Generally KIDs must be provided in an official language of the country in which a client is resident.

However, clients of IBKR have agreed to receive communications in English, and therefore if a KID is available in English all EEA and UK clients can trade the product regardless of their country of residence.

In cases where a KID is not available in English, IBKR additionally supports other languages as follows:

*regardless of country of residence

 

下列信息適用於非美國指數期權、場外（OTC）差價合約(CFD)及非美國指數期貨（與非美國指數期權相結合時）的交易

盈透證券（英國）有限公司

客戶資產
盈透證券（英國）有限公司("IBUK")由金融市場行為監管局(FCA)授權並規管，註冊號碼208159。 IBUK是由盈透證券集團(IBG LLC)全資擁有的子公司。 IBUK按照FCA客戶資產規則"CASS"提供客戶資金與客戶資產服務。

客戶資金受到下列保護：
客戶資金規則適用於所有在從事金融工具市場法規(MiFID)業務及/或指定投資業務的過程中從客戶處收取資金，或持有客戶資金的規管公司。

客戶資金與IBUK自有資金完全分離。如果出現授權公司破產的情況，在分離賬戶中持有的客戶資金將被歸還給客戶而不是被債權人看做可收回資產。如果出現差額，客戶可能有資格向金融服務補償計劃（"FSCS"）要求補償。

客戶資金圈定在獨立銀行賬戶中，以信託形式在客戶名義下持有。這些賬戶分散在多家具有投資等級評級的銀行中，以避免一家機構的風險集中性。 IBUK選擇並指定持有客戶資金的銀行時會考慮銀行的專業性、市場聲譽、財務狀況及任何可能對客戶權利有負面影響的有關客戶資金持有的法律要求及市場慣例。

IBUK僅在以下情況下允許交易所、清算所或中介經紀商在客戶交易賬戶中持有客戶資金：向其轉賬資金是用於交易或用於滿足客戶提供交易抵押的義務。

IBUK每天對在客戶資金銀行賬戶及客戶交易賬戶中持有的客戶資金及其對客戶的負債作詳細的對賬，確保客戶資金被恰當隔離，且足夠滿足FCA的CASS規則要求的所有債務。所有計入這些銀行賬戶的資金公司均作為受託人持有（或者如果相關，作為代理）。

FCA規則還要求IBUK維持CASS決議，以確保萬一公司發生清算的情況下，破產管理人能夠查找信息以便向公司客戶及時歸還客戶資金及資產。

金融服務補償計劃

盈透證券（英國）有限公司("IBUK")是由金融市場行為監管局("FCA")授權並規管的投資公司，以及金融服務補償計劃("FSCS")成員。按照FCA補償規則，某些合格客戶有資格獲得補償。

有關合格性的要點為：

• FSCS僅在授權公司欠款的情況下才向合格申請人支付賠償並將調查是否存在該事實。
• FSCS僅賠償財務損失，對UK投資公司的限制在下面列出。
• FSCS的設立主要為了幫助個人，儘管小型公司也包括在內。
• 大型公司通常排除在外。

投資

如果授權投資公司無法滿足索賠，則FSCS提供保護——例如，如果一家授權投資公司破產，不能將資產返還給其客戶。 FSCS授權投資公司歸類為投資的資產包括股票與股份、期貨、期權、CFD及其他由客戶投入的規管金融工具及資金。

賠償限制

您收到的實際賠償水平將基於您的索賠。 FSCS僅支付金融損失賠償。賠償限制限各授權公司，各個人。

當前對投資的最高賠償水平為各公司各人5萬英鎊（向從2010年一月1日起被宣布欠款的公司提出的索賠）。賠償水平可能變化，要獲取最新詳情請見FSCS網站：//www.fscs.org.uk / 。
 

下列信息適用於所有曾經或繼續通過IB LLC交易所有產品（除金屬及OTC CFD）的客戶。

盈透證券有限公司("IBLLC")

客戶資產
客戶資產隔離在指定給IBLLC客戶的專用特殊銀行或託管賬戶中。該保護（SEC稱為“儲備”，CFTC稱為“隔離”）是證券和商品經紀的核心原則。通過妥善分離客戶資產，如果客戶沒有借入資金或股票，且未持有期貨頭寸，那麼倘若經紀商違約或破產，客戶資產可以返還給客戶。

無借貸現金或證券的證券賬戶
證券客戶資金保護如下：

• 一部分存在14家大型美國銀行的IBLLC客戶專用特殊儲備賬戶中。這些存款分佈在多家具投資等級評級的銀行，以避免任何單個機構帶來的集中風險。每間銀行持有的資金不超過IBLLC所持客戶資產的5%。
• 一部分投資於美國國債，包括直接投資短期國債和以美國國債作為抵押的反向回購協議。這些交易與第三方進行並通過中央對手方清算所（固定收益結算公司，即“FICC”）擔保。抵押為IBLLC所有並存放在託管銀行客戶專用的隔離儲備保管賬戶。美國國債也可質押給清算所用以支持客戶所持證券期權頭寸的保證金要求。
• 客戶現金在儲備賬戶中以淨值為基礎，反映超出客戶借方餘額的淨貸方餘額。已達到任一客戶在IBLLC有保證金借貸，該借貸都有價值借貸額度200%的股票進行擔保的程度。
• 目前美國證券交易委員會(SEC)要求經紀交易商至少每週對客戶的資金和證券進行詳細核對（也稱為“儲備計算”），以確保客戶的資金準確地與經紀交易商的基金分離。

客戶擁有的、全額支付的證券在明確認定的客戶專用存管和託管賬戶中受到保護。 IBLLC每日核對客戶擁有的證券頭寸，確保存管和託管機構已收到這些證券。

商品帳戶

商品客戶資金保護如下：

• 一部分質押給期貨清算所用以支持客戶所持期貨及期貨期權頭寸的保證金要求，或在確定為用於隔離IB客戶資金的託管賬戶中持有。
• 一部分存放在確定為隔離IBLLC客戶資金的商品清算銀行/經紀商賬戶中，以支持客戶保證金要求。
• 按商品法規定，客戶資金受到實時保護。 IBLLC每日對客戶資產進行詳細核對，以確保客戶資金被恰當分離。計算結果每日提交給監管機構。

有保證金借貸的證券帳戶

向IBLLC借款買入證券的客戶，證券法規允許IBLLC最高抵押或借入價值借貸價值140%的股票。通常，IBLLC借出其獲許借出股票總數中的一小部分。

• 例如，在2011年6月30日，IBLLC從保證金客戶提供的130億美元股票中藉出8億美元。
• 當IBLLC借出客戶的股票時，必須將額外資金存入指定儲備賬戶，為客戶設置預留金額。在上面的例子中，借出的客戶股票的總價值8億美元隔離在特殊儲備金賬戶中。

帳戶保護

IBLLC客戶證券賬戶受到證券投資人保護公司("SIPC")最高達50萬美元（現金額度25萬美元）的保護，且根據IBLLC與倫敦勞埃德保險公司(Lloyd's of London)承銷商協定的超SIPC賠額政策，證券賬戶還享有額外最高達3000萬美元（現金額度90萬美元）的保護，總限額一億五千萬。期貨、期貨期權不包含在內。與所有證券公司相同，此類保險在經紀交易商倒閉時為客戶提供保護，而不是針對證券市場價值的損失。

出於確定客戶賬戶的目的，有相似的名字和名稱的賬戶被合併在一起（例如：John和Jane Smith與Jane和John Smith），但名稱不同的賬戶不合併（例如：個人/John Smith和個人退休賬戶/John Smith）。

SIPC是一個非盈利性質，由SIPC成員經紀交易商集資的成員性質的公司。查看關於SIPC的更多信息和常見問題解答（例如SIPC怎樣運作，什麼受到保護，怎樣索賠，等等），請參見以下網站：

http://www.SIPC.org

http://www.finra.org/InvestorInformation/InvestorProtection/SIPCProtecti...

或聯繫SIPC，地址如下:

Securities Investor Protection Corporation
805 15th Street, N.W. - Suite 800
Washington, D.C. 20005-2215
電話：(202) 371-8300
傳真：(202) 371-6728

The term "excess margin securities" refers to margin securities carried for the account of a customer having a market value in excess of 140 percent of the total debit balance in the customer's account. These securities are in excess of the securities held in a customer's margin account that are pledged by the customer as collateral for the margin loan and can be used to support the purchase of additional securities on margin

Example:

A customer whose account equity consists solely of a cash balance of USD 10,000 on Day 1 purchases 400 shares of stock ABC at USD 50 per share on Day 2.

On Day 2, the customer's excess margin securities total USD 6,000. This is calculated by subtracting 140% of the margin debit or loan balance from the market value of the stock position ($6,000 = $20,000 - {1.4 * $10,000}).

The term is relevant from a regulatory perspective as the SEC requires that U.S. broker dealers segregate and maintain in a good control location (e.g., DTC or bank) all customer securities which are deemed excess margin securities. Such securities cannot be pledged or loaned to finance the activities of the firm or other customers without specific written permission from the customer. The portion of the securities classified as margin securities ($20,000 - $6,000 or $14,000 in this example) are subject to a lien and may be pledged or loaned by the broker to others to assist in financing the loan made to the customer.

Note that securities which were excess margin at the date of acquisition may later be reclassified as margin securities based upon the customer's subsequent trade and/or margin borrowing activity. For example, if the loan value of excess margin securities is subsequently used to acquire additional securities on margin, a portion of securities will then be reclassified as margin securities and subject to a lien. If the customer subsequently deposits cash or sells securities to reduce or eliminate the margin loan, the securities will be reclassified as excess margin or fully paid and are required to be segregated.
See also "fully paid securities".

INTRODUCTION
The regulation of securities and commodities products and brokers¹ in the U.S. is administered by two distinct federal agencies, the Securities and Exchange Commission (SEC) for securities including stocks, ETFs, bonds, options and mutual funds and the Commodities Futures Trading Commission (CFTC) for commodities including futures and options on futures.² While both agencies seek to safeguard customer assets by restricting their use and “segregating” them from assets of the broker, the regulations and manner in which they accomplish this differs. The following article provides a basic overview of two segregation models and additional considerations relating to IB accounts.

OVERVIEW
Differences between the CFTC and SEC segregation models originate largely from the products themselves, whose characteristics are fundamentally unique. Commodity products, by nature, do not involve an extension of credit by the broker to the customer as a futures contract is not an asset but rather a contingent liability which is marked-to-market and a long futures option, while an asset, must be paid for in-full. Consequently, non-option assets in a commodities account are generally comprised of funds deposited as margin to secure performance on the contracts therein. Since the broker may not use the funds of one customer to margin or guarantee the transactions of another, the commodities segregation requirement (CFTC Rules 1.20 – 1.30) is equal to the gross assets of all customers and the broker needs to add its own funds to segregation to cover customers whose net equity is in deficit.

A securities margin account, in contrast, can facilitate the extension of credit for the purpose of long securities (e.g., stocks, bonds) purchases or short securities sales on a secured basis. The segregation or reserve requirement rules recognize this through special provisions for the protection of each of the cash and securities components, further distinguishing fully-paid securities from those whose purchase the broker has financed and maintains a lien upon. Here, the broker must deposit into a separate bank account the net amount of customer cash balances³, in accordance with a formula set forth in SEC Rule 15c3-3. In addition, the broker must identify and segregate in a good control location (e.g., depository, bank) customer securities which meet the definition of “fully paid” or “excess margin”.

The table below provides a comparison of the main principals of each model.

ADDITIONAL CONSIDERATIONS
In addition to the safeguards afforded through segregation, IB employs a number of policies and practices which serve to enhance the safety and security of accounts beyond that outlined above. These include the following:

- IB computes its securities segregation or reserve requirement on a daily rather than weekly basis as allowed by regulation, thereby ensuring timely determination as to the amount required to be reserved and the deposit of funds necessary to satisfy the requirement.

- IB’s does not avail itself of the generally more permissive rules with respect to the investment of commodity customer cash balances. These balances are instead invested in a manner similar to that of securities cash balances (i.e., U.S. government securities) with the exception of an occasional investment in money market funds.

- All customer securities positions are held in the securities segment of the Universal Account as opposed to the commodities (commodities margin met with cash and/or futures options), thereby limiting their hypothecation to the more restrictive rules of the SEC.

- In addition to SIPC coverage, IB maintains an excess SIPC policy with Lloyd's of London which, in aggregate with SIPC, offers insurance totaling $30 million (with a cash sublimit of $900,000), subject to an aggregate firm limit of $150 million.

- IB offers account holders the ability to sweep cash balances in excess of that required for margin purposes in either the securities or commodities segment to the other segment. Details as to this feature may be found in KB1851.

- For additional information regarding IB strength and security, please review the following website page.

Other Relevant Knowledge Base Articles:

Cash Sweeps

Information Regarding SIPC Coverage

Footnotes:

¹The term broker as used in this article is intended to refer to an organization registered with both the SEC as a Broker-Dealer and the CFTC as a Futures Commission Merchant for the purpose of conducting customer transactions

²Single stock futures are a hybrid product jointly regulated by the SEC and CFTC and allowed to be carried in either account type.

³Including cash obtained through the use of customer securities such bank pledges or stock loans less cash required to finance customer transactions (e.g., stock borrows, customer fails to deliver of securities, or margin deposited for short option positions with OCC).

⁴Assets, or customer property, which securities customers share in proportion to their net equity claim, include cash, margin securities and fully-paid securities held in “street name”. IB does not hold securities in the customer’s name which are not considered bulk customer property.