IB股票差價合約概述

下方文章對IB發行的股票差價合約(CFD)進行了總體介紹。

有關IB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. 範例
V.   差价合约相關資源
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,零售投資者賬戶中有62%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

IB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IB就交易一隻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IB會付錢給您。而如果差額為負,則您應向IB付錢。

IB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槓桿頭寸。差價合約的價格即是底層股票的交易所報價。實際上,IB差價合約報價與股票的智能傳遞報價(可在TWS中查看)相同,且IB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IB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

IB目前提供約6500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IB股票差價合約。在許多國家,IB還可供交易高流動性小盤股。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中盤股、高流動性小盤股
英國 富時350 + 高流動性小盤股(包括IOB)
德國 Dax、MDax、TecDax + 高流動性小盤股
瑞士 斯托克歐洲600指數(48隻股票) + 高流動性小盤股
法國 CAC大盤股、CAC中盤股+ 高流動性小盤股
荷蘭 AEX、AMS中盤股+ 高流動性小盤
比利時 BEL 20、BEL中盤股+ 高流動性小盤
西班牙 IBEX 35 + 高流動性小盤股
葡萄牙 PSI 20
瑞典 OMX斯德哥爾摩30指數 + 高流動性小盤股
芬蘭 OMX赫爾辛基25指數 + 高流動性小盤股
丹麥 OMX哥本哈根30指數 + 高流動性小盤股
挪威 OBX
捷克 PX
日本 日經225指數 + 高流動性小盤股
香港 恆生指數 + 高流動性小盤股
澳大利亞 ASX 200指數 + 高流動性小盤股
新加坡* 海峽時報指數 + 高流動性小盤股
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:
 
IB差價合約的優勢 IB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 複雜公司行動並不總能完全複製
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同(請諮詢您的稅務顧問)
不受即日交易規則限制  

III. 成本與保證金

在歐洲股票市場,IB差價合約可以比IB極具競爭力的股票產品更加高效。

首先,IB差價合約佣金比股票低,且有著與股票一樣低的融資利差:

歐洲   差價合約 股票
佣金 英鎊 0.05% 英鎊6.00 + 0.05%*
歐元 0.05% 0.10%
融資** 基準+/- 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 標準 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,並持倉5天。您以10筆交易建倉並以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   標準 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同。

 

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IB差價合約產品的詳細信息:

差價合約參數

差價合約產品列表

差價合約佣金

差價合約融資利率

差價合約保證金要求

差價合約公司行動

還可參看以下視頻教程:

如何在TWS中進行差價合約交易

 

VI. 常見問題

什麼股票可進行差價合約交易?

美國、西歐、北歐與日本的大盤和中盤股股票。 許多市場上的高流動性小盤股也可以。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IB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?

IB差價合約報價與底層股票的智能傳遞報價相同。IB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。IB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?

IB根據每隻底層股票的歷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IB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CFD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?

IB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IB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,某些情況下對於合併等複雜公司行動可能無法對差價合約進行準確調整。這時候,IB可能會在除息日前終止差價合約。

 

任何人都能交易IB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。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他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。

 

我需要做什麼才可以開始在IB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,並同意相關交易披露。如果您的賬戶是在IB LLC開立,則IB將設置一個新的賬戶板塊(即您當前的賬戶號碼加上後綴“F”)。設置確認後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。  

有什麼市場數據要求嗎?

IB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,那麼就無需再進行任何操作。如果您想在當前並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同。

 

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板塊(主賬戶號碼加後綴“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併查看。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?

IB很高興幫助您進行差價合約頭寸轉入,需經其他經紀商同意。因差價合約頭寸轉賬比股票頭寸轉賬更為複雜,我們通常要求頭寸不低於10萬美元等值。

 

股票差價合約可以使用圖表功能嗎?

是的。

 在IB交易差價合約有什麼賬戶保護?

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劃(“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了解差價合約交易相關風險的更多詳細信息。

 

在哪種類型(如個人、朋友和家庭、機構等)的IB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。請參見差價合約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同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,零售投資者賬戶中有62%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。


 

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,零售投資者賬戶中有62%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。
 

Resumen de CFD sobre acciones emitidos por IB

El siguiente artículo busca proporcionar una introducción general a los Contratos por Diferencia (CFD) basados en acciones emitidos por IB.

Para más información sobre CFD sobre índices de IB, haga clic aquí. Para CFD sobre fórex, haga clic aquí.

Los temas que se cubren son los siguientes:

I.    Definición de CFD
II.   Comparación entre CFD y acciones subyacentes
III.  Costes y consideraciones de margen
IV.  Ejemplo
V.   Recursos para CFD
VI.  Preguntas frecuentes

 

Avisos de riesgo

Los CFD son instrumentos complejos y conllevan un alto riesgo de pérdida rápida de capital debido al apalancamiento.

62% de las cuentas de inversores minoristas pierden dinero cuando operan en CFD con IBKR (UK).

Debería considerar si entiende cómo funcionan los CFD y si puede permitirse el alto riesgo de perder su dinero.

Normas AEMV para CFD (solo para clientes minoristas)

La Asociación Europea de Valores y Mercados (AEVM) ha implementado nuevas normas para los CFD, efectivas a partir del 1 de agosto de 2018.

Las normas incluyen: 1) límites de apalancamiento en la apertura de una posición CFD; 2) una norma de cierre de margen sobre una base por cuenta; y 3) protección de saldo negativo sobre una base por cuenta.

La decisión de la AEVM solo es aplicable a los clientes minoristas. Los clientes profesionales no se ven afectados.

Por favor, consulte las normas sobre CFD de AEVM en IBKR para más detalles.

I.  Definición de CFD sobre  acciones

Los CFD de IB son contratos extrabursátiles que ofrecen el rendimiento de la acción subyacente, incluidos dividendos y acciones corporativas (leer más sobre acciones corporativas para CFD).

Dicho de otra manera, es un acuerdo entre el comprador (usted) y IB para intercambiar la diferencia entre el valor actual de una acción y su valor en un momento futuro. Si mantiene una posición larga y la diferencia es positiva, IB le pagará. Si es negativa, usted pagará a IB.

Los CFD sobre acciones de IB se operan a través de su cuenta de margen y, por lo tanto, puede introducir tanto posiciones largas como posiciones cortas apalancadas. El precio del CFD es el precio cotizado en el mercado de la acción subyacente. De hecho, las cotizaciones de CFD de IB son idénticas a las cotizaciones con enrutado smart para acciones que usted puede ver en la Trader Work Station y IB ofrece acceso directo al mercado (DMA). De forma parecida a las acciones, sus órdenes no negociables (por ej. limitadas) tienen una cobertura subyacente directamente representada en el libro de los mercados en los que opera.  Esto también significa que usted puede introducir órdenes para comprar el CFD al bid del subyacente y vender al ask.

Para comparar el transparente modelo de CFD de IB con otros también disponibles en el mercado, por favor, consulte nuestra página Resumen general de modelos de mercado de CFD.

IB actualmente ofrece unos 6500 CFD sobre acciones que cubren los principales mercados en Estados Unidos, Europa y Asia.  Los constituyentes de los índices principales abajo indicados están disponibles actualmente como CFD sobre acciones de IB. En muchos países, IB también ofrece negociación en acciones de capitalización pequeña líquida. Estas acciones con capitalización de mercado ajustada al capital flotante de, al menos, 500 millones de dólares estadounidenses y el valor de negociación diario promedio de, al menos, 600,000 dólares estadounidenses.  Consulte la lista de productos de CFD para más detalles. En un futuro próximo se añadirán más países.

Estados Unidos S&P 500, DJA, Nasdaq 100, S&P 400 (Mid Cap), capitalización pequeña líquida
Reino Unido FTSE 350 + capitalización pequeña líquida (incl. IOB)
Alemania Dax, MDax, TecDax + Capitalización pequeña líquida
Suiza Porción suiza de STOXX Europe 600 (48 acciones) + capitalización líquida pequeña
Francia CAC capitalización elevada, CAC capitalización media + capitalización pequeña líquida
Países Bajos AEX, AMS capitalización media + capitalización pequeña líquida
Bélgica BEL 20, BEL capitalización media + capitalización pequeña líquida
España IBEX 35 + capitalización pequeña líquida
Portugal PSI 20
Suecia OMX Stockholm 30 + capitalización pequeña líquida
Finlandia OMX Helsinki 25 + capitalización pequeña líquida
Dinamarca OMX Copenhagen 30 + capitalización pequeña líquida
Noruega OBX
Chequia PX
Japón Nikkei 225 + capitalización pequeña líquida
Hong Kong HSI + capitalización pequeña líquida
Australia ASX 200 + capitalización pequeña líquida
Singapur* STI + capitalización pequeña líquida
Sudáfrica Top 40 + capitalización pequeña líquida

 *no disponible para residentes de Singapur

II.   Comparación entre CFD y acciones subyacentes

Según sus objetivos y estilo de negociación, los CFD ofrecen varias ventajas comparados con las acciones, pero también tienen ciertas desventajas:
 
BENEFICIOS de los CFD de IB DESVENTAJAS de los CFD de IB
No hay impuesto de timbre o impuesto de transacción financiera (Reino Unido, Francia, Bélgica) No hay derechos de propiedad
Comisiones y tasas de margen generalmente más bajas que las acciones Las acciones corporativas complejas no serán siempre repetibles
Las tasas de tratados fiscales para dividendos sin necesidad de reclamación Los impuestos sobre ganancias pueden ser diferentes a los de las acciones (por favor, consulte a su asesor fiscal).
Exenciones de la normativa de negociación diaria  

III.  Costes y consideraciones de margen

Los CFD de IB pueden ser un modo aún más eficaz de operar en los mercados de acciones europeos que la competitiva oferta de acciones de IB.

Primero, los CFD de IB tienen bajas comisiones, comparados con las acciones, y lo mismos diferenciales de baja financiación:

EUROPA   CFD ACCIONES
Comisiones GBP 0.05% 6.00 GBP + 0.05%*
EUR 0.05% 0.10%
Financiación** Referente +/- 1.50% 1.50%

*por orden + 0.05% de exceso por encima de 50,000 GBP
**Financiación en CFD sobre el valor total de la posición, financiación de acciones sobre cantidad prestada

Cuanto más opera, más bajas son las comisiones de los CFD; tan bajas como un 0.02%. Las tasas de financiación se reducen para posiciones grandes, tan bajas como el 0.5%.  Por favor, consulte las Comisiones de CFD y Tasas de financiación de CFD para más detalles.

Además, los CFD tienen requisitos de margen más bajos que las acciones. Los clientes minoristas están sujetos a requisitos de margen adicionales ordenados por la AEVM, el regulador europeo. Por favor, consulte la implementación de normas de CFD de la AEVM en IBKR para más detalles.

  CFD ACCIONES
  Todo Estándar Margen de Cartera
Requisito de margen de mantenimiento*

10%

25% - 50% 15%

*Margen típico para empresas blue-chips. Los clientes minoristas están sujetos a un margen inicial mínimo del 20%. Margen de mantenimiento intradía estándar del 25% para acciones, 50% trasnoche.  Se muestra el margen de cartera como margen de mantenimiento (incl. trasnoche). Los elementos más volátiles están sujetos a requisitos más altos.

Por favor, consulte los requisitos de margen de CFD y para más detalles.


IV.  Ejemplo (cliente profesional)

Veamos un ejemplo La cotización de Unilever’s Amsterdam ha generado el 3.2% durante el mes anterior (20 días operativos desde el 14 de mayo de 2012) y usted cree que seguirá funcionando bien. Usted desea crear una exposición de 200,000 EUR y mantenerla durante 5 días. Realiza 10 operaciones para crear y 10 operaciones para contrarrestar. Sus costes directos serían los siguientes:

ACCIONES

  CFD ACCIONES
Posición de 200,000 EUR   Estándar Margen de Cartera
Requisito de margen 20,000 100,000 30,000
Comisión (entrada y salida) 200.00 400.00 400.00
Tasas de interés (simplificada) 1.50% 1.50% 1.50%
Cantidad financiada 200,000 100,000 170,000
Días financiados  5 5 5
Gastos de interés (1.5% tasa simplificada) 41.67 20.83 35.42
Coste directo total (Comisión + interés) 241.67 420.83 435.42
Diferencia de coste   74% más alto 80% más alto

Nota: los gastos de interés para CFD se calculan para toda la posición; para las acciones, el interés se calcula sobre la cantidad prestada. Las tasas aplicables son las mismas tanto para acciones como para CFD.

 

Pero supongamos que usted solo tiene 20,000 EUR disponibles para financiar el margen. Si Unilever continúa rindiendo como lo ha hecho durante el mes pasado, sus beneficios potenciales se compararían como siguen:  

RECOMPENSA APALANCADA CFD ACCIONES
Margen disponible 20,000 20,000 20,000
Total invertido 200,000 40,000 133,333
Rendimiento bruto (5 días) 1,600 320 1,066.66
Comisiones 200.00 80.00 266.67
Gastos de interés (1.5% tasa simplificada) 41.67 4.17 23.61
Coste directo total (Comisiones + interés) 241.67 84.17 290.28
Rendimiento neto (rentabilidad bruta menos costes directos) 1,358.33 235.83 776.39
Rentabilidad sobre cantidad de inversión de margen 0.07 0.01 0.04
Diferencia   83% menos ganancias 43% menos ganancias

 

RIESGO DE APALANCAMIENTO CFD ACCIONES
Margen disponible 20,000 20,000 20,000
Total invertido 200,000 40,000 133,333
Rendimiento bruto (5 días) -1,600 -320 -1,066.66
Comisiones 200.00 80.00 266.67
Gastos de interés (1.5% tasa simplificada) 41.67 4.17 23.61
Coste directo total (Comisiones + interés) 241.67 84.17 290.28
Rendimiento neto (rentabilidad bruta menos costes directos) -1,841.67 -404.17 -1,356.94
Diferencia   78% menos pérdidas 26% menos pérdidas

 

V.   Recursos para CFD

A continuación encontrará varios enlaces con más información sobre la oferta de CFD de IB:

Especificaciones de contratos de CFD

Productos de CFD

Comisiones para CFD

Tasas de financiación para CFD

Requisitos de margen para CFD

Acciones corporativas CFD

También está disponible el siguiente vídeo:

Cómo realizar una operación en CFD en la Trader Workstation

 

VI.  Preguntas frecuentes

¿Qué acciones hay disponibles como CFD?

Acciones de capitalización media y elevada en Estados Unidos, Europa Occidental, países nórdicos y Japón.  Las acciones de capitalización pequeña líquida también están disponibles en muchos mercados. Si desea más detalles, consulte los productos de CFD. En un futuro próximo se añadirán más países.

 

¿Tiene CFD sobre índices de acciones y fórex?

Sí. Por favor, consulte CFD sobre índices de IB - Datos y preguntas frecuentes y CFD sobre fórex - Datos y preguntas frecuentes.

 

¿Cómo determina las cotizaciones de los CFD sobre acciones?

Las cotizaciones de CFD de IB son idénticas a las cotizaciones con enrutado smart para la acción subyacente. IB no amplía el diferencial o mantiene posiciones contra usted. Para saber más, vaya a Resumen de modelos de mercado para CFD.

 

¿Puedo ver mis órdenes limitadas reflejadas en el mercado?

Sí. IB ofrece acceso directo al mercado (DMA) mientras que sus órdenes no negociables (es decir, limitadas) tienen una cobertura subyacente representada directamente en el libro de profundidad de los mercados en los que opera. Esto también significa que usted puede introducir órdenes para comprar el CFD al bid del subyacente y vender al ask. Además, también podría recibir mejoras de precio si la orden de otro cliente se cruza con la suya a un mejor precio que esté disponible en mercados públicos.

 

¿Cómo determina los márgenes para CFD sobre acciones?

IB establece requisitos de margen basados en el riesgo, según la volatilidad histórica observada de la acción subyacente. El margen mínimo es 10%. La mayoría de los CFD de IB tienen un margen con esta tasa, lo que hace, en la mayoría de los casos, que los CFD tengan un margen más eficaz que la negociación de la acción subyacente.  Los clientes minoristas están sujetos a requisitos de margen adicionales ordenados por la AEVM, el regulador
europeo. Por favor, consulte la implementación de normas de CFD de la AEVM en IBKR para más detalles. No hay compensaciones de cartera entre posiciones en CFD individuales o entre CFD y exposiciones a la acción subyacente. Las posiciones concentradas y las posiciones muy grandes podrían estar sujetas a márgenes adicionales. Por favor, consulte los Requisitos de margen de CFD para más detalles.

 

¿Los CFD sobre acciones están sujetos a recompras forzosas?

Sí. En el caso de que la acción subyacente se vuelva difícil o imposible de prestar, el titular de la posición corta en CFD estará sujeto a recompra.

 

¿Cómo se gestionan los dividendos y acciones corporativas?

IB generalmente reflejará el efecto económico de la acción corporativa para titulares de CFD como si hubieran mantenido el valor subyacente. Los dividendos se reflejan como ajustes en efectivo, mientras que otras acciones pueden reflejarse como ajustes en efectivo o de posiciones o ambas. Por ejemplo, cuando la acción corporativa tiene como resultado un cambio en el número de acciones (por ejemplo, desdoblamiento o reagrupamiento de acciones), el número de CFD se ajustará según esto. Cuando la acción corporativa tenga como resultado una nueva entidad con participaciones cotizadas y IB decida ofrecerlas como CFD, las nuevas posiciones largas y cortas se crearán en la cantidad adecuada. Para ver un resumen, consulte las Acciones Corporativas de CFD.

*Por favor, tenga en cuenta que, en algunas circunstancias, podría no ser posible ajustar adecuadamente el CFD para una acción corporativa compleja, como sería el caso de ciertas fusiones. En estos casos, IB podría terminar el CFD antes de la fecha-ex.

 

¿Quién puede operar en CFD de IB?

Todos los clientes pueden operar en CFD de IB, excepto los residentes de los Estados Unidos, Canadá y Hong Kong. Los residentes de Singapur pueden operar en CFD de IB, con la excepción de aquellos basados en acciones cotizadas en Singapur. No hay excepciones basadas en el tipo de inversor para las exclusiones según residencia.

 

¿Qué necesito para empezar a operar en CFD con IB?

Debe configurar sus permisos de negociación para CFD en Gestión de Cuenta y aceptar los avisos legales de negociación relevantes. Si su cuenta es con IB LLC, IB configurará un nuevo segmento de cuenta (identificado con su número de cuenta existente más el sufijo “F”). Una vez confirmada la configuración, usted podrá comenzar a negociar. No necesita depositar fondos en la cuenta-F por separado; los fondos se transferirán de forma automática para cumplir los requisitos de margen de CFD de su cuenta principal.  

¿Hay algún requisito para datos de mercado?

Los datos de mercado para los CFD sobre acciones de IB son los datos de mercado para las acciones subyacentes. Por lo tanto, es necesario tener los permisos de datos de mercado para los mercados relevantes. Si ya ha configurado sus permisos de datos de mercado para un mercado para la negociación de acciones, no necesita hacer nada. Si quiere operar en CFD en un mercado para el que no tiene permisos de datos de mercado, puede establecer los permisos del mismo modo en que lo haría si planificara operar las acciones subyacentes.

 

¿Cómo se reflejan en mis extractos las operaciones en CFD y mis posiciones?

Si tiene una cuenta con IB LLC, sus posiciones en CFD se mantendrán en un segmento de cuenta separado, identificado con su número de cuenta primario con el sufijo “F”. Puede elegir ver el extracto de actividad para el segmento F por separado o consolidado para su cuenta principal. Puede realizar la selección en la ventana de extracto de Gestión de Cuenta. Para otras cuentas, los CFD se muestran normalmente en su extracto de cuenta junto con otros productos de negociación.

 

¿Puedo transferir las posiciones en CFD desde otro bróker?

IB facilitará la transferencia de posiciones CFD, siempre que el otro bróker acepte. Como la transferencia de posiciones de CFD es más compleja que la de las posiciones para acciones, generalmente requerimos que la posición sea, al menos, equivalente a 100,000 USD.

 

¿Hay gráficos disponibles para CFD sobre acciones?

Sí.

 ¿Qué protecciones de cuenta se aplican cuando se opera con CFD de IB?

Los CFD son contratos con IB UK como su contraparte, y no se negocian en un mercado regulado y no se compensan con una cámara de compensación central. Como IB UK es la contraparte de sus operaciones en CFD, usted se expone a los riesgos comerciales y financieros, incluido el riesgo de crédito, asociados con la relación con IB UK. Tenga en cuenta que todos los fondos de los clientes están siempre totalmente segregados, incluidos los clientes institucionales. IB UK es un participante en el esquema de compensación de servicios financieros del Reino Unido (Financial Services Compensation Scheme "FSCS"). IB UK no es miembro de la Securities Investor Protection Corporation (“SIPC”). Por favor, consulte la declaración de riesgo de CFD de IB UK para más detalles sobre los riesgos asociados con la negociación de CFD.

 

¿En qué tipo de cuentas IB puedo operar EN cfd; por ej. individual, Amigos y Familia, Institucional, etc.? 

Todas las cuentas de margen son elegibles para negociación CFD. Las cuentas en efectivo o SIPP no lo son.

 

¿Cuál es la posición máxima que puedo tener en un CFD específico?

No hay un límite preestablecido. Recuerde, sin embargo, que las posiciones más elevadas pueden estar sujetas a requisitos aumentados de margen. Si desea más detalles, consulte los requisitos de margen de CFD.

 

¿Puedo operar en CFD por teléfono?

No. En casos excepcionales, podríamos aceptar procesar las órdenes de cierre por teléfono, pero nunca las órdenes de apertura.

 

 

Los CFD son instrumentos complejos y conllevan un alto riesgo de pérdida rápida de capital debido al apalancamiento.

62% de las cuentas de inversores minoristas pierden dinero cuando operan en CFD con IBKR (UK).

Debería considerar si entiende cómo funcionan los CFD y si puede permitirse el alto riesgo de perder su dinero.

Normas AEVM

La Asociación Europea de Valores y Mercados (AEVM) ha emitido medidas temporales de intervención de productos efectivas a partir del 1 de agosto de 2018.

Las normas impuestas por la Decisión AEVM incluyen: 1) límites de apalancamiento en la apertura de una posición CFD; 2) una norma de cierre de margen sobre una base por cuenta; 3) protección de saldo negativo sobre una base por cuenta; 4) una restricción de los incentivos ofrecidos para operar en CFD.

La decisión de la AEVM solo es aplicable a los clientes minoristas. Los clientes profesionales no se ven afectados.


 

Los CFD son instrumentos complejos y conllevan un alto riesgo de pérdida rápida de capital debido al apalancamiento.

62% de las cuentas de inversores minoristas pierden dinero cuando operan en CFD con IBKR (UK).

Debería considerar si entiende cómo funcionan los CFD y si puede permitirse el alto riesgo de perder su dinero.
 

IB股票差价合约概述

下方文章对IB发行的股票差价合约(CFD)进行了总体介绍。

有关IB指数差价合约的信息,请点击此处。有关外汇差价合约的信息,请点击此处

涵盖主题如下:

I.   差价合约定义
II.   差价合约与底层股票之比较
III. 成本与保证金
IV. 范例
V.   差价合约的相关资源
VI. 常见问题

 

风险警告

差价合约属于复杂金融产品,其交易存在高风险,由于杠杆的作用,可能会出现迅速亏损。

在通过IBKR(UK)交易差价合约时,零售投资者账户中有62%出现了亏损。

您应考虑自己是否理解差价合约的运作机制以及自己是否能够承受亏损风险。

ESMA差价合约规定(仅限零售客户)

欧洲证券与市场管理局(ESMA)颁布了新的差价合约规定,自2018年8月1日起生效。

新规包括:1) 开仓差价合约头寸的杠杆限制;2) 以单个账户为单位的保证金平仓规则;以及3) 以单个账户为单位的负余额保护规则;

ESMA新规仅适用于零售客户。专业客户不受影响。

请参见ESMA差价合约新规推行了解更多详细信息。

I. 股票差价合约定义

IB差价合约是场外交易合约,提供底层股票的收益,包括股息与公司行动(了解更多有关差价合约公司行动的信息)。

换句话说,这是买家(您)与IB就交易一只股票当前价值与未来价值之差额而达成的协定。如果您持有多头头寸,且差额为正,则IB会付钱给您。而如果差额为负,则您应向IB付钱。

IB股票差价合约通过您的保证金账户进行交易,因此您可建立多头以及空头杠杆头寸。差价合约的价格即是底层股票的交易所报价。实际上,IB差价合约报价与股票的智能传递报价(可在TWS中查看)相同,且IB提供直接市场接入(DMA)。与股票类似,您的非适销(即限价)定单会使底层对冲直接呈现在其进行交易之交易所的深度定单册中。 这也意味着您可以下单以底层买价买入差价合约或以底层卖价卖出差价合约。

要将IB透明的差价合约模型与市场上其他差价合约进行比较,请参见我们的差价合约市场模型概述

IB目前提供约6500只股票差价合约,覆盖美国、欧洲和亚洲的主要市场。 下表所列的主要指数其成分股目前都可做IB股票差价合约。在许多国家,IB还可供交易高流动性小盘股。这些股票自由流通量调整市值至少为5亿美元,每日交易量中间值至少为60万美元。 详情请见差价合约产品列表。不久将会增加更多国家。

美国 标普500、道琼斯股价平均指数、纳斯达克100、标普400中盘股、高流动性小盘股
英国 富时350 + 高流动性小盘股(包括IOB)
德国 Dax、MDax、TecDax + 高流动性小盘股
瑞士 斯托克欧洲600指数(48只股票)+ 高流动性小盘股
法国 CAC大盘股、CAC中盘股 + 高流动性小盘股
荷兰 AEX、AMS中盘股 + 高流动性小盘
比利时 BEL 20、BEL中盘股 + 高流动性小盘
西班牙 IBEX 35 + 高流动性小盘股
葡萄牙 PSI 20
瑞典 OMX斯德哥尔摩30指数 + 高流动性小盘股
芬兰 OMX赫尔辛基25指数 + 高流动性小盘股
丹麦 OMX哥本哈根30指数 + 高流动性小盘股
挪威 OBX
捷克 PX
日本 日经225指数 + 高流动性小盘股
香港 恒生指数 + 高流动性小盘股
澳大利亚 ASX 200指数 + 高流动性小盘股
新加坡* 海峡时报指数 + 高流动性小盘股
南非 Top 40 + 高流动性小盘股

 *对新加坡居民不可用

II.   差价合约与底层股票之比较

取决于您的交易目标和交易风格,差价合约相对于股票有着许多优势,但也存在一些不足之处:
 
IB差价合约的优势 IB差价合约的缺点
无印花税和金融交易税(英国、法国、比利时) 无股权
佣金和保证金利率通常比股票低 复杂公司行动并不总能完全复制
股息享受税务协定税率,无需重新申请 收益的征税可能与股票有所不同(请咨询您的税务顾问)
不受即日交易规则限制  

III. 成本与保证金

在欧洲股票市场,IB差价合约可以比IB极具竞争力的股票产品更加高效。

首先,IB差价合约佣金比股票低,且有着与股票一样低的融资点差:

欧洲   差价合约 股票
佣金 GBP 0.05% 英镑6.00 + 0.05%*
EUR 0.05% 0.10%
融资** 基准+/- 1.50% 1.50%

*每单 + 超出5万英镑部分的0.05%
**对于差价合约是总头寸价值的融资;对于股票是借用金额的融资

交易量更大时,差价合约佣金会变得更低,最低至0.02%。头寸更大时,融资利率也会降低,最低至0.5%。 详情请参见差价合约佣金差价合约融资利率

其次,差价合约的保证金要求比股票低。零售客户须满足欧洲监管机构ESMA规定的额外保证金要求。请参见ESMA差价合约新规推行了解详细信息。

  差价合约 股票
  所有 标准 投资组合保证金
维持保证金要求*

10%

25% - 50% 15%

*蓝筹股特有保证金。零售客户最低初始保证金要求为20%。股票标准的25%日内维持保证金,50%隔夜保证金。 显示的投资组合保证金为维持保证金(包括隔夜)。波动较大的股票保证金要求更高

请参见CFD保证金要求了解更多详细信息。


IV. 范例(专业客户)

让我们来看一下例子。联合利华在阿姆斯特丹的挂牌股票在过去一个月(2012年5月14日前20个交易日)回报率为3.2%,您认为其会继续有良好表现。您想建立20万欧元的仓位,并持仓5天。您以10笔交易建仓并以10笔交易平仓。您的直接成本如下:

股票

  差价合约 股票
200,000欧元头寸   标准 投资组合保证金
保证金要求 20,000 100,000 30,000
佣金(双向) 200.00 400.00 400.00
利率(简化) 1.50% 1.50% 1.50%
融资金额 200,000 100,000 170,000
融资天数  5 5 5
利息支出(1.5%的简化利率) 41.67 20.83 35.42
总计直接成本(佣金+利息) 241.67 420.83 435.42
成本差额   高74% 高80%

注意:差价合约的利息支出根据总的合约头寸进行计算,而股票的利息支出则是根据借用金额进行计算。股票和差价合约的适用利率相同。

 

但是,假设您只有2万欧元可用来做保证金。如果联合利华继续上月的表现,您的潜在盈利比较如下:  

杠杆回报 差价合约 股票
可用保证金 20,000 20,000 20,000
总投入 200,000 40,000 133,333
总收益(5天) 1,600 320 1,066.66
佣金 200.00 80.00 266.67
利息支出(1.5%的简化利率) 41.67 4.17 23.61
总计直接成本(佣金+利息) 241.67 84.17 290.28
净收益(总收益减去直接成本) 1,358.33 235.83 776.39
保证金投资金额回报 0.07 0.01 0.04
差额   收益少83% 收益少43%

 

杠杆风险 差价合约 股票
可用保证金 20,000 20,000 20,000
总投入 200,000 40,000 133,333
总收益(5天) -1,600 -320 -1,066.66
佣金 200.00 80.00 266.67
利息支出(1.5%的简化利率) 41.67 4.17 23.61
总计直接成本(佣金+利息) 241.67 84.17 290.28
净收益(总收益减去直接成本) -1,841.67 -404.17 -1,356.94
差额   损失少78% 损失少26%

 

V.   差价合约相关资源

下方链接可帮助您了解更多有关IB差价合约产品的详细信息:

差价合约参数

差价合约产品列表

差价合约佣金

差价合约融资利率

差价合约保证金要求

差价合约公司行动

还可参看以下视频教程:

如何在TWS中进行差价合约交易

 

VI. 常见问题

什么股票可进行差价合约交易?

美国、西欧、北欧与日本的大盘和中盘股股票。 许多市场上的高流动性小盘股也可以。请参见差价合约产品列表了解更多详细信息。不久将会增加更多国家。

 

IB提供股票指数和外汇的差价合约吗?

是的。请参见IB指数差价合约 - 事实与常见问题以及外汇差价合约 - 事实与常见问题

 

IB如何确定股票差价合约报价?

IB差价合约报价与底层股票的智能传递报价相同。IB不会扩大价差或与您对赌。要了解更多信息,请参见差价合约市场模型概述

 

我能看到自己的限价定单反映在交易所中吗?

是的。IB提供直接市场接入(DMA),这样您的非适销(即限价)定单会使底层对冲直接呈现在其进行交易之交易所的深度定单册中。这也意味着您可以下单以底层买价买入差价合约或以底层卖价卖出差价合约。此外,如果其他客户的定单以优于公开市场的价格与您的定单交叉,您还可能会获得价格改善。

 

IB如何确定股票差价合约的保证金?

IB根据每只底层股票的历史波动率建立了基于风险的保证金要求机制。最低保证金为10%。 大多数IB差价合约都应用该保证金率,这使差价合约在大多数情况下都比底层股票交易更具效率。 零售客户须满足欧洲监管机构ESMA规定的额外保证金
要求。 请参见ESMA差价合约新规推行了解详细信息。单个差价合约头寸之间或差价合约与底层股票头寸之间没有投资组合抵消。集中头寸和超大头寸可能需要准备额外的保证金。请参见CFD保证金要求了解更多详细信息。

 

空头股票差价合约会要强制补仓吗?

是的。如果底层股票很难或者根本不可能借到,则空头差价合约头寸的持有者将需要进行补仓。

 

IB如何处理股息和公司行动?

IB通常会为差价合约持有者反映公司行动的经济效应,就好像他们一直持有着底层证券一样。股息会表现为现金调整,而其他行动则会通过现金或头寸调整表现。例如,如果公司行动导致股票数量发生变化(如股票分隔和逆向股票分隔),差价合约的数量也会相应地进行调整。如果行动导致产生新的上市实体,且IB决定将其股票作为差价合约交易,则需要创建适当数量之新的多头或空头头寸。要了解概述信息,请参见差价合约公司行动

*请注意,某些情况下对于合并等复杂公司行动可能无法对差价合约进行准确调整。这时候,IB可能会在除息日前终止差价合约。

 

任何人都能交易IB差价合约吗?

除美国、加拿大和香港的居民,其他所有客户都能交易IB差价合约。新加坡居民可交易除新加坡上市之股票差价合约以外的其他IB差价合约。任何投资者类型都不能免于这一基于居住地的限制。

 

我需要做什么才可以开始在IB交易差价合约?

您需要在账户管理中设置差价合约交易许可,并同意相关交易披露。如果您的账户是在IB LLC开立,则IB将设置一个新的账户板块(即您当前的账户号码加上后缀“F”)。设置确认后您便可以开始交易了。您无需单独为F账户注资,资金会从您的主账户自动转入以满足差价合约保证金要求。  

有什么市场数据要求吗?

IB股票差价合约的市场数据便是底层股票的市场数据。因此需要具备相关交易所的市场数据许可。如果您已经为股票交易设置了交易所的市场数据许可,那么就无需再进行任何操作。如果您想在当前并无市场数据许可的交易所交易差价合约,您可以设置许可,操作与底层股票的市场数据许可设置相同。

 

差价合约交易与头寸在报表中如何反映?

如果您在IB LLC持有账户,且您的差价合约头寸持有在单独的账户板块(主账户号码加后缀“F”)中。您可以选择单独查看F板块的活动报表,也可以选择与主账户合并查看。您可在账户管理的报表窗口进行选择。对于其他账户,差价合约通常会与其他交易产品一起在您的账户报表中显示。

 

我可以从其他经纪商处转入差价合约头寸吗?

IB很高兴帮助您进行差价合约头寸转入,需经其他经纪商同意。因差价合约头寸转账比股票头寸转账更为复杂,我们通常要求头寸不低于10万美元等值。

 

股票差价合约可以使用图表功能吗?

是的。

 在IB交易差价合约有什么账户保护?

差价合约以IB英国作为您的交易对方,不是在受监管的交易所进行交易,也不是在中央结算所进行结算。因IB英国是您差价合约交易的对方,您会面临与IB英国交易相关的财务和商业风险,包括信用风险。但请注意,所有客户资金永远都是完全隔离的,包括对机构客户。IB英国是英国金融服务补偿计划(“FSCS”)参与者。IB英国不是美国证券投资者保护公司(“SIPC”)成员。请参见IB英国差价合约风险披露文件了解有关差价合约交易风险的详细信息。

 

在哪种类型(如个人、朋友和家庭、机构等)的IB账户中可交易差价合约? 

所有保证金账户均可进行差价合约交易。现金账户和SIPP账户不能。

 

在某一特定差价合约中我最多可持有多少头寸?

没有预设限制。但请注意,超大头寸可能会有更高保证金要求。请参见CFD保证金要求了解更多详细信息。

 

我能否通过电话交易差价合约?

不要。在极端情况下我们可能同意通过电话处理平仓定单,但绝不会通过电话处理开仓定单。

 

 

差价合约属于复杂金融产品,其交易存在高风险,由于杠杆的作用,可能会出现迅速亏损。

在通过IBKR(UK)交易差价合约时,零售投资者账户中有62%出现了亏损。

您应考虑自己是否理解差价合约的运作机制以及自己是否能够承受亏损风险。

ESMA规定

欧洲证券与市场管理局(ESMA)发布临时产品干涉措施,自2018年8月1日起生效。

ESMA决议实施的限制包括:1) 开仓差价合约头寸的杠杆限制;2) 以单个账户为单位的保证金平仓规则;3) 以单个账户为单位的负余额保护规则;4) 对交易差价合约激励措施的限制;以及5) 标准的风险警告。

ESMA新规仅适用于零售客户。 专业客户不受影响。


 

差价合约属于复杂金融产品,其交易存在高风险,由于杠杆的作用,可能会出现迅速亏损。

在通过IBKR(UK)交易差价合约时,零售投资者账户中有62%出现了亏损。

您应考虑自己是否理解差价合约的运作机制以及自己是否能够承受亏损风险。
 

Allocation of Partial Fills

Title:

How are executions allocated when an order receives a partial fill because an insufficient quantity is available to complete the allocation of shares/contracts to sub-accounts?

 

Overview:

From time-to-time, one may experience an allocation order which is partially executed and is canceled prior to being completed (i.e. market closes, contract expires, halts due to news, prices move in an unfavorable direction, etc.). In such cases, IB determines which customers (who were originally included in the order group and/or profile) will receive the executed shares/contracts. The methodology used by IB to impartially determine who receives the shares/contacts in the event of a partial fill is described in this article.

 

Background:

Before placing an order CTAs and FAs are given the ability to predetermine the method by which an execution is to be allocated amongst client accounts. They can do so by first creating a group (i.e. ratio/percentage) or profile (i.e. specific amount) wherein a distinct number of shares/contracts are specified per client account (i.e. pre-trade allocation). These amounts can be prearranged based on certain account values including the clients’ Net Liquidation Total, Available Equity, etc., or indicated prior to the order execution using Ratios, Percentages, etc. Each group and/or profile is generally created with the assumption that the order will be executed in full. However, as we will see, this is not always the case. Therefore, we are providing examples that describe and demonstrate the process used to allocate partial executions with pre-defined groups and/or profiles and how the allocations are determined.

Here is the list of allocation methods with brief descriptions about how they work.

·         AvailableEquity
Use sub account’ available equality value as ratio. 

·         NetLiq
Use subaccount’ net liquidation value as ratio

·         EqualQuantity
Same ratio for each account

·         PctChange1:Portion of the allocation logic is in Trader Workstation (the initial calculation of the desired quantities per account).

·         Profile

The ratio is prescribed by the user

·         Inline Profile

The ratio is prescribed by the user.

·         Model1:
Roughly speaking, we use each account NLV in the model as the desired ratio. It is possible to dynamically add (invest) or remove (divest) accounts to/from a model, which can change allocation of the existing orders.

 

 

 

Basic Examples:

Details:

CTA/FA has 3-clients with a predefined profile titled “XYZ commodities” for orders of 50 contracts which (upon execution) are allocated as follows:

Account (A) = 25 contracts

Account (B) = 15 contracts

Account (C) = 10 contracts

 

Example #1:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 10 am (ET) the order begins to execute2but in very small portions and over a very long period of time. At 2 pm (ET) the order is canceled prior to being executed in full. As a result, only a portion of the order is filled (i.e., 7 of the 50 contracts are filled or 14%). For each account the system initially allocates by rounding fractional amounts down to whole numbers:

 

Account (A) = 14% of 25 = 3.5 rounded down to 3

Account (B) = 14% of 15 = 2.1 rounded down to 2

Account (C) = 14% of 10 = 1.4 rounded down to 1

 

To Summarize:

A: initially receives 3 contracts, which is 3/25 of desired (fill ratio = 0.12)

B: initially receives 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: initially receives 1 contract, which is 1/10 of desired (fill ratio = 0.10)

 

The system then allocates the next (and final) contract to an account with the smallest ratio (i.e. Account C which currently has a ratio of 0.10).

A: final allocation of 3 contracts, which is 3/25 of desired (fill ratio = 0.12)

B: final allocation of 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: final allocation of 2 contract, which is 2/10 of desired (fill ratio = 0.20)

The execution(s) received have now been allocated in full.

 

Example #2:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 11 am (ET) the order begins to be filled3 but in very small portions and over a very long period of time. At 1 pm (ET) the order is canceled prior being executed in full. As a result, only a portion of the order is executed (i.e., 5 of the 50 contracts are filled or 10%).For each account, the system initially allocates by rounding fractional amounts down to whole numbers:

 

Account (A) = 10% of 25 = 2.5 rounded down to 2

Account (B) = 10% of 15 = 1.5 rounded down to 1

Account (C) = 10% of 10 = 1 (no rounding necessary)

 

To Summarize:

A: initially receives 2 contracts, which is 2/25 of desired (fill ratio = 0.08)

B: initially receives 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: initially receives 1 contract, which is 1/10 of desired (fill ratio = 0.10)

The system then allocates the next (and final) contract to an account with the smallest ratio (i.e. to Account B which currently has a ratio of 0.067).

A: final allocation of 2 contracts, which is 2/25 of desired (fill ratio = 0.08)

B: final allocation of 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: final allocation of 1 contract, which is 1/10 of desired (fill ratio = 0.10)

 

The execution(s) received have now been allocated in full.

Example #3:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 11 am (ET) the order begins to be executed2  but in very small portions and over a very long period of time. At 12 pm (ET) the order is canceled prior to being executed in full. As a result, only a portion of the order is filled (i.e., 3 of the 50 contracts are filled or 6%). Normally the system initially allocates by rounding fractional amounts down to whole numbers, however for a fill size of less than 4 shares/contracts, IB first allocates based on the following random allocation methodology.

 

In this case, since the fill size is 3, we skip the rounding fractional amounts down.

 

For the first share/contract, all A, B and C have the same initial fill ratio and fill quantity, so we randomly pick an account and allocate this share/contract. The system randomly chose account A for allocation of the first share/contract.

 

To Summarize3:

A: initially receives 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: initially receives 0 contracts, which is 0/15 of desired (fill ratio = 0.00)

C: initially receives 0 contracts, which is 0/10 of desired (fill ratio = 0.00)

 

Next, the system will perform a random allocation amongst the remaining accounts (in this case accounts B & C, each with an equal probability) to determine who will receive the next share/contract.

 

The system randomly chose account B for allocation of the second share/contract.

A: 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: 0 contracts, which is 0/10 of desired (fill ratio = 0.00)

 

The system then allocates the final [3] share/contract to an account(s) with the smallest ratio (i.e. Account C which currently has a ratio of 0.00).

A: final allocation of 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: final allocation of 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: final allocation of 1 contract, which is 1/10 of desired (fill ratio = 0.10)

 

The execution(s) received have now been allocated in full.

 

Available allocation Flags

Besides the allocation methods above, user can choose the following flags, which also influence the allocation:

·         Strict per-account allocation.
For the initially submitted order if one or more subaccounts are rejected by the credit checking, we reject the whole order.

·         “Close positions first”1.This is the default handling mode for all orders which close a position (whether or not they are also opening position on the other side or not). The calculation are slightly different and ensure that we do not start opening position for one account if another account still has a position to close, except in few more complex cases.


Other factor affects allocations:

1)      Mutual Fund: the allocation has two steps. The first execution report is received before market open. We allocate based onMonetaryValue for buy order and MonetaryValueShares for sell order. Later, when second execution report which has the NetAssetValue comes, we do the final allocation based on first allocation report.

2)      Allocate in Lot Size: if a user chooses (thru account config) to prefer whole-lot allocations for stocks, the calculations are more complex and will be described in the next version of this document.

3)      Combo allocation1: we allocate combo trades as a unit, resulting in slightly different calculations.

4)      Long/short split1: applied to orders for stocks, warrants or structured products. When allocating long sell orders, we only allocate to accounts which have long position: resulting in calculations being more complex.

5)      For non-guaranteed smart combo: we do allocation by each leg instead of combo.

6)      In case of trade bust or correction1: the allocations are adjusted using more complex logic.

7)      Account exclusion1: Some subaccounts could be excluded from allocation for the following reasons, no trading permission, employee restriction, broker restriction, RejectIfOpening, prop account restrictions, dynamic size violation, MoneyMarketRules restriction for mutual fund. We do not allocate to excluded accountsand we cancel the order after other accounts are filled. In case of partial restriction (e.g. account is permitted to close but not to open, or account has enough excess liquidity only for a portion of the desired position).

 

 

Footnotes:

1.        Details of these calculations will be included in the next revision of this document.

2.        To continue observing margin in each account on a real-time basis, IB allocates each trade immediately (behind the scenes) however from the CTA and/or FA (or client’s) point of view, the final distribution of the execution at an average price typically occurs when the trade is executed in full, is canceled or at the end of day (whichever happens first).

3.       If no account has a ratio greater than 1.0 or multiple accounts are tied in the final step (i.e. ratio = 0.00), the first step is skipped and allocation of the first share/contract is decided via step two (i.e. random allocation).

 

Aperçu des CFD sur actions émis par IB

L’article qui suit constitue une introduction générale aux CFD (contrat sur différence) sur actions émis par IB.

Pour des informations concernant les CFD sur actions IB, veuillez cliquer ici. Pour les CFD sur Forex, cliquez ici.

Table des matières :

I.    Définition d'un CFD
II.   Comparaison entre les CFD et les actions sous-jacentes
III.  Coûts et marge
IV.  Exemples
V.   Ressources
VI.  Foire aux questions

 

Avertissement concernant les risques

Les CFD sont des instruments complexes associés à un risque élevé de perte financière rapide en raison de l'effet de levier.

62% des comptes d'investisseurs de détail perdent de l'argent lorsqu'ils tradent des CFD avec IBKR (UK).

Vous devez vous assurer que vous comprenez la manière dont fonctionnent les CFD et que vous pouvez vous permettre de courir un risque élevé de perdre de l'argent.

Règles ESMA relatives aux CFD (Pour les clients de détail uniquement)

L'Autorité européenne des marchés financiers (ESMA) a édicté de nouvelles règles relatives aux CFD qui entreront en vigueur à compter du 1er août 2018.

Les règles consistent en: 1) des limites sur les effets de levier à l'ouverture de positions de CFD; 2) une règle de clôture des positions ouvertes par compte basée sur la marge 3) une protection contre les soldes négatifs par compte.

Les mesures de l'ESMA s'appliquent aux clients de détail. Les clients professionnels ne sont pas affectés.

Veuillez vous référer au document Application des règles de l'ESMA sur les CFD à IBKR pour plus d'informations.

I.  Définition d'un CFD sur actions

Les CFD IBKR sont des contrats de gré à gré qui offrent le rendement de l’action sous-jacente, y compris les dividendes et les opérations sur titres (en savoir plus sur les Opérations sur titres pour les CFD).

En d’autres termes, il s’agit d’un accord entre l’acheteur (vous) et IB visant à échanger la différence entre la valeur actuelle d’une action et sa valeur à une date ultérieure. Si vous détenez une position longue et que la différence est positive, IB vous paie. Si la différence est négative, vous payez IB.

Les CFD sur actions sont négociés sur votre compte de marge; vous pouvez donc trader aussi bien des positions longues que courtes avec effet de levier. Le prix des CFD correspond au prix coté sur la Bourse de l’action sous-jacente. Les prix des CFD IB sont en fait identiques aux prix "Smart-routed" pour les actions, comme vous pouvez l'observer sur la Trader Workstation. Par ailleurs, IB offre un accès direct au marché (DMA). Comme pour les actions, vos ordres non négociables (par ex. les ordres à cours limité) voient le hedge du sous-jacent directement inscrit dans la profondeur du carnet d’ordres des Bourses où il est négocié.   Cela signifie également que vous pouvez acheter le CFD au cours acheteur du sous-jacent et le vendre au cours vendeur.

Pour comparer le modèle transparent d’IB à d’autres modèles disponibles sur le marché, consultez notre Aperçu des modèles du marché CFD..

IB offre actuellement environ 6500 CFD sur actions couvrant les marchés principaux des États-Unis, de l'Europe et d' Asie.  Les constituants des indices majeurs mentionnés ci-dessous sont actuellement disponibles sous forme de CFD sur actions IB. Dans de nombreux pays, IB offre également le trading d’actions liquides de faible capitalisation. Il s’agit d’actions dont la capitalisation boursière ajustée du flottant est de 500 millions d'USD minimum pour une valeur de trading médiane journalière de 600,000 USD minimum.   Pour en savoir plus, consultez notre Liste des produits CFD. D’autres pays seront bientôt ajoutés.

États-Unis S&P 500, DJA, Nasdaq 100, S&P 400 (Moy. Cap), Small cap liquides
Royaume-Uni FTSE 350 + Small cap liquides (y compris. IOB)
Allemagne Dax, MDax, TecDax + Small cap liquides
Suisse Portion suisse du STOXX Europe 600 (48 actions) + Small cap liquides
France CAC Large Caps, CAC Mid Caps + Small Cap liquides
Pays-Bas AEX, AMS Mid Cap + Small Cap liquides
Belgique BEL 20, BEL Mid Cap + Small Cap liquides
Espagne IBEX 35 + Small Cap liquides
Portugal PSI 20
Suède OMX Stockholm 30 + Small Cap liquides
Finlande OMX Helsinki 25 + Small Cap liquides
Danemark OMX Copenhagen 30 + Small Cap liquides
Norvège OBX
République Tchèque PX
Japon Nikkei 225 + Small Cap liquides
Hong Kong HSI + Small Cap liquides
Australie ASX 200 + Small Cap liquides
Singapour* STI + Small Cap liquides
Afrique du sud Top 40 + Small Cap liquides

 *non disponible pour les résidents de Singapour

II.   Comparaison entre les CFD et les actions sous-jacentes

Selon vos objectifs et votre style de trading, les CFD offrent un certain nombre d'avantages par rapport aux actions, mais également quelques inconvénients:
 
AVANTAGES DES CFD IB INCONVÉNIENTS DES CFD IB
Pas de droit de timbre ou taxe sur les transactions financières (Royaume-Uni, Belgique, France) Pas de droit de propriété
En général, les commissions et taux de marge sont moins élevés que pour les actions Les opérations sur titres complexes ne peuvent pas toujours être reproduites
Taux de convention fiscale sans la nécessité de récupération L'imposition des gains peut différer des actions (veuillez consulter votre conseiller fiscal)
Exemption des règles de day trading  

III.  Coûts et marge

Les CFD IB peuvent être un moyen encore plus efficace de négocier sur les marchés boursiers européens plutôt que d’utiliser l’offre déjà très compétitive d'actions proposée par IB.

Tout d’abord, les CFD IB sont soumis à des commissions moins élevées que les actions, tout en offrant les mêmes spreads à faible financement:

EUROPE   CFD ACTION
Commission GBP 0.05% 6.00 + 0.05% GBP*
EUR 0.05% 0.10%
Financement** Benchmark +/- 1.50% 1.50%

*par ordre + 0.05% plus franchise au delà de 50,000 GBP
**Financement CFD sur valeur totale de position, financement action sur montant emprunté

Plus vous négociez et plus les commissions des CFD baissent, jusqu'à 0,02%. Pour les positions portant sur des volumes importants, les frais de financement sont réduits et peuvent être de 0.5% seulement.  Pour en savoir plus, consultez nos commissions CFD et Taux de financement CFD.

De plus, les CFD ont des exigences de marge moindre par rapport aux actions. Les clients de détail sont soumis à des exigences de marge supplémentaires comme l'impose l'ESMA, l'organisme régulateur européen. Veuillez consulter le document  Application des règles de l'ESMA sur les CFD à IBKR pour plus d'informations.

  CFD ACTION
  Tous Standard Portfolio margin
Exigence de marge de maintien*

10%

25% - 50% 15%

*Marge type pour les blue-chips. Les clients de détail sont soumis à une marge initiale minimum de 20%. Marge de maintien standard intraday de 25% pour les actions, 50% overnight.  La marge de portefeuille (Portfolio Margin) indiquée est la marge de maintien (y compris overnight). Les émissions plus volatiles sont soumises à des exigences de marge plus importantes

Veuillez vous référer aux Exigences de marge pour les CFD pour plus d'informations.


IV.  Exemple (Client professionnel)

Examinons l'exemple ci-dessous. Le listing d’Unilever Amsterdam a augmenté de 3.2% au cours du dernier mois (20 jours de trading au 14 mai 2012) et vous pensez que sa performance va se maintenir. , Vous souhaitez créer une exposition de 200,000 EUR et la conserver pendant 5 jours. Vous passez 10 ordres pour développer et 10 ordres pour déboucler. Vos coûts directs seraient comme suit:

ACTION

  CFD ACTION
Position 200,000 EUR   Standard Portfolio margin
Exigence de marge 20,000 100,000 30,000
Commission (Aller Retour) 200.00 400.00 400.00
Taux d'intérêt (Simplifié) 1.50% 1.50% 1.50%
Montant financé 200,000 100,000 170,000
Jours financés  5 5 5
Dépense en intérêts (1.5% Taux simplifié) 41.67 20.83 35.42
Coût total direct (Commission + Intérêt) 241.67 420.83 435.42
Différence de coût   74% plus élevé 80% plus élevé

Remarque: les intérêts des CFD sont calculés sur la position totale tandis que les intérêts des actions sont calculés sur le montant emprunté. Les taux appliqués sont les mêmes pour les CFD et les actions. Les intérêts applicables sont les mêmes pour les actions et pour les CFD

 

Mais supposons que vous n'ayez que 20,000 EUR de disponible pour financer la marge. Si Unilever maintient le même niveau de performance qu'au cours du mois passé, votre gain potentiel serait aux alentours de:  

GAIN EFFET DE LEVIER CFD ACTION
Marge disponible 20,000 20,000 20,000
Total investi 200,000 40,000 133,333
Rendement brut (5 Days) 1,600 320 1,066.66
Commission 200.00 80.00 266.67
Dépense en intérêts (1.5% Taux simplifié) 41.67 4.17 23.61
Coût total direct (Commission + Interest) 241.67 84.17 290.28
Rendement net (Rendement brut moins coût direct) 1,358.33 235.83 776.39
Montant d'investissement du rendement sur marge 0.07 0.01 0.04
Différence   83% moins Gain 43% moins Gain

 

RISQUE EFFET DE LEVIER CFD ACTION
Marge disponible 20,000 20,000 20,000
Total investi 200,000 40,000 133,333
Rendement brut (5 Days) -1,600 -320 -1,066.66
Commission 200.00 80.00 266.67
Dépense en intérêts (1.5% Taux simplifié) 41.67 4.17 23.61
Coût total direct (Commission + Interest) 241.67 84.17 290.28
Rendement net (Rendement brut moins coût direct) -1,841.67 -404.17 -1,356.94
Différence   78% Moins Perte 26% Moins Perte

 

V.   Ressources CFD

Vous trouverez ci-dessous des liens utiles contenant des informations plus détaillées sur l’offre des CFD IB:

Spécifications du contrat CFD

Liste des produits CFD

Commissions CFD

Taux de financement CFD

Exigences de marge CFD

CFD - Opérations sur titres

Le tutoriel suivant est également disponible:

Comment passer un ordre de CFD sur la Trader Workstation

 

VI.  Foire aux questions

Quelles actions sont disponibles en tant que CFD?

Les actions de forte et moyenne capitalisation aux États-Unis, en Europe de l'ouest, dans les pays nordiques et au Japon.  Les actions de faible capitalisation liquides sont également disponibles sur de nombreux marchés. Veuillez consulter la page Liste de produits CFD pour plus d'informations. D'autres pays seront ajoutés très prochainement.

 

Avez-vous des CFD pour des indices sur actions et Forex?

Oui. Veuillez consulter la page CFD sur indices IB - Informations et questions et CFD sur Forex - Informations et questions.

 

Comment sont déterminées les cotations des CFD sur actions?

Le prix des CFD correspond à la cotation via Smartrouting de l’action sous-jacente. IB n'élargit pas le spread ni ne détient de positions en votre défaveur. Pour en savoir plus, veuillez consulter l'aperçu des modèles du marché CFD.

 

Puis-je voir mes ordres à cours limité sur la Bourse?

Oui. IB offre un accès direct au marché (DMA). Comme les actions, les ordres qui ne sont pas négociables (par ex. les ordres à cours limité) bénéficient de la protection du sous-jacent qui est directement inscrit sur le carnet d’ordres des bourses où il est négocié. Cela signifie également que vous pouvez acheter le CFD au cours acheteur du sous-jacent et le vendre au cours vendeur. De plus, vous recevrez peut-être une amélioration de prix si l'ordre d'un autre client peut être croisé au vôtre à un meilleur prix que celui disponible sur les marchés.

 

Comment déterminez-vous les marges des CFD sur actions?

IB établit des exigences de marge sur la base de la volatilité historique de chaque action sous-jacente. La marge minimum est de 10%  Ce taux de marge est généralement appliqué à la plupart des CFD IB, ce qui rend le trading de CFD plus attractif en termes de marge que le trading du sous-jacent.   Les investisseurs de détail sont soumis à des exigences de marge supplémentaires imposées par ESMA, l'organisme
régulateur européen. Veuillez consulter le document Application des règles de l'ESMA à IBKR pour plus d'informations. Il n'y a pas de compensation de portefeuille entre des positions CFD individuelles ou entre des positions CFD et l'exposition à l’action sous-jacente. Les positions concentrées et portant sur de gros volumes peuvent être soumises à des marges supplémentaires. Veuillez consulter la page des Exigences de marge pour les CFD pour plus d'informations.

 

Les CFD sur action courts sont-ils soumis à des rachats forcés ?

Oui. Si l’action sous-jacente devient difficile ou impossible à emprunter, le détenteur de la position sera soumis à un rachat.

 

Comment traitez-vous les dividendes et opérations sur titre?

En règle générale, IB reflète l'effet économique de l’opération sur titre pour les détenteurs de CFD comme s'ils détenaient les titres sous-jacent*. Les dividendes sont comptabilisés sous forme d'ajustement de liquidité, tandis que d'autres actions peuvent être comptabilisées sous forme d'ajustement de liquidité, d'ajustement de position ou une combinaison des deux. Par exemple, si les actions d'entreprise se traduisent par un changement du nombre d’actions (par ex. dans le cas de fractionnement d'actions ou fractionnement d'actions inversé), le nombre de CFD est ajusté en conséquence. Lorsque l’action devient une nouvelle entité et qu'IB décide de la proposer comme CFD, de nouvelles positions courtes et longues sont créées dans la quantité appropriée. Pour en savoir plus, consultez la page CFD - Opérations sur titre.

*Dans certains cas, il ne sera pas possible d'ajuster de manière exacte le CFD, comme pour une opération sur titres complexe telle qu'une fusion par exemple. Dans ce cas, IB pourra clôturer la position de CFD avant la date de détachement.

 

Tout le monde peut-il trader des CFD IB?

Tous les clients peuvent trader des CFD IB à l'exception des résidents des États-Unis, du Canada et de Hong Kong. Les résidents de Singapour peuvent trader des CFD IB à l'exception de ceux basés sur des actions cotées à Singapour. Il n'existe pas d'exemption aux exclusions sur la base de la résidence en fonction du type d'investisseur.

 

Que dois-je faire pour commencer à trader des CFD avec IB?

Vous devez mettre en place les autorisations de trading pour les CFD dans la Gestion de compte et accepter les déclarations adéquates. Si vous détenez un compte auprès d'IB LLC, IB créera un nouveau segment de compte (identifié avec votre numéro de compte existant par le suffixe “F”). Une fois le segment confirmé, vous pourrez commencer à trader. Vous n'avez pas besoin d'approvisionner le compte "F" séparément, les fonds seront automatiquement transférés en fonction des exigences de marge de votre compte principal.  

Existe t-il des conditions en termes de données de marché?

Les données de marché pour les CFD sur actions IB sont les mêmes que les données de marché des actions sous-jacentes. Il est par conséquent nécessaire d'obtenir les autorisations de données de marché pour les Bourses correspondantes. Si vous avez déjà mis en place des autorisations de données de marché pour une Bourse afin de pouvoir trader des actions, aucune autre action n'est requise. Si vous souhaitez trader des CFD sur une Bourse pour laquelle vous n'avez pas actuellement d'autorisation de données de marché, vous pouvez mettre en place des autorisations de trading de la même manière que si vous envisagiez de trader les actions sous-jacentes.

 

Mes transactions de CFD apparaissent-elles dans mes relevés de compte?

Si vous détenez un compte auprès d'IB LLC, vos positions de CFD sont détenues dans un segment de compte distinct identifié par le suffixe "F" et votre numéro de compte principal. Vous pouvez choisir de visualiser les relevés de compte pour ce segment "F" soit séparément, soit de manière consolidée avec votre compte principal. Vous pouvez sélectionner l'option de votre choix dans la fenêtre des relevés de la Gestion de compte. Pour les autres comptes, les CFD sont affichés normalement dans le relevé de compte comme les autres produits de trading.

 

Puis-je transférer mes positions CFD depuis un autre courtier?

IB se fera un plaisir de procéder au transfert de vos positions, sous réserve de l’accord de l’autre courtier. Étant donné que le transfert de positions CFD est plus complexe que celui des actions, en règle générale nous demandons que la position soit d’une valeur équivalente à 100,000$.

 

Des graphiques sont-ils disponibles pour les CFD?

Oui.

 Quelles protections de compte s’appliquent au trading de CFD émis pas IB?

Les CFD sont des contrats émis par IB UK qui agit en tant que contrepartie. Ils ne sont donc pas négociés sur un marché réglementé et ne sont pas compensés par une chambre de compensation centrale. Étant donné qu’IB UK est votre contrepartie pour les CFD, vous êtes exposé à des risques financiers et commerciaux, y compris le risque de crédit associé à la réalisation de transactions avec IB Royaume-Uni. Veuillez noter cependant que tous les fonds des clients sont toujours totalement ségrégés, y compris ceux des clients institutionnels. IB UK est membre du programme UK Financial Services Compensation Scheme (FSCS). IB UK n'est pas un membre de la U.S. Securities Investor Protection Corporation (“SIPC”). Veuillez consulter la déclaration des risques liés aux CFD IB UK pour davantage d'informations sur les risques liés au trading de CFD.

 

Avec quel type de compte IB puis-je négocier des CFD (par ex. compte individuel, institutionnel, Amis et famille, etc.)?  

Tous les comptes de marge sont éligibles au trading de CFD. Les comptes au comptant et SIPP ne sont pas éligibles.

 

Combien de positions maximum puis-je avoir pour un CFD spécifique?

Pas de limite pré-établie. Cependant, rappelez-vous que les positions très importantes peuvent être soumises à une augmentation des exigences de marge. Pour en savoir plus, veuillez consulter les exigences de marge des CFD.

 

Puis-je trader des CFD par téléphone?

Non. Cependant, dans certains cas exceptionnels, nous pouvons accepter de traiter des ordres de fermeture par téléphone mais jamais des ordres d'ouverture.

 

 

Les CFD sont des instruments complexes associés à un risque élevé de perte financière rapide en raison de l'effet de levier.

62% des comptes d'investisseurs de détail perdent de l'argent lorsqu'ils tradent des CFD avec IBKR (UK).

Vous devez vous assurer que vous comprenez la manière dont fonctionnent les CFD et que vous pouvez vous permettre de courir un risque élevé de perdre de l'argent.

Règles de l'ESMA

L'Autorité européenne des marchés financiers (ESMA) a édicté de nouvelles mesures temporaires d'intervention sur les produits qui entreront en vigueur le 1er août 2018 (Décision de l'autorité européenne des marchés financiers).

Les restrictions imposées par ces mesures consistent en: 1) des limites sur les effets de levier; 2) une règle de clôture des positions ouvertes par compte basée sur la marge 3) une protection contre les soldes négatifs par compte; 4) une restriction des incitations au trading de CFD; et 5) un avertissement standardisé concernant les risques.

Les mesures de l'ESMA s'appliquent aux clients de détail. Les clients professionnels ne sont pas affectés.


 

Les CFD sont des instruments complexes associés à un risque élevé de perte financière rapide en raison de l'effet de levier.

62% des comptes d'investisseurs de détail perdent de l'argent lorsqu'ils tradent des CFD avec IBKR (UK).

Vous devez vous assurer que vous comprenez la manière dont fonctionnent les CFD et que vous pouvez vous permettre de courir un risque élevé de perdre de l'argent.
 

Panoramica dei CFD su azioni emessi da IB

Il presente articolo ha lo scopo di fornire un'introduzione generale ai CFD (contratti per differenza) su azioni emessi da IB.

Per informazioni in merito ai CFD su indici di IB, si prega di cliccare qui. Per i CFD su forex, cliccare qui.

Gli argomenti illustrati sono i seguenti:

I.    Definizione di CFD
II.   Confronto tra CFD e azioni sottostanti
III.  Considerazioni relative ai costi e ai requisiti di margine
IV.  Esempio indicativo
V.   Risorse relative ai CFD
VI.  Domande frequenti

 

Avvertenza sui rischi

I CFD sono strumenti complessi e implicano un alto rischio di perdita rapida di denaro per via della leva finanziaria.

Il 62% dei conti degli investitori al dettaglio (retail) perde denaro con la negoziazione di CFD tramite IBKR (UK).

È bene considerare se si comprende il funzionamento dei CFD e se ci si può permettere di assumersi l'alto rischio di perdita di denaro.

Norme dell'ESMA relative ai CFD (solamente clienti retail)

L'Autorità europea degli strumenti finanziari e dei mercati (ESMA) ha emanato nuove norme relative ai CFD in vigore a partire dal 1 agosto 2018.

Tali norme comprendono: 1) dei limiti della leva sull'apertura di posizioni su CFD; 2) una norma sulla liquidazione del margine a seconda dello specifico conto; e 3) una tutela del saldo negativo a seconda dello specifico conto.

L'ordinanza dell'ESMA è applicabile solamente ai clienti al dettaglio (retail). I clienti professionali non ne sono soggetti.

Per maggiori dettagli, si prega di fare riferimento all'implementazione delle norme dell'ESMA sui CFD in IBKR.

I.  Definizione di CFD su azioni

I CFD di IB sono contratti OTC che replicano la consegna dell'azione sottostante, inclusi dividendi e operazioni societarie (maggiori informazioni in merito alle operazioni societarie sui CFD).

In altri termini, si tratta di un accordo tra l'acquirente e IB per lo scambio della differenza tra il valore corrente dell'azione e il valore in un periodo futuro. Se si detiene una posizione long e tale differenza è positiva, si riceverà un compenso da IB. Se la differenza è negativa, si dovrà corrispondere un compenso a IB.

I CFD su azioni di IB sono negoziati tramite il proprio conto a margine, e, di conseguenza, è possibile aprire posizioni a leva finanziaria sia lunghe sia corte. Il prezzo de CFD è il prezzo dell'azione sottostante quotato in Borsa. Infatti, le quotazioni di CFD IB sono identiche alle quotazioni azionarie indirizzate via SmartRouting e visualizzabili in Trader Workstation e, inoltre, IB offre accesso diretto al mercato (DMA). Analogamente alle azioni, i propri ordini non inviabili a mercato (ovvero, ordini limite) presentano la copertura del sottostante rappresentata direttamente sulla profondità del libro ordini delle Borse valori in cui questo è negoziato.  Ciò significa anche che è possibile immettere ordini per l'acquisto del CFD al prezzo denaro del sottostante e venderlo al prezzo lettera.

Per un confronto tra la struttura trasparente dei CFD IB e le altre soluzioni offerte sul mercato, si prega di consultare la sezione Panoramica dei modelli di mercato dei CFD.

Attualmente IB offre una gamma di circa 6500 CFD su azioni, che coprono i principali mercati statunitensi, europei e asiatici.  I componenti dei principali indici di seguito elencati sono attualmente disponibili come CFD su azioni di IB. In molti Paesi IB offre anche la possibilità di negoziare azioni liquide a bassa capitalizzazione. Si tratta di azioni con capitalizzazione di mercato corretta per il flottante libero pari ad almeno 500 milioni di USD e con un valore di negoziazione medio giornaliero di almeno 600.000 USD.  Per maggiori dettagli, si prega di consultare la pagina Elenco dei prodotti > CFD. Presto saranno aggiunti ulteriori Paesi.

Stati Uniti S&P 500, DJA, Nasdaq 100, S&P 400 (Mid Cap), liquide a bassa capitalizzazione
Regno Unito FTSE 350 + liquide a bassa capitalizzazione (incl. IOB)
Germania Dax, MDax, TecDax + liquide a bassa capitalizzazione
Svizzera Porzione svizzera dello STOXX Europe 600 (48 azioni) + liquide a bassa capitalizzazione
Francia CAC Large Cap, CAC Mid Cap + liquide a bassa capitalizzazione
Paesi Bassi AEX, AMS Mid Cap + liquide a bassa capitalizzazione
Belgio BEL 20, BEL Mid Cap + liquide a bassa capitalizzazione
Spagna IBEX 35 + liquide a bassa capitalizzazione
Portogallo PSI 20
Svezia OMX Stockholm 30 + liquide a bassa capitalizzazione
Finlandia OMX Helsinki 25 + liquide a bassa capitalizzazione
Danimarca OMX Copenhagen 30 + liquide a bassa capitalizzazione
Norvegia OBX
Repubblica ceca PX
Giappone Nikkei 225 + liquide a bassa capitalizzazione
Hong Kong HSI + liquide a bassa capitalizzazione
Australia ASX 200 + liquide a bassa capitalizzazione
Singapore* STI + liquide a bassa capitalizzazione
Sudafrica Top 40 + liquide a bassa capitalizzazione

 *non disponibile per i residenti a Singapore

II.   Confronto tra CFD e azioni sottostanti

A seconda dei propri obiettivi e del proprio stile di trading, i CFD offrono una serie di vantaggi, ma anche svantaggi, rispetto alle azioni:
 
VANTAGGI DEI CFD IB SVANTAGGI DEI CFD IB
Nessuna imposta di bollo o imposte sulle transazioni (Regno Unito, Francia, Belgio) Nessun diritto di proprietà
In genere, commissioni e tassi di margine inferiori rispetto alle azioni Operazioni societarie complesse non sempre esattamente replicabili
Aliquote d'imposta per i dividendi in accordo con le convenzioni fiscali senza necessità di rivendicazione Tassazione sulle plusvalenze potenzialmente diversa rispetto alle azioni (si prega di consultare il proprio consulente fiscale)
Esenzione dalle normative di day trading  

III.  Considerazioni relative ai costi e al margine

I CFD IB possono rappresentare una modalità di negoziazione sui mercati azionari europei ancora più efficiente rispetto alla già concorrenziale offerta azionaria di IB.

Innanzitutto, i CFD IB presentano commissioni inferiori rispetto alle azioni e offrono gli stessi spread finanziari ridotti:

EUROPA   CFD AZIONE
Commissione GBP 0.05% 6.00 GBP + 0.05%*
EUR 0.05% 0.10%
Finanziamento** Benchmark +/- 1.50% 1.50%

*per ordine + 0.05% eccedenti i 50,000 GBP
**finanziamento di CFD sul valore complessivo della posizione, finanziamento azionario sull'importo assunto in prestito

All'aumento dell'importo negoziato corrisponde una diminuzione delle commissioni sui CFD, pari ad appena lo 0.02%. Le posizioni di dimensioni più elevate prevedono tassi di finanziamento ridotti, pari ad appena lo 0.5%.  Per maggiori dettagli, si prega di consultare le sezioni Commissioni > CFD e Tassi di finanziamento > CFD.

In secondo luogo, i CFD prevedono requisiti di margine inferiori rispetto alle azioni. I clienti retail sono soggetti a ulteriori requisiti di margine imposti dall'ESMA, l'ente di regolamentazione europeo. Per i dettagli, si prega di fare riferimento all'implementazione delle norme dell'ESMA sui CFD in IBKRR.

  CFD AZIONE
  Tutte Standard Margine di portafoglio
Requisito di margine di mantenimento*

10%

25% - 50% 15%

*Margine tipico delle Blue Chip. I clienti retail sono soggetti a un margine iniziale minimo del 20%. Margine di mantenimento infra-giornaliero standard del 25% per le azioni, del 50% alla giornata.  Il margine di portafoglio mostrato è il margine di mantenimento (compreso quello alla giornata). Le emissioni particolarmente volatili sono soggette a requisiti più elevati

Per maggiori dettagli, si prega di fare riferimento alla sezione relativa ai requisiti di margine dei CFD.


IV.  Esempio indicativo (clienti professionali)

Si consideri l'esempio seguente. I titoli di Unilever quotati ad Amsterdam hanno generato un rendimento del 3.2% nel mese passato (20 giorni di trading fino al 14 maggio 2012) e si pensa che continueranno a garantire un buon rendimento. Si desidera avere un'esposizione di 200,000 EUR e mantenerla per cinque giorni. Si effettuano 10 transazioni per creare la posizione e 10 per chiuderla. I propri costi diretti sarebbero i seguenti:

AZIONE

  CFD AZIONE
Posizione di 200,000 EUR   Standard Margine di portafoglio
Requisito di margine 20,000 100,000 30,000
Commissione (di ingresso e uscita) 200.00 400.00 400.00
Tasso d'interesse (semplificato) 1.50% 1.50% 1.50%
Importo finanziato 200,000 100,000 170,000
Giorni finanziati  5 5 5
Interesse passivo (tasso semplificato del 1,5%) 41.67 20.83 35.42
Costo diretto complessivo (commissioni + interessi) 241.67 420.83 435.42
Differenza di costo   Maggiore del 74% Maggiore del 80%

Nota: l'interesse passivo sui CFD è calcolato sull'intera posizione del contratto, mentre l'interesse sulle azioni è calcolato sull'importo assunto in prestito. I tassi applicabili per le azioni e i CFD sono gli stessi.

 

Si ipotizzi, invece, che si disponga solamente di 20,000 EUR per finanziare il margine. Se Unilever continuasse a mostrare le stesse performance del mese precedente, il proprio potenziale di profitto si rivelerebbe il seguente:  

COMPENSO A LEVA CFD AZIONE
Margine disponibile 20,000 20,000 20,000
Ammontare complessivo investito 200,000 40,000 133,333
Rendimento lordo (5 giorni) 1,600 320 1,066.66
Commissione 200.00 80.00 266.67
Interesse passivo (tasso semplificato del 1,5%) 41.67 4.17 23.61
Costo diretto complessivo (commissioni + interessi) 241.67 84.17 290.28
Rendimento netto (rendimento lordo meno i costi diretti) 1,358.33 235.83 776.39
Importo della redditività dell'investimento a margine 0.07 0.01 0.04
Differenza   Plusvalenza inferiore del 83% Plusvalenza inferiore del 43%

 

RISCHIO DI LEVA CFD AZIONE
Margine disponibile 20,000 20,000 20,000
Ammontare complessivo investito 200,000 40,000 133,333
Rendimento lordo (5 giorni) -1,600 -320 -1,066.66
Commissione 200.00 80.00 266.67
Interesse passivo (tasso semplificato del 1,5%) 41.67 4.17 23.61
Costo diretto complessivo (commissioni + interessi) 241.67 84.17 290.28
Rendimento netto (rendimento lordo meno i costi diretti) -1,841.67 -404.17 -1,356.94
Differenza   Minusvalenza inferiore del 78% Minusvalenza inferiore del 26%

 

V.   Risorse relative ai CFD

Di seguito sono forniti alcuni collegamenti utili a informazioni più dettagliate in merito all'offerta di CFD IB:

Dettagli dei contratti CFD

Elenco dei prodotti > CFD

Commissioni > CFD

Tassi di finanziamento > CFD

Requisiti di margine > CFD

Operazioni societarie > CFD

È anche disponibile il seguente video tutorial:

Come immettere transazioni di CFD in Trader Workstation

 

VI.  Domande frequenti

Quali sono le azioni disponibili come CFD?

Azioni ad alta e media capitalizzazione negli Stati Uniti, nell'Europa occidentale, nei Paesi nordici e in Giappone.  Le azioni liquide a bassa capitalizzazione sono disponibili anche in molti mercati. Per maggiori dettagli, si prega di consultare la pagina Elenco dei prodotti > CFD. Presto saranno aggiunti ulteriori Paesi.

 

Sono disponibili CFD su indici azionari e forex?

Sì. Si prega di consultare le sezioni CFD su indici IB: informazioni, domande e risposte e CFD su forex IB: informazioni, domande e risposte.

 

Come sono stabilite le quotazioni di CFD su azioni?

Le quotazioni di CFD IB sono identiche alle quotazioni delle azioni sottostanti indirizzate via SmartRouting. IB non aumenta il differenziale né mantiene posizioni contro il cliente. Per maggiori informazioni, si prega di consultare la sezione Panoramica dei modelli di mercato dei CFD.

 

È possibile visualizzare i propri ordini limite riflessi sulla Borsa valori?

Sì. IB offre accesso diretto al mercato (DMA), quindi i propri ordini non inviabili a mercato (ovvero, ordini limite) presentano la copertura del sottostante rappresentata direttamente sulla profondità del libro ordini delle Borse valori in cui questo è negoziato. Ciò significa anche che è possibile immettere ordini per l'acquisto del CFD al prezzo denaro del sottostante e venderlo al prezzo lettera. Inoltre, è possibile conseguire un miglioramento del prezzo nel caso in cui l'ordine di un altro cliente incroci il proprio a un prezzo migliore di quello disponibile sui mercati pubblici.

 

Come vengono determinati i margini dei CFD su azioni?

IB stabilisce requisiti di margine basati sul rischio a seconda della volatilità storica di ciascuna azione sottostante. Il margine minimo è del 10%. La maggior parte dei CFD IB presenta un margine calcolato secondo questo tasso, rendendo, nella maggior parte dei casi, la negoziazione di CFD più efficiente, in termini di margine, rispetto a quella delle azioni sottostanti.  Gli investitori retail sono soggetti a ulteriori requisiti di margine imposti dall'ESMA, l'ente di regolamentazione
europeo. Per i dettagli, si prega di fare riferimento all'implementazione delle norme dell'ESMA sui CFD in IBKR. Non vi sono scostamenti del portafoglio tra le singole posizioni su CFD o tra CFD ed esposizioni all'azione sottostante. Le posizioni concentrate e quelle particolarmente ampie possono essere soggette a una marginazione aggiuntiva. Per maggiori dettagli, si prega di fare riferimento alla sezione Requisiti di margine dei CFD.

 

I CFD su azioni short sono soggetti al riacquisto forzato?

Sì. Nell'eventualità in cui il prestito dell'azione sottostante si riveli difficile o impossibile, il titolare della posizione short sul CFD sarà tenuto al riacquisto.

 

Come sono gestiti i dividendi e le operazioni societarie?

In generale, IB riflette l'impatto economico dell'operazione societaria per i titolari di CFD come se questi avesse detenuto il titolo sottostante. I dividendi sono registrati con un adeguamento della liquidità, mentre le altre operazioni potrebbero essere registrate con una correzione della liquidità, delle posizioni o di entrambe. Per esempio, nel caso in cui l'operazione societaria dovesse comportare una modifica del numero delle azioni (es. frazionamento azionario, frazionamento inverso), il numero di CFD sarebbe corretto di conseguenza. Se il risultato dell'operazione societaria fosse una nuova entità con azioni quotate in Borsa e IB decidesse di offrire i relativi CFD, allora verrebbero create nuove posizioni long o short dell'importo corrispondente. Per una panoramica, si prega di fare riferimento alla sezione Operazioni societarie > CFD.

*Si prega di notare che, in caso di operazioni complesse (es. alcuni tipi di fusioni), potrebbe non essere possibile adeguare correttamente i CFD. In questi casi IB potrebbe chiudere la posizione sul CFD prima della data di stacco cedola.

 

La negoziazione di CFD IB è consentita a tutti i clienti?

La negoziazione di CFD è consentita a tutti i clienti, a eccezione dei residenti negli Stati Uniti, in Canada e a Hong Kong. Gli utenti residenti a Singapore possono negoziare i CFD IB a eccezione di quelli basati sulle azioni quotate a Singapore. Non vi sono deroghe alle esclusioni determinate dalla residenza sulla base del tipo di investitore.

 

Come procedere per iniziare a negoziare CFD con IB?

È necessario impostare i permessi per il trading di CFD in Gestione conto e accettare le relative informative sul trading. Se si detiene un conto con IB LLC, IB provvederà alla configurazione di un nuovo segmento del conto (identificato con il numero del proprio conto esistente e il suffisso "F"). Una volta confermata la configurazione, sarà possibile iniziare a negoziare. Il nuovo conto "F" non richiede una procedura di finanziamento separata, in quanto i fondi sono automaticamente trasferiti dal proprio conto principale per soddisfare i requisiti di margine dei CFD.  

Sono previsti requisiti per i dati di mercato?

I dati di mercato per i CFD su azioni di IB corrispondono ai dati di mercato delle azioni sottostanti. Di conseguenza, è necessario disporre dei permessi per i dati di mercato delle relative Borse valori. Se si è già provveduto a configurare i propri permessi per i dati di mercato sulle rispettive Borse valori, non occorrerà fare null'altro. Se si desidera negoziare CFD su una Borsa valori senza disporre dei relativi permessi per i dati di mercato, è possibile configurare i permessi secondo lo stesso metodo adottato per la negoziazione delle azioni sottostanti.

 

In che modo sono rappresentate le transazioni e le posizioni su CFD all'interno dei propri rendiconti?

Se si detiene un conto con IB LLC, le proprie posizioni in CFD sono mantenute in un segmento del conto separato e identificato con il numero del proprio conto principale e il suffisso "F". È possibile scegliere di visualizzare i rendiconti di attività del segmento "F" separatamente o insieme al proprio conto principale. È possibile effettuare la scelta nella finestra del rendiconto di Gestione conto. Per tutti gli altri conti, i CFD sono mostrati nel proprio rendiconto insieme agli altri prodotti di trading.

 

È possibile trasferire posizioni su CFD da un altro broker?

IB è lieto di facilitare tale trasferimento di posizioni su CFD nel rispetto dell'accordo in essere con l'altro broker. Dato che il trasferimento di posizioni su CFD è più complesso rispetto a quello di posizioni su azioni, in genere, richiediamo che la posizione abbia un importo equivalente ad almeno 100,000 USD.

 

Sono disponibili grafici per i CFD su azioni?

Sì.

 Quali sono le tipologie di protezione del conto previste per il trading di CFD con IB?

I CFD sono contratti aventi IB UK come controparte, e non sono negoziati sulle Borse valori regolamentate, né compensati presso una stanza di compensazione centrale. Dato che IB UK è la propria controparte nelle transazioni di CFD, si è esposti ai relativi rischi finanziari e commerciali, compreso il rischio di credito associato alle negoziazioni con IB UK. Si prega di notare, tuttavia, che tutti i fondi dei clienti sono sempre interamente segregati, compresi quelli dei clienti istituzionali. IB UK è un partecipante del Financial Services Compensation Scheme ("FSCS") del Regno Unito. IB UK non fa parte della Securities Investor Protection Corporation (“SIPC”) degli Stati Uniti. Per maggiori dettagli in merito ai rischi associati alla negoziazione di CFD, si prega di fare riferimento all'Informativa sui rischi dei CFD di IB UK.

 

In quale tipologia di conti IB è possibile negoziare CFD (es. conti individuali, conti per amici e famiglia, conti istituzionali)? 

Tutti i conti a margine sono adatti alla negoziazione di CFD, ma non i conti di liquidità e i conti SIPP.

 

Quali sono le dimensioni massime consentite per le posizioni detenute sugli specifici CFD?

Non vi sono limiti predefiniti. Tuttavia, è bene ricordare che le posizioni estremamente ampie potrebbero essere soggette a requisiti di margine maggiori. Per maggiori dettagli, si prega di fare riferimento alla sezione Requisiti di margine dei CFD.

 

È possibile negoziare i CFD telefonicamente?

Registr. In casi eccezionali potremmo acconsentire all'elaborazione telefonica degli ordini di chiusura di posizioni, ma non di quelli di apertura.

 

 

I CFD sono strumenti complessi e implicano un alto rischio di perdita rapida di denaro per via della leva finanziaria.

Il 62% dei conti degli investitori al dettaglio (retail) perde denaro con la negoziazione di CFD tramite IBKR (UK).

È bene considerare se si comprende il funzionamento dei CFD e se ci si può permettere di assumersi l'alto rischio di perdita di denaro.

Regolamento dell'ESMA

L'Autorità europea degli strumenti finanziari e dei mercati (ESMA) ha emanato delle misure d'intervento temporanee in vigore a partire dal 1 agosto 2018 (ordinanza dell'ESMA).

Le restrizioni imposte dall'ordinanza dell'ESMA consistono in: 1) dei limiti a leva sull'apertura di posizioni su CFD; 2) una norma sulla liquidazione del margine a seconda dello specifico conto; e 3) la tutela del saldo negativo a seconda dello specifico conto; 4) una restrizione sugli incentivi offerti per la negoziazione di CFD; e 5) un'avvertenza sui rischi standard.

L'ordinanza dell'ESMA è applicabile solamente ai clienti al dettaglio (retail). I clienti professionali non ne sono soggetti.


 

I CFD sono strumenti complessi e implicano un alto rischio di perdita rapida di denaro per via della leva finanziaria.

Il 62% dei conti degli investitori al dettaglio (retail) perde denaro con la negoziazione di CFD tramite IBKR (UK).

È bene considerare se si comprende il funzionamento dei CFD e se ci si può permettere di assumersi l'alto rischio di perdita di denaro.
 

Overview of IB issued Share CFDs

The following article is intended to provide a general introduction to share-based Contracts for Differences (CFDs) issued by IB.

For Information on IB Index CFDs click here. For Forex CFDs click here.

Topics covered are as follows:

I.    CFD Definition
II.   Comparison Between CFDs and Underlying Shares
III.  Cost and Margin Considerations
IV.  Worked Example
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.

62% of retail investor accounts lose money when trading CFDs with IBKR (UK).

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 ESMA CFD Rules Implementation at IBKR for more detail.

I.  Share  CFD Definition

IB 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 IB 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, IB pays you. If it is negative, you pay IB.

IB Share CFDs are traded through your margin account, and you can therefore enter long as well as short leveraged positions. The price of the CFD is the exchange-quoted price of the underlying share. In fact, IB CFD quotes are identical to the Smart-routed quotes for shares that you can observe in the Trader Workstation and IB 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 IB’s transparent CFD model to others available in the market please see our Overview of CFD Market Models.

IB currently offers approximately 7100 Share CFDs covering the principal markets in the US, Europe and Asia.  The constituents of the major indexes listed below are currently available as IB Share CFDs. In many countries IB 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

 *not available to Singapore residents

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 IB CFDs DRAWBACKS of IB CFDs
No stamp duty or financial transaction tax (UK, France, Belgium) No ownership rights
Generally lower commission and 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  

III.  Cost and Margin Considerations

IB CFDs can be an even more efficient way to trade the European stock markets than IB’s highly competitive stock offering.

Firstly, IB CFDs have low commissions compared to stocks, and the same low financing spreads:

EUROPE   CFD STOCK
Commission GBP 0.05% GBP 6.00 + 0.05%*
EUR 0.05% 0.10%
Financing** Benchmark +/- 1.50% 1.50%

*per order + 0.05% of excess over GBP 50,000
**CFD financing on total position value, stock financing on borrowed amount

When you trade more, CFD commissions become even lower, as low as 0.02%. Financing rates are reduced for larger positions, to as low as 0.5%.  Please see CFD Commissions and CFD Financing Rates for more details.

Secondly, CFDs have lower margin requirements than stocks. Retail clients are subject to additional margin requirements mandated by ESMA, the European regulator. Please see ESMA CFD Rules Implementation at IBKR for details.

  CFD STOCK
  All Standard Portfolio Margin
Maintenance Margin Requirement*

10%

25% - 50% 15%

*Typical margin for blue-chips. Retail Clients are subject to a minimum Initial Margin of 20%. Standard 25% intraday maintenance margin for stocks, 50% overnight.  Portfolio Margin shown is maintenance margin (incl. overnight). More volatile issues are subject to higher requirements

Please refer to CFD Margin Requirements and for more detail.


IV.  Worked Example (Professional Client)

Let’s look at an example. Unilever’s Amsterdam listing has returned 3.2% in the past month (20 trading days to May 14th, 2012) and you believe it will continue to perform well. You want to build a EUR 200,000 exposure and hold it for 5 days. You do 10 trades to build up and 10 trades to unwind. Your direct costs would be as follows:

STOCK

  CFD STOCK
EUR 200,000 Position   Standard Portfolio Margin
Margin Requirement 20,000 100,000 30,000
Commission (round trip) 200.00 400.00 400.00
Interest Rate (Simplified) 1.50% 1.50% 1.50%
Amount Financed 200,000 100,000 170,000
Days Financed  5 5 5
Interest Expense (1.5% Simplified Rate) 41.67 20.83 35.42
Total Direct Cost (Commission + Interest) 241.67 420.83 435.42
Cost Difference   74% Higher 80% Higher

Note: Interest expense for CFDs is calculated on the entire contract position, for shares interest is calculated on the borrowed amount. The applicable rates are the same for both shares and CFDs.

 

But let’s assume you only have EUR 20,000 available to fund the margin. If Unilever continues to perform as it has in the past month, your potential profit would compare as follows:  

LEVERAGE REWARD CFD STOCK
Available Margin 20,000 20,000 20,000
Total Invested 200,000 40,000 133,333
Gross Return (5 Days) 1,600 320 1,066.66
Commission 200.00 80.00 266.67
Interest Expense (1.5% Simplified Rate) 41.67 4.17 23.61
Total Direct Cost (Commission + Interest) 241.67 84.17 290.28
Net Return (Gross Return less Direct Cost) 1,358.33 235.83 776.39
Return on Margin Investment Amount 0.07 0.01 0.04
Difference   83% Less Gain 43% Less Gain

 

LEVERAGE RISK CFD STOCK
Available Margin 20,000 20,000 20,000
Total Invested 200,000 40,000 133,333
Gross Return (5 Days) -1,600 -320 -1,066.66
Commission 200.00 80.00 266.67
Interest Expense (1.5% Simplified Rate) 41.67 4.17 23.61
Total Direct Cost (Commission + Interest) 241.67 84.17 290.28
Net Return (Gross Return less Direct Cost) -1,841.67 -404.17 -1,356.94
Difference   78% Less Loss 26% Less Loss

 

V.   CFD Resources

Below are some useful links with more detailed information on IB’s CFD offering:

CFD Contract Specifications

CFD Product Listings

CFD Commissions

CFD Financing Rates

CFD Margin Requirements

CFD Corporate Actions

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 Stock Indices and Forex?

Yes. Please see IB Index CFDs - Facts and Q&A and Forex CFDs - Facts and Q&A.

 

How do you determine your Share CFD quotes?

IB CFD quotes are identical to the Smart routed quotes for the underlying share. IB 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. IB offers Direct market Access (DMA) whereby 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. 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?

IB establishes risk-based margin requirements based on the historical volatility of each underlying share. The minimum margin is 10%. Most IB CFDs are margined at this rate, making CFDs more margin-efficient than trading the underlying share in most cases.  Retail investors are subject to additional margin requirements mandated by ESMA, the European
regulator. Please see ESMA CFD Rules Implementation at IBKR for details. 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 will become subject to buy-in.

 

How do you handle dividends and corporate actions?

IB 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 IB 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 IB may terminate the CFD prior to the ex-date.

 

Can anyone trade IB CFDs?

All clients can trade IB CFDs, except residents of the USA, Canada, and Hong Kong. Singapore residents can trade IB CFDs except those based on shares listed in Singapore. There are no exemptions based on investor type to the residency based exclusions.

 

What do I need to do to start trading CFDs with IB?

You need to set up trading permission for CFDs in Account Management, and agree to the relevant trading disclosures. If your account is with IB LLC, IB 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.  

Are there any market data requirements?

The market data for IB 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 set up 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 have an account with IB 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 Account Management. For other accounts CFDs are shown normally in your account statement alongside other trading products.

 

Can I transfer in CFD positions from another broker?

IB will be glad to facilitate the transfer of CFD positions, subject to the agreement of the other broker. As the transfer of CFD positions is more complex than is the case for share positions, we generally require the position to be at least the equivalent of USD 100,000.

 

Are charts available for Share CFDs?

Yes.

 What account protections apply when trading CFDs with IB?

CFDs are contracts with IB UK as your counterparty, and are not traded on a regulated exchange and are not cleared on a central clearinghouse. Since IB UK is the counterparty to your CFD trades, you are exposed to the financial and business risks, including credit risk, associated with dealing with IB UK. Please note however that all client funds are always fully segregated, including for institutional clients. IB UK is a participant in the UK Financial Services Compensation Scheme ("FSCS"). IB UK is not a member of the U.S. Securities Investor Protection Corporation (“SIPC”).Please refer to the IB UK CFD Risk Disclosure for further detail on risks associated with trading CFDs.

 

In what type of IB accounts can I trade CFDs e.g., Individual, Friends and Family, Institutional, etc.? 

All margin accounts are eligible for CFD trading. Cash or SIPP accounts are not.

 

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.

 

 

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

62% of retail investor accounts lose money when trading CFDs with IBKR (UK).

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

ESMA Ruling

The European Securities and Markets Authority (ESMA) issued temporary product intervention measures effective from 1st August 2018 (ESMA Decision).

The restrictions imposed by the ESMA Decision consist of: 1) leverage limits on the opening of a CFD position; 2) a margin close out rule on a per account basis; 3) negative balance protection on a per account basis; 4) a restriction on the incentives offered to trade CFDs; and 5) a standardized risk warning.

The ESMA Decision is only applicable to retail clients. Professional clients are unaffected.


 

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

62% of retail investor accounts lose money when trading CFDs with IBKR (UK).

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
 

IBKR Stock Yield Enhancement Program

PROGRAM OVERVIEW

The Stock Yield Enhancement Program (SYEP) offers clients the opportunity to earn additional income on their full-paid shares by lending those shares to IBKR for on-lending to short sellers that are willing to pay to borrow them. 

Upon enrollment, Program activities are managed in their entirety by IBKR and require no actions on the part of participants.  These activities include the following:

- Identifying the shares in client accounts which borrowers are attempting to borrow;

- Establishing loans and returns;

- Paying interest (expressed as an interest accrual for activity statement reporting purposes) on cash collateral posted to a client’s account; and

- Reporting of loan activity, cash collateral transfers and income on the activity statements;

In contrast to the securities lending programs offered by others, IBKR provides complete transparency to the market rates, gross income earned from each transaction by IB and interest paid by to the client and IBKR. 

 

HOW IT WORKS

- Clients may enroll in the Program in Account Management (full details below). Activation generally takes place overnight. Eligible accounts include any IB LLC, IB Hong Kong, IB Canada, and IB-UK margin accounts, IB LLC, IB Canada, IB-UK or IB Hong Kong cash accounts with equity in excess of USD 50,000 are also eligible.

- Once activated, IBKR will review the inventory of eligible shares on a daily basis held by the client and use eligible shares to satisfy internal and external borrow demand. If the supply of eligible shares exceeds borrow demand, clients will be allocated loans on a pro rata basis (e.g. if aggregate supply is 20,000 shares and aggregate demand 10,000, each client will be eligible to have 50% of their shares loaned).

- At the end of each day that any loan is in place, IBKR will pay the client interest (presented as an interest accrual) on the cash collateral posted to the client’s account for the loan. IBKR will retain any amounts it earns from the loan in excess of the interest paid to the client. The details regarding the transaction, including the quantity of shares loaned, collateral amount, gross income earned by IBKR and interest accruing to the client are reflected on the daily activity statement. 

- Clients maintain full control of loaned shares with no impairment as to:

          * Market exposure ( i.e., will continue to recognize profit or loss consistent with stock price move);

          * The ability to sell at any time without prior notice;

          * Hedges (e.g., covered calls, protective puts);

          * The representation of holdings in statements and the trading platform; and

          * Cost basis 

 

SPECIAL CONSIDERATIONS

- Loaned shares may not be protected by SIPC, however, the cash collateral received for the loaned securities is segregated within the 15c3-3 Reserve Account and therefore subject to the same investment restrictions;

- The interest rate that IBKR pays for any given loan is subject to supply and demand considerations that are outside the control of IBKR and which are susceptible to change from one day to another without advance notice or limit as to the magnitude of change. The interest paid to participants will reflect such changes;

- Proxy voting rights on loaned shares are forfeited (rights go to borrower);

- Participants may not receive actual dividends on loaned shares but instead a cash payment equivalent to the full dividend to be paid on the same date as the dividend (referred to as a 'Payment in Lieu'). Payments in Lieu are treated differently than a dividend for U.S. tax reporting purposes, certain taxpayers may not receive the more favorable tax treatment afforded to dividend payments deemed 'qualified'. IBKR generally seeks to avoid this consequence for SYEP participants by recalling shares that provide at least a 10 day notice prior to record date, so the actual dividend is paid, but this is not guaranteed.

- Loaned shares are typically used to facilitate short sales and such transactions may affect the value of shares.

 

HOW TO ENROLL IN THE STOCK YIELD ENHANCEMENT PROGRAM

For enrollment in the latest Account Management, please click on the below buttons in the order specified.

 

For enrollment via Classic Account Management, please click on the below buttons in the order specified.

 

For additional FAQs relating to the Yield Enhancement Program, click here.

 

Stock Yield Enhancement Program FAQs

What is the purpose of the Stock Yield Enhancement Program?
The Stock Yield Enhancement program provides customers with the opportunity to earn additional income on securities positions which would otherwise be segregated (i.e., fully-paid and excess margin securities) by permitting IB to lend out those securities to third parties. Customers who participate in the program will receive cash collateral to secure the return of the stock loan at its termination as well as interest on the cash collateral provided by the borrower for any day the loan exists.

 

What are fully-paid and excess margin securities?
Fully-paid securities are securities in a customer’s account that have been completely paid for. Excess margin securities are securities that have not been completely paid for, but whose market value exceeds 140% of the customer’s margin debit balance.

 

How is the income received by a customer on any given Stock Yield Enhancement Program loan transaction determined?
The income which a customer receives in exchange for shares lent depend upon loan rates established in the over-the-counter securities lending market. These rates can vary significantly not only by the particular security loaned but also by the loan date. In general, IB pays interest to participants on their cash collateral at a rate that approximates 50% of the amounts earned by IB for lending the shares. . For example, assume IB earns 15% annualized income from lending shares with a value of $10,000 and it posts $10,000 cash collateral to a participant’s account. The normal daily interest rate IB would pay to a participant on the cash collateral would be $2.08

 

How is the amount of cash collateral for a given loan determined?
The cash collateral underlying the security loan and used for determining interest payments is determined using standard industry convention whereby the closing price of the stock is multiplied by 102% and then rounded up to the nearest whole dollar. For example, a loan of 100 shares of a stock which closes at $59.24 would be equal to $6,100 ($59.24 * 1.02 = $60.4248; round to $61, multiply by 100).

 

How do long sales, transfers of securities lent via the IB Stock Yield Enhancement Program or un-enrollment affect interest?
Interest ceases to accrue on the next business day after the trade date (T+1). Interest also ceases to accrue on the next business day after the transfer input or un-enrollment date.

 

What are the eligibility requirements for participation in the IB Stock Yield Enhancement Program?
All IB LLC, IB UK, IB HK, and IB Canada margin accounts or IB LLC, IB UK (excluding SIPP accounts), IB HK and IB Canada cash accounts with equity over $50,000 at the time of application are eligible. IB Japan, IB Australia and IB India customers are not eligible. Japanese and Indian clients maintaining accounts with IB LLC are eligible.


In addition, Financial Advisor client accounts, fully disclosed IBroker clients and Omnibus Brokers who meet the above requirements can participate. In the case of Financial Advisors and fully disclosed IBrokers, the clients themselves must sign the agreements. For Omnibus Brokers, the broker signs the agreement.

 

Are IRA accounts eligible to participate in the Stock Yield Enhancement Program?
Yes.

 

Are partitions of IRA accounts managed by Interactive Brokers Asset Management eligible to participate in the Stock Yield Enhancement Program?
No.

 

Are UK SIPP accounts eligible to participate in the Stock Yield Enhancement Program?
No.

 

How do I enroll in the IB Stock Yield Enhancement Program?
Clients who are eligible and who wish to enroll in the Stock Yield Enhancement Program may do so by selecting Settings followed by Account Settings. Click the gear icon next to the words Trading Permissions. Check the box at the top of the page under Trading Programs that says Stock Yield Enhancement. Click CONTINUE and fill out any required agreements/disclosures.

 

What happens if equity in a participating cash account falls below the $50,000 qualifying threshold?
The cash account must meet this minimum equity requirement solely at the point of signing up for the program. If the equity falls below that level thereafter there is no impact upon existing loans or the ability to initiate new loans.

 

How does one terminate Stock Yield Enhancement Program participation?

Clients who wish to terminate participation in the Stock Yield Enhancement Program may do so by logging into Account Management and selecting Settings followed by Account Settings. Click the gear icon next to the words Trading Permissions. Remove the check from the box in the Trading Programs section titled Stock Yield Enhancement Program". Click CONTINUE and fill out any required agreements/disclosures. Requests to terminate are typically processed at the end of the day.

 

If an account signs up and un-enrolls at a later time, when can it be re-enrolled into the program?
After un-enrollment, the account may not re-enroll for 90 calendar days.

 

What types of securities positions are eligible to be lent?
Eligible securities include U.S. common stocks (exchange listed, PINK and OTCBB), ETFs, preferred stocks and corporate bonds. Municipal bonds and non-U.S. securities are not eligible.

 

Is there any restriction on lending stocks which are trading in the secondary market following an IPO?
No, as long as IB is not part of the selling group.

 

How does IB determine the amount of shares which are eligible to be loaned?
The first step is to determine the value of securities, if any, which IB maintains a margin lien upon and can lend without client participation in the Stock Yield Enhancement Program. A broker who finances client purchases of securities via margin loan is allowed by regulation to loan or pledge as collateral that client’s securities in an amount up to 140% of the cash debit balance. For example, if a client maintaining a cash balance of $50,000 buys securities having a market value of $100,000, the debit or loan balance will be $50,000 and the broker holds a lien on 140% of that balance or $70,000 of securities. Any securities held by the client in excess of that amount are referred to as excess margin securities ($30,000 in this example) and are required to be segregated unless the client provides IB the authorization to lend through the Stock Yield Enhancement Program.

The debit balance is determined by first converting all non-USD denominated cash balances to USD and then backing out any short stock sale proceeds (converted to USD as necessary). If the result is negative then we free up 140% of that negative number. In addition, cash balances maintained in the commodities segment or for spot metals and CFDs are not considered.

EXAMPLE 1: Customer is long EUR 100,000 in a USD Base Currency account with a EUR.USD rate of 1.40. Customer purchases USD denominated stock valued at $112,000 (EUR 80,000 equivalent). All securities are deemed fully-paid as cash balance as converted to USD is a credit.

Component EUR USD Base (USD)
Cash 100,000 (112,000) $28,000
Long Stock   $112,000 $112,000
NLV     $140,000

EXAMPLE 2: Customer holds long USD of 80,000, long USD denominated stock of $100,000 and short USD denominated stock of $100,000. Long securities totaling $28,000 are deemed margin securities and the remainder of $72,000 excess margin securities. This is determined by subtracting the short stock proceeds from the cash balance ($80,000 - $100,000) and multiplying the resultant debit by 140% ($20,000 * 1.4 = $28,000)

Component Base (USD)
Cash $80,000
Long Stock $100,000
Short Stock ($100,000)
NLV $80,000

 

Will IB lend out all eligible shares?
There is no guarantee that all eligible shares in a given account will be loaned through the Stock Yield Enhancement Program as there may not be a market at an advantageous rate for certain securities, IB may not have access to a market with willing borrowers or IB may not want to loan your shares.

 

Are Stock Yield Enhancement Program loans made only in increments of 100?
No. Loans can be made in any whole share amount although externally we only lend in multiples of 100 shares. Thus the possibility exists that we would lend 75 shares from one client and 25 from another should there be external demand to borrow 100 shares.

 

How are loans allocated among clients when the supply of shares available to lend exceeds the borrow demand?
In the event that the demand for borrowing a given security is less than the supply of shares available to lend from participants in our Yield Enhancement Program, loans will be allocated on a pro rata basis (e.g. if aggregate supply is 20,000 and demand is 10,000, each client will be eligible to have 50% of his/her shares lent)

 

Are shares loaned only to other IB clients or to other third parties?
Shares may be loaned to any counterparty and is not limited solely to other IB clients.

 

Can the Stock Yield Enhancement Program participant determine which shares IB can lend?
No. The program is entirely managed by IB who, after determining those securities, if any, which IB is authorized to lend by virtue of a margin loan lien, has the discretion to determine whether any of the fully-paid or excess margin securities can be loaned out and to initiate the loans.

 

Are there any restrictions placed upon the sale of securities which have been lent through the Stock Yield Enhancement Program?
Loaned shares may be sold at any time, without restriction. The shares do not need to be returned in time to settle your sale of the share and proceeds from the sale are credited to the client’s account on the normal settlement date. In addition, the loan will be terminated on the open of the business day following the security sale date.

 

Can a client write covered calls against stock which has been loaned out through the Stock Yield Enhancement Program and receive the covered call margin treatment?
Yes. A loan of stock has no impact upon its margin requirement on an uncovered or hedged basis since the lender retains exposure to any gains or losses associated with the loaned position.

 

What happens to stock which is the subject of a loan and which is subsequently delivered against a call assignment or put exercise?
The loan will be terminated on T+1 of the action (trade, assignment, exercise) which closed or decreased the position.

 

What happens to stock which is the subject of a loan and which is subsequently halted from trading?
A halt has no direct impact upon the ability to lend the stock and as long as IB can continue to loan the stock, such loan will remain in place regardless of whether the stock is halted.

 

Can the cash collateral from a loan be swept to the commodities segment to cover margin and/or variation?
No. The cash collateral securing the loan never impacts margin or financing.

 

What happens if a program participant initiates a margin loan or increases an existing loan balance?
If a client maintains fully-paid securities which have been loaned through the Stock Yield Enhancement Program and subsequently initiates a margin loan, the loan will be terminated to the extent that the securities do not qualify as excess margin securities. Similarly, if a client maintaining excess margin securities which have been loaned through the program increases the existing margin loan, the loan may again be terminated to the extent that the securities no longer qualify as excess margin securities.

 

Under what circumstances will a given stock loan be terminated?
In the event of any of the following, a stock loan will be automatically terminated:

- If the client elects to terminate program participation
- Transfer of shares
- Borrowing of a certain amount against the shares
- Sale of shares
- Call assignment/put exercise
- Account closure

 

Do participants in the Stock Yield Enhancement Program receive dividends on shares loaned?
While the lender of the securities is entitled to receive the amount of all dividends and distributions made on loaned securities, they may receive cash payments in lieu of dividends, commonly referred to PIL. Depending upon one’s holding period for the shares loaned, the receipt of a PIL may have an adverse tax impact for certain U.S. taxpayers as such payments are taxed as ordinary income rather than at the reduced rate associated with qualified dividends. IB will attempt to mitigate the payment of PILs by recalling loaned shares prior to a dividend, however, IB cannot guarantee that the borrower will be able to return the shares within the necessary time frame to avoid receipt of PIL.

If the account would not be tax disadvantaged by receiving a PIL (for example, an IRA account), Interactive Brokers may intentionally keep your shares out on loan over Dividend Record Date in order to continue revenue generation for your account. 

 

Do participants in the Stock Yield Enhancement Program retain voting rights for shares loaned?

No. The borrower of the securities has the right to vote or provide any consent with respect to the securities if the Record Date or deadline for voting, providing consent or taking other action falls within the loan term.

 

Do participants in the Stock Yield Enhancement Program receive rights, warrants and spin-off shares on shares loaned?

Yes. The lender of the securities will receive any rights, warrants, spin-off shares and distributions made on loaned securities.

 

How are loans reflected on the activity statement?

Loan collateral, shares outstanding, activity and income is reflected in the following 6 statement sections:


1. Cash Detail – details starting cash collateral balance, net change resulting from loan activity (positive if new loans initiated; negative if net returns) and ending cash collateral balance.

 

2. Net Stock Position Summary – for each stock details total Shares at IB, the number of Shares Borrowed, the number of Shares Lent and the Net Shares (=Shares at IB + Shares Borrowed - Shares Lent). 

 

3. IB Managed Securities Lent – lists for each stock loaned through the Stock Yield Enhancement Program the Quantity of shares loaned, the Interest Rate (%). 

 

4. IB Managed Securities Lent Activity – details the loan activity for each security including Loan Return Allocations (i.e., terminated loans); New Loan Allocations (i.e., initiated loans); the share Quantity; the Net Interest Rate (%); Interest Rate on Customer Collateral (%) and the Collateral Amount. 

 

5. IB Managed Securities Lent Activity Interest Details – details on an individual loan basis including the Interest Rate Earned by IB (%); the Income Earned by IB (represents the total income IB earns from the loan which is equal to {Collateral Amount * Interest Rate}/360); the Interest Rate on Customer Collateral (represents about half of the income IB earns on the loan) and Interest Paid to Customer (represents the interest income earned on a client’s collateral)

Note: This section will only be displayed if the interest accrual earned by the client exceeds USD 1 for the statement period.   

 

6. Interest Accruals – the interest income is accounted for here as an interest accrual and is treated as any other interest accrual (aggregated but only displayed as an accrual when exceeding $1 and posted to cash monthly). For year-end reporting purposes, this interest income will be reported on Form 1099 issued to U.S. taxpayers.

 

India Intra-Day Shorting Risk Disclosure

Interactive Brokers currently offers the ability to short sell stocks before taking delivery on an intra-day basis. In accordance with IB’s intra-day shorting rules, traders are required to deliver shares sold or close short stock positions prior to the end of the trading session. 

Should traders establish a short stock position intra-day and still hold the position ten minutes prior to the end of the trading session at 15:20 IST, Interactive Brokers may, on a best efforts basis, close the position on your behalf. If the position is not closed by the end of the day and the shares are not delivered by the customer before settlement, the loss on account of auction will be borne by the customer. Please note that prices in the auction market are highly variable and typically not favorable compared to the normal market.

It is important to note, IB will not take into consideration any closing orders for short stock positions placed by the customer which may still be working. If your account holds a short position ten minutes prior to the end of the trading session and you have placed working orders to close those positions, there is the possibility your closing order will execute and that IB will act to close out your short position.  In this situation you will be responsible for both executions and will need to manage your long position accordingly.

A fee of INR 2,000 will be charged for this manual processing in addition to any external penalties in the case of short stock positions resulting in auction trades.  As such, we strongly urge customers to monitor their positions and take appropriate action themselves in order to avoid this.

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