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.

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 minimum 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 minimum level.  Once equity falls below the minimum level, it will be required to restore equity to at least the minimum 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.

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

EQUITY MINIMUMS

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

² Represents amount necessary to qualify for subscription renewal in any month following initiation.

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.

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.