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FAQS: IBCE Brexit Account Migration

Übersicht: 

This is an important document regarding the proposed transfer of your account from IBUK and IBLLC to IBCE that requires your attention. Please read the entirety of this document ahead of taking any action referred to in the Covering Letter sent to you via email.

 

Background: 

Please take time to read this FAQs, which summarises some of the key changes to the regulatory framework which will be brought about by the Proposed Transfer (as described below) and provides answers to some of the more general questions that you may have. The FAQs should be read in conjunction with the Covering Letter and the documents that are attached to the Covering Letter. If you require any further information, please get in touch with us using the contact details provided in the Covering Letter. This FAQs supersedes the one previously made available to you titled “FAQs: Brexit Account Migration” (“Original FAQs”) as it reflects new information, and we ask that you read it carefully. To the extent there is any inconsistency between this FAQs and the Original FAQs, please rely on the information contained in this FAQs.

 

Discussion: 

This FAQs is split into three parts. 

  • Part A sets outs key information in relation to the Proposed Transfer (as described below).
  • Part B covers key legal and regulatory topics that arise as a result of the Proposed Transfer (as described below).
  • Part C aims to answer any other questions that you may have and provides some further and more practical information in relation to what will and will not be changing following the Proposed Transfer (as described below). 

 

PART A – THE PROPOSED TRANSFER

 1. What is the situation currently and why do things have to change?

As you will be aware, at present, your relationship with Interactive Brokers is led by our entity based in the United Kingdom, specifically Interactive Brokers (U.K.) Limited (“IBUK”) and the services provided to you are provided by IBUK and, depending on the products you do business in, our US affiliate Interactive Brokers LLC (“IBLLC”).  At present IBUK utilises what is known as a financial services passport to be able to perform its part of the service provision across continental Europe. Our working assumption is that following the end of the Brexit transitional period later this year, IBUK will lose its financial services passport and that from 1 January 2021 Interactive Brokers will need to make some changes in relation to which legal entity does business with you. 

 

2. What are the “changes” envisaged above?

We have established a new Interactive Brokers legal entity in Hungary, namely, Interactive Brokers Central Europe Zrt.  (“IBCE”).  We propose to transfer the business that you currently conduct with IBUK and IBLLC to IBCE.  In other words, it is our intention that all of your accounts, investments and services currently provided to you by IBUK and IBLLC will instead be singularly provided by IBCE (for convenience we will refer to this as the “Proposed Transfer”).

 

3. When will the Proposed Transfer occur? 

We will write to you again ahead of the Proposed Transfer. 

 

4. Who is IBCE? What sort of a firm is it?

IBCE, an investment service provider, is licensed and authorized by the Central Bank of Hungary.  IBCE’s regulatory status and profile is very similar to IBUK’s.  This is because both IBCE and IBUK are authorised pursuant to the second Markets in Financial Instruments Directive (Directive 2014/65/EU). This is an EU-wide piece of legislation the purpose of which is to, as much as possible, harmonise how investment firms are regulated across the EU. 

This does not mean there are not some differences between the legislation that applies to your relationship with IBUK and IBLLC at present and that which will apply once your account is transferred to IBCE.  We explain this in more detail in Part B of this FAQs. 

 

5. What are IBCE’s legal details? 

Interactive Brokers Central Europe Zrt. is registered as a private company limited by shares (registration number 01-10-141029) and is listed in the Register of Companies maintained by the  Metropolitan Court of Registration. Its registered address is Budapest, Madách Imre út 13-14, 1075.

 

6. Who will regulate IBCE and what are their contact details? 

The Central Bank of Hungary will be the competent regulator for IBCE (in the same way that the Financial Conduct Authority is the competent regulator for IBUK).  The  Central Bank of Hungary’s contact details are set out below: 

Location

Central Bank of Hungary

1054 Budapest

Szabadság tér 9.

Hungary

 

Postal Address

Magyar Nemzeti Bank

BKKP Pf. 777

 

Client Service, client complaints 

Address: 1013 Budapest, Krisztina krt. 39.

E-mail: ugyfelszolgalat@mnb.hu

Phone:  +36 80 203 776

 

 7. Where does IBCE fit with respect to the broader Interactive Brokers Group? 

IBCE is a wholly-owned subsidiary that sits within the broader Interactive Brokers Group.

 

8. What does the Proposed Transfer mean for me? Will there be any material impacts? 

The Proposed Transfer may have a material impact if you currently trade products that you will be restricted from trading following the transfer.  It is very important that you read these FAQs carefully, and in full, and make sure that you understand what the changes are for you.

 

9. What do I have to do if I want to continue doing business with Interactive Brokers? 

If you would like to continue to do business with Interactive Brokers, we require your cooperation and action. 

Specifically, we need you to consent and agree to the Proposed Transfer and the Customer Agreement and other Documents available under the Important Information section of the Proposed Transfer process and to the regulatory matters outlined in the Covering Letter, the Important Information and Consent sections of the Proposed Transfer process.  You can do this by following the instructions in the Covering Letter. 

To be clear, you do not have to consent to the Proposed Transfer if you feel that you may be adversely affected by it.  However, you should be aware that if you decide to decline, IBUK may not be able to keep servicing your account at the end of the Brexit transition period.  If that happens, your account will be restricted from opening new transactions or transferring new assets.  You always have the ability to transfer your account to another broker.  If you wish to decline, please follow the instructions in the Covering Letter. 

In either case, we ask that you read the entirety of this FAQs and the Covering Letter before deciding to consent to or decline the Proposed Transfer.

 

10. What happens next? 

If you consent to the transfer, please complete all actions detailed in the Covering Letter and we will prepare your account for the Proposed Transfer.  Following the Proposed Transfer, IBCE will write to you with further information about your new relationship with them.

 

PART B – LEGAL AND REGULATORY CHANGES THAT YOU SHOULD BE AWARE OF

 

1. What terms and conditions will govern my relationship with IBCE following the Proposed Transfer? Are these different to the ones that currently apply? 

Trades that you conduct after the Proposed Transfer will be governed by the new Customer Agreement between you and IBCE.  A copy of the new Customer Agreement is available in the Important Information section of the Proposed Transfer process.  Please see the response to Question A3 above in relation to the timing for the Proposed Transfer.

 

2. What conduct of business rules (including best execution) will apply to my relationship with IBCE? Are there any material differences that will apply to my relationship with IBCE compared to those that apply to my existing relationship with IBUK? 

There are some changes to be aware of, which we explain below. 

If you do business with IBUK on a “carried” basis (in other words, you trade index options, futures and futures options and IBUK carries your account and custodies your assets) then the Financial Conduct Authority’s conduct of business rules currently apply to you.  These rules are based heavily on the recast Markets in Financial Instruments Directive, the Markets in Financial Regulation and various delegated directives and regulations (collectively, “MiFID”).  In relation to best execution, where it applies, IBUK must take all sufficient steps to achieve the best possible result for you when we execute your order. 

If you currently do business with IBUK on an “introduced” basis (in other words, you trade products outside of those mentioned in the previous paragraph and you have a relationship with both IBUK and its US affiliate, IBLLC) a mix of conduct of business rules will currently apply to you. For instance, with respect to the introduction of your business to IBLLC, the Financial Conduct Authority’s conduct of business rules will apply (see above in relation to these).  Once introduced to IBLLC, the relevant U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission rules and regulations (among others) will apply to IBLLC’s role (including its obligations in relation to best execution and custody). 

Please note that it is of course possible that your business is split across these two scenarios (in other words some of your business is conducted on a “carried” basis while some of it is conducted on an “introduced” basis). 

Going forward, the distinction between “carried” and “introduced” business will no longer apply and in each case set out above, Hungarian conduct of business rules will exclusively apply to your relationship with IBCE.  Similar to the UK Financial Conduct Authority’s rules, the Hungarian conduct of business rules are based on MiFID and IBCE’s obligations in relation to best execution will largely mirror those that currently apply to IBUK. 

In our view, while the rules that apply to our relationship will change, we do not consider such changes to be material or to result in a lesser degree of protection being afforded to you.

 

3. How will my investments that I custody with IBCE be held from a legal/regulatory perspective? Are there any material differences that will apply to my relationship with IBCE compared to those that apply to my existing relationship with IBUK? 

The rules that currently apply depends on the sort of business that you presently have with IBUK (please see the response to Question B2 above).  Where you conduct “carried” business with IBUK, the Financial Conduct Authority’s client asset (or “CASS”) rules will apply.  These rules are based heavily on MiFID.  Where you conduct “introduced” business with IBUK and IBLLC, the US custody rules will apply to your custody assets. 

Going forward, as set out above, the distinction between “carried” and “introduced” business will no longer apply and in each case set out above, Hungarian custody rules will exclusively apply to your relationship with IBCE.  Like the UK Financial Conduct Authority’s rules, the Hungarian conduct of business rules are based on MiFID. 

 

4. How am I protected against loss? Are there any material differences that will apply to my relationship with IBCE compared to those that apply to my existing relationship with IBUK? 

Currently, your eligible assets are protected from loss either under the US Securities Investor Protection Corporation at an amount of up to USD 500,000 (subject to a cash sublimit of USD 250,000) or the UK Financial Services Compensation Scheme at an amount up to £50,000 (which regime applies depends on the relevant segment of your IBUK account, as explained in the response to Question B2 above).  After the Proposed Transfer, the Hungarian Investor Protection Fund according to Act CXX of 2001 on the Capital Market may protect your assets from loss, at an amount up to a maximum of EUR 100,000, should IBCE default and be unable to meet its obligations to you. 

Hungary's compensation scheme is similar to the compensation scheme you have access to in the UK,   The purpose of the Fund is to pay compensation to you in the event that:

  • the Central Bank of Hungary initiates liquidation proceedings of IBCE , or
  • a court orders the liquidation of IBCE. 

 IBCE is a member of the Fund. 

The compensation provided by the Fund covers claims arising from contracts entered into within the agreement with IBCE of brokerage activity, securities custody, securities account management and client account management activities performed by IBCE.

You can only make a claim after a firm goes out of business and its assets have been liquidated and distributed to those who are owed money. Please check the details of the schemes for any limits that apply – not all losses will be covered as there are maximum levels of compensation.   The Fund will pay you compensation for the amount you have lost up to a maximum of EUR 100,000. The amount paid by the Fund is:

  • 100% up to the limit of the EUR equivalent of one million forints (EUR 2,800 on 12th December 2020),
  • above one million forints: 1 million forints and 90% of the part above one million forints to a maximum of EUR 100,000.

 

5. How do I make a complaint to IBCE? Are there any material differences that will apply to my relationship with IBCE compared to those that apply to my existing relationship with IBUK? What if my complaint relates to something that happened while I was a customer of IBUK? 

The General Business Rules of IBCE sets out how to lodge a complaint with IBCE.  The complaints handling procedures are materially similar to those that apply to your existing relationship with IBUK.  If the substance of your complaint relates to something that happened prior to the Proposed Transfer, then you should address your complaint to IBUK.  IBUK will remain authorised as an investment firm post-Brexit.  Its current contact information will stay the same should you need to contact IBUK.

 

6. After the Proposed Transfer, will I still have access to the Financial Ombudsman Service? 

In case of complaint, investors should follow the complaints procedure as referred to in the Customer Agreement.  As explained in the Original FAQs, once the Proposed Transfer has taken place, the UK Financial Ombudsman Service will cease to have jurisdiction over any complaints that you may have in respect of IBUK.  However, please be aware that Hungary has a dispute resolution scheme operated by the Central Bank of Hungary in the form of the Financial Arbitration Board (“FAB”). The FAB is a free and independent statutory dispute resolution scheme for financial services. You may be eligible to make a complaint to the FAB if you are a retail customer.  Details of FAB can be found on https://www.mnb.hu/en/hungarian-financial-arbitration-board

 The FAB can be contacted at: 

Postal Address

Financial Arbitration Board

1525 Budapest

Pf. 172

 

Email

ugyfelszolgalat@mnb.hu

 

7. How will my personal data be processed and protected? Are there any material differences that will apply to my relationship with IBCE compared to those that apply to my existing relationship with IBUK in this context? 

Please see the Original FAQs for further information. In summary there will be no material change.

 

PART C – OTHER PRACTICAL QUESTIONS AND NEXT STEPS

 

1. Who should I contact before the Proposed Transfer takes place and after the Proposed Transfer if I have any questions in the ordinary course? 

Generally speaking, you should contact IBUK with any questions that you may have prior to the Proposed Transfer, and you should contact IBCE with any questions that you may have following the Proposed Transfer taking place.  Regardless of who you contact at Interactive Brokers, we will ensure your query is promptly dealt with and we will help you to connect with the right person or department.

 

2. Will the range of products offered be the same? 

IBCE and IBUK offer the same range of products for all categories except metals and forex. The differences in the offerings are as follows: 

  • Metals CFDs are offered by IBCE but spot and OTC metals futures are not.
  • Trading securities and derivatives in all the same markets you can now but if you trade outside of the Allowed Deposit Currencies (see #7) and the transaction results in a long cash balance we will auto-convert to your base currency.  If the transaction results in a short cash balance there will be no further action by IBCE as you can borrow in all available IBKR global currencies.
  • Foreign exchange spot trades at IBCE must be connected to an investment service transaction and its resulting cash flows.  To comply with this regulation, you will no longer be able to trade currencies on a speculative basis. 

For further information please see  “IBCE Multi-Currency Account Foreign Exchange Restrictions Disclosure”.

 

 

3. Will the range of services be the same? 

There are two changes to the services you are currently offered: 

  • IBCE offers financing for securities and commodities trades but cannot support withdrawals of borrowed funds.  You will be free to withdraw any free cash not needed to support your open positions.  If you would like to withdraw additional funds, you can sell positions and withdraw the proceeds.
  • GFIS investment research will not be available to clients of IBCE; however GFIS market data and news service offerings are unaffected.

 

4. I currently trade OTC derivatives with IBUK – what will happen to my open positions? 

Your open positions will be transferred to IBCE and you will face IBCE rather than IBUK.  You will no longer have any legal relationship with IBUK in relation to those positions.  We will separately provide you with an updated Key Investor Information Document (please follow the link to the PRIIPs KID landing page in the Covering Letter).

 

5. What happens to any security I have granted to IBUK/IBLLC as part of a margin loan? 

If you have granted security or collateral to IBUK/IBLLC, this will transfer to IBCE - upon the Proposed Transfer taking place. You will be presented with two new contracts for your existing margin loan:

  • Investment Loan contract
  • Securities Lending Framework contract

These will operate similarly to your existing margin loan account with the only difference being you will pay service fees to IBCE for entering into the stock borrow transaction on your behalf instead of paying interest.  This may have tax consequences depending on your country of residence.

 

6. Will I have access to the same trading platform or be subject to any software changes following migrations? 

The migration will have no impact upon the software you use to trade or administer your account.  The technology will remain the same as it is today.

 

7. Will all account balances be transferred at the same time and what is the timing? 

IBCE will support a limited number of deposit currencies.  The following ten cash deposit currencies, the “Allowed Deposit Currencies” are:

  • EUR, USD, GBP, CHF, DKK, NOK, SEK, HUF, CZK and PLN

You will be required to nominate a base currency from the Allowed Deposit Currencies and if you hold long cash balances in other currencies, you will be required to convert those balances to one of the Allowed Deposit Currencies before migration.

 

In accordance with the client asset protection rules in Hungary, client funds must  be protected in the same form that they were received by the broker.  This contrasts with your previous broker, IBUK and/or IBL, whose regulatory client asset rules allowed them to protect your funds in equivalent value in another currency.  

Short currency balances are unaffected.  You may borrow in any currency that the IBKR group offers.

All cash balances, with the exception of accruals (e.g., interest, dividends) will be transferred at the same time. Once accruals have been settled and posted to cash, they will automatically be swept to IBCE. Once all accruals have been swept, your current account at IBUK or IBLLC will be closed and inaccessible for trading purposes. You will still be able to access this closed account via the Client Portal for purposes of viewing and printing historical statements.

 

8. Will all security, derivative and commodity positions be transferred at the same time? 

All positions will be transferred to your new account at the same time except for OTC metals futures and spot metals.  You will be requested to trade out of those positions before conversion to an IBCE account.

 

9. What will happen to my current account following migration? 

Your current account will close once all accruals have been posted to cash and transferred to the migrated account.  Once closed, it will be inaccessible for trading purposes, however, it will remain accessible via an account selector from the Client Portal for purposes of viewing and printing historical statements.

 

10. Will IBKR’s commissions, interest and fees change when my account is migrated? 

IBKR commissions and fees on trading products do not vary by the broker your account is maintained with.

There are changes to the interest and fees on cash balances. IBCE will not pay interest on credit balances as Hungarian law that governs investment service companies prohibits the payment of interest.  IBCE will charge a currency handling fee for cash balances in currencies that have negative interest rates.

 

11. Will my trading permissions change when my account is migrated? 

No. Your trading permissions will not change when your account is migrated for products that IBCE supports. As discussed in (2) above, spot metals and OTC metal futures will not be available.

 

12. Will open orders (e.g., Good-til-Canceled) be carried over when my account is migrated? 

Open orders will not be carried over to the new account and we recommend that clients review their orders immediately following the migration to ensure that the open orders are consistent with their trading intentions.

 

13. Will I be subject to the U.S. Pattern Day Trading ("PDT") Rule once my account is migrated? 

No. You will no longer be subject to the PDT rule.

 

14. Will I receive a single, combined annual activity statement reflecting the activity in both my IBUK and IBCE accounts? 

No.  Separate daily, monthly and annual activity statements will be provided for each of your IBUK and IBCE accounts covering activity during the period each was open. Activity statements will be posted to the Client Portal under the Reports/Tax Docs menu option and you will need to toggle between the two accounts to access their respective statements.

 

15. Will the current cost basis of positions be carried over when my account is migrated? 

Yes, this migration will have no impact upon the cost basis of your positions.

 

16. Will the migrated account retain the same configuration as the current account? 

The configuration of the account following migration will match that of the current account to the extent permissible by regulation.  This includes attributes such as margin capability, market data, additional users, and alerts.  Client’s holding restricted products (with the exception of OTC metals futures and spot metals), may migrate such positions but won’t be allowed to increase the position.

OTC metals futures and spot metals must be closed in your current IBUK account.

 

17. Will my login credential change? 

No.  Your username, password, and any 2-factor authentication process in place for your existing account will remain active following migration. You will, however, be assigned a new account ID for your migrated account.

Interactive Brokers Luxembourg SARL – MiFID Categorisation

Introduction
 
The European Union legislative act known as the Markets in Financial Instruments Directive, or MiFID, as amended by MiFID II, requires Interactive Brokers Luxembourg SARL (IBLUX) to classify each Client according to their knowledge, experience and expertise: "Retail", "Professional" or "Eligible Counterparty".
 
In accordance with MiFID II rules, IBLUX categorises most clients as Retail clients, providing them with a higher degree of protection.
 
Only those clients that are either regulated entities or funds managed by regulated fund managers, are categorised as Per Se Professional Clients.
 
The main differences in regulatory protections afforded to Professional Clients as compared with Retails Clients are:
 
1. Description of the nature and risks of packaged investments: A firm that offers an investment service with another service or product or as a condition of the same agreement with a retail client must: (i) inform retail clients if the risks resulting from the agreement are likely to be different from the risks associated with the components when taken separately; and (ii) provide retail clients with an adequate description of the different components of the agreement and the way in which its interaction modifies the risks. The above requirements do not apply in respect of professional clients. However, IBLUX will not make such differentiation apart from the case specified under point 3 below.
 
2. Investor protection measures on the provision of Contracts for Differences (“CFDs”): The European Securities and Markets Authority (“ESMA”) introduced product intervention measures on the provision of CFDs to retail investors. The measures include: (i) New leverage limits on the opening of a position, which may vary according to the volatility of the underlying asset; (ii) A margin close out rule on an account basis that standardises the percentage of margin at which providers are required to close out one or more open CFDs; (iii) Negative balance protection on a per account basis; (iv) A restriction on the incentives offered to trade CFDs; and (v) A standardised risk warning, including the percentage of losses on a CFD provider’s retail investor accounts. The above requirements do not apply in respect of professional clients.
 
3. Communication with clients: A firm must ensure that its communications with all clients are fair, clear and not misleading. However, the way in which a firm may communicate with professional clients (about itself, its services and products, and its remuneration) may be different from the way in which the firm communicates with retail clients. A firm’s obligations in respect of the level of details, medium and timing of the provision of information are different depending on whether the client is a retail or professional client. The requirements to deliver certain product-specific documents, such as Key Information Documents (“KID”) for Packaged Retail and Insurance-based Investment Products (“PRIIPs”), are not applied to professional clients.
 
4. Depreciation in value reporting: A firm that holds a retail client account that includes positions in leveraged financial instruments or contingent liability transactions must inform the retail client, where the initial value of each instrument depreciates by 10 per cent and thereafter at multiples of 10 per cent. The above requirements do not apply in respect of professional clients.
 
5. Appropriateness: When assessing appropriateness for non-advised services, a firm may be required to determine whether the client has the necessary experience and knowledge in order to understand the risks involved in relation to the product or service offered or demanded. Where such an appropriateness assessment requirement applies in respect of a client, the firm may assume that a professional client has the necessary experience and knowledge in order to understand the risks involved in relation to those particular investment services or transactions, or types of transaction or product, for which the client is classified as a professional client. A firm may not make such an assumption for a retail client and must determine that a retail client does have the necessary level of experience and knowledge.
 
IBLUX provides non-advised services and is not required to request information or adhere to the assessment procedures for a professional client when assessing the appropriateness of a given service or product as with a retail client, and IBLUX may not be required to give warnings to the professional client if it cannot determine appropriateness with respect to a given service or product.
 
6. The Ombudsman: The services of the Ombudsman may not be available to professional clients, unless they are, for example, consumers, small businesses or individuals acting outside of their trade, business, craft or profession.
 
7. Compensation: IBLUX is a member of the Luxembourg investor compensation scheme (Système d’indemnisation des investisseurs, SIIL). The SIIL provides cover for claims resulting from IBLUX inability to meet its obligations to clients in accordance with applicable legal and contractual conditions. The SIIL covers, under the legal conditions place investments up to an amount of 20,000 EURO or equivalent regardless of the number of accounts held by a client.
 
Re-categorisation as Professional Client
 
IBLUX allows its Retail Clients to request to be re-categorised as Professional Clients. Clients are notified of their Client Category and can check it at any time from Account Management, under Settings> Account Settings> MiFID Client Category. From this same screen, Clients can also request to change their MiFID Category.
 
IBLUX will consider re-categorising Retail Clients to Professional Clients in two instances:
 
1. Per Se Professional Clients can notify IBLUX that they consider that they should have been categorised as Per Se Professionals under the MiFID II rules, because at least one of the following conditions applies:

(i) authorised or regulated to operate in the financial markets; or

(ii) a large undertaking meeting two of the following size requirements on a company basis:

(a) balance sheet total of EUR 20,000,000;
(b) net turnover of EUR 40,000,000;
(c) own funds of EUR 2,000,000;

(iii) an institutional investor whose main activity is to invest in financial instruments. This includes entities dedicated to the securitisation of assets or other financing transactions.
 
2. IBLUX may treat Clients as Elective Professional Clients if, based on an assessment of the Client’s expertise, experience, and knowledge, IBLUX is reasonably assured that, in light of the nature of the transactions or services envisaged, the Client is capable of making its own investment decisions and understand the risks involved. Clients who do not meet the requirements to be categorised as Per Se Professional Clients can still request to be categorised as Elective Professional Clients.
 
To obtain such re-categorisation, Retail Clients must provide evidence that they satisfy at least two (2) of the following criteria:
 
1. Over the last four (4) quarters, the Client conducted trades in financial instruments in significant size at an average frequency of ten (10) per quarter.
 
To determine the significant size IBLUX considers the following:
 
a. During the last four quarters, there were at least forty (40) trades; and
b. During each of the last four (4) quarters, there was at least one (1) trade; and
c. The total notional value of the top forty (40) trades of the last four (4) quarters is greater than EUR 200,000; and
d. The account has a net asset value greater than EUR 50,000.
 
Trades in Spot FX are not considered for the purpose of this calculation.
 
2. The Client holds a portfolio of financial instruments (including cash) that exceeds EUR 500,000 (or equivalent);
 
3. The Client is an individual accountholder or a trader of an organisation account who works or has worked in the financial sector for at least one year in a professional position which requires knowledge of products it trades in.
 
Upon review and verification of the information and supporting evidence provided, IBLUX will re-categorise clients if all relevant conditions are met to satisfaction.

Retail Clients requesting to be re-categorised as Professional Accounts must read and understand the warning provided by IBLUX before the relevant request is submitted.
 
Re-categorisation as Retail Client 
 
Professional Clients can request IBLUX to be re-categorised as Retail Clients, from the same Account Management page described above (under Settings> Account Settings> MiFID Client Category).
 
With the sole exception of regulated entities or funds managed by regulated fund managers, which are categorised as Per Se Professional Clients, IBLUX accepts all such requests.
 
THIS INFORMATION IS GUIDANCE FOR INTERACTIVE BROKERS FULLY DISCLOSED CLEARED CUSTOMERS ONLY.
 
NOTE: THE INFORMATION ABOVE IS NOT INTENDED TO BE A COMPREHENSIVE, EXHAUSTIVE NOR A DEFINITIVE INTERPRETATION OF THE REGULATION, BUT A SUMMARY OF IBLUX’S APPROACH TO CLIENT CATEGORISATION AND RE-CATEGORISATION POLICY.

FAQS: Brexit & die Übertragung von Konten

EINFÜHRUNG

Die Interactive Brokers Group (“IB”) und ihr verbundenes Unternehmen im VK Interactive Brokers (U.K.) Limited (“IBUK”) bereiten sich derzeit für das Ende der Brexit-Übergangsperiode vor, die aktuell für den 31. Dezember 2020 angesetzt ist. Darüber hinaus treffen wir aktuell alternative Vorkehrungen für unsere europäischen Kunden. Unser Ziel ist es, einen nahtlosen Übergang zu ermöglichen sowie sicherzustellen, dass wir unseren Kunden weiterhin Brokerage-Dienste mit möglichst wenigen Unterbrechungen und Veränderungen anbieten können. Kunden, die von diesem Ereignis betroffen sind, werden Benachrichtigungen mit den Änderungen sowie Fristen erhalten. Nachstehend finden Sie eine Liste mit häufig gestellten Fragen zur Übertragung von Konten von IBUK an einen unserer anderen europäischen Broker.

FAQs 

Frage: Welche Maßnahmen unternimmt IBKR, um sicherzustellen, dass Brokerage-Services weiterhin aufrechterhalten bleiben, wenn der Brexit am 1. Januar 2021 beginnt?

Antwort: 2018 hat IBKR Interactive Brokers Luxembourg SARL (“IBLUX”) gegründet, das im November 2019 seine regulatorische Autorisierung erhielt. Darüber hinaus gründen wir momentan zwei weitere Broker mit Hauptsitz in der Europäischen Union: Interactive Brokers Ireland Limited (“IBIE”) und Interactive Brokers Central Europe Befektetési ZRt (“IBCE”).

Es ist unsere Absicht, alle vom Brexit betroffenen Kunden an einen dieser drei Broker mit Hauptsitz in der Europäischen Union (“EU-Broker”) vor dem 31. Dezember 2020 zu übertragen.  Die Übertragung an IBIE und IBCE unterliegt des Erhalts der regulatorischen Autorisierung von der zuständigen nationalen Behörde.

 

Frage: An welchen IBKR-Broker wird mein Konto übertragen?

Antwort: Die endgültige Entscheidung, welche Konten an IBLUX, IBIE und IBCE übertragen werden, wurde noch nicht getroffen.  Wir gehen davon aus, dass die Mehrheit an Kunden in Westeuropa an IBIE, jene in Mittel- und Osteuropa an IBCE und eine bestimme Anzahl an Kunden an IBLUX übertragen wird. Weitere Faktoren, die berücksichtigt werden müssen, betreffen die Kontotypen und Positionen der Kunden.

Alle Kunden erhalten eine Mitteilung, in der der Broker genannt wird, an den sie übertragen werden sollen, bevor sie den Übertragungsantrag erhalten.

 

Frage: Welche Kunden sind von diesem Übertragungsplan betroffen?

Antwort: Betroffene Kunden umfassen Personen, die in der Europäischen Union ansässig sind, bzw. Unternehmenskonten, die in einem Land der Europäischen Union gegründet wurden. Die Mehrheit dieser Konten werden derzeit bei Interactive Brokers (U.K.) Limited (“IBUK”) gehalten.

 

Frage: Wie erteile ich meine Zustimmung?

Antwort: Sie werden eine E-Mail erhalten, in der Sie gebeten werden, sich ins Client Portal einzuloggen, sobald Ihr Konto übertragen werden kann. Sobald Sie sich einloggen, erhalten Sie die notwendigen Offenlegungen und die Kundenvereinbarung, der Sie auf elektronischem Weg zustimmen können. Kunden, die nicht auf die erste E-Mail antworten, werden eine Reihe an Erinnerungs-E-Mails erhalten.

 

Frage: Was passiert, wenn ich nichts unternehme?

Antwort: Wenn Sie unseren Aufforderungen, Ihre Zustimmung zu erteilen, nicht nachkommen, wird Ihr Konto möglicherweise denselben Handels- und Transfereinschränkungen unterliegen, als wie wenn Sie nicht zugestimmt hätten, dem Transfer zuzustimmen. Bitte beachten Sie zudem, dass Ihr Konto den allgemeinen Bedingungen Ihrer aktuellen Vereinbarung (einschließlich Gebühren und Margin-Richtlinien) unterliegen wird, bis es an einen EU-Broker, einen Broker außerhalb von IBKR übertragen bzw. geschlossen wurde.

 

Frage: Was geschieht, wenn ich dem Transfer nicht zustimme?

Antwort: Wenn Sie nicht dem Transfer Ihres Kontos an Ihren EU-Broker zustimmen, ist es möglich, dass Ihr Konto in Hinblick auf die Eröffnung neuer Transaktionen oder Übertragung zusätzlicher Einlagen und/oder Positionen eingeschränkt wird. Diese Einschränkungen werden Sie nicht an der Übertragung Ihres Kontos außerhalb von IBKR hindern.

 

Frage: Werden meine Anmeldedaten sich ändern?

Antwort: Nein. Ihr Benutzername, Passwort sowie 2-Faktor-Authentifizierungsverfahren, die derzeit für Ihr bestehendes Konto gelten, werden nach der Übertragung aufrechtbleiben. Sie werden jedoch eine neue Konto-ID für Ihr übertragenes Konto erhalten.

 

Frage: Werde ich Zugang zu denselben Handelsplattformen haben bzw. wird sich nach der Übertragung etwas an der Software ändern?

Antwort: Die Übertragung wird keine Auswirkungen auf die Software haben, die für Handelsgeschäfte und die Verwaltung Ihres Kontos verwendet wird. Die Technologie wird gleich bleiben.

 

Frage: Werden alle Kontosalden gleichzeitig übertragen?

Antwort: Alle Salden, mit Ausnahme von Rückstellungen (z. B. Zinsen und Dividenden) werden gleichzeitig übertragen. Rückstellungen werden übertragen, sobald die Barmittel realisiert werden. Im Falle von Zinsen werden Rückstellungen grundsätzlich aufgelöst und die Barmittel in der ersten Woche des Folgemonats nach der Rückstellung eingezahlt. Im Falle von Dividenden, werden die Rückstellungen aufgelöst und die Barmittel werden an dem Datum eingezahlt, an dem der Emittent die Dividende zahlt.

 

Frage: Was geschieht mit meinem bestehenden Konto nach der Übertragung?

Antwort: Ihr aktuelles Konto wird geschlossen, sobald alle Rückstellungen in Barmittel umgewandelt und auf das übertragene Konto eingezahlt wurden. Sobald Ihr altes Konto geschlossen wurde, können Sie damit keine Handelsgeschäfte durchführen können, jedoch werden Sie über eine Kontoauswahl innerhalb des Client Portals darauf zugreifen können, um historische Auszüge einzusehen und auszudrucken.

 

Frage: Werden sich die Provisionen und Gebühren bei IBKR ändern, wenn mein Konto übertragen wird?

Antwort: Nein. Die Provisionen und Gebühren bei IBKR sind bei allen unseren Brokern, ungeachtet dessen, wohin Ihr Konto übertragen wird, gleich.

 

Frage: Werden meine Handelsberechtigungen sich ändern, wenn mein Konto übertragen wird?

Antwort: Ihre Handelsberechtigungen werden gleich bleiben mit Ausnahme von Konten, die an IBLUX übertragen werden, da diese aufgrund regulatorischer Einschränkungen nicht an gehebelten Devisentransaktionen teilhaben werden dürfen. Wir gehen nicht davon aus, dass ähnliche Einschränkungen für IBIE- und IBCE-Konten gelten werden. Wir werden Sie jedoch vor einer etwaigen Übertragung Ihres Kontos darüber benachrichtigen, wenn es zu jeglichen Änderungen kommen sollte.

 

Frage: Werden offene Orders (z. B. Good-til-Canceled) übertragen, wenn mein Konto übertragen wird?

Antwort: Offene Orders werden auf das neue Konto übertragen, jedoch empfehlen wir Kunden, dass sie ihre Orders umgehend nach der Übertragung überprüfen, um sicherzustellen, dass ihre offenen Orders mit ihren Handelsabsichten übereinstimmen.

 

Frage: Werde ich den US-Pattern-Day-Trading-Regeln unterliegen, sobald mein Konto übertragen wird?

Antwort: Konten bei IBUK unterliegen den US-Pattern-Day-Trading-Regeln (PDT), da die Konten über IBL (einem US-Broker) eingeführt und bei ihr gehalten werden. Die PDT-Regel besagt, dass Konten mit einem Kapital von weniger als 25,000 USD nicht mehr als 3 Day-Trades in einem Zeitraum von 5 Geschäftstagen durchführen dürfen.

Da Konten zu IBLUX, IBIE oder IBCE übertragen werden, werden sie nicht bei IBL eingeführt und unterliegen somit nicht der PDT-Regel.

 

Frage: Werde ich einen einzigen und konsolidierten Kontoauszug zum Jahresende erhalten?

Antwort: Nein.  Sie werden einen Jahresauszug für Ihr bestehendes Konto erhalten, der den Zeitraum ab dem 1. Januar 2020 bis zum Übertragungsdatum umfasst sowie einen zweiten Jahresauszug für Ihr neues Konto, der den Zeitraum ab der Übertragung bis zum 31. Dezember 2020 umfasst.

 

Frage: Wird die aktuelle Kostenbasis von Positionen auf mein neues Konto übertragen?

Antwort: Ja, diese Übertragung wird keine Auswirkungen auf die Kostenbasis Ihrer Positionen haben.

 

Frage: Wird das übertragene Konto dieselben Einstellungen wie mein aktuelles Konto haben?

Antwort: Die Einstellungen des Kontos nach der Übertragung werden mit jenen des aktuellen Kontos in dem Ausmaß übereinstimmen, wie dies im Einklang mit geltenden Richtlinien zulässig ist. Dies umfasst Eigenschaften wie z. B. Margin-Fähigkeit, Marktdaten, zusätzliche Benutzer und Alarme.  In seltenen Situationen wird ein Konto in ein Land übertragen, in dem die sämtlichen Funktionen bestimmter Produkte nicht angeboten werden können. Kunden, die eingeschränkte Produkte halten, können solche Positionen übertragen, aufrechterhalten bzw. schließen, jedoch werden sie diese Positionen nicht erhöhen dürfen.

 

Frage: Was geschieht, wenn IBKR nicht die notwendige, regulatorische Zustimmung erhält, um Konten bis zum 31. Dezember 2020 zu übertragen?

Antwort: Obwohl IBLUX genehmigt ist, unterliegt es Einschränkungen bezüglich dem zulässigen Ausmaß seiner Geschäftstätigkeiten. Eine Lizenzierung für IBIE oder IBCE ist daher notwendig, damit die Übertragung vor dem 31. Dezember 2020 abgeschlossen werden kann. Wenn davon ausgegangen wird, dass keine der beiden Körperschaften die Lizenz rechtzeitig erhält, werden Kunden darüber informiert, was mit ihrem Konto zum Ende der Brexit-Übergangsphase passiert.

 

Frage: Kann ich nach der Übertragung Beschwerden weiterhin an den UK Financial Ombudsman Service richten?

Antwort: Kunden bei IBUK sind berechtigt, Beschwerden, die nicht von IBUK zu ihrer Zufriedenheit gelöst werden, an den UK Financial Ombudsman Service zu richten. Sobald Ihr Konto entweder an IBLUX, IBIE oder IBCE übertragen wurde, wird der UK Financial Ombudsman Service nicht mehr gelten und wir werden Ihnen Informationen zu einem Ersatz-Service zukommen lassen. Bitte beachten Sie, dass die Übertragung keine Auswirkungen auf unsere firmeninterne Bearbeitung von Beschwerden haben wird.

 

Frage: Welche Auswirkungen wird die Übertragung auf den Datenschutz haben?

Antwort: Die Übertragung Ihres Kontos von IBUK  an entweder IBLUX, IBIE oder IBCE wird keine Auswirkungen auf die Art und Weise haben, wie wir Ihre persönlichen Daten im Einklang mit Datenschutzregeln schützen. IBLUX, IBIE und IBCE werden Datenschutzaufgabenbereiche übernehmen und weiterhin unsere bestehenden, hohen Standards im Hinblick auf den Schutz Ihrer persönlichen Daten erfüllen.

 

Frage: Welche Auswirkungen wird die Übertragung auf meinen Kontoschutz haben?

Antwort: Der Versicherungsschutz ist für Kunden gedacht, für den Fall, dass der Broker in Zahlungsverzug gerät und ist grundsätzlich ungünstiger in der EU als im VK oder in den USA.

Derzeit können IBUK-Kunden in Bezug auf Anlageservices im Rahmen der UK Financial Services Compensation Scheme (“UK FSCS”) in Höhe von bis zu £50,000 geschützt werden (vorausgesetzt, sie erfüllen die Berechtigungsanforderungen). Da IBUK-Kunden bei unserem US-Broker, IBL, geführt werden, kann sich das Wertpapiersegment ihres Kontos sich für eine Versicherung der Securities Investor Protection Corporation (“SIPC”) in Höhe von bis zu 500,000 USD qualifizieren (unterliegt einem Cash-Sublimit von 250,000 USD).

Bei den EU-Brokers IBLUX, IBIE und IBCE haben berechtigte Kunden Anspruch auf eine Entschädigung von bis zu 20,000 EUR. Weitere Informationen zum jeweiligen Programm, Versicherungsschutz und Anspruchsberechtigung erhalten Sie im Rahmen unserer Übertragungsaufforderung.  

Angesichts des Gesamtkapitals der Interactive Brokers Group, das sich auf 8.25 Milliarden USD beläuft und zusammen mit unseren strengen Margin-Richtlinien, die über alle Broker hinweg gelten, zu denen Guthaben-Überprüfungen zählen, bevor eine Order akzeptiert wird sowie automatischen Liquidierungen von Konten, die ihre Margin-Anforderungen nicht einhalten, sind wir der Meinung, dass diese Übertragung keinerlei Auswirkungen auf die Sicherheit und Stabilität der Vermögenswerte unserer Kunden haben wird.

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Free-Riding-Regel

In einem Cash-Konto muss ein Anleger für den Kauf eines Wertpapiers zahlen (dies bedeutet, die Transaktion muss abgewickelt werden), bevor dieses Wertpapier erneut verkauft werden kann. Wenn ein Anleger ein Wertpapier kauft und dieses Wertpapier verkauft, ohne dafür bis zum Abwicklungsdatum vollständig bezahlt zu haben, wird der Anleger als "Trittbrettfahrer" (free riding) angesehen. Konten, bei denen solche Free-Riding-Verstöße auftreten, werden 90 Tage lang eingeschränkt. Im Verlauf dieses Zeitraums können im Konto ausschließlich Wertpapiere mittels abgewickelter Einlagen erworben werden.

Beispiele für Trittbrettfahrer, die als Verstoß bei Interactive Brokers angesehen werden

Beispiel A:

1) Das Konto verfügt über abgewickelte Barmittel in Höhe von $10,000

2) Am Tag der Transaktion kauft der Kontoinhaber ABC-Aktien in Höhe von $10,000

3) Einen Tag nach dem Kauf (T+1) verkauft der Kunde seine ABC-Aktien und kauft XYZ-Aktien in Höhe von $10,000

4) Der Kunde verkauft die XYZ-Aktien ohne dabei genügend Einlagen für den vollständigen Kauf von XYZ auf sein Konto einzuzahlen

 

Beispiel B:

1) Das Konto weist voll eingezahlte ABC-Aktien und keine überschüssigen Barmittel auf

2) Am Tag der Transaktion verkauft der Kontoinhaber seine ABC-Aktien für $10,000

3) Am selben Tag kauft der Kontoinhaber XYZ-Aktien in Höhe von $10,000

4) Einen Tag nach der Transaktion (T+1) verkauft der Kontoinhaber die XYZ-Aktien, ohne dabei ausreichend Einlagen auf sein Konto zu überweisen, um den XYZ-Kauf vollständig zu bezahlen

 

Gemäß unseres Überwachungsverfahrens nach Geschäftsschluss würden wir beide Situationen als Free-Riding-Verstöße ansehen, wodurch das Konto eingeschränkt würde und das Konto ausschließlich Käufe mit abgewickelten Einlagen tätigen könnte. IB verfügt über bestimmte Kontrollmechanismen, die dabei helfen, Free-Riding-Verstöße zu verhindern.

 

IBKR Australia Account Types and Products Offerings

Interactive Brokers Australia Pty Ltd (“IBKR Australia”), which holds an Australian Financial Services License (“AFSL” No. 453554), has been established. IBKR Australia is headquartered in Sydney and has been set up to provide services to our Australian clients. IBKR Australia clients, products and services have some unique characteristics when compared to the Interactive Brokers (“IBKR”) global account and product suite. The purpose of this document is to outline these characteristics of the IBKR Australia offering.

Account Types

IBKR Australia offers both cash accounts and margin accounts to all types of clients, including Individual / Joint account holders as well as trust account holders and corporate clients.

For Self-Managed Superannuation Fund (“SMSF”) account holders, IBKR Australia only offers cash accounts.

Natural Person v Non-Natural Person

Under IBKR Australia clients will be categorised as either natural persons or non-natural persons.

A natural person client would include individuals / joint account holders, as well as trusts with at least one natural person trustee. A non-natural person client would include corporate entities as well as trusts with only non-natural person trustees.

Australian Regulatory Status

Under IBKR Australia clients will be classified as either a retail, wholesale or professional investor. All new clients of IBKR Australia default to being classified as a retail investor unless they produce the required documentary evidence to enable IBKR Australia to treat them as a wholesale or professional investor.

Refer to this link for information regarding Australian regulatory status under IBKR Australia.

Please click [Here] to download the wholesale investor booklet, and click [Here] to download the professional investor booklet.

Cash Accounts

IBKR Australia offer three different types of cash accounts:

  • Investment account
  • Trading account
  • SMSF account (only available to Self-Managed Superannuation Fund)

Investment Account: Similar to the IBLLC Cash account model, the IBKR Australia Investment account does not allow you to short securities or to borrow funds, i.e. your account cannot have a debit balance. Moreover, only a limited number of options strategies will be available. This account is not eligible for reduced intraday Futures margin.

This account is available for all clients except SMSF clients.

Trading Account: While this is also a cash account that does not permit you to have a debit balance, you will be permitted to short stock and trade any of the available option strategies in the Trading Account, provided that you have the requisite trading experience and expertise, which is outlined [Here]. Further, Trading Accounts enable you to trade with unsettled funds.

If you currently have an Investment Account, you can submit a change of account type to change to a Trading Account by logging into the Client Portal and clicking the User menu (head and shoulders icon in the top right corner) followed by Manage Account. Under Configuration, click the Configure tool next to Account Type. This may take 2-3 business days to review.

This account is available for all clients except SMSF clients.

SMSF: This is only available to SMSF clients. This is a cash account that does not permit you to short securities or to borrow funds, i.e. your account cannot have a debit balance. Moreover, only a limited number of options strategies will be available. This account is not eligible for reduced intraday Futures margin.

The options strategies that are available in the Investment Account and the SMSF account are as follows:

  • Long Call or Put
  • Covered Calls
  • Short Put
  • Call Spread; exdate(long) >= exdate(short)
  • Put Spread; exdate(long) >= exdate(short)
  • Long / Short Butterfly
  • Iron Condor

Margin Accounts

IBKR Australia offers margin accounts that will provide all clients excluding SMSF clients with the ability to create portfolios to the maximum degree of risk taking/leverage allowed by IBKR Australia. Please note that margin accounts offered by IBKR Australia may be different from client to client depending on various factors. Please refer to this link for more information regarding margin accounts offered by IBKR Australia.

CFD Product Offering

As a client of IBKR Australia, provided that you have the requisite trading experience and expertise, which is outlined [Here], you will be able to trade all of exchange traded products available (including local and global stocks, options, futures, bonds, ETFs etc.) through IBKR’s award winning trading platform and software.

In addition, IBKR Australia issue Contracts for Difference (“CFDs”) over global shares, indices, metals and FX. These are only available to IBKR Australia clients. For further information on IBKR Australia's products and services, please see our website.

Refer to this link for information on IBAU’s share CFDs.

Refer to this link for information on IBAU’s index CFDs.

Refer to this link for information on IBAU's metal CFDs.

Refer to this link for information on IBAU’s FX CFDs.

Please note that the Australian Securities and Investment Commission (ASIC) enacted new rules applicable to retail clients trading CFDs, effective 29 March 2021. Wholesale or Professional Investor clients are unaffected.  Refer to this link for more information.  

 

FX Offering

IBKR Australia can only support currencies in AUD, USD, HKD, EUR and GBP and you can convert between these currencies. If you have cash balances in currencies other than IBA supported currencies (AUD, USD, HKD, EUR or GBP) these will to be converted into your nominated base currency.

IBAU clients, when permissioned, can trade in any market available across the IBKR network, even those outside the 5 supported currencies above. However, upon your instruction for any market outside the 5 supported currencies, IBKR Australia will automatically execute Forex conversions to ensure non-supported cash balances be cleared.

For example, if an IBKR Australia client using a Cash account wishes to buy JPY denominated securities, as long as the client has sufficient available funds (for a cash account) or sufficient equity (for a margin account), the trade is permitted. To settle the trade, IBKR Australia will convert the existing cash balances into JPY. Similarly at a later date, if the same client wishes to sell their JPY denominated securities, IBKR Australia would automatically convert the JPY proceeds to the base currency by day end, once again leaving no residual JPY cash balances.

If an IBKR Australia client using a margin account has any positive or negative cash balances (if permitted) outside of the 5 supported currencies, it will be automatically converted to base currency by day end.

ASX24

In order to ensure continued compliance with our regulatory obligations, IBKR Australia will NOT accept any other form of collateral except cash for the purposes of determining whether you can trade or hold ASX24 products. If the margin requirements of ASX24 products cannot be met using cash, your account will be subject to automated liquidation.

 

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Interactive Brokers (U.K.) Limited – MiFID-Kategorisierung

Einleitung

Die Gesetzkundgebungsakte der Europäischen Union, auch bekannt als Richtlinie über Märkte für Finanzinstrumente, oder MiFID, geändert durch MiFID II, verpflichtet Interactive Brokers (U.K.) Limited (IBUK) dazu, jeden Kunden entsprechend ihres Wissens, ihrer Erfahrung und Expertise als „Kleinanleger”, „professioneller Anleger” oder „geeignete Gegenpartei” einzustufen. 

Im Einklang mit den Regeln der Financial Conduct Authority, teilt IBUK die meisten Kunden als Kleinanleger ein, wodurch ihnen ein größeres Maß an Schutz gewährt wird.
 
Ausschließlich jene Kunden, die entweder regulierte Körperschaften oder Fonds sind, die von Fondsverwaltern verwaltet werden, werden als Per-Se-Professional-Kunden eingestuft.

Die Hauptunterschiede in regulatorischen Schutzmaßnahmen, die professionellen Kunden im Gegensatz zu Kleinanlegern gewährt werden, lauten wie folgt:

1. Beschreibung der Art und Risiken strukturierter Anlagen: Ein Unternehmen, das eine Investmentdienstleistung zusammen mit einem anderen Dienst oder Produkt oder als Bedingung derselben Vereinbarung mit einem Kleinanleger anbietet, muss: (i) Kleinanleger darüber informieren, falls die aus der Vereinbarung resultierenden Risiken sich wahrscheinlich von den Risiken unterscheiden werden, die mit den einzelnen Komponenten einhergehen würden, wenn diese separat gehandhabt würden; und (ii) Kleinanlegern eine angemessene Beschreibung der unterschiedlichen Komponenten der Vereinbarung sowie der Art und Weise, auf die ihre Interaktion sich auf die Risiken auswirken würden, bereitstellen. Die oben angeführten Anforderungen treffen nicht auf professionelle Kunden zu. Jedoch wird IBUK keinerlei solche Differenzierungen mit Ausnahme des unter Punkt 3 angeführten Falles vornehmen.

2. Anlegerschutzmaßnahmen hinsichtlich Differenzkontrakten („CFDs”): Die Europäische Wertpapier- und Marktaufsichtsbehörde (ESMA) hat Produkt-Interventionsmaßnahmen hinsichtlich CFDs für Kleinanleger eingeführt. Die Maßnahmen umfassen: (i) Neue Leverage-Limits bei der Eröffnung einer Position, die sich je nach Volatilität des Basiswertes unterscheiden können; (ii) eine Margin-Glattstellungsregel auf einer Pro-Konto-Basis, die den Marginprozentsatz standardisiert, zu dem Anbieter verpflichtet sind, einen oder mehrere offene CFDs glattzustellen; (iii) Negativkapitalschutz auf einer Pro-Konto-Basis;
(iv) eine Einschränkung hinsichtlich der Anreize, die zum CFD-Handel geboten werden; und (v) ein standardisierter Risikowarnhinweis, einschließlich des Prozentsatzes an Verlusten, die Kleinanleger in den Konten des Anbieters erlitten haben. Die oben angeführten Anforderungen treffen nicht auf professionelle Kunden zu.

3. Kommunikation mit Kunden: Ein Unternehmen muss sicherstellen, dass seine Kommunikation mit allen Kunden gerecht abläuft und nicht irreführend ist. Jedoch ist es möglich, dass die Art und Weise, in der ein Unternehmen mit professionellen Kunden (über sich selbst, ihre Dienste und Produkte sowie ihre Vergütung) kommuniziert, sich von der Art und Weise unterscheidet, auf die das Unternehmen mit Kleinanlegern kommuniziert. Die Verpflichtungen eines Unternehmens im Hinblick auf das Ausmaß an Details, Medium und Zeitpunkt der Bereitstellung von Informationen unterscheidet sich jeweils davon, ob der Kunde ein Kleinanleger oder professioneller Kunde ist. Die Anforderung zur Lieferung bestimmter, Produkt-spezifischer Dokumente, wie z. B. Basisinformationsblätter (Key Information Documents, KID) für verpackte Anlageprodukte und Versicherungsanlageprodukte (Packaged Retail and Insurance-based Investment Products, PRIIPs) treffen nicht auf professionelle Kunden zu.

4. Abschreibungen im Value-Reporting: Ein Unternehmen, das ein Kleinanlegerkonto hält, das Positionen in gehebelten Finanzinstrumenten oder Geschäfte mit Eventualverbindlichkeiten enthält, muss den Kleinanleger darüber informieren, wenn der ursprüngliche Wert jedes Instruments um 10 Prozent an Wert verliert und danach in Vielfachen von 10 Prozent an Wert verliert. Die oben angeführten Anforderungen treffen nicht auf professionelle Kunden zu.

5. Angemessenheit: Bei der Überprüfung der Angemessenheit für nicht beratene Dienste ist es möglich, dass ein Unternehmen bestimmen muss, ob der Kunde über die notwendige Erfahrung und das Wissen verfügt, um die Risiken, die in Bezug auf das angebotene bzw. erfragte Produkt oder den Dienst involviert sind, zu verstehen. In Fällen, in denen solch eine Angemessenheitsüberprüfung in Bezug auf einen Kunden zutrifft, kann das Unternehmen davon ausgehen, dass ein professioneller Kunde über die notwendige Erfahrung und das Wissen verfügt, um die Risiken zu verstehen, die in Bezug auf bestimmte Investmentservices, Transaktionen oder Arten von Transaktionen bzw. Produkten einhergehen, für die der Kunde als professioneller Kunde klassifiziert wird. Unternehmen sollten solche Vermutungen nicht über Kleinanleger anstellen und müssen daher bestimmen, ob ein Kleinanleger über das notwendige Ausmaß an Erfahrungen und Wissen verfügt oder nicht.
 

IBUK bietet nicht beratene Dienste an und ist nicht verpflichtet, Informationen zu erfragen oder den Überprüfungsverfahrungen für einen professionellen Kunden in Bezug auf die Überprüfung der Angemessenheit eines bestimmten Dienstes oder Produktes zu folgen, es sei denn, es handelt sich um einen Kleinanleger. Darüber hinaus ist IBUK nicht verpflichtet, professionellen Kunden Warnhinweise zu übermitteln, falls die Angemessenheit bezüglich eines bestimmten Dienstes oder Produktes nicht bestimmt werden kann. 

6. Haftungsausschluss: Die Fähigkeit von Unternehmen, jegliche Haftung gegenüber Kunden auszuschließen oder einzuschränken, ist gemäß FCA-Regeln bei Kleinanlegern strikter als bei professionellen Kunden.

7. Der Financial Services Ombudsman: Die Services des Financial Ombudsman Service im Vereinigten Königreich sind unter Umständen nicht für professionelle Kunden erhältlich, es sei denn, dass sie z. B. Verbraucher, Kleinunternehmen oder Personen, die außerhalb ihrer Branche, Geschäftstätigkeit, Gewerbes oder Berufes tätig sind.

8. Entschädigung: IBUK ist Mitglied des britischen Financial Services Compensation Scheme. Es ist möglich, dass Sie Entschädigungen aus diesem Programm beantragen können, falls IBUK nicht ihren Verpflichtungen Ihnen gegenüber nachkommen kann. Dies wird von der Art der Geschäftstätigkeit und der Umstände der Forderung abhängen; die Entschädigung ist ausschließlich für bestimmte Typen von Klägern und Forderungen in Bezug auf bestimmte Arten von Geschäftstätigkeiten erhältlich. Die Qualifikation für eine Entschädigung aus dem Programm wird gemäß Regeln bestimmt, die auf das Programm zutreffen.
 

Erneute Einstufung als professioneller Kunde

IBUK erlaubt ihren Retail-Kunden, einen Antrag auf erneute Einstufung als professioneller Kunde zu stellen. Kunden werden über ihre Kundenkategorie benachrichtigt und können diese jederzeit in der Kontoverwaltung unter „Einstellungen” > „Kontoeinstellungen” > „MiFID-Kundenkategorie” überprüfen. Auf demselben Bildschirm können Kunden ebenfalls die Änderung ihrer MiFID-Kategorie beantragen.

IBUK zieht eine erneute Kategorisierung von Retail-Kunden auf professionelle Kunden in zwei Fällen in Betrachtung:

1. Retail-Kunden können IBUK darüber benachrichtigen, dass sie der Meinung sind, dass sie gemäß FCA-Regeln als Per-Se-Professionals eingestuft hätten werden sollen, da mindestens eine der folgenden Bedingungen gültig ist:

(i) autorisiert oder reguliert, um in Finanzmärkten tätig zu sein; oder

(ii) ein großes Unternehmen, das zwei der folgenden Größenanforderungen auf Unternehmensbasis erfüllt:

(a) eine Bilanz in Höhe von insgesamt 20,000,000 EUR;
(b) Nettoumsatz in Höhe von 40,000,000 EUR;
(c) eigene Einlagen in Höhe von 2,000,000 EUR;

(iii) ein institutioneller Anleger, dessen Hauptaufgabe es ist, in Finanzinstrumente zu investieren. Dies umfasst Körperschaften, die sich auf die Verbriefung von Vermögenswerten oder sonstigen Finanztransaktionen spezialisieren.

2. IBUK kann Kunden als professionelle Kunden auf Antrag behandeln, falls IBUK auf der Basis einer Bewertung ihrer Expertise, Erfahrung und ihres Wissens angemessen sicherstellen kann, dass der Kunde angesichts der Art der beabsichtigten Transaktionen oder Dienste in der Lage ist, eigene Anlageentscheidungen zu treffen sowie einhergehende Risiken zu verstehen. Kunden, die nicht die Anforderungen treffen, um als Per-Se-Professional-Kunde kategorisiert zu werden, können weiterhin einen Antrag stellen, um als professionelle Kunden auf Antrag eingestuft zu werden.

Um solch eine erneute Einstufung zu erhalten, müssen Retail-Kunden beweisen, dass sie mindestens zwei (2) der folgenden Kriterien erfüllen:

1. Innerhalb der letzten vier (4) Quartale hat der Kunde Transaktionen in Finanzinstrumenten von bedeutendem Ausmaß in einer durchschnittlichen Häufigkeit von zehn (10) pro Quartal durchgeführt.

Um das bedeutende Ausmaß zu bestimmen, berücksichtigt IBUK Folgendes:

a. Während der letzten vier Quartale erfolgten mindestens vierzig (40) Transaktionen; und
b. im Verlauf jedes der letzten vier (4) Quartale erfolgte mindestens eine (1) Transaktion; und
c. der gesamte Nennwert der ersten vierzig (40) Transaktionen der letzten vier (4) Quartale beträgt mehr als 200,000 EUR; und
d. das Konto weist einen Nettovermögenswert von mehr als 50,000 EUR auf.

Transaktionen in Spot-FX und nicht zugeteilten OTC-Metallen werden nicht für den Zweck dieser Berechnung in Betracht gezogen.

2. Der Kunde hält ein Portfolio an Finanzinstrumenten (einschließlich Barmittel), das mehr als 500,000 EUR (oder ein äquivalenter Betrag in einer anderen Währung) beträgt;

3. Der Kunde ist der einzige Kontoinhaber oder Trader eines Organisationskontos, der mindestens ein Jahr lang in einer professionellen Position in der Finanzbranche tätigt ist oder war, die Wissen zu den Produkten, die gehandelt werden, erfordert.

Nach der Überprüfung und Verifizierung der Informationen und bereitgestellten Belegsdokumente wird IBUK Kunden erneut einstufen, falls alle Bedingungen ausreichend erfüllt werden.

Kleinanleger, die erneut als professionelle Konten eingestuft werden möchten, müssen den Warnhinweis von IBUK lesen und verstehen, bevor der entsprechende Antrag übermitteln wird.

Erneute Einstufung als Retail-Kunde Professionelle Kunden können bei IBUK einen Antrag zur erneuten Einstufung als Kleinanleger auf derselben Seite der Kontoverwaltung bei IBUK stellen (unter „Einstellungen” > „Kontoeinstellungen” > „MiFID-Kundenkategorie”).

Mit Ausnahme von regulierten Körperschaften oder Fonds, die von Fondsverwaltern verwaltet werden, die als Per-Se-Professional-Kunden eingestuft werden, akzeptiert IBUK alle diese Anträge.

DIESE INFORMATION IST ALS HILFESTELLUNG FÜR KUNDEN GEDACHT, DIE IHR CLEARING ÜBER INTERACTIVE BROKERS AUSFÜHREN.
HINWEIS: DIE VORHERGEHENDE INFORMATION IST WEDER ALS UMFASSENDE, ENDGÜLTIGE NOCH VOLLSTÄNDIGE AUSLEGUNG DER RICHTLINIE GEDACHT, SONDERN ALS EINE ZUSAMMENFASSUNG DES ANSATZES VON IBUK IM HINBLICK AUF DIE EINSTUFUNGS- UND ERNEUTE EINSTUFUNGSRICHTLINIE FÜR KUNDENKATEGORIEN.

 

 

Interactive Brokers (U.K.) Limited – MiFID Categorisation

Introduction

The European Union legislative act known as the Markets in Financial Instruments Directive, or MiFID, as amended by MiFID II, requires Interactive Brokers (U.K.) Limited (IBUK) to classify each Client according to their knowledge, experience and expertise: "Retail", "Professional" or "Eligible Counterparty".

In accordance with the Financial Conduct Authority rules, IBUK categorises most clients as Retail clients, providing them with a higher degree of protection.

Only those clients that are either regulated entities or funds managed by regulated fund managers, are categorised as Per Se Professional Clients.

Professional Clients are entitled to a lower degree of protection under the UK regulatory regimes than Retail Clients. This notice contains, for information purposes only, a summary of the protections that a Retail Client might lose if they are to be treated as a Professional Client.

1. Description of the nature and risks of packaged investments: A firm that offers an investment service with another service or product or as a condition of the same agreement with a Retail Client must: (i) inform Retail Clients if the risks resulting from the agreement are likely to be different from the risks associated with the components when taken separately; and (ii) provide Retail Clients with an adequate description of the different components of the agreement and the way in which its interaction modifies the risks. The above requirements do not apply in respect of Professional Clients. However, IBUK will not make such differentiation apart from the case specified under point 3 below.

2. Retail investor protection measures on the provision of Contracts for Differences (“CFDs”): The regulatory measures include: (i) Leverage limits on the opening of a position, which vary according to the volatility of the underlying; (ii) A margin close out rule on a per account basis that standardises the percentage of margin (at 50%of the minimum required margin) at which providers are required to close out one or more open CFDs; (iii) Negative balance protection on a per account basis;(iv) A restriction on the incentives offered to trade CFDs; and (v) A standardised risk warning, including the percentage of losses on a CFD provider’s Retail investor accounts. These measures do not apply in respect of Professional Clients.

3. Communication with clients, including financial promotions: A firm must ensure that its communications with all clients are, and remain, fair, clear and not misleading. However, the simplicity and frequency in which a firm may communicate with Professional Clients (about itself, its services and products, and its remuneration) may be different to the way in which the firm communicates with Retail Clients. Regulations relating to restrictions on, and the required contents of, direct offer financial promotions do not apply to promotions to Professional Clients and such promotions need not contain sufficient information for Professional Clients to make an informed assessment of the investment to which they relate. A firm’s obligations in respect of the level of details, medium and timing of the provision of information are different depending on whether the client is a Retailor Professional Client. The requirements to deliver certain product-specific documents, such as Key Information Documents (“KIDs”) for Packaged Retail and Insurance-based Investment Products (“PRIIPs”), are not applied to Professional Clients.

4. Depreciation in value reporting to clients: A firm that holds a Retail Client account that includes positions in leveraged financial instruments or contingent liability transactions must inform the Retail Client, where the initial value of each instrument depreciates by 10 per cent and thereafter at multiples of 10 per cent. The above reporting requirements do not apply in respect of Professional Clients (i.e., these reports do not have to be produced for Professional Clients).

5. Appropriateness: For transactions where a firm does not provide the client with investment advice or discretionary management services (such as an execution-only trade), it may be required to assess whether the transaction is appropriate. When assessing appropriateness for non-advised services, a firm may be required to determine whether the client has the necessary experience and knowledge in order to understand the risks involved in relation to the product or service offered or demanded. Where such an appropriateness assessment requirement applies in respect of a Retail Client, there is a specified test for ascertaining whether the client has the requisite investment knowledge and experience to understand the risks associated with the relevant transaction. However, in respect of a Professional Client the firm is entitled to assume that a Professional Client has the necessary level of experience, knowledge and expertise in order to understand the risks involved in relation to those particular investment services or transactions, or types of transaction or product, for which the client is classified as a Professional Client. IBUK provides non-advised services and is not required to request information or adhere to the assessment procedures for a Professional Client when assessing the appropriateness of a given service or product as with a Retail Client, and IBUK may not be required to give warnings to the Professional Client if it cannot determine appropriateness with respect to a given service or product.

6. Information about costs and associated charges: A firm must provide clients with information on costs and associated charges for its services and/or products. The information provided may not be as comprehensive for Professional Clients as it must be for Retail Clients.

7. Dealing: When undertaking transactions for Retail Clients, the total consideration, representing the price of the financial instrument and the costs relating to execution, should be the overriding factor in any execution. For Professional Clients a range of factors may be considered in order to achieve best execution –price is an important factor, but the relative importance of other different factors, such as speed, costs and fees may vary. However, IBUK will not make such differentiation.

8. Difficulty in carrying out orders: In relation to order execution, firms must inform Retail Clients about any material difficulty relevant to the proper carrying out of orders promptly on becoming aware of the difficulty. This is not required in respect of Professional Clients. The timeframe for providing confirmation that an order has been carried out is more rigorous for Retail Clients’ orders than Professional Clients’ orders.

9. Share trading obligation: In respect of shares admitted to trading on a regulated market or traded on a trading venue, the firm may, in relation to the investments of Retail Clients, only arrange for such trades to be carried out on a regulated market, a multilateral trading facility, a systematic internaliser or a third-country trading venue. This is a restriction which may not apply in respect of trading carried out for Professional Clients (i.e., this restriction can be disapplied where trades in such shares are carried out for Professional Clients in certain circumstances).

10. Exclusion of liability: Firms’ ability to exclude or restrict any duty or liability owed to clients is narrower under the FCA rules in the case of Retail Clients than in respect of Professional Clients.

11. The Financial Services Ombudsman: The services of the Financial Ombudsman Service in the UK may not be avail-able to Professional Clients, unless they are, for example, consumers, small businesses or individuals acting outside of their trade, business, craft or profession.

12. Compensation: IBUK is a member of the UK Financial Services Compensation Scheme. You may be entitled to claim compensation from that scheme if IBUK cannot meet its obligations to you. This will depend on the type of business and the circumstances of the claim; compensation is only available for certain types of claimants and claims in respect of certain types of business. Eligibility for compensation from the Financial Services Compensation Scheme is not contingent on your categorisation but on how the firm is constituted. Eligibility for compensation from the scheme is determined under the rules applicable to the scheme (more information is available at https://www.fscs.org.uk/).

13. Transfer of financial collateral arrangements: As a Professional Client, the firm may conclude title transfer financial collateral arrangements with you for the purpose of securing or covering your present or future, actual or contingent or prospective obligations, which would not be possible for Retail Clients.

14. Client money: The requirements under the client money rules in the FCA Handbook (CASS) are more prescriptive and provide more protection in respect of Retail Clients than in respect of Professional Clients.

Re-categorisation as Professional Client

IBUK allows its Retail Clients to request to be re-categorised as Professional Clients. Clients are notified of their Client Category and can check it at any time from Account Management, under Settings> Account Settings> MiFID Client Category. From this same screen, Clients can also request to change their MiFID Category.

IBUK will consider re-categorising Retail Clients to Professional Clients in two instances:

1. Per Se Professional Clients can notify IBUK that they consider that they should have been categorised as Per Se Professionals under the FCA rules, because at least one of the following conditions applies:

(i) authorised or regulated to operate in the financial markets; or

(ii) a large undertaking meeting two of the following size requirements on a company basis:

(a) balance sheet total of EUR 20,000,000;
(b) net turnover of EUR 40,000,000;
(c) own funds of EUR 2,000,000;

(iii) an institutional investor whose main activity is to invest in financial instruments. This includes entities dedicated to the securitisation of assets or other financing transactions.

2. IBUK may treat Clients as Elective Professional Clients if, based on an assessment of the Client’s expertise, experience, and knowledge, IBUK is reasonably assured that, in light of the nature of the transactions or services envisaged, the Client is capable of making its own investment decisions and understand the risks involved. Clients who do not meet the requirements to be categorised as Per Se Professional Clients can still request to be categorised as Elective Professional Clients.

To obtain such re-categorisation, Retail Clients must provide evidence that they satisfy at least two (2) of the following criteria:

1. Over the last four (4) quarters, the Client conducted trades in financial instruments in significant size at an average frequency of ten (10) per quarter.

To determine the significant size IBUK considers the following:
   a. During the last four quarters, there were at least forty (40) trades; and
   b. During each of the last four (4) quarters, there was at least one (1) trade; and
   c. The total notional value of the top forty (40) trades of the last four (4) quarters is greater than EUR 200,000; and
   d. The account has a net asset value greater than EUR 50,000.

Trades in Spot FX and Unallocated OTC Metals are not considered for the purpose of this calculation.

2. The Client holds a portfolio of financial instruments (including cash) that exceeds EUR 500,000 (or equivalent);

3. The Client is an individual account holder or a trader of an organisation account who works or has worked in the financial sector for at least one year in a professional position which requires knowledge of products it trades in.

Upon review and verification of the information and supporting evidence provided, IBUK will re-categorise clients if all relevant conditions are met to satisfaction.

Retail Clients requesting to be re-categorised as Professional Accounts must read and understand the warning provided by IBUK before the relevant request is submitted.

Re-categorisation as Retail Client

Professional Clients can request IBUK to be re-categorised as Retail Clients, from the same Account Management page described above (under Settings> Account Settings> MiFID Client Category).

With the sole exception of regulated entities or funds managed by regulated fund managers, which are categorised as Per Se Professional Clients, IBUK accepts all such requests.

THIS INFORMATION IS GUIDANCE FOR INTERACTIVE BROKERS FULLY DISCLOSED CLEARED CUSTOMERS ONLY.
NOTE: THE INFORMATION ABOVE IS NOT INTENDED TO BE A COMPREHENSIVE, EXHAUSTIVE NOR A DEFINITIVE INTERPRETATION OF THE REGULATION, BUT A SUMMARY OF IBUK’S APPROACH TO CLIENT CATEGORISATION AND RE-CATEGORISATION POLICY.

 

Converting From an Individual to Trust Account

The process of converting from an individual account to a trust account is outlined below: 

1. As the trust account structure differs from that of the individual in terms of account holder information required, legal agreements and, in certain cases, taxpayer status, direct conversion is not supported and a new trust account application must be completed online.

The online trust application may be initiated by visiting www.ibkr.com and clicking the "Open Account" button. Be sure to request trading permissions and, if necessary, margin status, sufficient to maintain the positions currently carried in your individual account. Note that if your account is managed by a financial advisor or you are a client of an introducing broker, please contact your advisor or broker to initiate the new application (you may need to make arrangements with your advisor or broker for fees that have accrued but not yet paid when the individual account closes).

2. The trust account application requires Compliance review and approval and documentation evidencing the creation of the trust and proof of identity and address of trustees may also be required. If this is the case, notice as to the required documents and how to submit will be provided at the conclusion of the online application.

3. Once you have received an email confirming approval of the trust account application, send a request from your Message Center authorizing IB to manually transfer positions from your Individual to trust account. Prior to submitting the request you should make sure to close all open orders in the individual account to ensure that no executions take place following the transfer.

Due to the manual steps and scheduling required, you should allow a minimum of one week after trust account approval and submitting your request for the transfer to take effect.


IMPORTANT NOTES

1. Note that exchange regulations preclude ownership transfer of derivative contracts such as futures and options. If you are holding such positions you would either need to close them prior to the transfer taking place or request that they remain in your individual account.

2. Prior to processing the transfer, you should make sure to close all open orders in the individual account to ensure that no executions take place following the transfer.

3. The SMA (Special Memorandum Account) balance in your individual account will not transfer to the trust account. In certain cases this may impact your ability to open new positions in the trust account on the first day after the transfer is completed.

4. Elective options such as market data subscriptions and participation in IB's Yield Enhancement Program will not be carried over to the trust account and must be re-initiated to continue. Note that trusts are often classified as Professionals for market data subscription purposes which generally implies higher subscription rates than that for Non-Professionals.

5. The cost basis of transferred positions as reported in the activity statements will remain unchanged for tax purposes. The cost basis as reported in your trading platform (which is not used for tax reporting purposes) will not transfer over to the trust account but may be manually adjusted.

6. Once the transfer has been completed and assuming all positions have been transferred your individual account will be designated for automatic closure. Note that certain balances such as dividend accruals can’t be transferred until paid, after which they will then be transferred and your individual account closed.

7. You'll receive any applicable tax forms for the reportable activity transacted in each of your individual and trust accounts at year end. Access to Account Management for you individual account will remain after it has been closed for the purpose of reviewing and printing activity statements and tax forms.

8. IBKR does not provide tax advice or investment guidance and recommends that account holder consult with qualified professionals to determine any legal, tax or estate planning consequences associated with individual to trust transfer requests.
 

Free Riding Rule

In a cash account, an investor must pay for the purchase of a security (meaning, the trade must settle) prior to selling that security. If an investor buys a security and then sells that same security without paying for the security in full by settlement date, the investor is considered to be “free riding.” IBKR's implementation of the free riding rule uses an end of day check to see if a position was closed prior to its trade settlement date. This IBKR end of day surveillance would still consider closing a position before settlement a Free Riding violation and automatically puts the account into "Cash Up Front" restriction for the next 90 days.

Free riding examples that would be considered a violation at Interactive Brokers

Example A:

1) On T, the account has settled cash of $10,000

2) On T, the account buys ABC for $10,000

3) On T+1, the account sells ABC and buys $10,000 of XYZ

4) The customer sells the XYZ shares without depositing sufficient funds to pay for the purchase of XYZ in full

 

Example B:

1) On T, the account has fully paid for stock in ABC and no excess cash

2) On T, the account sells $10,000 of ABC

3) On T, the account buys $10,000 of XYZ

4) On T+1, the account sells the XYZ shares without depositing sufficient funds to pay for the purchase of XYZ in full

 

The end of day surveillance process would consider both of these scenarios to be free riding violations, which would restrict the account to only purchase using settled funds for 90 days. IBKR has put certain controls in place to help prevent free riding violations. Your Total Cash Value includes your settled and unsettled funds, and you will be able to place a new order when your Available Funds (ELV - Initial Margin) is positive (as that represents your fully settled cash after a closing trade). The real time check for fully settled cash is done at the Credit Check when entering a new order.

Account holders who wish to have access to unsettled funds prior to the settlement day may do so by requesting a margin type account. Under a margin type account, unsettled funds may be used for trading purposes but may not be withdrawn until settlement. Account holders maintaining a Cash type account may request an upgrade to a Margin type account by:

  1. Logging in to Client Portal
  2. Clicking the User menu (head and shoulders icon in the top right corner) followed by Manage Account
  3. In the Configuration section, clicking the Configure (gear) icon for Account Type to request an upgrade from Cash to Margin.

Please Note

  • Requests will be reviewed by the IBKR Risk and Compliance Departments. Approval typically takes 24 to 48 hours
  • If you recently downgraded your account from Margin to Cash, market regulations require a waiting period of 30 days before your account becomes eligible for Margin again.

 

Can I have more than two individuals on a joint account?

IBKR offers three types of joint accounts: Tenants with Rights of Survivorship, Tenancy in Common and Community Property. Each of these joint account types is limited to two account holders.

Applicants interested in opening an account with multiple owners in excess of two may consider the corporate, partnership, limited liability company or unincorporated legal structure account types offered by IBKR. Note that documentation establishing proof of formation and address are generally required at the point of application.

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