Alternative Streaming Quotes for US Equities

Overview: 

The SEC Vendor Display Rule requires that brokers give clients access to the NBBO at the point of order entry. In order to provide users with free live streaming market data, we cannot display this free stream when entering an order without the client subscribing to the paid NBBO.

Background: 

Under the Rule 603(c) of Regulation NMS (Vendor Display Rule), when a broker is providing quotation information to clients that can be used to assess the current market or the quality of trade execution, reliance on non-consolidated market information as the source of that quotation would not be consistent with the Vendor Display Rule.

Therefore and according to FINRA's enforcement of the SEC rule, any client of a broker that is purchasing real-time quotes must buy the NBBO real-time services when making trading decisions.

All clients have access to streaming US equity quotes from the four CBOE exchanges and IEX at no charge. Since this data does not include all markets, we cannot show this quote when entering parameters for a US stock quote. Order routing will not change based on what is shown on the screen. If one is subscribed to NBBO quotes or not, by default the trade will still take place with the assistance of the SMART order router designed to provide the best price for the order.

Please see the sample screenshots below from TWS Classic and TWS Mosaic for what occurs when placing an order without the NBBO streaming subscription for US equities. 

TWS Classic:

1. Screenshot of quotes showing without order entry line item

2. Screenshot of quote going blank when putting in the order entry line item

TWS Mosaic:

1. Screenshot of quotes showing without order entry line item

2. Screenshot of quote going blank when putting in the order entry line item

快照市場數據

背景

符合一定要求的IBKR客戶可選擇提交單次請求,要求接收某個金融產品的實時報價。該服務被稱為“快照報價”。傳統報價服務會持續更新實時報價,而快照報價不會,這是它與傳統報價服務的不衕之處。對於不經常交易且不希望根據延時報價下單的客戶,快照報價的價格更有競爭力。有關該報價服務的更多信息如下。

 

報價項目

快照報價包括以下數據:        

  • 最后價格
  • 最后交易量
  • 最后交易所
  • 當前買價-賣價
  • 每筆當前買價-賣價的交易量
  • 每筆當前買價-賣價的交易所

 

可用服務

服務 限制 每條報價請求的價格(美元)1
AMEX(B/CTA網絡)   $0.01
ASX Total 不支持ASX24
僅限非專業訂閱用戶
$0.03
Bolsa de Madrid   $0.03
加拿大交易所集團(TSX/TSXV) 僅限非專業訂閱用戶且IB加拿大的客戶除外 $0.03
CBOT實時   $0.03
CME實時   $0.03
COMEX實時   $0.03
Eurex Core 僅限非專業訂閱用戶 $0.03
Euronext基礎版 僅限非專業訂閱用戶

包括Euronext股票、指數、股票衍生品及指數衍生品。
$0.03
德國ETF和指數 僅限非專業訂閱用戶 $0.03
香港(HKFE)衍生品   $0.03
香港證券交易所(股票、權證、債券)   $0.03
約翰內斯堡證券交易所   $0.03
蒙特利爾衍生品 僅限非專業訂閱用戶 $0.03
NASDAQ(C/UTP網絡)   $0.01
Nordic衍生品   $0.03
Nordic股票   $0.03
NYMEX實時   $0.03
NYSE(A/CTA網絡)   $0.01
OPRA(美國期權交易所)   $0.03
上海股票交易所5秒快照(通過HKEx)   $0.03
深圳股票交易所3秒快照(通過HKEx)   $0.03
SIX瑞士交易所 僅限非專業訂閱用戶 $0.03
即期市場德國(Frankfurt/Xetra) 僅限非專業訂閱用戶 $0.03
STOXX指數實時數據 僅限非專業訂閱用戶 $0.03
多倫多證券交易所 僅限IB加拿大的非專業訂閱用戶 $0.03
多倫多證券交易所創業板 僅限IB加拿大的非專業訂閱用戶 $0.03
英國倫惇證券交易所(IOB)股票   $0.03
英國倫惇證券交易所股票   $0.03

 1成本基於單筆快照報價請求,且若基礎貨幣不是美元,則會以與美元等值的基礎貨幣收取。

 

資格要求

  • 賬戶淨資產至少須達到10美元或等值方可使用快照報價服務。
  • 用戶必須運行TWS 976.0或以上版本方可使用快照報價功能。

 

定價詳情

  • 報價釆用后付費模式,通常在提供快照服務次月的第一周收取。賬戶現金或含貸款價值的淨資產如不足以支付月費,則賬戶頭寸將面臨清算。
  • AMEX(B/CTA網絡)、NASDAQ(C/UTP網絡)和NYSE(A/CTA網絡)的月費有上限,如用戶訂閱了快照數據組服務,且當月報價請求的合計成本達到了實時數據服務的價格,則該月剩余時間用戶無需支付額外費用即可使用實時數據服務。在達到快照數據費用門檻后,系統將於美國東部時間下一工作日的18:30左右切換為實時報價。月末,實時報價服務會自動終止,次月快照費用則重新開始累計。每項服務的費用均單獨累計,一項服務的報價請求不得與另一項服務合并來應用上限。詳情請見以下表格。
服務 每條報價請求的價格(美元) 非專業訂閱用戶上限(請求數/總成本)2 專業訂閱用戶上限(請求數/總成本)3
AMEX(B/CTA網絡) $0.01 150/$1.50 2,300/$23.00
NASDAQ(C/UTP網絡) $0.01 150/$1.50 2,500/$25.00
NYSE(A/CTA網絡) $0.01 150/$1.50 4,500/$4,500

 2要求訂閱美國證券快照和期貨價值數據組。
 3要求訂閱美國證券快照數據組。

 

請求快照報價

桌面版交易——標准模式TWS:

如您已能看到延時數據且啟用了快照報價,則您可在“代碼行動”欄下看到“快照”按鈕:

 

點擊“快照”按鈕后會出現報價詳情窗口。一旦系統收到了該產品的NBBO(全國最佳買賣價)報價,報價詳情窗口會即刻生成一個時間戳并顯示NBBO信息:


 

在報價詳情窗口中點擊刷新鏈接會更新NBBO報價。 

舉例:

在上例中,GOOG是一家在納斯達克(C/UTP 網絡)上市的公司。每請求一次報價(一次快照)的費用為0.01美元。

  • 非專業用戶最多可再請求149條GOOG或任意其它在納斯達克(C/UTP 網絡)上市的股票的快照數據,超過149條將切換為實時報價。
  • 專業用戶最多可再請求2449條GOOG或任意其它在納斯達克(C/UTP 網絡)上市的股票的快照數據,超過2449條將切換為實時報價。

您請求快照數據產生的費用不會超過上限。一旦達到上限,該月剩余時間將不會產生新的費用,且您將收到該產品的實時數據。

 

桌面版交易——TWS魔方:

如您已能看到延時數據且啟用了快照報價,選擇監控標簽下的某一行后,“定單輸入”窗口會顯示請求快照數據的選項。

 


 

點擊+快照鏈接后會出現報價詳情窗口。一旦系統收到了該產品的NBBO報價,報價詳情窗口會即刻生成一個時間戳并顯示NBBO信息:

 


 

在報價詳情窗口中點擊刷新鏈接會更新NBBO報價。

客戶端:

如您已能看到延時數據且啟用了快照報價,在買價/賣價下的“定單委托單”窗口內,您將看到快照鏈接:

 

 

點擊快照鏈接后會出現報價詳情窗口。一旦系統收到了該產品的NBBO報價,報價詳情窗口會即刻生成一個時間戳:

 

 

在報價詳情窗口中點擊刷新鏈接會更新NBBO報價。

 

網絡交易——網絡交易者(WebTrader):

如您已能看到延時數據且啟用了快照報價,在“市場”標簽下的“額外數據”欄上您將看到“快照”數據:

 


 

點擊“快照”按鈕后會出現報價詳情窗口。一旦系統收到了該產品的NBBO報價,報價詳情窗口會即刻生成一個時間戳:

 

移動交易——移動IBKR應用:

在報價界面點擊任意產品代碼會擴展報價框。如您已能看到延時數據且啟用了快照報價,您將看到“快照”鏈接:


點擊“快照”鏈接后會出現報價詳情窗口。一旦系統收到了該產品的NBBO(全國最佳買賣價)報價,報價詳情窗口會即刻生成一個時間戳并顯示NBBO信息:

 

 

IBKR富時(FTSE)指數

IBKR不會對富時集團(FTSE)發布的指數提供實時指數水平。這是由於FTSE會要求IBKR支付過高的許可費用。

受此影響的指數為FTSE 100和FTSE MIB 40。

您可分別參看IBKR差價合約IBUK100和IBIT40的“最后價”,其為差價合約報價的中點,也是與指數相關之期貨合約成交價格准確的實時反映。

具體來說,指數差價合約報價以綜合指數為基礎,通過對相關近月期貨價格進行公允價值反向調整進行計算。

在期貨市場,公允價值是期貨合約的均衡價格。該價格考慮以下因素:即,投資者支付合理水平的利息,及投資者由於持有期貨而非底層股票放棄股息所應獲得的補償。要創建綜合指數,公允價值調整需反向進行。

所得結果不一定與現金指數的值完全相衕,因為期貨的交易價格可能會高於或低於其公允價值。但如上所述,其為指數相關之市場行情准確的實時反映。

雖然無法在TWS中直接將(比如說)IBUK100與FTSE 100進行比較(我們不會顯示FTSE 100),但您可通過對比(比如說)IBUS500和S&P 500觀察其它指數差價合約與現金指數之間的關系。

FTSE Indices at IBKR

IBKR does not make available real-time index levels for indices published by the FTSE Group. This is due to the disproportionately high licensing fees FTSE would require of IBKR.

Affected indices are the FTSE 100 and the FTSE MIB 40.

You may instead refer to the “Last” prices for IBKR CFDs IBGB100 and IBIT40 respectively, which are the mid-points of the CFD quotes, and an accurate real-time reflection of traded prices for the futures contracts related to these indices.

Specifically, the Index CFD quotes are based on synthetic indices calculated by back-adjusting the price of the related near-month future for fair value.

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. To create the synthetic indices, the fair value adjustment is reversed.

The result is not necessarily exactly the same value as the cash index, in particular because the future may trade above or below its fair value. But as noted above, it is an accurate real-time reflection of the markets related to the index.

While you cannot compare e.g. the IBGB100 directly to the FTSE 100 in TWS (since we do not display the latter), you can observe the relationship between other Index CFDs and cash indices by comparing, for example, the IBUS500 to the S&P 500 index.

市場數據 - 最低資產要求

簡介

根據政策,為了最小化資金水平較低的賬戶發生保證金不足從而面臨強制清算的可能性,IBKR對訂閱實時市場數據設定了最低資產要求。

具體要求如下:滿足訂閱數據的初始資產要求后,賬戶只要有足夠支付訂閱費用的資金並且資產保持在維持水平以上便可持續享受訂閱服務。 一旦資產跌至維持水平以下,賬戶須至少將資產提高到初始水平才能恢復訂閱。

盡管通過IBKR訂閱實時報價并不作為客戶進行交易的一個條件,但對於已訂閱數據的客戶,我們建議其盡可能地將資產保持在維持水平以上,以避免發生波動影響訂閱的連續性。

初始與維持資產要求會因賬戶類型不同而不同,具體請見下方表格。

 

最低資產

市場數據資產要求1
賬戶類型 初始2

維持3

個人 $2,000 $500
財務顧問 $500 $500
朋友和家庭顧問 $200 $200
介紹經紀商客戶 $200 $200
IB印度的個人客戶 $500 $100

1 以美元計價,但對基礎貨幣為非美元的賬戶可按美元等值金額應用。

2 為啟動訂閱或跌到維持水平以下之后恢復訂閱所需要的資產金額。

3 為啟動訂閱之后任何月份續訂所需要的資產金額。

Market Data - Minimum Equity Threshold

INTRODUCTION

As a matter of policy, and to minimize the likelihood of a low-balance account falling out of margin compliance and being subject to forced liquidations, IBKR enforces a minimum equity requirement as a prerequisite for subscribing to real-time market data.

This requirement works as follows: Once an account has met the initial equity requirement necessary to subscribe to data, it is allowed to maintain those subscriptions as long as it has the funds available to pay for those subscriptions and its equity remains above the maintenance level.  Once equity falls below the maintenance level, it will be required to restore equity to at least the initial level before resuming subscriptions.

While clients are not required to subscribe to real-time quotes through IBKR as a condition of trading, those that do are encouraged to maintain equity well above the maintenance level to avoid any fluctuations that would impair continuity of subscriptions.

Initial and maintenance equity thresholds vary by account type and are outlined in the table below.

 

EQUITY MINIMUMS

Market Data Equity Thresholds1
Account Type Initial2

Maintenance3

Individual $2,000 $500
Financial Advisor $500 $500
Friends & Family Advisor $200 $200
Introducing Broker Clients $200 $200
Individual client of IB India $500 $100

1 Denominated in USD, but applied in USD equivalent for accounts with a Base Currency other than USD.

2 Represents amount necessary to initiate a subscription or restore subscription after falling below maintenance level.

3 Represents amount necessary to qualify for subscription renewal in any month following initiation.

Cryptocurrency Products Market Data

Stocks/ETFs

US

GBTC @ PINK

  • Non-Professional
    • Level 1: OTC Markets (NP,L1)
    • Level 1: US Securities Snapshot and Futures Value Bundle (NP,L1)
    • Level 2: OTC Markets (NP,L2)
    • Level 2: Global OTC and OTC Markets (NP,L2)
  • Professional
    • Level 1: OTC Markets (P,L1)
    • Level 1: Professional US Securities Snapshot Bundle (P,L1)
    • Level 2: OTC Markets (P,L2)
    • Level 2: Global OTC and OTC Markets (P,L2)

Non-US

BITCOINXB @ SFB

  • Non-Professional
    • Level 1: Nordic Equity (NP,L1)
    • Level 2: Nordic Equity (NP,L2)
  • Professional
    • Level 1: Nordic Equity (P,L1)
    • Level 2: Nordic Equity (P,L2)

COINETH @ SFB

  • Non-Professional
    • Level 1: Nordic Equity (NP,L1)
    • Level 2: Nordic Equity (NP,L2)
  • Professional
    • Level 1: Nordic Equity (P,L1)
    • Level 2: Nordic Equity (P,L2)

COINETHE @ SFB

  • Non-Professional
    • Level 1: Nordic Equity (NP,L1)
    • Level 2: Nordic Equity (NP,L2)
  • Professional
    • Level 1: Nordic Equity (P,L1)
    • Level 2: Nordic Equity (P,L2)

 

Indices

BRR/BRTI @ CME

  • Non-Professional
    • CME Real-Time Non-Professional Level 1
    • US Securities Snapshot and Futures Value Bundle (NP,L1)
  • Professional
    • CME Real-Time Professional Level 2 (There is no CME Pro level 1 product)

NYXBT @ FWB/SWB

  • Non-Professional
    • FWB: Spot Market Germany (Frankfurt/Xetra)(NP,L1)
    • SWB: Stuttgart Boerse incl. Euwax (SWB) (NP,L1)
  • Professional
    • FWB: Spot Market Germany (Frankfurt/Xetra) (P,L1)
    • SWB: Stuttgart Boerse incl. Euwax (SWB) (P,L1)

 

Futures

BRR @ CME

  • Non-Professional
    • Level 1: CME Real-Time Non-Professional Level 1
    • Level 1: US Securities Snapshot and Futures Value Bundle (NP,L1)
    • Level 2: CME Real-Time Non-Professional Level 2
    • Level 2: US Value Bundle PLUS (NP,L2)
      • Requires US Securities Snapshot and Futures Value Bundle
      • This is only for depth of book
  • Professional
    • Level 2: CME Real-Time Professional Level 2 (There is no CME Pro level 1 product)

Back to Table of Contents: Bitcoin and Other Cryptocurrency Products @ IBKR 

Connecticut Sales and Use Tax

The state of Connecticut imposes a sales and use tax which is applicable to online access to information including all data and access fees.

The tax rate as of 2017 is 1% and is applicable to clients with the state of legal residency of Connecticut or a Connecticut permanent/resident address.

The sales and use tax will be applied to all research and market data subscriptions as well as special connections such as VPN, IB Gateway, Extranet and Dedicated Leased Lines.

The sales and use tax will be passed through to client accounts at the time of the subscription billing. The tax is only applicable if a monthly fee is charged, therefore should an account receive a waiver the sales and use tax will similarly be waived.

 

 

Delayed Market Data Timing

Overview: 

Market data vendors typically offer exchange data in two categories, real-time and delayed. Real-time market data is disseminated as soon as the information is publicly available. Delayed market data is on a time lag that is usually 10-20 minutes behind real-time quotes.

Some exchanges allow delayed data to be displayed without any market data subscription, free of charge. A list of the exchanges we provide delayed data for at no cost and without formal request (i.e., the delayed data will be displayed upon entry of the product symbol on the trading platform) are outlined in the table below. The table also includes the corresponding real-time subscription, the fees for which are posted on IBKR's public website

Please Note:

  • Delayed quotes are not provided for U.S. stocks on live accounts due to FINRA regulations.
  • Delayed quotes should be used for indicative purposes and not necessarily for trading. The times mentioned may be subject to further delays without notice.

 

 

The Americas

External Exchange Name IB Exchange Name Delay Period Real Time Subscription
CBOT ECBOT 10 minutes CBOT Real-Time
CBOE Futures Exchange CFE 10 minutes CFE Enhanced
Market Data Express (MDX) CBOE 10 minutes CBOE Market Data Express Indices
CME GLOBEX 10 minutes CME Real-Time
COMEX NYMEX 10 minutes COMEX Real-Time
ICE US NYBOT 10 minutes ICE Futures U.S. (NYBOT)
Mexican Derivatives Exchange MEXDER 15 minutes Mexican Derivatives Exchange
Mexican Stock Exchange MEXI 20 minutes Mexican Stock Exchange
Montreal Exchange CDE 15 minutes Montreal Exchange
NYMEX NYMEX 10 minutes NYMEX Real-Time
NYSE GIF NYSE 15 minutes NYSE Global Index Feed
One Chicago ONE 10 minutes OneChicago
OPRA OPRA 15 minutes OPRA Top of Book (L1) (US Option Exchanges)
OTC Markets PINK 15 minutes OTC Markets
Toronto Stock Exchange TSE 15 minutes Toronto Stock Exchange
Venture Exchange VENTURE 15 minutes TSX Venture Exchange

 

Europe

External Exchange Name IB Exchange Name Delay Period Real Time Subscription
BATS Europe BATE/CHIX 15 minutes European (BATS/Chi-X) Equities
Boerse Stuttgart SWB 15 minutes Stuttgart Boerse incl. Euwax (SWB)
Bolsa de Madrid BM 15 minutes Bolsa de Madrid
Borsa Italiana BVME/IDEM 15 minutes Borsa Italiana (BVME stock / SEDEX / IDEM deriv)
Budapest Stock Exchange BUX 15 minutes Budapest Stock Exchange
Eurex DTB/SOFFEX 15 minutes Eurex Real-Time Information
Euronext AEB/SBF/MATIF/BELFOX 15 minutes Euronext Cash
Euronext AEB/SBF/MATIF/BELFOX 15 minutes Euronext Data Bundle
Frankfurt Stock Exchange and XETRA FWB/IBIS/XETRA 15 minutes Spot Market Germany (Frankfurt/Xetra)
ICE Futures Europe (Commodities) IPE 10 minutes ICE Futures E.U. - Commodities (IPE)
ICE Futures Europe (Financials) ICEEU 10 minutes ICE Futures E.U. – Financials (LIFFE)
LSE LSE 15 minutes LSE UK
LSEIOB LSEIOB 15 minutes LSE International
MEFF MEFF 15 minutes BME (MEFF)
NASDAQ OMX Nordic Derivatives OMS 15 minutes Nordic Derivatives
Prague Stock Exchange PRA 15 minutes Prague Stock Exchange Cash Market
SWISS Exchange EBS/VIRTX 15 minutes SIX Swiss Exchange
Turquoise ECN TRQXCH/TRQXDE/TRQXEN 15 minutes Turquoise ECNs
Warsaw Stock Exchange WSE 15 minutes Warsaw Stock Exchange

 

Asia

External Exchange Name IB Exchange Name Delay Period Real Time Subscription
Australian Stock Exchange ASX 20 minutes ASX Total
Hang Seng Indices HKFE-IND 15 minutes Hang Seng Indexes
Hong Kong Futures Exchange HKFE 15 minutes Hong Kong Derivatives (Fut & Opt)
Hong Kong Stock Exchange SEHK 15 minutes Hong Kong Securities Exchange (Stocks, Warrants & Bonds)
Korea Stock Exchange KSE 20 minutes Korea Stock Exchange
National Stock Exchange of India NSE 15 minutes National Stock Exchange of India, Capital Market Segment
Osaka Securities Exchange OSE.JPN 20 minutes Osaka Exchange
SGX Derivatives SGX 10 minutes Singapore Exchange (SGX) - Derivatives
Shanghai Stock Exchange SEHKNTL 15 minutes Shanghai Stock Exchange
Shenzhen Stock Exchange SEHKSZSE 15 minutes Shenzhen Stock Exchange
Singapore Stock Exchange SGX 10 minutes Singapore Exchange (SGX) - Stocks
Sydney Futures Exchange SNFE 10 minutes ASX24 Commodities and Futures
Tokyo Stock Exchange TSEJ 20 minutes Tokyo Stock Exchange

Chicago Personal Property Tax

Chicago has a personal property tax which applies to a non-possessory computer lease by a Chicago resident. The Chicago tax authorities have ruled that tax is to be applied in cases where a customer pays for electronic research/use of an interactive site. The passive receipt or streaming of information is not subject to the tax.

Clients whose permanent residential address or principal business address is Chicago will have this tax passed through to their accounts.

The tax rate, as of October 2017, is 9%. The tax will be charged on the research and news feeds a client is subscribed to. Should a research and news feed be eligible to a waiver based upon commissions generated, the tax will not be applied.

As of October 2017, research and news subscriptions which would be subject to the tax would include

Base IBIS Research Platform and the IBIS Research Essentials Subscription Bundle
Cusip
Dow Jones News Service
Dow Jones Real Time News
US Press Release Feed
Reuters Global Newswire
Reuters StreetEvents Calendars
Reuters Fundamentals
Reuters Basic Newfeed
Morningstar Equity, ETF and Credit Reports
Wall Street Horizons
Zacks Equity Research Reports

The above list is provided on a best efforts basis and is subject to change. Clients will be responsible for any pass through tax regardless of any discrepancy from the list provided above.

 

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