The following article is intended to provide a general introduction to London Gold and Silver Contracts for Differences (CFDs) issued by IBKR.
Please follow these links for information on IBKR Share CFDs, Index CFDs and Forex CFDs.
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
59.5% of retail investor accounts lose money when trading CFDs with IBKR.
You should consider whether you understand how CFDs work and whether you can afford to take the
high risk of losing your money.
ESMA Rules for CFDs (Retail Clients only)
The European Securities and Markets Authority (ESMA) has enacted new CFD rules effective 1st August
2018.
The rules include: 1) leverage limits on the opening of a CFD position; 2) a margin close out rule on a per
account basis; and 3) negative balance protection on a per account basis.
The ESMA Decision is only applicable to retail clients. Professional clients are unaffected.
Please refer to the following articles for more detail:
ESMA CFD Rules Implementation at IBKR (UK) and IBKR LLC
ESMA CFD Rules Implementation at IBIE, IBCE and IBLUX
Introduction
A London Gold CFD enables you to have exposure to price movements of physical Gold without actually owning it. A London Gold CFD is an agreement between you and IBKR to exchange the difference in price of the underlying over a period of time. The difference to be exchanged is determined by the change in the reference price of the underlying. Thus, if the price of physical Gold traded on the London bullion market rises and you are long the CFD, you receive cash from IBKR and vice versa. A London Gold CFD can be bought long or sold short to suit your view of market direction in the future.
Contract Specifications
Contract | IBKR Symbol | Per Trade Fee | Minimum per Order | Multiplier |
London Gold | XAUUSD | 0.0015% | USD 2.00 | 1 |
London Silver | XAGUSD | 0.0015% | USD 2.00 | 1 |
Price Determination
The IBKR London Gold and Silver CFDs reference physical Gold and Silver traded on the London bullion market. The London bullion market is a wholesale over-the-counter market for the trading of precious metals. Trading is conducted among members of the London Bullion Market Association (LBMA). Most of the members are major international banks.
IBKR receives quote streams from approximately 10 such major banks, in much the same way it does for cash forex. IBKR Smart routes between the banks, and the best available price at any given time becomes the reference price for the CFDs. IBKR does not add a spread to the banks’ quotes.
Low Commissions and Financing Rates: Unlike other CFD providers IBKR charges a transparent
commission, rather than widening the spread. Commission rates are only 0.0015%. Overnight financing rates are just benchmark +/- 1.5% (an additional 1% surcharge is added for retail accounts).
Transparent Quotes: Because IBKR does not widen the spread, the Metals CFD quotes accurately
represent the spreads and price movements of the related cash metal, as described above.
Margin Efficiency: IBKR establishes house-margin requirements based on historic volatility of the
underlying and other factors. Retail clients are subject to regulatory minimum initial margins of 5% for
London Gold or 10% for London Silver.
Trading Permissions: Same as for Share and Index CFDs.
Market Data Permissions: Metals CFD market data is free, but a permission is required for system
reasons.
Worked Trade Example (Professional Clients):
You purchase 100 XAUUSD CFDs at $1,942.5 for USD 194,250 which you then hold for 5 days.
Closing the Position
CFD Resources
Below are some useful links with more detailed information on IB’s CFD offering:
Frequently asked Questions
Are short Metals CFDs subject to forced buy-in?
No.
Can I take delivery of the underlying metal?
No, IBKR does not support physical delivery for Metals CFDs.
Are there any market data requirements?
The market data for Metal CFDs is free, and is included the market data for Index CFDs. However, you need to subscribe to the permission for system reasons. To do this, log into Account Management, and click through the following tabs: Settings/User Settings/Trading Platform/Market Data Subscriptions. Alternatively you can set up an Index or Metals CFD in your TWS quote monitor and click the “Market Data Subscription Manager” button that appears on the quote line.
How are my CFD trades and positions reflected in my statements?
If you are a client of IBKR (U.K.) or IBKR LLC, your CFD positions are held in a separate account segment identified by your primary account number with the suffix “F”. You can choose to view Activity Statements for the F-segment either separately or consolidated with your main account. You can make the choice in the statement window in Account Management.
If you are a client of other IBKR entities, there is no separate segment. You can view your positions normally alongside your non-CFD positions.
In what type of IB accounts can I trade CFDs e.g., Individual, Friends and Family,
Institutional, etc.?
All margin and cash accounts are eligible for CFD trading.
Can I trade CFDs over the phone?
No. In exceptional cases we may agree to process closing orders over the phone, but never opening
orders.
Can anyone trade IB CFDs?
All clients can trade IB CFDs, except residents of the USA, Canada, Hong Kong, New Zealand and
Israel. There are no exemptions based on investor type to the residency-based exclusions.
Introduction
Bonus certificates are designed to provide a predictable return in sideways markets, and market returns in rising markets.
At the time they’re issued, bonus certificates normally have a term to maturity of two to four years. You will receive a specified cash pay-out (“bonus level” or “Strike”) if at maturity the price of the underlying is below or at the strike, as long as the underlying instrument has not touched or fallen below an established price level (“safety threshold” or “barrier”) during the term of the certificate.
Unless the certificate has a cap, you continue to participate in the price gains if the underlying instrument rises above the bonus level. In this case you either receive the corresponding number of shares or a cash settlement reflecting the value of the underlying instrument on the maturity date.
However, if the barrier is breached, you will no longer be entitled to the bonus payment. The value of the certificate then corresponds to the value of the underlying (times the ratio). In other words, once the barrier has been touched the certificate effectively converts to an index certificate. You will receive either the corresponding number of shares or a cash settlement reflecting the value of the underlying instrument on the maturity date.
Although there is no structured leverage, the presence of the barrier creates effective leverage. When the price of the underlying instrument approaches the barrier the probability of a breach increases, affecting the price of the certificate disproportionately.
Pay-out Profile
Example
Assume a bonus certificate on ABC share. The certificate has a strike of EUR 45.00 and a barrier set at EUR 36.00. The table below shows scenarios depending on the trading range of the underlying, the final price of the underlying and whether the barrier has been touched or not.
Introduction
A warrant confers the right to buy (call-warrant) or sell (put-warrant) a specific quantity of a specific underlying instrument at a specific price over a specific period of time.
Pay-out Profile
With some warrants, the option right can only be exercised on the expiration date. These are referred to as “European-style” warrants. With “American-style” warrants, the option right can be exercised at any time prior to expiration. The vast majority of listed warrants are cash-exercised, meaning that you cannot exercise the warrant to obtain the underlying physical share. The exception to this rule is Switzerland, where physically settled warrants are widely available.
Factors that influence pricing
Not only do changes in the price of the underlying instrument influence the value of a warrant, a number of other factors are also involved. Of particular importance to investors in this regard are changes in volatility, i.e. the degree to which the price of the underlying instrument fluctuates. In addition, changes in interest rates and the anticipated dividend payments on the underlying instrument also play a role.
However, changes in implied volatility - as well as interest rates and dividends - only affect the time value of a warrant. The primary driver - intrinsic value - is solely determined by the difference between the price of the underlying instrument and the specified exercise price.
Historical and implied volatility
In addressing this topic, a differentiation has to be made between historical and implied volatility. Implied volatility reflects the volatility market participants expect to see in the financial instrument in the days and months ahead. If implied volatility for the underlying instrument increases, so does the price of the warrant.
This is because the probability of profiting from a warrant during a particular time-frame increases if the price of the underlying instrument is highly volatile. The warrant is therefore more valuable.
Conversely, if implied volatility decreases, that leads to a decline in the value of warrants and hence occasionally to nasty surprises for warrant investors who aren’t familiar with the concept and influence of volatility.
Interest rates and dividends
Issuers hedge themselves against price changes in the warrant through purchases and sales of the underlying instrument. Due to the leverage afforded by warrants, the issuer needs considerably more capital to hedge its exposure than you require to buy the warrants. The issuer’s interest expense associated with that capital is included in the price of the warrant. The amount of embedded interest reduces over time and at expiration is zero.
In the case of puts, the situation is exactly the opposite. Here, the issuer sells the underlying instrument
short to establish the necessary hedge, and in so doing receives capital that can earn interest. Thus interest reduces the price of the warrant by an amount that decreases over time.
As the issuer owns shares as a part of its hedging operations, it is entitled to receive the related dividend
payments. That additional income reduces the price of call warrants and increases the price for puts. But if the dividend expectations change, that will have an influence on the price of the warrants. Unanticipated special dividends on the underlying instrument can lead to a price decline in the related warrants.
Key valuation factors
Let’s assume the following warrant:
Warrant Type: Call
Term to expiration: 2 years
Underlying : ABC Share
Share price: EUR 30.00
Strike: EUR 30.00
Exercise ratio: 0.1
Warrant’s price: EUR 0.30
Intrinsic value
Intrinsic value represents the amount you could receive if you exercised the warrant immediately and then bought (in the case of a call) or sold (put) the underlying instrument in the open market.
It’s very easy to calculate the intrinsic value of a warrant. In our example the intrinsic value is EUR 00.00
and is calculated as follows:
(price of underlying instrument – strike price) x exercise ratio
= (EUR 30.00 – EUR 30.00) x 0.1
= EUR 00.00
If the price of the ABC share increases by EUR 1, the intrinsic value becomes
= (EUR 31.00 – EUR 30.00) x 0.1
= EUR 00.10
The intrinsic value of a put warrant is calculated with this formula:
(strike price – price of underlying instrument) x exercise ratio
It’s important to note that the intrinsic value of a warrant can never be negative. By way of explanation:
if the price of the underlying instrument is at or below the exercise price, the intrinsic value of a call equals zero. In this instance, the price of the warrant consists only of “time value”. On the flipside, the intrinsic value of a put is equal to zero if the price of the underlying instrument is at or above the exercise price.
Time value
Once you’ve calculated the intrinsic value of a warrant, it’s also easy to figure out what the time value of that warrant is. You simply deduct the intrinsic value from the current market price of the warrant. In our example, the time value is equal to EUR 1.30 as you can see from the following calculation:
(warrant price – intrinsic value)
= (EUR 0.30 EUR – EUR 0.00)
= EUR 0.30
Time value gradually erodes during the term of a warrant and ultimately ends up at zero upon expiration. At that point, warrants with no intrinsic value expire worthless. Otherwise you can expect to receive payment of the intrinsic value. Take note, though: a warrant’s loss of time value accelerates during the final months of its term.
Premium
The premium indicates how much more expensive a purchase/sale of the underlying instrument would be via the purchase of a warrant and the immediate exercise of the option right as opposed to simply buying/selling the underlying instrument in the open market.
Hence the premium is a measure of how expensive a warrant actually is. It follows that, when given a choice between warrants with similar features, you should always buy the one with the lowest premium. By calculating the premium as an annualized percentage, warrants with different terms to expiry can be compared with each other.
The percentage premium for the call warrant in our example can be calculated as follows:
(strike price + warrant price / exercise ratio – share price) / share price * 100
= (EUR 30.00 + EUR 0.30 / 0.1 – EUR 30.00) / EUR 30.00 x 100
= 10 percent
Leverage
The amount of leverage is the price of the share * ratio divided by the price of the warrant. In our example 30.00*0.1/0.3 = 10. So when the price of ABC increases by 1% the value of the warrant increases by 10%.
The amount of leverage is not constant however; it varies as intrinsic and time value changes, and is particularly sensitive to changes in intrinsic value. As a rule of thumb, the higher the intrinsic value of the warrant, the lower the leverage. For example (assuming constant time value):
Introduction
Knock-out warrants (turbos), like vanilla warrants, derive their value from the difference between the price of the underlying and the strike. They differ significantly however from vanilla warrants in many important respects:
Pay-out Profile
Leverage
As discussed above, knock-out warrants exhibit high degrees of leverage, particularly as the price of the underlying nears the strike/barrier. Consider the following example of a long turbo on the Dow Jones Index, compared to a vanilla warrant:
Intrinsic value = (index value – strike) x ratio
Leverage = Index Value x Ratio / Instrument Price
A vanilla warrant retains significant time value even as the underlying price approaches the strike, sharply reducing its leverage compared to a knock-out warrant.
Product types
As discussed above, the barrier may either equal the strike, or be set above (calls) or below (puts). In the latter cases a small residual value remains after knock-out, corresponding to the difference between the barrier (the stop-loss level) and the strike.
Moreover, knock-out products may either have an expiration date or may be open-ended. This makes a difference in the way interest is accounted for. If the contract has an expiration date interest is included in the premium, the amount of which reduces over time and is zero on expiration. This is analogous to a standard vanilla warrant.
in relation to an expiration date. The price of the contract therefore corresponds exactly to its intrinsic value. Interest however must be accounted for. This is done by a daily adjustment of the barrier and strike. The following example shows the daily adjustment for a long open-end turbo on the Dow Jones Index:
The adjustment = Strike T x (1+ FedFunds/360 + Issuer Spread/360).
The intrinsic value of the instrument is correspondingly reduced as follows, assuming no change in the value of the DJ Index):
Intrinsic value = (index value – strike) x ratio
Introduction
Discount certificates are designed to provide an enhanced return in sideways markets, compared to a direct investment in the underlying.
Discount certificates make it possible for you to buy an underlying instrument for less than its current market price. However, the maximum payback on a discount certificate is limited to a predetermined amount (cap).
Discount certificates normally have a term to maturity of one to three years. At maturity, a determination is made of where the price of the underlying instrument stands.
If it is at or above the cap, you’ll earn the maximum return and receive payment of the amount reflected by the cap.
If the price of the underlying instrument is below the cap on the maturity date, you’ll receive either the corresponding number of shares or a cash settlement reflecting the value of the underlying instrument on the maturity date.
Pay-out Profile
Example
Assume a discount certificate on ABC share. The certificate has a cap of EUR 40.00, and a purchase price of EUR 36.00. The table below shows scenarios depending on the final price of the underlying.
Introduction
Factor certificates employ a daily leverage factor that multiplies the daily performance of the underlying instrument. Unlike knock-out warrants and mini-futures, factor certificates do not have a knock-out barrier. To avoid a loss greater than the investment, the calculation resets intraday if the performance of the underlying threatens to render the certificate worthless.
Daily Leverage
The performance of the certificate is calculated daily, without reference to previous days’ values. If the underlying returns 1% on the day, the value of 3x certificate increases by 3%, a 5x by 5%. The next day the process is repeated, referencing the prior day’s underlying close.
As such, factor certificates are particularly suitable for day-traders.
However, for a period of more than one day, the cumulative performance of the underlying cannot be simply multiplied by a factor of 3 as the previous day’s price always forms the new basis of calculating each day’s performance for the certificate. To illustrate with an example:
Cumulatively, the factor certificate has returned less than 3x the performance of the underlying.
Intraday Reset
If an underlying for a factor certificate loses more than a certain percentage of its value intraday, the calculation is reset by simulating a new day. The reset threshold varies depending on the leverage factor.
Let’s assume a long factor certificate with a 10x leverage factor. According to the terms of the certificate, a reset will be triggered if the underlying loses more than 9.5% during the calculation day.
Let’s now assume that the underlying loses 12% of its value during a particular day. The reset
and final performance will be as follows:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 59.5% of retail investor accounts lose money when trading CFDs with IBKR. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
The European Securities and Markets Authority (ESMA) enacted new rules applicable to retail clients trading CFDs, effective 1st August 2018. Professional clients are unaffected.
National regulators have adopted the ESMA rules on a permanent basis.
The rules consist of: 1) leverage limits; 2) a margin close out rule on a per account basis; 3) negative balance protection on a per account basis; 4) a restriction on the incentives offered to trade CFDs; and 5) a standardized risk warning.
Most clients (excepting regulated entities) are initially categorised as Retail Clients. IBKR may in certain circumstances agree to reclassify a Retail Client as a Professional Client, or a Professional Client as a Retail Client. Please see MiFID Categorisation for further detail.
The following sections detail how IBKR has implemented the ESMA Decision.
1 Leverage Limits
1.1 ESMA Margins
Leverage limits were set by ESMA at different levels depending on the underlying:
1.2 Applied Margins - Standard Requirement
In addition to the ESMA Margins, IBKR establishes its own margin requirements (IB Margins) based on the historical volatility of the underlying, and other factors. We will apply the IB Margins if they are higher than those prescribed by ESMA.
Details of applicable IB and ESMA margins can be found here.
1.2.1 Applied Margins - Concentration Minimum
A concentration charge is applied if your portfolio consists of a small number of CFD positions, or if the two largest positions have a dominant weight. We stress the portfolio by applying a 30% adverse move on the two largest positions and a 5% adverse move on the remaining positions. The total loss is applied as the maintenance margin requirement if it is greater than the standard requirement.
1.3 Funding of Initial Margin Requirements
You can only use cash to post initial margin to open a CFD position.
Initially all cash used to fund the account is available for CFD trading. Any initial margin requirements for other instruments and cash used to purchase cash stock reduce the available cash. If your cash stock purchases have created a margin loan, no funds are available for CFD trades even if your account has significant equity. We cannot increase a margin loan to fund CFD margin under the ESMA rules.
Realized CFD profits are included in cash and are available immediately; the cash does not have to settle first. Unrealized profits however cannot be used to meet initial margin requirements.
2 Margin Close Out Rule
2.1 Maintenance Margin Calculations & Liquidations
ESMA requires IBKR to liquidate CFD positions latest when qualifying equity falls below 50% of the initial margin posted to open the positions. IBKR may close out positions sooner if our risk view is more conservative. Qualifying equity for this purpose includes CFD cash and unrealized CFD P&L (positive and negative). Note that CFD cash excludes cash supporting margin requirements for other instruments.
The basis for the calculation is the initial margin posted at the time of opening a CFD position. In other words, and unlike margin calculations applicable to non-CFD positions, the initial margin amount does not change when the value of the open position changes.
2.1.1 Example
You have EUR 2000 cash in your account and no open positions. You want to buy 100 CFDs of XYZ at a limit price of EUR 100. You are first filled 50 CFDs and then the remaining 50. Your available cash reduces as your trades are filled:
|
Cash |
Equity* |
Position |
Price |
Value |
Unrealized P&L |
IM |
MM |
Available Cash |
MM Violation |
Pre Trade |
2000 |
2000 |
|
|
|
|
|
|
2000 |
|
Post Trade 1 |
2000 |
2000 |
50 |
100 |
5000 |
0 |
1000 |
500 |
1000 |
No |
Post Trade 2 |
2000 |
2000 |
100 |
100 |
10000 |
0 |
2000 |
1000 |
0 |
No |
*Equity equals Cash plus Unrealized P&L
The price increases to 110. Your equity is now 3000, but you cannot open additional positions because your available cash is still 0, and under the ESMA rules IM and MM remain unchanged:
|
Cash |
Equity |
Position |
Price |
Value |
Unrealized P&L |
IM |
MM |
Available Cash |
MM Violation |
Change |
2000 |
3000 |
100 |
110 |
11000 |
1000 |
2000 |
1000 |
0 |
No |
The price then drops to 95. Your equity declines to 1500 but there is no margin violation since it is still greater than the 1000 requirement:
|
Cash |
Equity |
Position |
Price |
Value |
Unrealized P&L |
IM |
MM |
Available Cash |
MM Violation |
Change |
2000 |
1500 |
100 |
95 |
9500 |
(500) |
2000 |
1000 |
0 |
No |
The price falls further to 85, causing a margin violation and triggering a liquidation:
|
Cash |
Equity |
Position |
Price |
Value |
Unrealized P&L |
IM |
MM |
Available Cash |
MM Violation |
Change |
2000 |
500 |
100 |
85 |
8500 |
(1500) |
2000 |
1000 |
0 |
Yes |
3 Negative Equity Protection
The ESMA Decision limits your CFD-related liability to the funds dedicated to CFD-trading. Other financial instruments (e.g. shares or futures) cannot be liquidated to satisfy a CFD margin-deficit.*
Therefore non-CFD assets are not part of your capital at risk for CFD trading.
Should you lose more than the cash dedicated to CFD trading, IB must write off the loss.
As Negative Equity Protection represents additional risk to IBKR, we will charge retail investors an additional financing spread of 1% for CFD positions held overnight. You can find detailed CFD financing rates here.
*Although we cannot liquidate non-CFD positions to cover a CFD deficit, we can liquidate CFD positions to cover a non-CFD deficit.
Se aplicará una comisión por concentración en caso de que la cartera contenga un número pequeño de posiciones CFD, o si las dos posiciones más grandes tengan una ponderación dominante. La cartera se someterá a una prueba de estrés en la que se aplicará un movimiento adverso del 60 % en las dos posiciones más grandes y del 10 % en las posiciones restantes. La pérdida total obtenida se utilizará como requisito de margen inicial en caso de que sea mayor que el requisito estándar.
No obstante, con el fin de evitar requisitos de margen inicial excesivos en posiciones relativamente pequeñas, se aplicará un descuento de 100 000 USD al margen de concentración inicial (el resultado no puede ser negativo). Se calculará como sigue:
appliedConcentration = max(calculatedConcentration – USD 100k,0).
El margen de mantenimiento es el 50 % del margen de concentración aplicado, de conformidad con lo establecido por la Autoridad Europea de Valores y Mercados (ESMA).
Con este descuento se pretende eliminar las comisiones por concentración en las posiciones concentradas de menos de 250 000 USD, o equivalente en otra divisa. Estas comisiones aumentarán gradualmente a partir de entonces, de modo que a una posición concentrada de 500 000 USD se le cobrará un margen del 40 %, y a una posición de 1 millón se le cobrará un margen del 50 %. En estos ejemplos se asume que un cliente dispone de un máximo de 2 posiciones; si se disponen de posiciones adicionales se reduciría los cargos agregados.
Margen inicial | Cargo por concentración | Estándar | |||
Posición | USD | USD | % | USD | % |
1 | 100,000 | 60,000 | 60 % | 20,000 | 20 % |
2 | 50,000 | 30,000 | 60 % | 15,000 | 30 % |
Total | 150,000 | 90,000 | 60 % | 35,000 | 23 % |
Tras el descuento | 0 | 0 % |
Margen inicial | Cargo por concentración | Estándar | |||
Posición | USD | USD | % | USD | % |
1 | 250,000 | 150,000 | 60 % | 50,000 | 20 % |
2 | 150,000 | 90,000 | 60 % | 45,000 | 30 % |
Total | 400,000 | 240,000 | 60 % | 95,000 | 24% |
Tras el descuento | 140,000 | 35 % |
Margen inicial | Cargo por concentración | Estándar | |||
Posición | USD | USD | % | USD | % |
1 | 250,000 | 150,000 | 60 % | 50,000 | 20 % |
2 | 150,000 | 90,000 | 60 % | 45,000 | 30 % |
3 | 100,000 | 10,000 | 10 % | 20,000 | 20 % |
4 | 50,000 | 5,000 | 10 % | 10,000 | 20 % |
5 | 50,000 | 5,000 | 10 % | 10,000 | 20 % |
6 | 50,000 | 5,000 | 10 % | 10,000 | 20 % |
Total | 650,000 | 265,000 | 41% | 145,000 | 22% |
Tras el descuento | 165,000 | 25 % |
Advertencia de riesgo
Los CFD son instrumentos complejos y están asociados a un riesgo elevado de perder dinero rápidamente debido al apalancamiento.
El 67 % de las cuentas de inversores minoristas pierden dinero en la comercialización con CFD con IBKR (UK).
Debe considerar si entiende el funcionamiento de los CFD y si puede permitirse asumir un riesgo elevado de perder su dinero.
La Asociación europea de valores y mercados (ESMA) ha implementado nuevas normas aplicables a los clientes minoristas que operen en CFD, efectivas a partir del 1 de agosto de 2018. Los clientes profesionales no se ven afectados.
Las normas consisten en: 1) límites de apalancamiento; 2) una norma de cierre de margen sobre una base por cuenta; 3) protección de saldo negativo sobre una base por cuenta; 4) una restricción de los incentivos ofrecidos para operar en CFD y 5) una advertencia de riesgo estandarizada.
La mayoría de los clientes (excepto las entidades reguladas) inicialmente se clasifican en la categoría de clientes minoristas. En algunas circunstancias, IBKR
puede aceptar la reclasificación de cliente minorista a cliente profesional, o de profesional a
minorista. Consulte la Clasificación del MiFID para obtener más información.
En las secciones siguientes se muestra la manera en la que IBKR (UK) ha implementado la decisión de la ESMA.
1.1 Márgenes estipulados por la ESMA
La ESMA ha establecido límites de apalancamiento a diferentes niveles en función del subyacente:
1.2 Márgenes aplicados - Requisitos
Además de los márgenes de la ESMA, IBKR (UK) establece sus propios requisitos de margen (márgenes IB) en función de la volatilidad histórica del subyacente y otros factores. Se aplicarán los márgenes IB en caso de que sean superiores a los prescritos por la ESMA.
Puede encontrar más información sobre los márgenes IB y ESMA aplicables aquí.
1.2.1 Márgenes aplicados - Concentración mínima
Se aplicará una comisión por concentración en caso de que la cartera contenga un número pequeño de posiciones CFD, o si las dos posiciones más grandes tengan una ponderación dominante. Se lleva a cabo una prueba de estrés, aplicando unos movimientos adversos del 30 % y del 5 % en las dos posiciones más grandes y en las posiciones restantes, respectivamente. Se utilizará la pérdida total como requisito de margen de mantenimiento en caso de que sea mayor que el requisito estándar.
Para los clientes minoristas, el margen inicial es, en principio, dos veces el margen de mantenimiento de la concentración mínima, tal como se mencionado anteriormente. No obstante, con el fin de evitar requisitos de margen inicial excesivos en posiciones relativamente pequeñas, se aplica un descuento de USD 100k al margen de concentración inicial (el resultado no puede ser negativo);
appliedConcentration = max(calculatedConcentration – USD 100k,0).
Con este descuento se pretende eliminar las comisiones por concentración en las posiciones concentradas de menos de 250 000 USD, o equivalente en otra divisa. Estas comisiones aumentarán gradualmente a partir de entonces, de modo que a una posición concentrada de 500 000 USD se le cobrará un margen del 40 %, y a una posición de 1 millón se le cobrará un margen del 50 %. En estos ejemplos se asume que un cliente dispone de un máximo de 2 posiciones; si se disponen de posiciones adicionales se reduciría los cargos agregados.
Puede consultar ejemplos prácticos aquí (carteras de clientes minoristas).
1.3 Fondos disponibles para margen inicial
Solo puede utilizar efectivo para cubrir el margen inicial para abrir una posición CFD. Las ganancias de CFD realizadas se incluyen en efectivo y están disponibles inmediatamente. No es necesario que el efectivo se liquide antes. No obstante, las ganancias no realizadas no pueden utilizarse para cumplir los requisitos de margen inicial.
1.4 Financiación automática de requisitos de margen inicial (segmentos F)
IBKR (UK) transfiere automáticamente los fondos desde su cuenta principal al segmento F de su cuenta para cubrir los requisitos de margen inicial para CFD.
No obstante, tenga en cuenta que no se realizarán transferencias para cumplir los requisitos de margen de mantenimiento. Por tanto, si la liquidez calificadora (tal como se define a continuación) fuera insuficiente para cumplir los requisitos de margen, se llevará a cabo una liquidación incluso si se disponen de fondos suficientes en su cuenta principal. Si desea evitar una liquidación, debe transferir fondos adicionales al segmento F en Gestión de cuenta.
2.1 Cálculos y liquidaciones del margen de mantenimiento.
La ESMA requiere que IBKR liquide posiciones en CFD si el valor de la cuenta elegible cae por debajo del 50% del margen inicial requerido para abrir las posiciones. La liquidez calificadora para este propósito incluye efectivo en el segmento F (con exclusión de capital en cualquier otro segmento) y PyG no realizadas en CFD (positivas y negativas).
La base para este cálculo es el margen inicial registrado en el momento de abrir una posición en CFD. Es decir, a diferencia de los cálculos de margen aplicables a otras posiciones no CFD, la cantidad del margen inicial no varía cuando el valor de la posición abierta cambia.
2.1.1 Ejemplo
Usted dispone de 2 000 EUR en efectivo en su cuenta CFD. Quiere comprar 100 CFD de XYZ a un precio límite de 100 EUR. Primero se le asignan 50 CFD y después los 50 restantes. Su capital disponible se reduce cuando sus operaciones se ejecutan:
Saldo | Capital* | Posición | Precio | Valor | PyG no realizadas | MI | MM | Efectivo disponible | Violación MM | |
Prenegociación | 2000 | 2000 | 2000 | |||||||
Posnegociación 1 | 2000 | 2000 | 50 | 100 | 5000 | 0 | 1000 | 500 | 1000 | No |
Posnegociación 2 | 2000 | 2000 | 100 | 100 | 10000 | 0 | 2000 | 1000 | 0 | No |
*La liquidez es igual al efectivo más las PyG no realizadas
El precio aumenta a 110. Su liquidez es ahora de 3 000, pero no puede abrir posiciones adicionales porque su capital disponible es todavía 0 y, de conformidad con la normativa de la ESMA, MI y MM permanecen sin cambios:
Saldo | Capital | Posición | Precio | Valor | PyG no realizadas | MI | MM | Efectivo disponible | Violación MM | |
Cambio | 2000 | 3000 | 100 | 110 | 11000 | 1000 | 2000 | 1000 | 0 | No |
El precio baja a 95. Su liquidez baja a 1500, pero no hay violación de margen ya que está todavía por encima del requisito de 1000:
Saldo | Capital | Posición | Precio | Valor | PyG no realizadas | MI | MM | Efectivo disponible | Violación MM | |
Cambio | 2000 | 1500 | 100 | 95 | 9500 | (500) | 2000 | 1000 | 0 | No |
El precio cae una vez más a 85, lo que causa una violación de margen y la activación de la liquidación:
Saldo | Capital | Posición | Precio | Valor | PyG no realizadas | MI | MM | Efectivo disponible | Violación MM | |
Cambio | 2000 | 500 | 100 | 85 | 8500 | (1500) | 2000 | 1000 | 0 | Sí |
La decisión AEVM limita su responsabilidad relacionada con CFD a los fondos dedicados a la negociación en CFD. Otros instrumentos financieros (por ej. acciones o futuros) no pueden liquidarse para satisfacer un déficit de margen de CFD.*
Por lo tanto, los activos en los segmentos de valores y de materias primas de su cuenta principal y los activos no CFD mantenidos en el segmento F no son parte de su capital en riesgo para negociación de CFD. Sin embargo, todo el capital en el segmento F puede utilizarse para cubrir pérdidas que surjan de la negociación en CFD.
Como la protección de liquidez negativa representa riesgos adicionales para IBKR, cargaremos a los inversores minoristas un diferencial de financiación adicional del 1% para posiciones en CFD mantenidas trasnoche. Puede encontrar más información sobre los tipos de financiación de CFD aquí.
*Aunque no podemos liquidar posiciones de CFD para cubrir un déficit CFD, podemos liquidar posiciones en CFD para cubrir un déficit de un producto diferente a los CFD.
La decisión de la ESMA impone una prohibición en beneficios monetarios y en determinados tipos de beneficios no monetarios relacionados con la negociación con CFD. IBKR no ofrece bonificaciones ni otros incentivos para operar con CFD.
Los CFD son instrumentos complejos y están asociados a un riesgo elevado de perder dinero rápidamente debido al apalancamiento.
El 67 % de las cuentas de inversores minoristas pierden dinero en la comercialización con CFD con IBKR (UK).
Debe considerar si entiende el funcionamiento de los CFD y si puede permitirse asumir un riesgo elevado de perder su dinero.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
59.5% of retail investor accounts lose money when trading CFDs with IBKR.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
The European Securities and Markets Authority (ESMA) enacted new rules applicable to retail clients trading CFDs, effective 1st August 2018. Professional clients are unaffected.
The rules consist of: 1) leverage limits; 2) a margin close out rule on a per account basis; 3) negative balance protection on a per account basis; 4) a restriction on the incentives offered to trade CFDs; and 5) a standardized risk warning.
Most clients (excepting regulated entities) are initially categorised as Retail Clients. IBKR may in certain circumstances agree to reclassify a Retail Client as a Professional Client, or a Professional Client as a Retail Client. Please see MiFID Categorisation for further detail.
The following sections detail how IBKR (UK) has implemented the ESMA Decision.
1.1 ESMA Margins
Leverage limits were set by ESMA at different levels depending on the underlying:
1.2 Applied Margins - Standard Requirement
In addition to the ESMA Margins, IBKR (UK) establishes its own margin requirements (IB Margins) based on the historical volatility of the underlying, and other factors. We will apply the IB Margins if they are higher than those prescribed by ESMA.
Details of applicable IB and ESMA margins can be found here.
1.2.1 Applied Margins - Concentration Minimum
A concentration charge is applied if your portfolio consists of a small number of CFD positions, or if the two largest positions have a dominant weight. We stress the portfolio by applying a 30% adverse move on the two largest positions and a 5% adverse move on the remaining positions. The total loss is applied as the maintenance margin requirement if it is greater than the standard requirement.
1.3 Funds Available for Initial Margin
You can only use cash to post initial margin to open a CFD position. Realized CFD profits are included in cash and are available immediately; the cash does not have to settle first. Unrealized profits however cannot be used to meet initial margin requirements.
1.4 Automatic Funding of Initial Margin Requirements (F-segments)
IBKR (UK) automatically transfers funds from your main account to the F-segment of your account to fund initial margin requirements for CFDs.
Note however that no transfers are made to satisfy CFD maintenance margin requirements. Therefore if qualifying equity (defined below) becomes insufficient to meet margin requirements, a liquidation will occur even if you have ample funds in your main account. If you wish to avoid a liquidation you must transfer additional funds to the F-segment in Account Management.
2.1 Maintenance Margin Calculations & Liquidations
ESMA requires IBKR to liquidate CFD positions latest when qualifying equity falls below 50% of the initial margin posted to open the positions. IBKR may close out positions sooner if our risk view is more conservative. Qualifying equity for this purpose includes cash in the F-segment (excluding cash in any other account segment) and unrealized CFD P&L (positive and negative).
The basis for the calculation is the initial margin posted at the time of opening a CFD position. In other words, and unlike margin calculations applicable to non-CFD positions, the initial margin amount does not change when the value of the open position changes.
2.1.1 Example
You have EUR 2000 cash in your CFD account. You want to buy 100 CFDs of XYZ at a limit price of EUR 100. You are first filled 50 CFDs and then the remaining 50. Your available cash reduces as your trades are filled:
Cash | Equity* | Position | Price | Value | Unrealized P&L | IM | MM | Available Cash | MM Violation | |
Pre Trade | 2000 | 2000 | 2000 | |||||||
Post Trade 1 | 2000 | 2000 | 50 | 100 | 5000 | 0 | 1000 | 500 | 1000 | No |
Post Trade 2 | 2000 | 2000 | 100 | 100 | 10000 | 0 | 2000 | 1000 | 0 | No |
*Equity equals Cash plus Unrealized P&L
The price increases to 110. Your equity is now 3000, but you cannot open additional positions because your available cash is still 0, and under the ESMA rules IM and MM remain unchanged:
Cash | Equity | Position | Price | Value | Unrealized P&L | IM | MM | Available Cash | MM Violation | |
Change | 2000 | 3000 | 100 | 110 | 11000 | 1000 | 2000 | 1000 | 0 | No |
The price then drops to 95. Your equity declines to 1500 but there is no margin violation since it is still greater than the 1000 requirement:
Cash | Equity | Position | Price | Value | Unrealized P&L | IM | MM | Available Cash | MM Violation | |
Change | 2000 | 1500 | 100 | 95 | 9500 | (500) | 2000 | 1000 | 0 | No |
The price falls further to 85, causing a margin violation and triggering a liquidation:
Cash | Equity | Position | Price | Value | Unrealized P&L | IM | MM | Available Cash | MM Violation | |
Change | 2000 | 500 | 100 | 85 | 8500 | (1500) | 2000 | 1000 | 0 | Yes |
The ESMA Decision limits your CFD-related liability to the funds dedicated to CFD-trading. Other financial instruments (e.g. shares or futures) cannot be liquidated to satisfy a CFD margin-deficit.*
Therefore assets in the security and commodity segments of your main account, and non-CFD assets held in the F-segment, are not part of your capital at risk for CFD trading. However, all cash in the F-segment can be used to cover losses arising from CFD trading.
As Negative Equity Protection represents additional risk to IBKR, we will charge retail investors an additional financing spread of 1% for CFD positions held overnight. You can find detailed CFD financing rates here.
*Although we cannot liquidate non-CFD positions to cover a CFD deficit, we can liquidate CFD positions to cover a non-CFD deficit.
The ESMA Decision imposes a ban on monetary and certain types of non-monetary benefits related to CFD trading. IBKR does not offer any bonus or other incentives to trade CFDs.