ADR轉換程序

美國存託憑證(ADR)是用以證明對美國存託股票(ADS)擁有所有權的實物憑證。ADS是一種在非美國公司擁有的美元計價股權所有權。ADS代表公司存放在其所在國託管銀行的外國股票,承載著外國股票的企業和經濟權利,受ADR憑證的規定條款限制。

底層普通股的持有者可請求將這些股票轉換成ADR。同樣,ADR的持有者也可請求將其轉換成底層普通股。

此處列出的股票,IB可提供ADR轉換。

 

提交股票進行轉換

賬戶持有人可使用IB的自願選擇工具來請求進行轉換(底層股票到ADR或ADR到底層股票)。要訪問該工具,賬戶持有人

  1. 可登錄賬戶管理
  2. 從賬戶管理的左手邊選擇“工具”圖標,或打開“支持”並選擇“工具”
  3. 從“工具”菜單選擇“公司行動”;從公司行動類型標籤中選擇“轉換”。
  4.  

     

     4. 在表格中找到您想操作的證券,並從表格右側選擇“分配”

 

一經選擇便會出現一個新的頁面,其將提供有關轉換條款的信息。閱讀條款後,您便可提交選擇。

 

      

請注意:ADR轉換將會被收取一定費用。儘管概述部分會給出預估費用,但最終賬戶需繳納的費用取決於操作當時代理機構收取的手續費,因此預估費用會發生變化。

 

常見問題

 

轉換是否有最低值要求?

IB對ADR或底層股票的轉換沒有設置最低值要求。

我在可轉換頭寸列表中並沒有看到我的ADR/普通股。

如果證券未在表格中列出,客戶可提交一個諮詢單。在諮詢單中,請註明您想要轉換的證券以及股數。收到諮詢單後,IB會審核請求並告知您是否可進行該操作。

提交了轉換請求後,我的新股票會如何處理?

一旦所選股票在賬戶中完成結算,請求便會轉至處理代理機構。儘管許多請求都會在1至2個工作日內完成,但因為處理過程取決於不同地區的獨立第三方代理機構,所以這只是預估,實際有可能會需要更多時間。收到新股票後,頭寸將會被分配至賬戶。

提交選擇後會發生什麼?

一旦提交了選擇,請求便會轉至處理代理機構。提交轉換的股票將會被移至賬戶中的備抵區域,無法使用保證金貸款,也無法進行交易。轉換完成之前,股票都將保持在該區域。賬戶持有人應對賬戶進行檢查,確保賬戶在這一過程中始終滿足保證金要求。

我怎樣才能知道轉換相關的費用?

最初,轉換概述部分會提供每股預估費用。賬戶持有人將需要根據該信息自行計算費用。所有轉換都將被收取500美元IB佣金外加外部費用(代收)。

我已經就轉換同ADR發行機構協商好了費率。怎樣確保這就是我將被收取的費用呢?

如果賬戶持有人已經協商好了某一特定費率,請提交一個諮詢單,註明費率詳情以及聯繫人名稱和電話號碼。IB將對信息進行審核,一旦確認,便會確保從您的賬戶扣除相應費用。

我能轉換未結算股票嗎?

不能。只有已結算股票才能提交至代理機構進行轉換。

Dividend Accruals

If you are a shareholder of record as of the close of business on a dividend Record Date (see KB47), you are entitled to receive the dividend on its Payment Date.  While the actual dividend amount is not assured until the payment has been made by the issuer on the Payment Date, information deemed reliable is available such that IB will accrue the value of the dividend, net of any withholding taxes, on the Ex-Date.   This information can be confirmed via the Daily Activity Statement posted to Account Management. The details of the accrual will be reflected in the statement section titled "Change in Dividend Accruals" and the net amount in a line item titled "Dividend Accruals" under the "Net Asset Value" section. If you wish to see information regarding dividends that you held through the Ex Date but which have not yet been paid out, choose "Legacy Full" from the Statements drop down when launching your statement. This will include an additional section called "Open Dividend Accruals" which will give you information on any pending dividends.

Note that dividend accruals may be either a debit (if short and borrowing the stock on the Record Date) or a credit (if long the stock on the Record date). In terms of account valuation, the dividend accrual is included in Equity with Loan Value as well as equity for purposes of determining compliance with the Pattern day Trading rules. A dividend credit accrual does not increase Available Funds and can therefore not be withdrawn until paid. A dividend accrual which is a debit does reduce Available Funds to ensure that funds are available to meet the obligation when payment is due.

Delivery Settings for Shareholder Materials

IB’s default setting for distributing shareholder communications (e.g., proxy materials and annual reports) from U.S. and Canadian issuers is electronic delivery.  Under this method the account holder will receive an email notice when information becomes available for a security they hold from our processing agent, Mediant Communications. This notification will provide the necessary links for accessing the information and voting through the Internet in lieu of receiving these documents via postal service. The technology which you will need to secure the information includes access to the Internet and a web browser supporting secure connections. In addition, you will need to be able to read the documents online and print a copy provided your system supports documents in a PDF format.

 

Other items of note:

 -  We recommend that you add the following addresses to your email address book to minimize the possibility of communications being routed to your junk folder or rejected by your email provider as spam: InteractiveBrokers@proxydocs.com, InteractiveBrokers@investorelections.com, InteractiveBrokers@proxypush.com, InteractiveBrokers@prospectusdocs.com.
 
-  Issuers reserve the right, and are sometimes required by regulation, to send certain shareholder communications via postal mail regardless of the account holder’s preference for electronic delivery. This will most often be the case for interim or special meetings or for contested voting matters.
 
-  Account holders may withdraw their consent to electronic delivery and revert to postal delivery at any time by submitting a request through the Message Center located with Account Management.  Note that changes to delivery settings are not applied to shareholder materials where the record date has already been sent. Account holders may, therefore, continue to receive deliveries for certain securities via the existing method for a period of 2 to 4 weeks after requesting a change.
 

-  The information above applies solely to shareholder communications associated with U.S. and Canadian issuers. The delivery of communications for securities issued outside of these two countries is typically electronic, but managed directly by the issuer or its agent (i.e., not Mediant). 

 

See also: Non-Objecting Beneficial Owner (NOBO)

有關IB公司行動通知程序的信息

IB從外部收到有關已宣佈和已生效的強制性和自願性公司行動之信息。IB採用以下步驟通知客戶:

確定公司行動類型 - 每一則公司行動都經系統處理并確定屬於強制性事件(無需股東採取任何行動)還是自願性事件(股東可選擇採取行動)。

根據公司行動類型確定通知方式

  • 強制性事件 - IB將向持有股票、差價合約、期權或期貨頭寸的帳戶發送常規通知以提醒客戶即將發生的強制性事件。這類強制性事件包括拆股、收購和股票與現金股息。
  • 自願性事件 - IB將查看存款或處理機構的要約條款。一旦確認條款,IB將通過帳戶管理的公司行動選擇工具發出要約(點擊此處獲取有關使用自願性公司行動選擇工具的更多信息)。IB開放選擇要約時,系統將向合資格的股東發送通知。一旦選擇時段開始,客戶便可直接通過帳戶管理提交其選擇。請注意,差價合約持有者不可進行自願性事件選擇。IB將根據其公司行動準則對差價合約持有者進行相應的調整。

注:因涉及手動操作,創建選擇總覽可能會花費更多時間。

有關集體訴訟的信息

由於盈透證券商業模式的性質以及我們為客戶維持低成本所作出的努力,IB無法代表客戶監控針對客戶所交易證券之數千家公司的集體訴訟或其他訴訟的狀態並為客戶提供相關信息。盈透證券也不會參與客戶所持證券相關之集體訴訟的追償程序。通常,如果集體訴訟成功或達成了解決方案,股東會收到集體訴訟管理員發來的索償通知。有關集體訴訟的任何問題均應轉向代表原告的律師事務所。

有關已提供信息的說明

請注意將要發生及已生效公司行動的通知,旨在為我們的客戶提供有用信息。我們盡最大努力為您提供信息,但是IB不能確保信息的及時性和準確性。有時,要約條款可能會在無事先通知的情況下發生更改。客戶有義務在進行任何交易決策前確保其已在第三方處(如公司網站或新聞發佈)核查過所有公司行動條款。

 

 

How to Use the Voluntary Corporate Action Election UI - Withdraw Submitted Elections

Once Interactive Brokers has submitted elections for a voluntary corporate action to the agent ("street"), the elected positions will be transferred by an internal booking to a new symbol to await the final allocation. At this point, the elected position will be considered "committed".

In the event a voluntary corporate action offering period is extended, the company will announce whether shares which had previously been submitted may be withdrawn from such election. In the event this is available, IB will re-open the corporate action election window and will modify the shares from Committed / Unavailable to Committed / Available.

Shares which are reflected on the Voluntary CA Election UI as Committed / Available may be modified by reducing the election quantity for the previously submitted election choice (in the case of a single account) or by selecting Remove All Allocations (in the case of a multi-tiered account structure).

Once updated, a new election may be made either within the same log-in session or by returning at a later point prior to the IB deadline for elections.

Please know that shares for which a withdraw has been requested will be returned to the target symbol and will become available for trading again once IB has confirmed the withdraw with the agent. This may take up to 24 hours. Should you not see a change in the symbol within your statement or through IB's trading platforms, please contact IB Customer Service directly.

Information: How Interactive Brokers processes a partial call of a US security

A partial call is when securities are redeemed for cash by the issuer prior to the maturity date of the instrument. Callable securities include bonds and preferred stocks. The issuer will announce the record date of the call at which time holders of settled positions may become subject to the call.

The US depository (DTCC) will run an allocation algorithm and assign called lots to brokers. While the issuer may announce a redemption ratio, there is no guarantee that the depository will assign the call to every broker holding the called issue at the defined date.

Upon receipt of the call information Interactive Brokers will run an impartial lottery in an attempt to assign the call evenly to all account holders whose positions have been determined to be against the position held at the depository It is important to note that while an account may be long shares, a portion of those shares may be lent or in some other way not considered part of Interactive Broker’s free position at the depository. As such those shares will not be considered when determining the allocation of the call. Also, when determining the final allocation, IB will attempt, but cannot guarantee, that the processing of a partial call does not result in an account holding a position which is less than a round lot. For instance, if Interactive Brokers is called for 2,000 bonds and the assignment of the partial call to a holder of 1,000 bonds would result in the holder being unable to close the resulting position, the holder may be excluded from the allocation process. Such exclusion may result in a holder being assigned on the call for a higher percentage of their bonds than the issuer has announced.

Assignment of calls will be handled shortly after the announcement by the depository. Customers will have the assigned position moved to a contra-symbol to await allocation of the funds to the account.

 

Dividend Tax Withholding on Depository Receipts

In the event an account holds a dividend paying depository receipt, at the time of the dividend payment taxes will be withheld. In several jurisdictions, IB is unable to efficiently comply in an electronic, straight-through manner with the required beneficial owner disclosure requirements. As such, dividends on depository receipts where full beneficial owner disclosure is required in order to receive beneficial tax treatment will be withheld at the maximum tax rate applicable.

Shareholders will not be eligible for reduced tax treatment on the allocation of cash through IB. All shareholders should consult their tax advisor for information on how to obtain a tax refund or tax credit for such activity.


Merger Arbitrage: Trading in Companies Involved in Pending Mergers/Acquisitions

Trading the securities of companies involved in announced but as-yet incomplete mergers is known as “Merger Arbitrage.”

When a company decides to assume control of a public company, the per-share price that the acquiring company must agree to pay for the target company is typically greater than the prevailing per-share stock price on the public exchange. This price difference is known as the “takeover premium.”

After the takeover terms are announced, the share price of the target company rises, but typically continues to hover somewhat below the price specified in the takeover terms.

Example: Company A agrees to purchase Company B. Prior to the takeover announcement, Company B’s shares trade on the NYSE for $20.00 per share. The deal terms specify that Company A will pay $25.00 in cash per share of company B. Shortly after the deal is announced, it would not be unusual to see Company B’s stock trading at $24.90 – higher than it had been trading, but still a 40 basis point discount versus the agreed upon deal price.

There are two primary reasons for this discount:

  1. While the takeover has been announced, it may never be completed, because of, e.g., regulatory, business, or financing difficulties; and,
  2. The interest cost of holding the target company’s shares.

If the acquiring company is a public company, the takeover deal may also be structured as a “Fixed Ratio” deal, where the acquiring company pays for the target company in a fixed ratio of its shares. Once a fixed-ratio acquisition deal is announced, the stock price of the target company’s shares will become a function of the acquiring company’s stock price.

Example: Company C, whose stock price is $10.00, agrees to acquire Company D, whose stock price is $15.00. The deal terms specify that two shares of Company C will be paid per share of Company D. Shortly after the deal is announced, it would not be unusual to see Company D’s stock trade at $19.90 on the stock exchange, even though two shares of Company C are currently worth $20.00 in cash.

As with a cash deal, the trading price of the target company will typically be at a discount to that implied by the deal ratio because of potential deal roadblocks and interest costs. This spread can also be influenced by differences in dividends received versus dividends owed over the expected life of the deal, and also by difficulties in borrowing the acquirer’s shares. (Sometimes takeovers are structured using floating ratios of stock, or with collars around a floating stock-for-stock ratio. There are also mergers that use combinations of stock and cash that require an election by holders of the target company. Such deals will make the relationship between the acquiring company and target company stock prices much more complicated than for standard, plain vanilla “cash” and “fixed ratio” takeover deals), and require very specific, intricate trading strategies.

For both Cash and Fixed Ratio takeover deals, the discount on the open market price of the target company tends to shrink as the closing date of the deal approaches and the deal progresses through various milestones such as the successful receipt of financing and shareholder and regulatory approval. Typically any discount largely disappears by the day that the takeover is completed.

Standard merger arbitrage trading strategies attempt to capture the spread between the current trading price of an acquired company and the eventual deal price. In the case of a Cash takeover, the standard Merger Arbitrage trade is to buy shares of the target company when the open-market price of the target company’s shares is lower than the deal price, hoping that the deal will successfully close and the target company’s shares will rise to the deal price. In the case of a Fixed Ratio takeover, the standard Merger Arbitrage trade is to buy shares of the target company and simultaneously short shares of the acquiring company when the shares of the target company are trading at a discount to the price specified in the takeover terms, as calculated by the companies’ current stock prices and the deal’s specified ratio. In both cases, the trader hopes that the deal will close, making money as the discount to the deal price decays.

Of course, if a trader believes that the market is too sanguine about a deal’s prospects, he could execute the opposite of the trades described above – shorting shares of the target and potentially buying shares of the acquirer.

As with all trading strategies, Merger Arbitrage strategies contain inherent risk.

The long merger arbitrage strategies described above are designed to profit if a takeover successfully closes; but, if the takeover is delayed or cancelled – or even rumored to be delayed or cancelled – these strategies risk losing money, in some cases more money than the original investment. The short merger arbitrage strategies risk losing money if the deal is completed, with significant loss potential if there is a sweetened offer for the target company.

This communication is provided for information purposes only and is not intended as a recommendation or a solicitation to buy or sell securities. Trading in shares of companies involved in announced mergers is inherently risky. You should make yourself aware of the terms and risks of the proposed transaction before making any trading decision. Customers are solely responsible for their own trading decisions.

Information regarding mandatory corporate actions which result in fractional shares

In the event a mandatory corporate action is processed which would result in an account receiving fractional shares, such shares will be liquidated for cash by IB. The processing of the liquidation will typically be done within one day of the processing of the action.

Please be aware that IB holds all positions in street name. As such, corporate actions which may include a round up privilege whereby a broker may request that each holder of a fractional position be rounded up will not be supported by IB. All such actions which result in a fractional share will be liquidated as cash. The resulting cash will be the equivalent to the value of the resulting fractional shares.

Overview of the OneChicago NoDiv Contract

The OneChicago NoDiv single stock futures contract (OCX.NoDivRisk) differs from the Exchange's traditional single stock futures contract by virtue of its handling of ordinary distributions (e.g., dividends, capital gains, etc.).  Whereas the traditional contract is not adjusted for such ordinary distributions (the discounted expectations are reflected in the price), the NoDiv contract is intended to remove the risk of dividend expectations through a price adjustment made by the clearinghouse. The adjustment is made on the morning of the ex-date to ensure that the effect of the distribution is removed from the daily mark-to-market or cash variation pay/collect.

For example, assume a NoDiv contract which closes at $50.00 on the business day prior the ex-date at which stockholders of a $1.00 dividend are to be determined. On the ex-date OCC will adjust that prior day's final settlement price from $50.00 downward by the amount of the dividend to $49.00. The effect of this adjustment will be to ensure that the dividend has no impact upon the cash variation pay/collect as of ex-date close (i.e., short position holder does not receive the $1.00 variation collect and the long holder incur the $1.00 payment).


Syndicate content