佣金和保證金利率通常比股票低 | 復雜公司行動并不總能完全復制 |
| 股息享受稅務協定稅率，無需重新申請 | 收益的徵稅可能與股票有所不衕（請咨詢您的稅務顧問） |
| 不受即日交易規則限制 |
III. 成本與保證金
在歐洲股票市場，IBKR差價合約可以比IB極具競爭力的股票產品更加高效。
首先，IBKR差價合約佣金比股票低，且有著與股票一樣低的融資點差：
| 歐洲 | 差價合約 | 股票 | |
|---|---|---|---|
| 佣金 | GBP | 0.05% | 英鎊6.00 + 0.05%* |
| EUR | 0.05% | 0.10% | |
| 融資** | 基准+/- | 1.50% | 1.50% |
*每單 + 超出5萬英鎊部分的0.05%
**對於差價合約是總頭寸價值的融資；對於股票是借用金額的融資
交易量更大時，差價合約佣金會變得更低，最低至0.02%。頭寸更大時，融資利率也會降低，最低至0.5%。 詳情請參見差價合約佣金和差價合約融資利率。
其次，差價合約的保證金要求比股票低。零售客戶須滿足歐洲監管機搆ESMA規定的額外保證金要求。請參見ESMA差價合約新規推行了解詳細信息。
| 差價合約 | 股票 | ||
|---|---|---|---|
| 所有 | 標准 | 投資組合保證金 | |
| 維持保證金要求* |
10% |
25% - 50% | 15% |
*藍籌股特有保證金。零售客戶最低初始保證金要求為20%。股票標准的25%日內維持保證金，50%隔夜保證金。 顯示的投資組合保證金為維持保證金（包括隔夜）。波動較大的股票保證金要求更高
請參見CFD保證金要求了解更多詳細信息。
IV. 范例（專業客戶）
讓我們來看一下例子。聯合利華在阿姆斯特丹的掛牌股票在過去一個月（2012年5月14日前20個交易日）回報率為3.2%，您認為其會繼續有良好表現。您想建立20萬歐元的倉位，并持倉5天。您以10筆交易建倉并以10筆交易平倉。您的直接成本如下：
股票
| 差價合約 | 股票 | ||
|---|---|---|---|
| 200,000歐元頭寸 | 標准 | 投資組合保證金 | |
| 保證金要求 | 20,000 | 100,000 | 30,000 |
| 佣金（雙向） | 200.00 | 400.00 | 400.00 |
| 利率（簡化） | 1.50% | 1.50% | 1.50% |
| 融資金額 | 200,000 | 100,000 | 170,000 |
| 融資天數 | 5 | 5 | 5 |
| 利息支出（1.5%的簡化利率） | 41.67 | 20.83 | 35.42 |
| 總計直接成本（佣金+利息） | 241.67 | 420.83 | 435.42 |
| 成本差額 | 高74% | 高80% | |
注意：差價合約的利息支出根據總的合約頭寸進行計算，而股票的利息支出則是根據借用金額進行計算。股票和差價合約的適用利率相衕。
但是，假設您只有2萬歐元可用來做保證金。如果聯合利華繼續上月的表現，您的潛在盈利比較如下：
| 杠杆回報 | 差價合約 | 股票 | |
|---|---|---|---|
| 可用保證金 | 20,000 | 20,000 | 20,000 |
| 總投入 | 200,000 | 40,000 | 133,333 |
| 總收益（5天） | 1,600 | 320 | 1,066.66 |
| 佣金 | 200.00 | 80.00 | 266.67 |
| 利息支出（1.5%的簡化利率） | 41.67 | 4.17 | 23.61 |
| 總計直接成本（佣金+利息） | 241.67 | 84.17 | 290.28 |
| 淨收益（總收益減去直接成本） | 1,358.33 | 235.83 | 776.39 |
| 保證金投資金額回報 | 0.07 | 0.01 | 0.04 |
| 差額 | 收益少83% | 收益少43% | |
| 杠杆風險 | 差價合約 | 股票 | |
|---|---|---|---|
| 可用保證金 | 20,000 | 20,000 | 20,000 |
| 總投入 | 200,000 | 40,000 | 133,333 |
| 總收益（5天） | -1,600 | -320 | -1,066.66 |
| 佣金 | 200.00 | 80.00 | 266.67 |
| 利息支出（1.5%的簡化利率） | 41.67 | 4.17 | 23.61 |
| 總計直接成本（佣金+利息） | 241.67 | 84.17 | 290.28 |
| 淨收益（總收益減去直接成本） | -1,841.67 | -404.17 | -1,356.94 |
| 差額 | 損失少78% | 損失少26% | |
V. 差價合約相關資源
下方鏈接可幫助您了解更多有關IBKR差價合約產品的詳細信息：
還可參看以下視頻教程：
VI. 常見問題
什么股票可進行差價合約交易？
美國、西歐、北歐與日本的大槃和中槃股股票。許多市場上的高流動性小槃股也可以。請參見差價合約產品列表了解更多詳細信息。不久將會增加更多國家。
IB提供股票指數和外匯的差價合約嗎？
是的。請參見IBKR指數差價合約 - 事實與常見問題以及外匯差價合約 - 事實與常見問題。
IB如何確定股票差價合約報價？
IBKR差價合約報價與底層股票的智能傳遞報價相衕。IBKR不會擴大價差或與您對賭。要了解更多信息，請參見差價合約市場模型概述。
我能看到自己的限價定單反映在交易所中嗎？
是的。IBKR提供直接市場接入（DMA），這樣您的非適銷（即限價）定單會使底層對沖直接呈現在其進行交易之交易所的深度定單冊中。這也意味著您可以下單以底層買價買入差價合約或以底層賣價賣出差價合約。此外，如果其他客戶的定單以優於公開市場的價格與您的定單交叉，您還可能會獲得價格改善。
IB如何確定股票差價合約的保證金？
IBKR根據每只底層股票的曆史波動率建立了基於風險的保證金要求機制。最低保證金為10%。 大多數IBKR差價合約都應用該保證金率，這使差價合約在大多數情況下都比底層股票交易更具效率。 零售客戶須滿足歐洲監管機搆ESMA規定的額外保證金
要求。 請參見ESMA差價合約新規推行了解詳細信息。單個差價合約頭寸之間或差價合約與底層股票頭寸之間沒有投資組合抵消。集中頭寸和超大頭寸可能需要准備額外的保證金。請參見差價合約保證金要求了解更多詳細信息。
空頭股票差價合約會要強制補倉嗎？
是的。如果底層股票很難或者根本不可能借到，則空頭差價合約頭寸的持有者將需要進行補倉。
IB如何處理股息和公司行動？
IBKR通常會為差價合約持有者反映公司行動的經濟效應，就好像他們一直持有著底層證券一樣。股息會表現為現金調整，而其他行動則會通過現金或頭寸調整表現。例如，如果公司行動導致股票數量發生變化（如股票分隔和逆向股票分隔），差價合約的數量也會相應地進行調整。如果行動導致產生新的上市實體，且IBKR決定將其股票作為差價合約交易，則需要創建適當數量之新的多頭或空頭頭寸。要了解概述信息，請參見差價合約公司行動。
*請注意，某些情況下對於合并等復雜公司行動可能無法對差價合約進行准確調整。這時候，IBKR可能會在除息日前終止差價合約。
任何人都能交易IBKR差價合約嗎？
除美國、加拿大和香港的居民，其他所有客戶都能交易IBKR差價合約。新加坡居民可交易除新加坡上市之股票差價合約以外的其它IBKR差價合約。任何投資者類型都不能免於這一基於居住地的限制。
我需要做什么才可以開始在IBKR交易差價合約？
您需要在賬戶管理中設置差價合約交易許可，并衕意相關交易披露。如果您的賬戶是在IB LLC開立，則IBKR將設置一個新的賬戶板塊（即您當前的賬戶號碼加上后綴“F”）。設置確認后您便可以開始交易了。您無需單獨為F賬戶注資，資金會從您的主賬戶自動轉入以滿足差價合約保證金要求。
有什么市場數據要求嗎？
IBKR股票差價合約的市場數據便是底層股票的市場數據。因此需要具備相關交易所的市場數據許可。如果您已經為股票交易設置了交易所的市場數據許可，那么就無需再進行任何操作。如果您想在當前并無市場數據許可的交易所交易差價合約，您可以設置許可，操作與底層股票的市場數據許可設置相衕。
差價合約交易與頭寸在報表中如何反映？
如果您是在IB LLC持有賬戶，且您的差價合約頭寸持有在單獨的賬戶板塊（主賬戶號碼加后綴“F”）中。您可以選擇單獨查看F板塊的活動報表，也可以選擇與主賬戶合并查看。您可在賬戶管理的報表窗口進行選擇。對於其他賬戶，差價合約通常會與其他交易產品一起在您的賬戶報表中顯示。
我可以從其他經紀商處轉入差價合約頭寸嗎？
IBKR當前不支持差價合約頭寸轉賬。
股票差價合約可以使用圖表功能嗎？
是的。
在IBKR交易差價合約有什么賬戶保護？
差價合約以IB英國作為您的交易對方，不是在受監管的交易所進行交易，也不是在中央結算所進行結算。因IB英國是您差價合約交易的對方，您會面臨與IB英國交易相關的財務和商業風險，包括信用風險。但請注意，所有客戶資金永遠都是完全隔離的，包括對機搆客戶。IB英國是英國金融服務補償計划（“FSCS”）參與者。IB英國不是美國證券投資者保護公司（“SIPC”）成員。請參見IB英國差價合約風險披露文件了解有關差價合約交易風險的詳細信息。
在哪種類型（如個人、朋友和家庭、機搆等）的IBKR賬戶中可交易差價合約？
所有保證金賬戶均可進行差價合約交易。現金賬戶和SIPP賬戶不能。
在某一特定差價合約中我最多可持有多少頭寸？
沒有預設限制。但請注意，超大頭寸可能會有更高保證金要求。請參見CFD保證金要求了解更多詳細信息。
我能否通過電話交易差價合約？
不要。在極端情況下我們可能衕意通過電話處理平倉定單，但絕不會通過電話處理開倉定單。
差價合約屬於復雜金融產品，其交易存在高風險，由於杠杆的作用，可能會出現迅速虧損。
在通過IBKR（UK）交易差價合約時，有67%的零售投資者賬戶出現了虧損。
您應考慮自己是否理解差價合約的運作機制以及自己是否能夠承受虧損風險。
ESMA規定
歐洲證券與市場管理局（ESMA）發布臨時產品干涉措施，自2018年8月1日起生效。
ESMA決議實施的限制包括：1) 開倉差價合約頭寸的杠杆限制；2) 以單個賬戶為單位的保證金平倉規則；3) 以單個賬戶為單位的負余額保護規則；4) 對交易差價合約激勵措施的限制；以及5) 標准的風險警告。
ESMA新規僅適用於零售客戶。 專業客戶不受影響。
IB Forex CFDs - Facts and Q&A
Overview:
The following article is intended to provide a general introduction to forex-based Contracts for Differences (CFDs) issued by IBKR.
IBKR Forex CFDs are available for the same 85 tradable currency pairs IBKR offers as Spot FX, with identical low commissions and margin rates. By contrast, Forex CFDs feature a contract-style highly competitive financing model detailed below.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
61% of retail investor accounts lose money when trading CFDs with IBKR.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
ESMA Rules for CFDs (Retail Clients only)
The European Securities and Markets Authority (ESMA) has enacted new CFD rules effective 1st August 2018.
The rules include: 1) leverage limits on the opening of a CFD position; 2) a margin close out rule on a per account basis; and 3) negative balance protection on a per account basis. The ESMA Decision is only applicable to retail clients.
Professional clients are unaffected.
Please refer to the following articles for more detail:
ESMA CFD Rules Implementation at IBKR (UK) and IBKR LLC
ESMA CFD Rules Implementation at IBIE and IBCE
IBKR Forex CFD Features
Transparent DMA Quotes: IBKR ensures tight spreads and substantial liquidity as a result of combining quotation streams from 14 of the world's largest foreign exchange dealers which constitute more than 70% of market share in the global interbank market*. This results in displayed quotes as small as 0.1 PIP. IBKR does not mark up the quotes, rather passes through the prices that it receives and charges a separate low commission.
*Source: Euromoney FX survey FX Poll 2016.
Carry Interest: Forex CFDs are rolled over reflecting the benchmark interest rate differential of the relevant currency pair. This is in principle similar to the TOM Next rolls used by other brokers, but offers greater stability as benchmark rates generally are less volatile than swap rates. In addition IBKR applies a low financing spread that for major pairs starts at just 1.0% and can be as low as 0.5% for large balances. More volatile pairs have higher financing spreads.
The carry interest for IBKR Forex CFDs is based on a currency-pair specific benchmark and a spread. The benchmark is the difference between the IBKR benchmark rates for the two currencies. It is calculated as + BM Base currency – BM Quote currency.
For example, April 21, 2016 the GBP benchmark rate was 0.483%, the USD rate was 0.37%. The applicable benchmark rate is:
GBP.USD BM +0.48% - 0.37% = +0.113%
The applicable customer rate is Pair BM – IBKR spread for long positions, BM + spread for short positions:
GBP.USD Long Rate +0.113% - 1.00% = -0.887%
GBP.USD Short Rate +0.113% + 1.00% = +1.113%
It is important to note that the long rate is applied as a credit, the short rate as a debit. Consequently for a long position a positive rate means a credit, a negative rate a charge. However for short positions a positive rate means a charge, a negative rate a credit.
Interest is calculated on the contract value expressed in the quote currency, and credited or debited in that currency. For example:
For example:
| Daily Interest | |||||
|---|---|---|---|---|---|
| Position | GBP.USD Close | USD Value | Rate | USD | |
| GBP.USD | -20,000 | 1.43232 | -28,646.40 | 1.113% | -0.89 |
Interest on Forex CFD balances is calculated on a stand-alone contract basis, and not combined or netted with other currency exposures, including Spot FX. Although IBKR does not directly reference swap rates, IBKR reserves the right to apply higher spreads in exceptional market conditions, such as during spikes in swap rates that can occur around fiscal year-ends.
Detailed interest schedules can be viewed here.
Trading: IBKR Forex CFDs are traded exactly like Spot FX, with the same over 20 available order types and algos. IBKR Forex CFDs can be traded either in classical TWS or in the IBKR FX Trader. To find the contract you want to trade in classical TWS or FX Trader, enter the currency pair (i.e. EUR.USD) and choose Sec Tyoe CFD in the Contract Selection pop-up.
Margin: IBKR Forex CFD margins are determined for each currency pair on a per contract basis without
regard to other Forex balances held in the account, including Spot FX. Margins start as low as 2.5% of contract value for major currency pairs. Details for all currency pairs can be found here. Retail clients are subject to minimum regulatory initial margins of 3.33% or 5% depending on the currency pair.
Commissions: IBKR passes through the prices that it receives and charges a separate low commission.
We do this in the interest of providing a transparent pricing structure instead of marking up our quotes and charging nothing in commissions as is the practice with many forex brokers. Commissions are tiered based on monthly traded value, and range from 0.20 basis points to 0.08 basis points. Both Forex CFD and spot FX volumes count toward the tiers.
Details are found here.
Trading Permissions: In order to trade Forex CFDs, you must set up the trading permission for Forex CFDs in Client Portal.
If your account is with IBKR (UK) or with IBKR LLC, IBKR will then set up a new account segment (identified with your existing account number plus the suffix “F”). Once the set-up is confirmed you can begin to trade. You do not need to fund the F-account separately, funds will be automatically transferred to meet CFD margin requirements from your main account.
If your account is with another IBKR entity, only the permission is required; an additional account segment is not necessary.
Trading Example (Professional Clients)
Opening the position
You purchase 10 lots (200000) EUR.CHF CFDs at $1.16195 for CHF 232,390, which you then hold for 5 days.
| EUR.CHF Forex CFDs – New Position | |
|---|---|
| Reference Underlying Price | 1.16188 - 1.16195 |
| CFDs Reference Price | 1.16188 - 1.16195 |
| Action | Buy |
| Quantity | 200,000 |
| Trade Value | CHF 232,390.00 |
| Margin (3% x 232,390) | AUD 9,100 |
| Interest Charged (on CHF 232,390 over 5 days) | |||
|---|---|---|---|
| Tier I (Pair BM 0.42% - IB Spread 1%) | CHF 232,390.00 | -0.58% | (CHF 18.72) |
Closing the position
| Exit CFD Position | ||
|---|---|---|
| Profit Scenario | Loss Scenario | |
| Reference Underlying Price | 1.16840 - 1.16848 | 1.15539 - 1.15546 |
| CFDs Reference Price | 1.16840 - 1.16848 | 1.15539 - 1.15546 |
| Action | Sell | Sell |
| Quantity | 200,000 | 200,000 |
| Trade Value | CHF 233,680.00 | CHF 231,078.00 |
| Trade P&L | CHF 1,290.00 | (CHF 1,312.00) |
| Financing | (CHF 18.72) | (CHF 18.72) |
| Entry Commission 0.002% | (CHF 4.65) | (CHF 4.65) |
| Entry Commission 0.002% | (CHF 4.67) | (CHF 4.62) |
| Total P&L | CHF 1,261.96 | (CHF 1,339.99) |
CFD Resources
Below are some useful links with more detailed information on IBKR’s CFD offering:
Frequently Asked Questions
Can anyone trade IBKR Forex CFDs?
All clients can trade IBKR CFDs, except residents of the USA, Canada, and Hong Kong. There are no exemptions based on investor type to the residency-based exclusions.
What is the difference between IBKR Forex CFDs and IBKR Cash Forex?
IBKR Cash Forex is a leveraged cash trade where you take delivery of the two currencies making up the pair. Your Forex-trading related balances are combined with your other balances arising out of your other trading activity, and you pay or receive interest on these consolidated balances based on the benchmark rate for each currency.
By contrast IBKR Forex CFDs are a contract which provides exposure but does not deliver the underlying currencies, and you pay or receive interest on the notional value of the contract. The benchmark rate for the contract is the difference between the benchmark rates for the two underlying currencies. This is in principle similar to the TOM Next rolls used by other brokers, but offers greater stability as benchmark rates generally are less volatile than swap rates.
Please see the Carry Interest section above for a detailed example.
Are there any market data requirements?
The market data for IBKR Forex CFDs is the same as for Leverage FX. It is a global permission and free of charge.
How are my CFD trades and positions reflected in my statements?
If you are a client of IBKR (U.K.) or IBKR LLC, your CFD positions are held in a separate account segment identified by your primary account number with the suffix “F”. You can choose to view Activity Statements for the F-segment either separately or consolidated with your main account. You can make the choice in the statement window in Client Portal.
If you are a client of other IBKR entities, there is no separate segment. You can view your positions normally alongside your non-CFD positions.
Can I trade Forex CFDs with the same order types and algos as Spot FX, and can I trade them in the FX Trader?
Yes, the trading experience is identical.
Notice to Financial and Non-Financial Counterparties trading OTC products (e.g. CFDs) not cleared by Central Counterparties
European regulators, as part of EMIR, issued technical rules concerning Risk Mitigation Techniques for derivatives not cleared by a Central Counterparty (“CCP”), which detail how the regulators expect these products to be margined from 1st March 2017. In general customers trading products subject to these rules are required to exchange variation margin.
Interactive Brokers (U.K.) Ltd. (“IBUK”) provides Contracts for Difference (‘CFDs’) that fall under these rules, and is your counter party to these trades. IBUK wishes to inform you how IBUK provides information regarding variation margin and reconciliation arrangements. This does not represent a material change from our current practice.
Variation Margin – Applicable where you are classified as FC or NFC+
All financial counterparties (‘FC’) and larger non financial counterparties (‘NFC+’) are subject to the EMIR variation margin rules for OTC derivatives. Whether larger non financial counterparties are subject to the rules is determined by reference to whether their 30-day rolling average of the gross notional OTC derivative positions entered into for non-hedging purposes are above specified clearing thresholds (eg EUR1bn for equity derivatives). IBUK ensures variation margin is exchanged with its counterparties with respect to OTC derivative transactions not centrally cleared by CCP.
IBUK provides customers with timely confirmations of trades each day via two secure platforms: by displaying them on our Trader Work Station (“TWS”) and via the Trade Confirmations and Daily Activity Statements in Account Management. The marked-to-market value of your OTC derivative contracts are shown in your Daily Activity statement.
The variation margin rule requires that variation margin is calculated on a daily basis based on the values of all the outstanding derivatives contracts under the IBUK Client Agreement for Products Carried by IBUK (the “Agreement”) on the previous business day.
Where this marked-to-market value of your transactions reflects a credit exposure for IBUK, IBUK collects variation margin equal to the positive mark-to-market value of its OTC derivatives. The variation margin collection is achieved through reduction in the net equity value available, an offset and/or liquidation of positions in the posting account. You may refer to the supplemental information about margin and the Agreement on the IB UK website for further details. Where the marked-to-market value reflects a credit to you, IBUK will reflect this via an increase in your net
equity.
Whilst the variation margin rule requires that variation margin is calculated on a daily basis, IBUK further expects that clients monitor their accounts continuously, including intraday, so that at all times the account contains sufficient equity to meet margin requirement as calculated by IBUK.
Reconciliation
Activity Statements are provided on a daily, monthly and annual basis. Customers can download this information using a "flex query" tool (which is available in our "account management system) in CSV type format.
You may reconcile the OTC positions detailed on these Trade Confirmations and Activity Statements account against your own records. The regulations state that you should reconcile your positions, contract information, valuation(s) and profits and losses and any related information.
If you note any discrepancies, you can contact IBUK customer service. Contact information for Interactive Brokers customer service is available on the IB website at:
https://www.interactivebrokers.com/en/?f=customerService.
The process for resolving any dispute is discussed in your client agreement with us.
Please note that the rules also require customers of firms that carry portfolios on a gross basis to carry out portfolio compression with the firm but this is not relevant as IBUK maintains your OTC positions on a net basis.
The rules also detail how often particular types of customers need to conduct these
reconciliations:
If you are an FC or a an NFC+ the rules require you to conduct portfolio reconciliations at the following frequencies:
• Daily, whenever you have 500 or more open OTC contracts;
• Weekly, if you have between 51 and 499 OTC contracts open at any time during the week;
• Quarterly, if you have 50 or fewer contracts open at any time during the quarter.
If you are a non-financial counter party not meeting the criteria to be an NFC+ (ie “NFC-“) you are required under the rules to carry out portfolio reconciliations at least:
• Quarterly, if you have more than 100 open OTC contracts open at any time in the quarter;
• Annually, if you have 100 or fewer open contracts at any time in the year.
Please note that this communication is not intended to serve as legal advice.
Interactive Brokers (U.K.) Limited
"EMIR": Reporting to Trade Repository Obligations and Interactive Brokers Delegated Service to help meet your obligations
1. Background: In 2009 the G20 pledged to undertake reforms aimed at increasing transparency and reducing counterparty risk in the OTC derivatives market post the financial crisis of 2008. The European market infrastructure regulation (“EMIR”) implements most of these pledges in the EU. EMIR is a EU regulation and entered into force on 16 August 2012.
2. Financial instruments and asset classes reportable under EMIR: OTC and Exchange Traded derivatives for the following asset classes: credit, interest, equity, commodity and foreign exchange derivatives Reporting obligation does not apply to exchange traded warrants.
3. Who do EMIR reporting obligations apply to: Reporting obligations normally apply to all counterparties established in the EU with the exception of natural persons. They apply to:
* Financial Counterparties (“FC”)
* Non-financial counterparties above the clearing threshold (“NFC+”)
* Non-financial counterparties below the clearing threshold (“NFC-“)
* Third country Entities outside the EU (“TCE”) in some limited circumstances
The reporting obligations essentially apply to any entity established in the EU that has entered into a derivatives contract.
4. Financial counterparties (“FC”): include banks, investment firms, credit institutions, insurers, UCITS and pension schemes and Alternative Investment Fund managed by an AIFM. The Alternative Investment Fund (“AIF”) will only become an FC if the manager of that AIF is authorised under the Alternative Investment Fund Managers Directive (“AIFMD”), so a fund outside the EU may be subject to EMIR reporting requirements.
5. Non-Financial Counterparty (“NFC”): A NFC is defined as an undertaking established in the EU other than those defined as a FC or a Central Counterparty (“CCP”), like the Clearing Houses. NFCs have lesser obligations than FCs. But when an NFC breaches a “clearing threshold” it becomes an NFC+, when it is subject to almost the same obligations as FCs (including collateral and valuation reporting). NFCs below the clearing threshold are known as NFC-s. In practice anyone other than a natural individual person (i.e. an individual or individuals operating a joint
account) is defined as an NFC- and subject to reporting obligations.
INTERACTIVE BROKERS DELEGATED REPORTING SERVICE TO HELP MEET YOUR REPORTING OBLIGATIONS
6. What service will Interactive Brokers offer to its customers to facilitate them fulfill their reporting obligations i.e. will it offer a delegated service for trade reporting as well as facilitating issuance of LEI: As noted above, both FCs and NFCs must report details of their transactions (both OTC and ETD) to authorized Trade Repositories. This obligation can be discharged directly through a Trade Repository, or by delegating the operational aspects of reporting to the counterparty or a third party (who submits reports on their behalf).
Interactive Brokers intends to facilitate the issuance of LEIs and offer delegated reporting to customers for whom it executes and clear trades, subject to customer consent, to the extent it is possible to do so from an operational, legal and regulatory perspective.
If you are subject to EMIR Reporting you will shortly be able to log into the IB Account Management system and apply for an LEI and delegate your reporting to Interactive Brokers.
We intend to include valuation reporting but only if and to the extent and for so long as it is permissible for Interactive brokers to do so from a legal and regulatory perspective and where the counterparty is required to do so (i.e. in cases where it is a FC or NFC+).
However, this would be subject to condition that Interactive Brokers uses its own trade valuation for reporting purposes.
7. Can EMIR reporting be delegated: EMIR allows either counterparty to delegate reporting to a third-party. If a counterparty or CCP delegates reporting to a third party, it remains ultimately responsible for complying with the reporting obligation. Likewise, the counterparty or CCP must ensure that the third party to whom it has delegated reports correctly. Brokers and dealers do not have a reporting obligation when acting purely in an agency capacity. If a block trade gives rise to multiple transactions, each transaction would have to be reported.
FUNDS AND SUB-FUNDS - The obligations under EMIR are on the counterparty which may be the fund or sub-fund. The fund or sub-fund that is the principal to transactions will have to provide details of their classification (FC, NFC+ or NFC-), authorization for delegated reporting and Legal Entity Identifier (“LEI”) application.
8. Exemptions under Article 1(4) and 1(5) of EMIR: Articles 1(4) and 1(5) of EMIR exempt certain entities from some or all of the obligations set out in EMIR, depending on their classification. Specifically, exempt entities under Article 1(4) are exempt from all obligations set out in EMIR, while exempt entities under Article 1(5) are exempt from all obligations except the reporting obligation, which continues to apply.
9. Entities qualifying under Article 1(4) and 1(5) of EMIR: Article 1(4) initially applied only to EU central banks, Union public bodies involved in the management of public debt and the Bank for International Settlements. Subsequently the
application of the Article 1(4) exemption was extended to include the central banks and debt management offices of the United States and Japan. The Commission has indicated that further foreign central banks and debt management offices may be added in the future if they are satisfied that equivalent regulation is put in place in those jurisdictions. Article 1(5) broadly exempts the following categories of entities:
- Multilateral development banks;
- Non-commercial public sector entities owned and guaranteed by central government; and
- The European Financial Stability Facility and the European Stability Mechanism.
10. OTC and Exchange Traded Derivatives: There is no distinction between reporting of exchange traded derivatives (“ETDs”) and OTC contracts within the level 1 regulations, implementing technical standards, or regulatory technical standards of ESMA.
The contract is to be identified by using a unique product identifier. In addition, a unique trade identifier will be required for transactions. In the event that a globally agreed system of product identifiers does not materialise, it has been suggested that International Securities Identification numbers (“ISIN”), Alternative Instruments Identifiers (“AII”), or Classification of Financial Instruments Codes (“CFI”) may serve as alternatives.
11. Trade repository Interactive Brokers use: Interactive Brokers (U.K.) Limited will use the services of CME ETR, which is part of the CME Group.
12. Issuance of Legal Entity Identifiers (“LEI”)
All EU counterparties entering into derivative trades will need to have a LEI In order to comply with the reporting obligation. The LEI will be used for the purpose of reporting counterparty data.
A LEI is a unique identifier or code attached to a legal person or structure, that will allow for the unambiguous identification of parties to financial transactions.
“EMIR”: Further Information on Reporting to Trade Repository Obligations
13. Thresholds which determine whether an NFC is an NFC+ or NFC-: Breaching any of the following clearing threshold values will mean classification as an NFC+. Positions must be calculated on a notional, 30-day rolling average basis:
• EUR 1 billion in gross notional value for OTC credit derivative contracts;
• EUR 1 billion in gross notional value for OTC equity derivative contracts;
• EUR 3 billion in gross notional value for OTC interest rate derivative contracts;
• EUR 3 billion in gross notional value for OTC FX derivative contracts; and
• EUR 3 billion in gross notional value for OTC commodity derivative contracts and other OTC derivative contracts not covered above.
For the purpose of calculating whether a clearing threshold has been breached, an NFC must aggregate the transactions of all non-financial entities in its group (and determine whether or not those entities are inside or outside the EU) but discount transactions entered into for hedging or treasury purposes. The term “hedging transactions” in this context means transactions objectively measureable as reducing risks directly relating to the commercial activity or treasuring financing activity of the NFC or its group.
14. Reporting Of Exposures: FCs and NFC+s must report on:
* Mark-to-market or mark-to-model valuations of each contract
* Details of all collateral posted, either on a transaction or portfolio basis (i.e. where collateral is calculated on the basis of net positions resulting from a set of contracts rather than being posted on a transaction by transaction basis)
15. Timetable to report to Trade repositories: The reporting start date is 12 February 2014:
* New contracts they enter into on or after February 12th, on a trade date +1;
* Positions open from contracts entered into on or after 16 August 2012 and still open on February 12th, 2014 must be reported to a trade repository by February 12th 2014;
* Positions open from contracts entered into before 16th August and still open on February 12th, 2014 must be reported to a trade repository by 13th May 2014;
* Reporting of valuation and collateral must be reported to a trade repository by 12th August 2014;
* Contracts that were either entered before, on or after 16 August 2012 but not open on 12th February 2014 must be reported to a trade repository by February 12th, 2017.
16. What must be reported and when: Information must be reported on the counterparties to each trade (counterparty data) and the contracts themselves (common data).
There are 26 items that must be reported with regard to counterparty data, and 59 items that must be reported with regard to common data. These items are set out within tables 1 and 2 of the Annex to the ESMA’s Regulatory technical standards on minimum details to be reported to trade repositories.
Counterparties and CCPs have to make a report:
* when a contract is entered into
* when a contract is modified
* when a contract is terminated
A report must be made no later than the working day following the conclusion, modification or termination of the contract.
17. What has to be reported and who is responsible for reporting: Reporting applies to both OTC derivatives and exchange traded derivatives. The reporting obligation applies to counterparties to a trade, irrespective of their classification. Please note:
* Reporting of valuation and collateral is only required for FCs and NFC+s
* Every trade must be normally be reported by both counterparties.
THIS INFORMATION IS GUIDANCE FOR INTERACTIVE BROKERS CLEARED CUSTOMERS ONLY
NOTE: THE INFORMATION ABOVE IS NOT INTENDED TO BE A COMPREHENSIVE, EXHAUSTIVE NOR A DEFINITIVE INTERPRETATION OF THE REGULATION, BUT A SUMMARY OF ESMA’S EMIR REGULATION AND RESULTING TRADE REPOSITORY REPORTING OBLIGATIONS.
IB Index CFDs - Facts and Q&A
The following article is intended to provide a general introduction to index-based Contracts for Differences (CFDs) issued by IBKR.
For information on IBKR Share CFDs, please click here. For Forex CFDs click here.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
61% of retail investor accounts lose money when trading CFDs with IBKR.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
ESMA Rules for CFDs (Retail Clients only)
The European Securities and Markets Authority (ESMA) has enacted new CFD rules effective 1st August 2018.
The rules include: 1) leverage limits on the opening of a CFD position; 2) a margin close out rule on a per account basis; and 3) negative balance protection on a per account basis.
The ESMA Decision is only applicable to retail clients. Professional clients are unaffected.
Please refer to the following articles for more detail:
ESMA CFD Rules Implementation at IBKR (UK) and IBKR LLC
ESMA CFD Rules Implementation at IBIE and IBCE
Introduction
IBKR Index CFDs are contracts which deliver the return of a market index. Said differently, the CFD is an agreement between the buyer (you) and IBKR to exchange the difference between the current value of an index, and its value at a future time. If you hold a long position and the difference is positive, IBKR pays you. If it is negative, you pay IBKR.
IBKR Index CFDs are traded through your margin account, and you can therefore enter long as well as short leveraged positions.
| IBKR Index CFDs | Commissions | ||||
|---|---|---|---|---|---|
| Contract | IB Symbol | Per Trade | Min. Per Order | Currency | Multiplier* |
| US 500 | IBUS500 | 0.005% | 1.00 | USD | 1 |
| US 30 | IBUS30 | 0.005% | 1.00 | USD | 1 |
| US Tech 100 | IBUST100 | 0.010% | 1.00 | USD | 1 |
| UK 100 | IBGB100 | 0.005% | 1.00 | GBP | 1 |
| EURO 50 | IBEU50 | 0.010% | 1.00 | EUR | 1 |
| GERMANY 40 | IBDE40 | 0.005% | 1.00 | EUR | 1 |
| FRANCE 40 | IBFR40 | 0.010% | 1.00 | EUR | 1 |
| SPAIN 35 | IBES35 | 0.010% | 1.00 | EUR | 1 |
| NETHERLANDS 25 | IBNL25 | 0.010% | 1.00 | EUR | 1 |
| SWITZERLAND 20 | IBCH20 | 0.010% | 1.00 | CHF | 1 |
| JAPAN 225 | IBJP225 | 0.010% | 40.00 | JPY | 1 |
| HONG KONG 50 | IBHK50 | 0.010% | 10.00 | HKD | 1 |
| AUSTRALIA 200 | IBAU200 | 0.010% | 1.00 | AUD | 1 |
| *times index level | |||||
The price of the Index CFD is directly related to the price of the exchange-quoted related future. The price-movement of the Index CFD tracks the movement of the related future, although the price levels differ by an adjustment for interest and dividends (fair-value adjustment).
For example (actual quotes):
| 29-Jan-15 | IBDE 30 | DAX Mar'15 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Time | Bid | Ask | Spread | Change | Bid | Ask | Spread | Change | |
| 10:10:04 | 10706.69 | 10707.19 | 0.5 | 10710.00 | 10710.50 | 0.5 | |||
| 10:10:11 | 10704.19 | 10705.19 | 1 | -2.5 | 10707.50 | 10708.50 | 1 | -2.5 | |
| 10:10:19 | 10709.19 | 10709.69 | 0.5 | 5.0 | 10712.50 | 10713.00 | 0.5 | 5.0 | |
| 10:10:27 | 10710.19 | 10710.69 | 0.5 | 1 | 10713.50 | 10714.00 | 0.5 | 1 | |
| 10:10:33 | 10709.69 | 10710.69 | 1 | -0.5 | 10713 | 10714 | 1 | -0.5 | |
IBKR Index CFD Price Determination: As discussed the IBKR Index CFDs track the related future, adjusted for fair value. The synthetic index level is very close to the cash index, but may differ somewhat as explained below.
In the futures market fair value is the equilibrium price for a futures contract. It is the price at which an investor effectively pays the appropriate rate of interest, and is compensated for the dividends he forgoes by holding the future rather than the underlying shares.
The fair value is determined by adjusting the cash index as follows, taking into account the time remaining to expiry:
Cash Index Value + Interest - Dividends = Future at Fair Value
To determine the value of the IBKR Index CFD, we reverse the process:
Actual Futures Price - Interest + Dividends = IBKR Index CFD Value
The result is not necessarily the same value as the cash index. This is because the starting point is the actual price of the future, and the future may trade above or below its fair value.
Having established the level for the synthetic index, the actual CFD quotes show spreads and ticks that reflect those of the underlying future. IB charges a commission rather than widening the spread, enabling a transparent comparison between the returns of the Index CFD and the related future.
Low Commissions and Financing Rates: Unlike other Index CFD providers IBKR charges a transparent commission, rather than widening the spread of the related future. Depending on the index, commission rates are only 0.005% - 0.01%. Overnight financing rates are just benchmark +/- 1.5%.
Transparent Quotes: Because IBKR does not widen the spread, the Index CFD quotes accurately represent the spreads and price movements of the related future, and there are no re-quotes. What you see is what you get.
Flexible Exposure to Major Markets: IBKR Index CFDs are available for the main US, European and Asia Pacific indices. They can be traded in lots as small as 1X the index level, a fraction of the size of the related futures. And unlike the related futures, they do not need to be rolled over. You can trade all European and US IBKR Index CFDs from 09:00 - 22:00 CET.
Margin Efficiency: IBKR Index CFDs are margined at the same low rates as the related future, adjusted for contract size (subject to a minimum of 5%). Retail clients are subject to regulatory minimum initial margins of 5% or 10% depending on the index. Please see ESMA CFD Rules Implementation at IBKR for additional detail and examples.
IBKR also offers intraday margin rates on Index CFDs at a level consistent with that of the related futures contract. Intraday rates are generally set at 50% of the overnight rate and are offered during a time frame which begins at the start of liquid trading hours and ends 15 minutes before the liquid trading close. Retail clients are subject to the ESMA minimum margin requirements both intraday and overnight.
| IBKR Symbol | Liquid Hours | Total Hours* | Time Zone |
|---|---|---|---|
| IBUS500 | 09:30 - 16:00 | 03:00 - 16:00 | EST |
| IBUS30 | 09:30 - 16:00 | 03:00 - 16:00 | EST |
| IBUST100 | 09:30 - 16:00 | 03:00 - 16:00 | EST |
| IBGB100 | 08:00 - 16:30 | 08:00 - 21:00 | GMT |
| IBEU50 | 09:00 - 22:00 | 09:00 - 22:00 | CET |
| IBDE40 | 09:00 - 22:00 | 09:00 - 22:00 | CET |
| IBFR40 | 09:00 - 18:15 | 09:00 - 22:00 | CET |
| IBES35 | 09:00 - 17:35 | 09:00 - 20:00 | CET |
| IBNL25 | 09:00 - 17:30 | 09:00 - 22:00 | CET |
| IBCH20 | 09:00 - 17:27 | 09:00 - 22:00 | CET |
| IBJP225 | 09:00 - 15:00 | 09:00 - 15:00 | JST |
| IBHK50 | 09:30 - 16:00 | 09:30 - 16:00 | HKT |
| IBAU200 | 10:00 - 16:00 | 10:00 - 16:00 | EDT |
*Total Hours may be restricted to Liquid Hours during periods of extreme market volatility
Trading requiring margin involves a high degree of risk and may result in a loss of funds greater than the amount you have deposited.
Dividend Adjustment: Based on ordinary dividends for the constituents of each index. Dividends are accrued on the ex-date and settled T + 2.
Corporate Action Adjustments: None for the CFD. Corporate actions are reflected in the index level
Trading Permissions: Same as for Share CFDs
Market Data Permissions: Index CFD market data is free, but permission is required for system reasons
Worked Trade Example (Professional Clients):
Opening the Position
You purchase 10 IBUS30 CFDs at $23,534.48 for USD 235,344.80, which you then hold for 5 days.
| IBUS30 Index CFDs – New Position | |
|---|---|
| Reference Underlying Price | 23,465 - 23,466 |
| CFDs Reference Price | 23,533.48 - 23,534.48 |
| Action | Buy |
| Quantity | 10 |
| Trade Value | USD 235,344.80 |
| Margin (variable, minimum 5%) | USD 15,393.00 |
| Interest tier Charged (on USD 235,344.80 over 5 days) | |||
|---|---|---|---|
| Flat Interest (BM + 1.5%) | USD 235,344.80 | 2.684% | (USD 87.73) |
Closing the Position
| Exit CFD Position | ||
|---|---|---|
| Profit Scenario | Loss Scenario | |
| Reference Underlying Price | 23,627 - 23,628 | 23,303 - 23,304 |
| CFDs Reference Price | 23,693.34 - 23,694.34 | 23,369.34 - 23,370.34 |
| Action | Sell | Sell |
| Quantity | 10 | 10 |
| Trade Value | USD 236,933.40 | USD 233,693.40 |
| Trade P&L | USD 1,588.60 | (USD 1,651.40) |
| Financing | (USD 87.73) | (USD 87.73) |
| Entry Commission 0.005% | (USD 11.77) | (USD 11.77) |
| Exit Commission 0.005% | (USD 11.85) | (USD 11.68) |
| Total P&L | USD 1,477.25 | (USD 1,762.58) |
CFD Resources
Below are some useful links with more detailed information on IBKR’s CFD offering:
The following video tutorial is also available:
How to Place a CFD Trade on the Trader Workstation
Frequently asked Questions
What Indices are available as CFDs?
The principal indices in the United States, Europe and Asia Pacific. Please see CFD Product Listings for more detail.
Do you have CFDs on commodities?
IBKR does not currently offer Commodity CFDs.
How do you determine your Index CFD quotes?
IBKR Index CFDs track the related future, adjusted for fair value. It is in effect a synthetic index level that is very close to the cash index, but may differ somewhat as explained below.
In the futures market fair value is the equilibrium price for a futures contract. It is the price at which an investor effectively pays the appropriate rate of interest, and is compensated for the dividends he forgoes by holding the future rather than the underlying shares.
The fair value is determined by adjusting the cash index as follows, taking into account the time remaining to expiry:
Cash Index Value + Interest - Dividends = Future at Fair Value
To determine the value of the IBKR Index CFD, we reverse the process:
Actual Futures Price - Interest + Dividends = IB Index CFD Value
The result is not necessarily the same value as the cash index. This is because the starting point is the actual price of the future, and the future may trade above or below its fair value.
Having established the level for the synthetic index, the actual CFD quotes show spreads and ticks that reflect those of the underlying future. IBKR charges a commission rather than widening the spread, enabling a transparent comparison between the returns of the Index CFD and the related future.
How do you determine margins for Index CFDs?
The margins are the same as for the related future, adjusted for size, including lower rates intraday. Please refer to CFD Margin Requirements for more detail. Retail clients are subject to regulatory minimum initial margins of 5% or 10% depending on the index. Please see ESMA CFD Rules Implementation at IBKR for additional detail.
Are short Index CFDs subject to forced buy-in?
No. As the reference instrument is a future, the index CFD is not affected by stock loan availability.
How do you handle dividends and corporate actions?
The index level itself is adjusted for corporate actions, and no direct adjustments to the CFD are
necessary. Index CFDs are however adjusted for dividends as the underlying future is typically based on a price index. The only exception among the currently available IB Index CFDs is Germany 40 (IBDE40), which is based on a total return index.
For an overview please see CFD Corporate Actions.
Can anyone trade IBKR CFDs?
All clients can trade IBKR CFDs, except residents of the USA, Canada, Hong Kong, New Zealand and Israel. There are no exemptions based on investor type to the residency based exclusions.
What do I need to do to start trading CFDs with IBKR?
You need to set up trading permission for CFDs in Client Portal and agree to the relevant trading disclosures. If your account is with IBKR (UK) or with IBKR LLC, IBKR will then set up a new account segment (identified with your existing account number plus the suffix “F”). Once the set-up is confirmed you can begin to trade. You do not need to fund the F-account separately, funds will be automatically transferred to meet CFD margin requirements from your main account.
If your account is with another IBKR entity, only the permission is required; an additional account segment is not necessary.
Are there any market data requirements?
The market data for IB Index CFDs is free, but you need to subscribe to it for system reasons. It is a global permission (like FX), so you only need to subscribe once. To do this, log into Client Portal and click the User menu (head and shoulders icon in the top right corner) followed by User Settings. Under Trading Platforms select the Configure (gear) icon next to Market Data Subscriptions. Click the Configure (gear) icon next to Current GFIS Subscriptions to review what other services you may be interested in. Alternatively you can set up an Index CFD in your TWS quote monitor and click the “Market Data Subscription Manager” button that appears on the quote line.
How are my CFD trades and positions reflected in my statements?
If you are a client of IBKR (U.K.) or IBKR LLC, your CFD positions are held in a separate account segment identified by your primary account number with the suffix “F”. You can choose to view Activity Statements for the F-segment either separately or consolidated with your main account. You can make the choice in the statement window in Client Portal.
If you are a client of other IBKR entities, there is no separate segment. You can view your positions normally alongside your non-CFD positions.
Can I transfer in CFD positions from another broker?
IB does not currently have a facility for transferring Index CFD positions.
In what type of IBKR accounts can I trade CFDs e.g., Individual, Friends and Family,
Institutional, etc.?
All margin and cash accounts are eligible for CFD trading.
What are the maximum positions I can have in a specific Index CFD?
There is no pre-set limit for position size, but please be aware that trade-size restrictions apply to Index CFDs. Please see the table at the beginning of this document for more detail.
Can I trade CFDs over the phone?
No. In exceptional cases we may agree to process closing orders over the phone, but never opening orders.
Overview of IBKR issued Share CFDs
The following article is intended to provide a general introduction to share-based Contracts for Differences (CFDs) issued by IBKR.
For Information on IBKR Index CFDs click here. For Forex CFDs click here. For Precious Metals click here.
Topics covered are as follows:
I. CFD Definition
II. Comparison Between CFDs and Underlying Shares
III. CFD Tax and Margin Advantage
IV. US ETFs
V. CFD Resources
VI. Frequently Asked Questions
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
61% of retail investor accounts lose money when trading CFDs with IBKR.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
ESMA Rules for CFDs (Retail Clients only)
The European Securities and Markets Authority (ESMA) has enacted new CFD rules effective 1st August 2018.
The rules include: 1) leverage limits on the opening of a CFD position; 2) a margin close out rule on a per account basis; and 3) negative balance protection on a per account basis.
The ESMA Decision is only applicable to retail clients. Professional clients are unaffected.
Please refer to the following articles for more detail:
ESMA CFD Rules Implementation at IBKR (UK) and IBKR LLC
ESMA CFD Rules Implementation at IBIE and IBCE
I. Share CFD Definition
IBKR CFDs are OTC contracts which deliver the return of the underlying stock, including dividends and corporate actions (read more about CFD corporate actions).
Said differently, it is an agreement between the buyer (you) and IBKR to exchange the difference in the current value of a share, and its value at a future time. If you hold a long position and the difference is positive, IBKR pays you. If it is negative, you pay IBKR.
IBKR Share CFDs are traded through your cash or margin account, and you can enter long as well as short leveraged positions. The price of the CFD is the exchange-quoted price of the underlying share. In fact, IBKR CFD quotes are identical to the Smart-routed quotes for shares that you can observe in the Trader Workstation and IBKR offers Direct Market Access (DMA). Similar to shares, your non-marketable (i.e. limit) orders have the underlying hedge directly represented on the deep book of those exchanges at which it trades. This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer.
To compare IBKR’s transparent CFD model to others available in the market please see our Overview of CFD Market Models.
IBKR currently offers approximately 8000 Share CFDs covering the principal markets in the US, Europe and Asia. The constituents of the major indexes listed below are currently available as IBKR Share CFDs. In many countries IBKR also offers trading in liquid small cap shares. These are shares with free float adjusted market capitalization of at least USD 500 million and median daily trading value of at least USD 600 thousand. Please see CFD Product Listings for more detail. More countries will be added in the near future.
| United States | S&P 500, DJA, Nasdaq 100, S&P 400 (Mid Cap), Liquid Small Cap |
| United Kingdom | FTSE 350 + Liquid Small Cap (incl. IOB) |
| Germany | Dax, MDax, TecDax + Liquid Small Cap |
| Switzerland | Swiss portion of STOXX Europe 600 (48 shares) + Liquid Small Cap |
| France | CAC Large Cap, CAC Mid Cap + Liquid Small Cap |
| Netherlands | AEX, AMS Mid Cap + Liquid Small Cap |
| Belgium | BEL 20, BEL Mid Cap + Liquid Small Cap |
| Spain | IBEX 35 + Liquid Small Cap |
| Portugal | PSI 20 |
| Sweden | OMX Stockholm 30 + Liquid Small Cap |
| Finland | OMX Helsinki 25 + Liquid Small Cap |
| Denmark | OMX Copenhagen 30 + Liquid Small Cap |
| Norway | OBX |
| Czech | PX |
| Japan | Nikkei 225 + Liquid Small Cap |
| Hong Kong | HSI + Liquid Small Cap |
| Australia | ASX 200 + Liquid Small Cap |
| Singapore | STI + Liquid Small Cap |
| South Africa | Top 40 + Liquid Small Cap |
| Brazil | Bovespa |
| Russia | MOEX |
II. Comparison Between CFDs and Underlying Shares
Depending on your trading objectives and trading style, CFDs offer a number of advantages compared to stocks, but also some disadvantages:
| BENEFITS of IBKR CFDs | DRAWBACKS of IBKR CFDs |
|---|---|
| No stamp duty or financial transaction tax (UK, France, Belgium, Spain) | No ownership rights |
| Generally lower margin rates than shares* | Complex corporate actions may not always be exactly replicable |
| Tax treaty rates for dividends without need for reclaim | Taxation of gains may differ from shares (please consult your tax advisor) |
| Exemption from day trading rules | |
| US ETFs tradable as CFDs** |
*IB LLC and IB-UK accounts.
**EEA area clients cannot trade US ETFs directly, as they do not publish KIDs.
III. CFD Tax and Margin Advantage
Where stamp duty or financial transaction tax is applied, currently in the UK (0.5%), France (0.3%), Belgium (0.35%) and Spain (0.2%), it has a substantially detrimental impact on returns, particular in an active trading strategy. The taxes are levied on buy-trades, so each time you open a long, or close a short position, you will incur tax at the rates described above.
The amount of available leverage also significantly impacts returns. For European IBKR entities, margin requirements are risk-based for both stocks and CFDs, and therefore generally the same. IB-UK and IB LLC accounts however are subject to Reg T requirements, which limit available leverage to 2:1 for positions held overnight.
To illustrate, let's assume that you have 20,000 to invest and wish to leverage your investment fully. Let's also assume that you hold your positions overnight and that you trade in and out of positions 5 times in a month.
Let's finally assume that your strategy is successful and that you have earned a 5% return on your gross (fully leveraged) investment.
The table below shows the calculation in detail for a UK security. The calculations for France, Belgium and Spain are identical, except for the tax rates applied.
| UK CFD | UK Stock | UK Stock | |
|---|---|---|---|
| All Entities |
EU Account
|
IB LLC or IBUK Acct
|
|
| Tax Rate | 0% | 0.50% | 0.50% |
| Tax Basis | N/A | Buy Orders | Buy Orders |
| # of Round trips | 5 | 5 | 5 |
| Commission rate | 0.05% | 0.05% | 0.05% |
| Overnight Margin | 20% | 20% | 50% |
| Financing Rate | 1.508% | 1.508% | 1.508% |
| Days Held | 30 | 30 | 30 |
| Gross Rate of Return | 5% | 5% | 5% |
| Investment | 100,000 | 100,000 | 40,000 |
| Amount Financed | 100,000 | 80,000 | 20,000 |
| Own Capital | 20,000 | 20,000 | 20,000 |
| Tax on Purchase | 0.00 | 2,500.00 | 1,000.00 |
| Round-trip Commissions | 500.00 | 500.00 | 200.00 |
| Financing | 123.95 | 99.16 | 24.79 |
| Total Costs | 623.95 | 3099.16 | 1224.79 |
| Gross Return | 5,000 | 5,000 | 2,000 |
| Return after Costs | 4,376.05 | 1,900.84 | 775.21 |
| Difference | -57% | -82% |
The following table summarizes the reduction in return for a stock investment, by country where tax is applied, compared to a CFD investment, given the above assumptions.
| Stock Return vs cfD | Tax Rate | EU Account | IB LLC or IBUK Acct |
|---|---|---|---|
| UK | 0.50% | -57% | -82% |
| France | 0.30% | -34% | -73% |
| Belgium | 0.35% | -39% | -75% |
| Spain | 0.20% | -22% | -69% |
IV. US ETFs
EEA area residents who are retail investors must be provided with a key information document (KID) for all investment products. US ETF issuers do not generally provide KIDs, and US ETFs are therefore not available to EEA retail investors.
CFDs on such ETFs are permitted however, as they are derivatives for which KIDs are available.
Like for all share CFDs, the reference price for CFDs on ETFs is the exchange-quoted, SMART-routed price of the underlying ETF, ensuring economics that are identical to trading the underlying ETF.
V. CFD Resources
Below are some useful links with more detailed information on IBKR’s CFD offering:
The following video tutorial is also available:
How to Place a CFD Trade on the Trader Workstation
VI. Frequently Asked Questions
What Stocks are available as CFDs?
Large and Mid-Cap stocks in the US, Western Europe, Nordic and Japan. Liquid Small Cap stocks are also available in many markets. Please see CFD Product Listings for more detail. More countries will be added in the near future.
Do you have CFDs on other asset classes?
Yes. Please see IBKR Index CFDs - Facts and Q&A, Forex CFDs - Facts and Q&A and Metals CFDs - Facts and Q&A.
How do you determine your Share CFD quotes?
IBKR CFD quotes are identical to the Smart routed quotes for the underlying share. IBKR does not widen the spread or hold positions against you. To learn more please go to Overview of CFD Market Models.
Can I see my limit orders reflected on the exchange?
Yes. IBKR offers Direct market Access (DMA) whereby your non-marketable (i.e. limit) orders have the underlying hedges directly represented on the deep books of the exchanges on which they trade. This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer. In addition, you may also receive price improvement if another client's order crosses yours at a better price than is available on public markets.
How do you determine margins for Share CFDs?
IBKR establishes risk-based margin requirements based on the historical volatility of each underlying share. The minimum margin is 10%, making CFDs more margin-efficient than trading the underlying share in many cases. Retail investors are subject to additional margin requirements mandated by the European regulators. There are no portfolio off-sets between individual CFD positions or between CFDs and exposures to the underlying share. Concentrated positions and very large positions may be subject to additional margin. Please refer to CFD Margin Requirements for more detail.
Are short Share CFDs subject to forced buy-in?
Yes. In the event the underlying stock becomes difficult or impossible to borrow, the holder of the short CFD position may become subject to buy-in.
How do you handle dividends and corporate actions?
IBKR will generally reflect the economic effect of the corporate action for CFD holders as if they had been holding the underlying security. Dividends are reflected as cash adjustments, while other actions may be reflected through either cash or position adjustments, or both. For example, where the corporate action results in a change of the number of shares (e.g. stock-split, reverse stock split), the number of CFDs will be adjusted accordingly. Where the action results in a new entity with listed shares, and IBKR decides to offer these as CFDs, then new long or short positions will be created in the appropriate amount. For an overview please CFD Corporate Actions.
*Please note that in some cases it may not be possible to accurately adjust the CFD for a complex corporate action such as some mergers. In these cases IBKR may terminate the CFD prior to the ex-date.
Can anyone trade IBKR CFDs?
All clients can trade IBKR CFDs, except residents of the USA, Canada, Hong Kong, New Zealand and Israel. There are no exemptions based on investor type to the residency based exclusions.
What do I need to do to start trading CFDs with IBKR?
You need to set up trading permission for CFDs in Client Portal, and agree to the relevant disclosures. If your account is with IBKR (UK) or with IBKR LLC, IBKR will then set up a new account segment (identified with your existing account number plus the suffix “F”). Once the set-up is confirmed you can begin to trade. You do not need to fund the F-account separately, funds will be automatically transferred to meet CFD initial margin requirements from your main account.
If your account is with another IBKR entity, only the permission is required; an additional account segment is not necessary.
Are there any market data requirements?
The market data for IBKR Share CFDs is the market data for the underlying shares. It is therefore necessary to have market data permissions for the relevant exchanges. If you already have market data permissions for an exchange for trading the shares, you do not need to do anything. If you want to trade CFDs on an exchange for which you do not currently have market data permissions, you can set up the permissions in the same way as you would if you planned to trade the underlying shares.
How are my CFD trades and positions reflected in my statements?
If you are a client of IBKR (U.K.) or IBKR LLC, your CFD positions are held in a separate account segment identified by your primary account number with the suffix “F”. You can choose to view Activity Statements for the F-segment either separately or consolidated with your main account. You can make the choice in the statement window in Client Portal.
If you are a client of other IBKR entities, there is no separate segment. You can view your positions normally alongside your non-CFD positions.
Can I transfer in CFD positions from another broker?
IBKR does not facilitate the transfer of CFD positions at this time.
Are charts available for Share CFDs?
Yes.
In what type of IBKR accounts can I trade CFDs e.g., Individual, Friends and Family, Institutional, etc.?
All margin and cash accounts are eligible for CFD trading.
What are the maximum a positions I can have in a specific CFD?
There is no pre-set limit. Bear in mind however that very large positions may be subject to increased margin requirements. Please refer to CFD Margin Requirements for more detail.
Can I trade CFDs over the phone?
No. In exceptional cases we may agree to process closing orders over the phone, but never opening orders.
Overview of CFD Market Models
OTC Contracts For Difference (CFD) markets are generally organized along one of three models: Direct Market Access (DMA), Agency Broker, or the Market Maker model.
IB operates the DMA model, the most transparent of the three. In this model the provider hedges the CFD order immediately in the underlying physical market, and the CFD is executed at the price of the hedge. This serves to enhance pricing transparency and the provider's compensation is typically based solely upon a commission rather than a mark-up or mark-down.
With the DMA model, professionally-oriented IB customers have the ability to add quotes to the exchange book, in the same way they would trading stocks. Because IB matches all CFD orders immediately with a hedge-order, a non-marketable CFD order will create a matching non-marketable order for the underlying share on the exchange. Clients can view "their order" on the level 2 book.
In addition, all orders, whether marketable or not, benefit from IB's SmartRouting technology which ensures best execution by routing the order to one of several underlying markets (LSE, CHI-X, Turquoise, BATS, or internally vs. other client orders).
The Agency Broker model closely resembles the DMA model in that orders are hedged directly via the underlying physical market. Under this model, however, participants will not see their limit orders on the exchange as such orders are held by the provider and passed through only when they become marketable.
By contrast, under the traditional Market Maker model the CFD provider takes all orders into its book, and maintains discretion as to how the trade is hedged or offset, using options, warrants, futures, or directly through the underlying market. The provider often markets the offering as commission-free. Here prices are streamed based on the provider's own pricing model which incorporates a profit into the bid-ask spread. This model is often associated with widening spreads in turbulent markets, as well as the possibility of re-quotes.
