Ordervorschau - Auswirkungen auf Risikogebühren überprüfen

IB stellt Ihnen eine Funktion zur Verfügung, mit der Kontoinhaber überprüfen können, ob und in welchem Maße sich eine Order auf die voraussichtlichen Risikogebühren auswirken würde. Diese Funktion sollte vor der Übermittlung einer Order verwendet werden, damit Sie bereits vorab über die resultierenden Gebühren informiert sind. So haben Sie die Möglichkeit, Änderungen an der Order vorzunehmen, noch bevor Sie diese übermitteln, um ggf. die anfallenden Gebühren zu verringern oder zu aufzuheben.

Sie können diese Funktion aktivieren, indem Sie mit der rechten Maustaste die Orderzeile anklicken. Daraufhin öffnet sich die Ordervorschau. Dieses Fenster enthält einen Link mit der Bezeichnung „Auswirkungen auf Risikogebühren prüfen“ (s. rote Markierung in Abbildung I).

Abbildung I

 

Wenn Sie diesen Link anklicken, wird das Fenster erweitert. Sie sehen nun eine Übersicht über ggf. anfallende Risikogebühren für die aktuellen Positionen, sowie die Veränderung der Gebühr bei Ausführung der angezeigten Order und die Gesamtgebührensumme nach Ausführung der Order (s. rote Markierung in Abbildung II unten). Diese Beträge werden weiter in die jeweiligen Produktklassen aufgeschlüsselt, für die die Gebühren anfallen (z. B. Aktien, Öl). Kontoinhaber können dieses Fenster einfach schließen, ohne die Order zu übermitteln, falls die Auswirkungen auf die Risikogebühren sich als zu groß erweisen.

Abbildung II

 

In Artikel KB2275 erhalten Sie Informationen zur Verwendung des RiskNavigator von IB für die Verwaltung und Vorabberechnung von Risikogebühren. Informationen zur Kontrolle der Gebühren über das Kontoübersichtsfenster erhalten Sie in Artikel KB2344.

Nutzung des RiskNavigator zur Vorausberechnung von Risikogebühren

Der RiskNavigator von IB enthält eine spezielle Szenario-Funktion, mit deren Hilfe ermittelt werden kann, ob und in welchem Maße sich eine Veränderung in einem Portfolio auf die Höhe der Risikogebühr auswirken würde. Im Folgenden werden die Schritte zur Erstellung eines „Was-wäre-wenn“-Portfolios erläutert, entweder auf Basis angenommener Veränderungen in einem bestehenden Portfolio oder auf Basis eines gänzlich neu entworfenen Portfolios, einschließlich Berechnung der resultierenden Risikogebühren. Bitte beachten Sie, dass diese Funktion in der TWS Version 951 und höher verfügbar sind.

Schritt 1: Ein neues „Was wäre wenn“-Portfolio öffnen
Öffnen Sie in der klassischen Ansicht der TWS-Plattform das Menü Analyse-Tools, wählen Sie den Menüpunkt RiskNavigator aus und klicken Sie auf Neues Was-wäre-wenn-Portfolio öffnen (Abbildung 1).
 
Abbildung 1

 

Schritt 2: Ausgangsportfolio definieren
Ein Pop-up-Fenster öffnen sich (Abbildung 2), in dem Sie dazu aufgefordert werden, festzulegen, ob Sie ein hypothetisches Portfolio auf Basis Ihres aktuellen Portfolios erstellen oder ein neu angelegtes Portfolio als Basis verwenden möchten. Klicken Sie auf die Schaltfläche „Ja“, um bestehende Positionen in das neue Was-wäre-wenn-Portfolio zu laden.
 
Abbildung 2

 
Wenn Sie auf die Schaltfläche „Nein“ klicken, wird das „Was-wäre-wenn“-Portfolio ohne Positionen geöffnet (Abbildung 3). Wählen Sie den Reiter zu der Produktklasse aus, für die Sie hypothetische Positionen anlegen möchten (z. B. Aktien).
  
Abbildung 3
 
 
 
Schritt 3: Positionen hinzufügen
Sie können eine Position zu Ihrem „Was-wäre-wenn“-Portfolio hinzufügen, indem Sie auf die grüne Zeile mit der Überschrift „Neu“ klicken und dann das Symbol des gewünschten Basiswerts eingeben (Abbildung 4), den Produkttyp definieren (Abbildung 5) und die Positionsgröße festlegen (Abbildung 6)
 
Abbildung 4
 
 
Abbildung 5
 
 
Abbildung 6
 
 
Schritt 4: Risikogebühr berechnen
Die voraussichtliche Risikogebühr auf Basis Ihres „Was-wäre-wenn“-Portfolios können Sie ermitteln, indem Sie das Menü Berichte und dann den Menüpunkt Risikogebühr auswählen (Abbildung 7). Ein Pop-up-Fenster öffnet sich, in dem die voraussichtliche Risikogebühr nach Produktklassen aufgeschlüsselt angegeben wird (Abbildung 8).
 

Abbildung 7

 
 
Abbildung 8

 

 

Informationen dazu, wie Sie die Risikogebühr über das Kontoübersichtsfenster kontrollieren können, erhalten Sie in Artikel KB2344. Informationen zur Verifizierung der Risikogebühr über das Ordervorschau-Fenster finden Sie in Artikel KB2276.

Weitergabe von Gebühren für American Depository Receipts (ADRs)

Kontoinhaber, die Positionen in American Depository Receipts (ADRs) halten, sollten beachten, dass für Wertpapiere dieser Art regelmäßige Gebühren fällig werden, die zur Entschädigung der Depotbank für die Verwahrung des ADR dienen. Die Verwahrungsleistungen der Depotbank umfassen üblicherweise eine Bestandsaufnahme der ausländischen Aktien, die dem ADR zugrunde liegen, und die Abwicklung aller erforderlichen Registrierungs-, Compliance- und Dokumentationsmaßnahmen.

In der Vergangenheit konnten die Depotbanken lediglich Verwahrungsgebühren erheben, indem diese von der ADR-Dividende abgezogen wurden. Da auf viele ADRs jedoch keine regelmäßigen Dividenden gezahlt werden, war es für die Depotbanken häufig nicht möglich, ihre Gebühren zu erheben. Im Jahr 2009 erhielt die Depository Trust Company (DTC) daher von der SEC die Genehmigung, die Verwahrungsgebühren für ADRs, auf die keine regelmäßige Dividende gezahlt wird, im Auftrag der Depotbanken zu erheben. Die DTC stellt diese Gebühren den teilnehmenden Brokern (wie z. B. IB) in Rechnung, die die ADRs für ihre Kunden halten. Diese Gebühren werden als „Pass-Through Fees“, d. h. als Weitergabegebühren, bezeichnet, da die Broker diese Gebühren wiederum ihren Kunden in Rechnung stellen.

Falls Sie eine Position für ein ADR halten, auf das eine Dividende gezahlt wird, werden diese Gebühren weiterhin wie bereits in der Vergangenheit von der Dividende abgezogen. Falls Sie eine Position für ein ADR halten, auf das keine Dividende gezahlt wird, so wird die Weitergabegebühr auf dem monatlichen Kontoauszug für den Stichtag aufgeführt, zu dem sie erhoben wird.  Ähnlich wie bei Bardividenden bemüht sich IB, bevorstehende ADR-Gebührenverrechnungen im Abschnitt „Aufgelaufene Beträge“ auf Ihrem Kontoauszug auszuweisen. Sobald Ihr Konto mit der Gebühr belastet wurde, wird diese im Abschnitt „Ein-und Auszahlungen“ auf Ihren Kontoauszügen angegeben. Dabei wird der Posten mit der Beschreibung „Anpassungen - Andere“ und dem Symbol des jeweils betroffenen ADR versehen.

Die Höhe dieser Gebühren beläuft sich im Allgemeinen auf 0.01 - 0.03 US-Dollar pro Aktie, wobei diese Beträge jedoch von einem ADR zum anderen variieren können und es ist zu empfehlen, dass Sie für spezifische Informationen den Prospekt des jeweiligen ADRs hinzuziehen. Mit Hilfe des EDGAR-Company-Search-Tools der SEC können Sie online nach dem gewünschten Prospekt suchen.

Exposure Fee Monitoring via Account Window

The Account Window provides the high-level information suitable for monitoring one's account on a real-time basis. This includes key balances such as total equity and cash, the portfolio composition and margin balances for determining compliance with requirements and available buying power.  This window also includes information relating to the most recently assessed exposure fee and a projection of the next fee taking into consideration current positions.

To open the Account Window: 
• From TWS classic workspace, click on the Account icon, or from the Account menu select Account Window (Exhibit 1)
 

Exhibit 1

 

• From TWS Mosaic workspace, click on Account from the menu, and then select Account Window (Exhibit 2)

Exhibit 2

 

After opening the window, scroll down to the Margin Requirements section and click on the + sign in the upper-right hand corner to expand the section.  There, the "Last" and "Estimated Next" exposure fees will be detailed for each of the product classifications to which the fee applies (e.g., Equity, Oil).  Note that the "Last" balance represents the fee as of the date last assessed (note that fees are computed based upon open positions held as of the close of business and assessed shortly thereafter).  The "Estimated Next" balance represents the projected fee as of the current day's close taking into account position activity since the prior calculation (Exhibit 3).

Exhibit 3

 

To set the default view when the section is collapsed, click on the checkbox alongside any line item and those line items will remain displayed at all times.

 

Please see KB2275 for information regarding the use of IB's Risk Navigator for managing and projecting the Exposure Fee and KB2276 for verifying exposure fee through the Order Preview screen.

 

Important Notes

1. The Estimated Next Exposure Fee is a projection based upon readily available information.  As the fee calculation is based upon information (e.g., prices and implied volatility factors) available only after the close, the actual fee may differ from that of the projection.

2. Exposure Fee Monitoring via the Account window is only available for accounts that have been charged an exposure fee in the last 30 days

Order Preview - Check Exposure Fee Impact

IB provides a feature which allows account holders to check what impact, if any, an order will have upon the projected Exposure Fee. The feature is intended to be used prior to submitting the order to provide advance notice as to the fee and allow for changes to be made to the order prior to submission in order to minimize or eliminate the fee.

The feature is enabled by right-clicking on the order line at which point the Order Preview window will open. This window will contain a link titled "Check Exposure Fee Impact" (see red highlighted box in Exhibit I below).

Exhibit I

 

Clicking the link will expand the window and display the Exposure fee, if any, associated with the current positions, the change in the fee were the order to be executed, and the total resultant fee upon order execution (see red highlighted box in Exhibit II below).  These balances are further broken down by the product classification to which the fee applies (e.g. Equity, Oil). Account holders may simply close the window without transmitting the order if the fee impact is determined to be excessive.

Exhibit II

 

Please see KB2275 for information regarding the use of IB's Risk Navigator for managing and projecting the Exposure Fee and KB2344 for monitoring fees through the Account Window

 

Important Notes

1. The Estimated Next Exposure Fee is a projection based upon readily available information.  As the fee calculation is based upon information (e.g., prices and implied volatility factors) available only after the close, the actual fee may differ from that of the projection.

2. The Check Exposure Fee Impact is only available for accounts that have been charged an exposure fee in the last 30 days

Using Risk Navigator to Project Exposure Fees

Übersicht: 

IB's Risk Navigator provides a custom scenario feature which allows one to determine what effect, if any, changes to their portfolio will have to the Exposure fee. Outlined below are the steps for creating a what-ifportfolio through assumed changes to an existing portfolio or through an entirely new proposed portfolio along with determining the resultant fee.   Note that this feature is available through TWS build 971.0i and above.

Step 1: Open a new “What-if” portfolio
 
From the Classic TWS trading platform, select the Analytical Tools, Risk Navigator, and then Open New What-If menu options (Exhibit 1).
 
Exhibit 1
 
 
From the Mosaic TWS trading platform, select the New Window, Select Risk Navigator, and then Open New What-If menu options.
 
Step 2: Define starting portfolio
 
A pop-up window will appear (Exhibit 2) from which you will be prompted to define whether you would like to create a hypothetical portfolio starting from your current portfolio or a newly created portfolio.  Clicking on the "yes" button will serve to download existing positions to the new “What-If” portfolio.
 
Exhibit 2
 
Clicking on the "No" button will open up the “What-If” Portfolio with no positions. 
 
Step 3: Add Positions
 
To add a position to the what-ifportfolio, click on the green row titled "New" and then enter the underlying symbol (Exhibit 3), define the product type (Exhibit 4) and enter position quantity (Exhibit 5).
 
Exhibit 3
 
 
Exhibit 4
 
 
Exhibit 5
 
 
You can modify the positions to see how that changes the margin.  After you altered your positions you will need to click on the recalculate icon () to the right of the margin numbers in order to have them update.  Whenever that icon is present the margin numbers are not up-to-date with the content of the what-ifPortfolio.
 
Step 4: Determine Exposure Fee
 
To view the projected correlated exposure fee based upon your what-ifportfolio, click on the Report and then Exposure Fee menu options (Exhibit 6).  Once selected, a new Exposure Fee tab will be added, which will display the projected exposure fee broken down by primary risk factors (Exhibit 7).
 
Exhibit 6
 
 
Exhibit 7
 
You can modify the positions to see how that changes the Exposure Fee.  After you altered your positions you will need to click on the refresh button to the right of the Last Calculation Time.  Whenever the warning icon () is present the Exposure Fee Calculations numbers are not up-to-date with the content of the what-ifPortfolio. 
 

Please see KB2344 for information on monitoring the Exposure fee through the Account Window and KB2276 for verifying exposure fee through the Order Preview screen.

Important Note

1. The on-demand Exposure Fee check represents a projection based upon readily available information.  As the fee calculation is based upon information (e.g., prices and implied volatility factors) available only after the close, the actual fee may differ from that of the projection.

Overview of Dodd-Frank

Background
The Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd-Frank, is a U.S. law enacted in July of 2010, the purpose of which is to prevent the recurrence of events which lead to the 2008 financial crisis. Its principal goals are to:

- Promote U.S. financial stability by improving accountability and transparency within the financial system;
- Protect taxpayers from future bailouts of institutions deemed “too big to fail”; and
- Protect consumers from financial services practices considered abusive.

For additional information, please review the following sections:
- Dodd-Frank reforms
- Dodd-Frank and your IB Account

 

 

 

 

 

Dodd-Frank Reforms
To accomplish its goals, Dodd-Frank proposed the following reforms:

- Enhanced oversight and supervision of financial institutions through the creation of Financial Stability Oversight Council
- Creation of a new agency responsible for implementing and enforcing compliance with consumer financial laws (Bureau of Consumer Financial Protection)
- Implementation of more stringent regulatory capital requirements
- Changes in the regulation of over the counter derivatives including restrictions upon access to Federal credit by swaps entities, establishment of regulatory oversight and mandatory trading and clearing requirements
- Enhanced regulation of credit rating agencies intended to eliminate exemptions from liability, enhance rating agency disclosure, establish prohibited activities and impose standards for independent Board governance
- Changes to corporate governance and executive compensation practices
- Incorporation of the Volcker Rule which imposes restrictions upon the speculative proprietary trading activities of banking entities
- Mandating studies intended to reform investor protection rules
- Changes to the securitization market including requirements that mortgage bankers retain a % of risky loans.

 Return

 

 

 

 

Dodd-Frank and Your IB Account
Perhaps most visible to IB account holders of all the Dodd-Frank regulations are those relating to money transfers. Here, Section 1073 of the Act introduces consumer protections designed to increase transparency with respect to the costs, timing and the right to repudiate cross-border transactions.
For purpose of Section 1073, a cross-border transaction is defined as an electronic transfer of money from a consumer in the United States to a person or business in a foreign country. As IB LLC is a U.S. based broker, all its account holders regardless of whether they are domiciled in the U.S. or not, benefit from this protection and it covers withdrawals denominated in a currency other than the U.S. dollar as well as USD denominated withdrawals sent to a non-U.S. bank. Account holders submitting a withdrawal which is covered by this regulation will be provided with a disclosure after confirming the request within Account Management. This disclosure will include the following information:

- The name and address of the sender and recipient
- The amount to be deducted from the sender’s IB account
- The amount projected to be credited to the recipient’s bank account including an estimate of fees which the receiving bank's correspondent bank(s) may charge. Note that these correspondent bank fees are not set by nor is any part of them earned by IB.
- A disclaimer that additional fees and foreign taxes may apply.
- Notice of the sender’s right to cancel the transfer request for a full refund within 30 minutes of it being authorized.
- Regulatory contact information in the event of questions or complaints.

When estimating correspondent bank transfer fees, IB takes into consideration information collected from past customer transactions in addition to data made available by our agent banks. We encourage our customers to review and consider this information when making decisions regarding cross-border transactions.

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Information Regarding Italian Financial Transaction Tax on Derivatives

Übersicht: 

This document is designed to provide an overview of how the Italian Financial Transaction Tax (I-FTT) will be handled by Interactive Brokers for Italian derivatives.

Effective September 1, 2013, the tax will be implemented on the purchase and sale of Italian derivatives.

Tax Rate

The tax rate is dependent on the type of financial instrument traded, whether the instrument was traded OTC or on a regulated exchange or MTF and on the value of the contract. The tax is applied per contract.

Scope

The I-FTT will be applied to transactions on derivatives whose underlying assets are mainly I-FTT taxable shares or whole value depends mainly on I-FTT taxable shares. It will also be applied on any other financial instrument which allows the purchase or share of I-FTT taxable shares or involving a cash settlement determined with reference to I-FTT taxable shares.

Calculation Method

The I-FTT will be applied to both the purchaser and the seller of the derivative contract. As such, there is no benefit of netting as there is when trading stocks.

The rates as set for 2013 when trading on a regulated exchange or MTF are outlined below. Note that a transaction occurring OTC will be charged 5 times the rates displayed below. The values displayed below are in EUR.

 

 

Instrument

Value < 2,500

2,500 to 4,999 5,000 to 9,999 10,000 to 49,999 50,000 to 99,999 100,000 to 499,999 500,000 to 999,999 1,000,000 +
Futures, certificates, covered warrants, options on yields, measures or indices related to shares  0.00375  0.0075  0.015  0.075  0.15  0.75  1.5  3
Futures, warrants, certificates, covered warrants and options on shares  0.025  0.05  0.1  0.5  1  5 10  20
All other products not listed above  0.05 0.1 0.2 1  2  10  20  40

 

The information above is being provided on a best efforts basis only and is subject to change.

Security Device Replacement Charge

Account holders logging into their account via IBKR's Secure Login System are issued a security device, which provides an additional layer of protection to that afforded by the user name and password, and which is intended to prevent online hackers and other unauthorized individuals from accessing their account. While IBKR does not charge any fee for the use of the device, certain versions require that the account holder return the device upon account closing or incur a replacement fee.  Existing account holders are also subject to this replacement fee in the event their device is lost, stolen or damaged (note that there is no fee to replace a device returned as a result of battery failure). 

In addition, while IBKR does not assess a replacement fee unless a determination has been made that the device has been lost, stolen, damaged or not returned, a reserve equal to the fee will placed upon the account upon issuance of the device to secure its return.  This reserve will have no effect upon the equity of the account available for trading, but will act as limit to full withdrawals or transfers until such time the device is returned (i.e., cannot withdraw the reserve balance).

Outlined below are the replacement fee associated with each device.

SECURITY DEVICE REPLACEMENT FEE
Security Code Card1 $0.001
Digital Security Card + $20.00 

For instructions regarding the return of security devices, please see KB975

 

1 The Security Code Card is not required to be returned upon account closing and may be destroyed and discarded once remaining funds have been returned and the account has been fully closed. Access to Client Portal after closure for purposes of viewing and retrieving activity statements and tax documents is maintained using solely the existing user name and password combination. This type of two-factor security is no longer being issued.

Why Do Commission Charges on U.S. Options Vary?

IBKR's option commission charge consists of two parts:

1. The execution fee which accrues to IBKR.  For Smart Routed orders this fee is set at $0.65 per contract, reduced to as low as $0.15 per contract for orders in excess of 100,000 contracts in a given month (see website for costs on Direct Routed orders, reduced rates on low premium options and minimum order charges); and 

2. Third party exchange, regulatory and/or transaction fees.

In the case of third party fees, certain U.S. option exchanges maintain a liquidity fee/rebate structure which, when aggregated with the IBKR execution fee and any other regulatory and/or transaction fees, may result in an overall per contract commission charge that varies from one order to another.  This is attributable to the exchange portion of the calculation, the result of which may be a payment to the customer rather than a fee, and which depends upon a number of factors outside of IBKR's control including the customer's order attributes and the prevailing bid-ask quotes.

Exchanges which operate under this liquidity fee/rebate model charge a fee for orders which serve to remove liquidity (i.e., marketable orders) and provide a credit for orders which add liquidity (i.e., limit orders which are not marketable). Fees can vary by exchange, customer type (e.g., public, broker-dealer, firm, market maker, professional), and option underlying with public customer rebates (credits) generally ranging from $0.10 - $0.90 and public customer fees from $0.01 - $0.95. 

IBKR is obligated to route marketable option orders to the exchange providing the best execution price and the Smart Router takes into consideration liquidity removal fees when determining which exchange to route the order to when the inside market is shared by multiple (i.e., will route the order to the exchange with the lowest or no fee).  Accordingly, the Smart Router will only route a market order to an exchange which charges a higher fee if they can better the market by at least $0.01 (which, given the standard option multiplier of 100 would result in price improvement of $1.00 which is greater than the largest liquidity removal fee).

For additional information on the concept of adding/removing liquidity, including examples, please refer to KB201.

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