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BaFin Futures Rules

Overview: 

On September 30, 2022, a General Administrative Act was adopted by BaFin that restricts the marketing, distribution and sale of futures with an Additional Payment Obligation (APO). The act became effective on January 1, 2023

The act affects MiFID retail clients who have their country of legal residence listed as Germany, and covers all exchange-traded futures worldwide with the exception of positions opened prior to January 1, 2023.

APO means the contractual obligation of a retail client to compensate a brokerage firm for losses in excess of the capital deposited by the client for futures trading. In other words, Retail clients in Germany will not have to compensate IBKR for losses related to futures in excess of the funds specifically deposited for futures trading. Any excess losses must be covered by IBKR.

To manage its risk, IBKR has increased the Initial and Maintenance margin requirements for all new Futures positions after 1 January 2023 that are entered into by Retail Clients domiciled in Germany. The margin changes are:

(1)    Intraday Margin no longer applies, only overnight requirements will be used for the calculation

(2)    Margin requirement above the threshold EUR 50'000 will be doubled

Example #1: Normal margin requirement is EUR 75'000, we will require EUR 100'000 in margin (50'000 + (2 x 25'000))
Simply double the amount of margin that is above 50k

(3)    Futures with the same underlying (e.g S&P 500, DAX etc) will be margined together as one 'class'. The increase and calculation would apply to this grouped position (class).

Under the BaFin Futures Rule, only cash allocated for futures trading is at risk. Cash allocated for futures trading equals the initial margin requirement for the future, meaning that only the Initial Margin will be used to cover losses from futures trading. If a loss exceeds the cash allocated to meet the initial margin, IB will not require the client to cover excess losses.

Initial margin requirements for futures must be met with Free Cash. Free cash is your positive cash balances less initial margin for other open positions, and does not include equity in other instruments. If your account does not have sufficient Free Cash to cover the initial Margin requirement the order will be rejected. Note in particular, that if your account has a margin loan (negative cash) you will not be able to trade futures as IBKR is not allowed to increase a margin loan to generate cash for the futures margin requirement.

Futures positions that no longer meet the maintenance margin requirement will be liquidated. Note however, that only futures can be liquidated to cover a margin deficit in futures. By contrast, futures can be liquidated to cover deficits in other instruments.

Clients can opt-in to have all their free cash available to be used to cover variation margin requirements for their futures positions. This reduces the likelihood of liquidations but increases your potential total losses up to your entire available Free Cash.

To request to Opt-In, you will need to login to the Client Portal and select Settings, then select “BaFin Futures for German Retail Investor” and follow the prompts. This will allow you to complete the agreement and confirm the request.

 

NOTIFICATION ON THE OPT-IN/OPT-OUT OPTION FOR ACCREDITED INVESTORS

Background: 

 The regulatory requirements for the Accredited Investor (“AI”) are intended to enhance investor protection.  The current AI regime involves an opt-in/opt-out process. Do familiarise yourself with the treatment of an AI and if you are in doubt, you should consult a professional adviser if you do not understand any consequence of being as an AI.

 Accredited Investor Status

Based on the information you provided,  you have been assessed by us to be an AI (please see Schedule 1 for more information) and we intend to treat you as an AI (please see Schedule 2 for more information) provided you agree to opt-in to indicate your consent to be treated as an AI.  You will not be treated as an AI, if you choose not to opt-in.

Opting-In

If you would like us to serve you as an AI, you will be required to provide your consent to opt-in by ticking the Opt-In Confirmation box.  Your signature on the account opening documents will constitute your consent to opting in once you ticked this Opt-In Confirmation box.  Your “AI” status will apply to all your accounts with us, including joint accounts (unless any of your joint account holders choose not to opt-in in the case of your joint accounts). For corporate accounts, the corporate representative is responsible for checking the Opt-In Confirmation box if the intention is for the corporate account to be treated as an AI.

Opting-Out

After you have opted-in,  you may at any time notify us that you do not consent to being treated as an AI.  After 14 days of our receipt of your notice, we will discontinue treating you as an AI when you opt-out.

If you would like to opt-out of your “AI” status at the time of account opening, you will then need to tick the accompanying Opt-Out Confirmation box. Your signature on the account opening forms will indicate your consent to op out once you ticked this Opt-Out Confirmation box.  We will notify you once your investor status has been updated in our records.  Until such time, we will continue to treat you as an AI.  When you opt-out, you will be served as a Non-AI which means we will no longer be able to offer you certain products and services that are offered only to AI customers. You will also be required to sign certain risk disclosure statements and/or have product restrictions placed on your trading.  If you wish to subsequently opt-out after account opening, please contact our Customer Service Center.

 

Other Holders Not Opting in (Joint Account(s))

For a joint account to be opened with us with the intention of being served under the AI status, all account holders of the relevant Joint Account are required to provide their opt-in consent.

Should any one of the account holders of a Joint Account with AI status opt out, the Joint Account will be affected and we would no longer be able to offer you certain products and services that are only offered to AI customers via that Joint Account.  We can only continue to provide non-AI services for dealing through that Joint Account.  For the avoidance of doubt, this will not affect the status of accounts other than the relevant Joint Accounts(s). If you wish to subsequently opt-out after the joint account opening, please contact our Customer Service Center.

 

Corporations Not Opting in (Joint Account(s))

Should the Corporate Account not want to be treated as an AI, it can choose to opt out at the time of account opening. The corporate representative is responsible for ticking the Opt-Out Confirmation box if the intention is for the corporate account to be treated as an AI.

Should any one of the AI shareholders of a Corporate Account with AI status opt out, the Corporate Account will be affected and we would no longer be able to offer you certain products and services that are only offered to AI customers via that Corporate  Account.  We can only continue to provide non-AI services for dealing through that Corporate  Account.  For the avoidance of doubt, this will not affect the status of accounts other than the relevant Corporate Accounts(s). If you wish to subsequently opt-out after the corporate account opening, please contact our Customer Service Center.

 

SCHEDULE 1 – ACCREDITED INVESTOR AS DEFINED IN SECTION 4A(1)(a)(i) OF THE SFA

“Accredited investor” means 

An individual

(a)  those net personal assets exceed in value $2 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount;

(b)  whose financial assets (net of any related liabilities) exceed in value $1 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount, where “financial asset” means —

(i)               a deposit as defined in section 4B of the Banking Act;

(ii)             an investment product as defined in section 2(1) of the Financial Advisers Act; or

(iii)            any other asset as may be prescribed by regulations made under section 341of the SFA; or

(c)  whose income in the preceding 12 months is not less than $300,000 (or its equivalent in a foreign currency)

 

In determining the value of an individual’s net personal assets for the purposes of subsection (1)(a)(i)(A), the value of the individual’s primary residence —

 

(a)   is to be calculated by deducting any outstanding amounts in respect of any credit facility that is secured by the residence from the estimated fair market value of the residence; and

(b)   is taken to be the lower of the following:

(i)               the value calculated under paragraph (a);

(ii)             $1 million.

 

A corporation 

(a) its net assets exceed S$10,000,000 (or its equivalent in a foreign currency) as determined by

(i) its most recent audited balance-sheet or

(ii) its balance-sheet certified by the Corporation as giving a true and fair view of its state of affairs as of the date of the balance-sheet (which date is within the twelve (12) months preceding the date of submitting this form); or

(b) its entire share capital is owned by one or more persons, all of whom are accredited investors as defined in section 4A of the SFA.

 

SCHEDULE 2 – EXPLANATION OF EFFECT OF BEING TREATED AS AN ACCREDITED INVESTOR UNDER THE CONSENT PROVISIONS

 

General Warning : Accredited investors are assumed to be better informed, and better able to access resources to protect their own interests.  Because accredited investors are considered to be more financially savvy, it is inferred they therefore require less regulatory protection.  Investors who agree to be treated as accredited investors accordingly forgo the benefit of certain requlatory safeguards.  However, it has been observed that using factors of net worth and/or net income to determine who is an accredited investor, is not necessarily a reflection of how financially savvy an investor can be. Investors should consult a professional adviser is they do not understand any consequence of being treated as an accredited investor. 

The following sets out a summary of the effects under the consent provisions of you being treated by us as an accredited investor.  Where we deal with you as an accredited investor, we would be exempt from complying with requirements under the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) and certain requlations and notices issued thereunder. 

Please note that the regulatory requirements that we are exempted when dealing with you as an accredited investor are subject to regulatory changes and may be updated from time to time.  Currently, the relevant consent provisions come under the Securities and Futures (Licensing and Conduct of Business) Regulations.

Under the SFA and the regulations and notices issued thereunder:

1.    Compensation from fidelity fund under Section 186(1) the SFA.  Section 186(1) of the SFA provides for a fidelity fund to be held and applied for the purposes of compensating persons who suffer pecuniary loss because of certain defaults.  You would not be entitled to be compensated from the fidelity fund, even if you have suffered pecuniary loss in the manner contemplated under Section 186(1) of the SFA.

 

2.    Prospectus Exemptions under Section 275 and 305 of the SFA.  Sections 275 and 305 of the SFA exempt the offeror from registering a prospectus when the offer of securities and securities-based derivatives contracts, and units of collective investment schemes is made to relevant persons (including accredited investors).  In addition, secondary sales made to institutional investors and relevant persons remain exempt from the prospectus registration requirement provided that certain requirements are met. You can be offered certain products that cannot be offered to retail investors.  The issuer and/or offeror is not subject to the statutory prospectus liability under the SFA.  Subsequent sales of securities, securities-based derivative contracts and collective investment schemes first sold under inter alia Section 275 and 305 can also be made to you, as well as transfers of securities of certain corporations and interests in certain trusts.

3.    Restrictions on Advertisements under Section 251 and 300 of the SFA.  Section 251 and 300 of the SFA prohibit any advertisement or publication referring to an offer or intended offer of securities and securities-based derivatives contracts, and unit of collective investment schemes from being made.

 

4.    Part III of the Securities and Futures (Licensing and Conduct of Business) Regulations (“SFR”). Part III of the SFR stipulates the requirements imposed on us in relation to the treatment of customers’ assets.  We are exempt from treating your as a “retail investor” in relation to certain requirements pertaining to the treatment of a retail customer’s assets, as summarised below.

 

-        Customer Assets (Regulation 26(1)(a))

For retail investors, we deposit customer assets into a custody account maintained in accordance with Regulation 27 of the SFR (requires the custody account to be maintained with certain specified institutions only); or  into an account directed by the retail customer to which the retail customer has legal and beneficial title and maintained with, inter alia , licensed banks, merchant banks or finance companies or banks established and regulated as banks outside Singapore. For an accreditor investor, we deposit customer assets into a custody account maintained in accordance with Regulation 27 of the SFR (requires the custody account to be maintained with certain specified institutions only); or into an account directed by the accredited investor.

 

-        Disclosure requirement (Regulation27A)

For retail customers, we make certain disclosures (such as whether the assets will be commingled with other customers and the risks of commingling, consequences if the institution which maintains the custody account becomes insolvent) in writing prior to depositing assets in custody account. There is no such requirement for accredited investors.

 

-        Mortgage if customer’s assets – the bank may mortgage, charge, pledge or hypothecate customer’s assets for a sum not exceeding the amount owed by the customer to the bank (Regulation 34(2))

Prior to doing so, the bank must inform the retail customer of this right and explain the risks and obtain written consent of the retail customer. There is no equivalent requirement on an accredited investor.

 

-        Prohibition on transferring title of assets received from customer to the bank or any other person (Regulation34A)

The above prohibition applies to retail customers unless the assets are transferred in connection with borrowing or lending of specified products in accordance with Regulation 45 of the SFR.  There is no such requirement for accredited investors.

-        Withdrawals from custody account to transfer the asset to any other person or account in accordance with the written direction of the customer (Regulation 35(2))

For the retail customers, we are not permitted to transfer retail customer’s assets, to meet any of our obligations in relation to any transaction entered into by us  for our benefit. There is no such requirement for accredited investors.

 

5.    Regulation 47BA of the SFR.  Regulation 47BA of the SFR provides that a bank must not deal with a retail customer as an agent when dealing in certain markets products.  We ae not subject to this prohibition if you are an accredited investor and may deal with you as an agent in relation to over-the-counter derivatives contracts and/or spot foreign exchange contracts, for the purposes of leveraged foreign exchange trading.

 

6.    Regulation 47E of the SFR.  We are not under any obligation under Regulation 47E(1) and (2) of the SFR to provide for certain risk disclosure requirements for (a) trading in futures contracts, spot FX contracts for the purposes of leveraged FX trading and FX OTC derivatives (the “Products”), (b) soliciting or entering into fund management agreements to manage Products for you.

 

7.    Section 99H(1)(s) of the SFA read with Regulations 3A(5)(c), (d), (e) and (7) of the SFR. If we appoint a provisional representative or temporary representative in respect of any SFA regulated activity, we would undertake certain responsibilities in relation to the representative’s interactions with any client or member of the public.  We are not under any statutory obligation to restrict the interaction with you that may be undertaken by such representatives.

 

8.    Regulation 33 of the SFR.  We are not under any statutory obligation under Regulation 33(2)(a) of the SFR to explain the risks involved to you prior to us lending or arranging for a custodian to lend your specified products.

 

9.    Regulation 40 of the SFR.  Provided: (a) we have made available to you (on a real-time basis) with your consent monthly and quarterly statements of account containing prescribed particulars electronically or (b) you have requested in writing not to receive the statement of account, we are not under any statutory obligation under Regulation 40(1) of the SRG to furnish a monthly or quarterly statement of account to you.

 

10. Regulation 45 of the SFR.  We are not under any statutory obligation to provide collateral to you under Regulation 45 of the SFR when we borrow specified products from you.  Where we provide assets to you as collateral for the borrowing, unlike for retail investors, the agreement does not have to include the requirement to mark-to-market on every business day the specified products that are borrowed nor the minimum collateral comprising specified products nor procedures for calculating the margins.

 

11. Regulation 47DA of the SFR.  We are not required to provide certain general risk disclosures or disclose to you the capacity in which we act when opening a trading account for entering into transactions of any products that are not future contracts, spot FX contracts and FX OTC derivatives.

 

12. MAS Notice on the Sale of Investment Products [Notice No SFA 04-N12]. This MAS Notice sets out requirements which apply to a licensed person who deals in investment products to its clients. We are statutorily not required to conduct a Customer Knowledge Assessment or Customer Account Review to determine your investment experience and knowledge nor are we required to comply with certain procedures, including furnishing certain risk warnings on overseas-listed investment products.

 

 

ACKNOWLEDGEMENT OF RECEIPT OF THIS NOTIFICATION ON THE OPT-IN/OPT-OUT OPTION FOR ACCREDITED INVESTORS

Your signature on the account opening forms will indicate your acknowledgement that you have read this NOTIFICATION ON THE OPT-IN/OPT-OUT OPTION FOR ACCREDITED INVESTORS and understand its contents.

 

 

SPECIFIC CLASSES OF NON-RETAIL INVESTORS UNDER THE SINGAPORE SECURITIES AND FUTURES ACT

Overview: 

Clients of IBKR Singapore have to select one of the following Investor Categories under the definition of the Singapore Securities & Futures Act during the account application:

  • Retail
  • Accredited
  • Expert
  • Institutional
Background: 

 Table of contents

  • Accredited Investors definition
  • Expert Investors definition
  • Institutional Investors definition

 Accredited Investors definition

Individuals

i. Net personal assets exceed S$2,000,000 (or its equivalent in a foreign currency) in value, of which no more than S$1,000,000 (or its equivalent in a foreign currency) in value is contributed by the net estimated fair market value of his/her primary residence.

ii. Financial assets (net of any related liabilities) exceed S$1,000,000 in value (or its equivalent in a foreign currency).

iii. Income in the preceding twelve (12) months is not less than S$300,000 (or its equivalent in a foreign currency).

Corporate

i. Net assets exceed S$10,000,000 (or its equivalent in a foreign currency) as determined by (a) its most recent audited balance-sheet or (b) where the Applicant is not required to prepare audited accounts regularly, its balance-sheet certified by the Applicant as giving a true and fair view of its state of affairs as of the date of the balance-sheet (which date is within the twelve (12) months preceding the date of account opening).

ii. Entire share capital is owned by one or more persons, all of whom are accredited investors as defined in section 4A of the Securities and Futures Act.

Please note that being treated as an accredited investor means, among other things, that the Client will be deemed to have more knowledge and the ability to understand and manage the risks of the financial products that he/she chooses to invest in. This means that Interactive Brokers Singapore is allowed to assume that the Client has a certain level of understanding of financial products, including collective investment schemes. In addition, when the Client holds certain financial instruments or participates in certain activities, it will be afforded fewer statutory protections and remedies than retail investors.

For more information on the effects on being treated as an Accredited Investors, please click here.

 

Expert Investors definition

i. a person whose business involves the acquisition and disposal, or the holding, of capital markets products, whether as principal or agent;

ii. the trustee of such trust as the MAS may prescribe, when acting in that capacity; or

iii. such other person as the MAS may prescribe.

 

Institutional Investors definition

i. the Government of Singapore;

ii. a statutory board as may be prescribed by regulations made under Section 341 of the Securities and Futures Act;

iii. an entity that is wholly and beneficially owned, whether directly or indirectly, by a central government of a country and whose principal activity is —

(A) to manage its own funds;

(B) to manage the funds of the central government of that country (which may include the reserves of that central government and any pension or provident fund of that country); or

(C) to manage the funds (which may include the reserves of that central government and any pension or provident fund of that country) of another entity that is wholly and beneficially owned, whether directly or indirectly, by the central government of that country;

iv. any entity —

(A) that is wholly and beneficially owned, whether directly or indirectly, by the central government of a country; and

(B) whose funds are managed by an entity that is wholly and beneficially owned, whether directly or indirectly, by a central government of a country and whose principal activity is —

  1. to manage its own funds;
  2. to manage the funds of the central government of that country (which may include the reserves of that central government and any pension or provident fund of that country); or
  3. to manage the funds (which may include the reserves of that central government and any pension or provident fund of that country) of another entity that is wholly and beneficially owned, whether directly or indirectly, by the central government of that country;

v. a central bank in a jurisdiction other than Singapore;

vi. a central government in a country other than Singapore;

vii. an agency (of a central government in a country other than Singapore) that is incorporated or established in a country other than Singapore;

viii. a multilateral agency, international organisation or supranational agency as may be prescribed by regulations made under Section 341;

ix. a bank that is licensed under the Banking Act (Cap. 19);

x. a merchant bank that is approved as a financial institution under Section 28 of the Monetary Authority of Singapore Act (Cap. 186);

xi. a finance company that is licensed under the Finance Companies Act (Cap. 108);

xii. a company or co-operative society that is licensed under the Insurance Act (Cap. 142) to carry on insurance business in Singapore;

xiii. a company licensed under the Trust Companies Act (Cap. 336);

xiv. a holder of a capital markets services licence;

xvi. an approved exchange;

xvii. a recognised market operator;

xviii. an approved clearing house;

xix. a recognised clearing house;

xx. a licensed trade repository;

xxi. a licensed foreign trade repository;

xxii. an approved holding company;

xxiii. a Depository as defined in Section 81SF of the Securities and Futures Act;

xxiv. an entity or a trust formed or incorporated in a jurisdiction other than Singapore, which is regulated for the carrying on of any financial activity in that jurisdiction by a public authority of that jurisdiction that exercises a function that corresponds to a regulatory function of the Monetary Authority of Singapore under this Act, the Banking Act (Cap. 19), the Finance Companies Act (Cap. 108), the Monetary Authority of Singapore Act (Cap. 186), the Insurance Act (Cap. 142), the Trust Companies Act (Cap. 336) or such other Act as may be prescribed by regulations made under Section 341 of the Securities and Futures Act;

xxv. a pension fund, or collective investment scheme, whether constituted in Singapore or elsewhere;

xxvi. a person (other than an individual) who carries on the business of dealing in bonds with accredited investors or expert investors;

xxvii. the trustee of such trust as the Monetary Authority of Singapore may prescribe, when acting in that capacity; or

xxviii. such other person as the Monetary Authority of Singapore may prescribe.

Resumen sobre los informes EMIR

Este documento describirá, en términos generales, los requisitos para la presentación de informes sobre posiciones y transacciones que se incluyen en la categorización del Reglamento relativo a los derivados extrabursátiles, las entidades de contrapartida central, y los registros de operaciones (el reglamento "EMIR"). Este nuevo requisito para la presentación de informes se origina en la necesidad del regulador europeo AEVM (Autoridad Europea de Valores y Mercados) de crear transparencia en los mercados, luego de la crisis financiera de 2008.


¿Qué deberá informarse?

  • Al 12 de febrero de 2014, las transacciones y posiciones de derivados (futuros, opciones, opciones sobre futuros, CFD) deberán informarse a un "registro" reconocido antes de la fecha de la transacción +1. La creación de informes se requiere para derivados negociados en mercados regulares y extrabursátiles.
  • Al 16 de agosto de 2014: requisitos para la presentación de informes de valoración y garantías para las empresas financieras reguladas y grandes organizaciones
  • Se necesitará la presentación de informes al 16 de agosto de 2012

 

¿Quién se verá impactado?

  • Las empresas financieras reguladas establecidas en la Unión Europea
  • Organizaciones establecidas en la Unión Europea


¿Qué clientes no serán elegibles para la presentación de informes a través de Interactive Brokers?

  • Los titulares de cuentas individuales y conjuntas, ya que no están sujetos a los requisitos de la presentación de informes
  • Clientes de solo ejecución
  • Cuentas maestras de asesores
  • Recomendadores
  • Gestores de patrimonio y riqueza
  • Administradores de cuentas SIPP
  • Cuentas maestras EmployeeTrack
  • Cuentas de administradores de fondos

 

Si mi fondo está registrado fuera de la Unión Europea, ¿IB presentará los informes en mi nombre?

En general, los fondos registrados o establecidos fuera de la Unión Europea no tendrán la obligación de presentar informes conforme con el reglamento EMIR. Si, de todos modos, el gestor de fondos se encuentra autorizado en virtud de la Directiva relativa a los gestores de fondos de inversión alternativos ("DGFIA"), el fondo podrá quedar sujeto a los requisitos del reglamento EMIR.

¿Cuál será el registro mediante el cual Interactive Brokers presentará los informes?


Interactive Brokers UK Limited informará transacciones y posiciones al CME ETR, que es parte del CME Group.

Es importante observar que, mientras que IB informará actividades mediante el CME ETR, la normativa coloca la responsabilidad de la presentación de informes sobre el cliente, no el registro ni IB.

¿Qué pasos debo tomar para asegurarme de que mis transacciones y posiciones se informen al CME ETR?


Para que IB presente los informes en su nombre, deberá obtener un identificador de entidad jurídica (el número "LEI"). Este es un identificador único que le permite a la entidad reguladora identificar a un cliente.

Podrá pedirle a IB que solicite un número LEI en su nombre. Para así hacerlo, deberá iniciar sesión en Client Portal y completar los pasos necesarios para obtener un número LEI. Luego, deberá confirmar que desea que IB presente los informes en su nombre.

Si usted tiene actualmente un número LEI, podrá enviarlo a IB a través de Client Portal y confirmar que desea que IB presente informes en su nombre.

 

¿Existe más información disponible acerca de los informes EMIR?

Sí, podrá hacer clic aquí para obtener más información relativa a los informes EMIR.

Preguntas frecuentes sobre los valores de Ucrania y Rusia

Overview: 

Estas preguntas frecuentes resumen información clave relacionada con las sanciones a Rusia y Ucrania. Esta página se actualizará para reflejar restricciones adicionales relacionadas con las sanciones u otros acontecimientos. Última actualización: 15 de diciembre de 2022.

A.        Restricciones para operaciones de caja: rublos

B.        Clientes que tienen posiciones en valores rusos

  • Valores rusos sancionados

  • Valores rusos no sancionados 

C.        ADR/GDR rusos

D.        Clientes de determinadas regiones en Ucrania

  • Regiones de Lugansk y Donetsk

    • Restricciones a cuentas

  • Regiones de Kherson y Zaporizhzhia

E.        Clientes que realizan operaciones bancarias a través de los bancos sancionados

F.        Restricciones que afectan a los nacionales, ciudadanos o residentes de Rusia o Bielorrusia

  • MOEX

  • Restricciones de la UE sobre valores 

 

A.   Restricciones para operaciones de caja: rublos

En consonancia con las diversas entidades financieras, IBKR reducirá la exposición al rublo ruso (“RUB”). 

 1.       ¿Cuáles son las restricciones para las operaciones de caja en rublos?

Depósitos en RUB
IBKR no está aceptando depósitos de RUB.  Todo depósito en RUB se rechazará.

IBKR convertirá periódicamente los saldos en RUB a USD o EUR, en función de la entidad de IBKR con la cual usted mantenga una cuenta.  Visite los fondos de información de IBKR para obtener información específica respecto de la conversión de divisas.

 Retiradas en RUB
En estos momentos estamos aceptando solicitudes de retiradas en RUB.  No obstante, no podemos garantizar que el banco que nos presta servicio de caja procesará dichas retiradas.

 2.       ¿Qué sucede si la divisa base de mi cuenta es RUB?

IBKR no permite actualmente que los clientes mantengan RUB como su divisa base.  Si anteriormente utilizó RUB como su divisa base, se convirtió a USD o EUR, dependiendo de la entidad de IBKR en donde se mantiene su cuenta. (Podrá encontrar esta información en los fondos de información de IBKR.)

 

B.  Clientes que mantienen posiciones en valores rusos

EE. UU. y otros gobiernos han sancionado específicamente a algunas empresas rusas que emiten valores, lo que significa que estos valores no pueden negociarse ni transferirse.  Además, EE. UU. ha prohibido la compra de títulos de deuda y acciones nuevos y existentes emitidos por empresas rusas. Como resultado, la negociación de todos los valores rusos ha sido total o parcialmente restringida.  

1.       ¿Cuáles son los títulos rusos que se han restringido?

Determinados valores rusos sujetos a sanciones específicas se restringieron totalmente el 25 de mayo de 2022.  Actualmente no puede negociar ni transferir posiciones en ninguno de los valores rusos sancionados. 

 Desde el 6 de junio de 2022, no puede abrir posiciones nuevas (largas o cortas) en valores rusos no sancionados. Sin embargo, podrá vender o mantener sus posiciones en valores rusos no sancionados.  

Valores rusos sancionados

1.     Si mantengo valores rusos sancionados, ¿puedo acceder a mi cuenta?

Sí, tendrá acceso completo a su cuenta de IBKR. Sin embargo, no podrá negociar ni transferir posiciones en ninguno de los valores rusos sancionados.

2.     ¿Puedo negociar o transferir mis posiciones en valores rusos sancionados a otro bróker?

No.  Las posiciones en valores rusos sancionados están congeladas. No podrá negociar ni transferir estas posiciones hasta que se eliminen las sanciones, o hasta que usted reciba una licencia específica de la OFAC.

3.     ¿Puedo recibir dividendos sobre los valores rusos sancionados?

 No.  IBKR no recibe la asignación de dividendos por parte del depositario y tiene prohibido el procesamiento de pagos de dividendos sobre valores sancionados.

4.     ¿Cómo se procesarán las acciones corporativas relativas a valores rusos sancionados?

IBKR no realizará procesamientos en valores rusos sancionados, lo que incluye acciones corporativas que modifiquen el valor de su posición en el valor (incluidas las conversiones de posiciones sobre valores a efectivo, por ejemplo, mediante oferta por adjudicación obligatoria, fusión en efectivo o nuevos derechos o posiciones). Se podrán procesar los desboblamientos de acciones y otras acciones corporativas que no modifiquen el valor económico de su posición.

Valores sancionados en el Reino Unido y Canadá:

1.     ¿Qué sanciones adicionales se aplican para las personas del Reino Unido y Canadá?

El Reino Unido y Canadá impusieron sus propias sanciones sobre algunos emisores rusos, además de aquellas emitidas por EE. UU. y la UE.  Las personas del Reino Unido y Canadá (lo que incluye a los clientes de IBUK y IB Canada y a los ciudadanos o residentes del Reino Unido y Canadá) pueden tener restricciones totales para negociar o transferir posiciones en emisores rusos sancionados por estas jurisdicciones.  Estos emisores cotizan, o se cotizaban previamente, en la Bolsa de Moscú, la Bolsa de Viena, la Bolsa de Stuttgart y el Nasdaq.  Si desea consultar la lista de emisores más reciente, vea:  ¿Qué valores rusos se han sancionado específicamente?

Para IBUK, ciudadanos del Reino Unido (incluidos los Territorios del Reino Unido) y cualquier persona radicada en el Reino Unido o en un Territorio del Reino Unido:

Valores rusos no sancionados

1.       ¿Cuáles son las restricciones sobre valores rusos no sancionados?

Las sanciones estadounidenses les prohíben a las instituciones financieras estadounidenses facilitar la compra de valores de empresas rusas.  Esto significa que no puede abrir posiciones nuevas en valores rusos, lo que incluye sus derivados. 

2.       ¿Tengo que vender mis posiciones en emisores rusos no sancionados?

No.  Podrá mantener sus posiciones existentes en valores rusos no sancionados, o podrá vender sus posiciones, si así lo desea. Tenga en cuenta que su capacidad para cerrar posiciones podrá verse limitada por las normas de los mercados o por la legislación local. Por ejemplo, las restricciones actuales del Banco Central de Rusia impiden que los clientes de IBKR realicen transacciones (de apertura o cierre) en la Bolsa de Moscú.

3.       ¿Existe una fecha límite para la venta de valores rusos no sancionados?

No, no existe un periodo de liquidación para desinvertir. Podrá vender sus posiciones en valores rusos no sancionados en cualquier momento, siempre que los mercados para el valor en concreto estén abiertos para la negociación. Por ejemplo, IBKR no tiene acceso actualmente a la Bolsa de Moscú.

4.       ¿Puedo seguir comprando valores o deuda soberana de Rusia en un mercado secundario?

No, las prohibiciones se aplican para cualquier título de deuda o acción emitidos por una entidad rusa, lo que incluye la deuda soberana.  Puede vender sus posiciones en valores o títulos de deuda de Rusia o mantenerlos, pero no podrá realizar nuevas adquisiciones. 

5.       ¿Puedo convertir mis ADR y GDR en valores rusos no sancionados?

IBKR no admitirá las conversiones de sus ADR y GDR en valores basados en RUB que se entreguen a su cuenta de IBKR.  Sobre la base de los mejores esfuerzos, podremos facilitar las conversiones en las cuales las acciones subyacentes se entreguen a una cuenta diferente de su cuenta de IBKR.  Más delante, ofrecemos detalles sobre los ADR y GDR.

6.       ¿Puedo transferir mi posición en valores rusos no sancionados?

Sí, puede transferir estas posiciones a otra cuenta de corretaje en su nombre, asumiendo que el bróker receptor acepte las posiciones.

7.       ¿Puedo recibir dividendos sobre los valores rusos no sancionados?

Debido a cambios realizados por el Banco Central de Rusia, IBKR no facilitará el pago de dividendos sobre ningún valor ruso. Los clientes deberán contactar con el emisor para recibir sus dividendos.

 

8.       ¿Cómo se procesarán las acciones corporativas relativas a mis valores rusos no sancionados?

En este momento, observamos que muchas acciones corporativas relativas a valores rusos no sancionados no parecen estar siendo procesadas por nuestro banco depositario.  En la medida en que nuestro banco depositario procese la acción corporativa, IBKR aplicará la acción corporativa a las cuentas de clientes.  

 

C.  ADR/GDR rusos

Una nueva ley federal en Rusia prohíbe a los emisores rusos que sus acciones se negocien fuera de Rusia mediante Recibos de depósito americanos (ADR) o Recibos de depósito globales (GDR). Además, algunos ADR/GDR rusos se encuentran sujetos a sanciones estadounidenses.

1.       ¿Qué ADR y GDR rusos han sido sancionados?

Puede consultar una lista de los ADR y GDR rusos sancionados al hacer clic aquí.

Utilice esta Clave de Restricciones como referencia cuando revise la lista de valores rusos sancionados.

  • 19999 - Restricciones para IB Global
  • 10399 - Restricciones para IB-CAN
  • 10499 - Restricciones para IB-UK
  • 10599 - Restricciones para IB-UKL
  • 11299 - Restricciones para personas del Reino Unido y más
  • 19902 - Ninguna operación de apertura para IB-Global
  • 19905 - Ninguna transferencia entrante para IB-Global

 2.       ¿Puedo transferir mi ADR/GDR ruso?

Actualmente, IBKR permitirá la transferencia de ADR/GDR rusos no sancionados a su cuenta en otra institución financiera, pero no permitirá las transferencias de ADR/GDR rusos sancionados. 

3.  ¿Puedo convertir mi ADR/GDR a las acciones ordinarias?

Sobre la base de los mejores esfuerzos, IBKR procesará las solicitudes de cancelación para los ADR/GDR elegibles si usted cumple con todos los requisitos que figuran a continuación:

  • Usted tiene una cuenta de valores tipo “C” abierta en un banco ruso que pueda recibir las acciones ordinarias en el mercado local.  Nota: IBKR no puede aceptar las acciones ordinarias luego de la conversión.
  • El ADR/GDR o empresa subyacente, titular real o institución que recibe las acciones ordinarias no es objeto de sanciones.
  • Los respectivos libros del banco patrocinador están abiertos para la cancelación.  Remítase la página web del banco patrocinador para consultar el estado abierto o cerrado de los libros, el cual puede ser susceptible de cambios frecuentes.
  • Usted puede certificar que era titular en la fecha de cierre de los registros a 27 de abril de 2022 y que la conversión no implica ningún cambio en la titularidad real.  

 4.         ¿Cómo puedo solicitar una conversión para un ADR/GDR elegible? 

Envíe un tique a Atención al Cliente e incluya la siguiente información:

  • Adjunte los formularios de certificación y transmisión rellenados y firmados (p.ej. Gazprom) o una carta de instrucción (p.ej. Lukoil).
  • Los formularios deben incluir su número de cuenta de valores para el recibo de las acciones ordinarias y el código de 30 dígitos para el banco receptor. Las conversiones no se procesarán sin este código.
  • Las conversiones requieren que se apliquen las siguientes tarifas. Le rogamos que acepte estas tarifas en el tique y se asegure de tener los fondos necesarios en su cuenta:
    • 0,05 USD por recibo de depósito, DR por sus siglas en inglés, (redondeado por exceso a la centena más cercana en el DR) – Tarifa por cancelación del banco patrocinador (subrogada)
    • 17,50 USD – Tarifa por transferencia – Cargo del banco patrocinador (subrogada)
    • 500 USD – Tarifa por conversión de IBKR

 

 D.   Clientes de determinadas regiones en Ucrania

Regiones de Lugansk y Donetsk

En febrero de 2022, EE. UU., el Reino Unido y la UE emitieron una serie de sanciones contra Rusia en relación con sus acciones en Ucrania. Las sanciones incluyen restricciones para personas y entidades en las provincias de Lugansk y Donetsk similares a las sanciones a Crimea en 2014.

Restricciones a cuentas

  1. ¿Por qué se ha restringido mi cuenta?

Su cuenta registra una dirección que se encuentra en la región de Lugansk y Donetsk en Ucrania.  El gobierno de EE. UU. ha emitido sanciones específicamente dirigidas a dos regiones en Ucrania, Lugansk y Donetsk.  Estas sanciones permitieron un corto periodo de liquidación, que finalizó el 23 de marzo de 2022. IBKR, como una institución financiera estadounidense, tiene la obligación de limitar las transacciones que puedan realizar los clientes que se encuentren en estas regiones.

  1. Ya no vivo en la República Popular de Lugansk ("RPL") ni en la República Popular de Donetsk ("RPD").  Vivo fuera de estas zonas. ¿Por qué se ha restringido mi cuenta?

IBKR ha colocado restricciones de acuerdo con sus registros de la cuenta y la información disponible al respecto.  Si usted vive actualmente fuera de RPL o RPD, actualice su dirección registrada y envíe un documento actual para verificar su dirección (como la factura de un servicio).  Revisaremos la información proporcionada y consideraremos si se podrán eliminar las restricciones.

  1. ¿Cuáles son las restricciones?

Para clientes con cuentas individuales o conjuntas

A partir del 23 de marzo de 2022, los clientes con direcciones en RPL o RPD no podrán realizar transacciones ni transferir posiciones a menos que se eliminen las sanciones estadounidenses, o a menos que lo autorice la OFAC (Oficina de Control de Activos Extranjeros). No puede realizar depósitos actualmente, pero puede retirar fondos a una cuenta a su nombre con fines personales y no comerciales. Le exigiremos que confirme esto antes de realizar la retirada.

Para clientes con cuentas de organización

Las sanciones no permiten que las cuentas de organizaciones o fideicomisos negocien, transfieran ni retiren fondos ya que el periodo de liquidación ha finalizado.  

  1. ¿Qué debo hacer para eliminar las restricciones?

Si usted se ha mudado de EPL o RPD pero no actualizó esta información en la cuenta, actualícela y proporcione un documento que sirva de prueba de dirección y que demuestre que usted ya no reside en RPL o RPD.  Revisaremos la información y le haremos saber en caso de que puedan eliminarse las restricciones.

Alternativamente, podrá contactar con la Oficina de Control de Activos Extranjeros (OFAC) del Departamento del Tesoro de EE. UU. y solicitar una licencia específica en la página web de la OFAC.  (Página de solicitud de licencia de la OFAC)

Regiones de Kherson y Zaporizhzhia

Solo para IBIE e IBCE:

En octubre de 2022, la UE anunció sanciones adicionales contra Rusia debido a su actividad continua en Ucrania.  Estas sanciones incluyen restricciones para personas y entidades en las regiones de Kherson y Zaporizhzhia en Ucrania y son similares a las sanciones a Crimea en 2014 y a las restricciones impuestas contra las provincias de Lugansk y Donetsk en febrero de 2022. Como consecuencia de las nuevas sanciones de la UE, Interactive Brokers Ireland (“IBIE”) e Interactive Brokers Central Europe (“IBCE”) no podrán hacer negocios con ninguna persona ni entidad radicada en los territorios de Kherson y Zaporizhzhia .  

 

 E.   Clientes que realizan operaciones bancarias a través de los bancos sancionados

 EE. UU., el Reino Unido y la UE han sancionado a algunos de los principales bancos rusos. Estas sanciones prohíben por lo general realizar transacciones con estos bancos.

1.       ¿Cuáles son las sanciones?

De acuerdo con estas sanciones, los clientes no podrán depositar fondos que se originen en un banco sancionado ni retirar fondos hacia un banco sancionado.  Las sanciones incluyen periodos de liquidación que han finalizado.

2.       ¿Cuáles son los bancos afectados por las sanciones?

Los siguientes bancos rusos y sus subsidiarias han sido sancionados por EE. UU., el Reino Unido o la UE, han sido desconectados de la red bancaria mundial SWIFT, o ambos.  Por este motivo, IBKR no puede procesar depósitos ni retiradas a través de estos bancos.

  • Sberbank (desconectado de SWIFT)
  • Alfa Bank
  • VTB (desconectado de SWIFT)
  • Bank Rossiya (desconectado SWIFT)
  • Otkritie (desconectado de SWIFT)
  • Novikombank (desconectado de SWIFT)
  • Promsvyazbank (desconectado de SWIFT)
  • Sovcombank (desconectado de SWIFT)
  • VEB (desconectado de SWIFT)
  • Transkapitalbank
  • Investtradebank
  • Rosselkhozbank (desconectado de SWIFT)
  • Moscow Credit Bank (desconectado de SWIFT)

Los siguientes bancos también se encuentran sujetos a sanciones del Reino Unido, que se aplican para todos los clientes de Interactive Brokers (U.K.) Ltd. (IBUK):

  • GazPromBank
  • SMP Bank
  • Ural Bank for Reconstruction and Development.

Los clientes de IBUK no pueden actualmente realizar depósitos desde, o retiradas hacia, cualquiera de estos bancos sancionados.

3.       ¿Debo cerrar mi cuenta con IBKR si realizo operaciones bancarias a través de uno de los bancos sancionados?

Estas sanciones contra los bancos no requieren que usted cierre su cuenta con IBKR.  IBKR simplemente no puede procesar depósitos ni retiradas que involucren a un banco sancionado.

4.       ¿Puedo añadir distintas instrucciones bancarias?

Sí, usted puede añadir nuevas instrucciones bancarias para una cuenta en un banco no sancionado. Tenga en cuenta que IBKR ha mantenido restricciones sobre determinados patrones de actividad de depósito y retirada desde hace tiempo y estos seguirán en vigor.  Si desea obtener más información acerca de estas restricciones, haga clic aquí.

 

F.   Restricciones que afectan a los nacionales, ciudadanos o residentes de Rusia o Bielorrusia

Algunas sanciones solo afectarán a los nacionales, ciudadanos o residentes de Rusia o Bielorrusia. 

MOEX

1.       Soy ciudadano ruso. ¿Podré negociar mis acciones rusas no sancionadas en el MOEX?

IBKR es un bróker extranjero y está restringido por el gobierno ruso para la negociación en la Bolsa de Moscú (MOEX).  Por tanto, no podrá negociar en el MOEX a través de su cuenta de IBKR.

 Restricciones de la UE sobre valores

1.       Soy ciudadano o residente de Rusia (o Bielorrusia). ¿Por qué no puedo negociar en mercados de la UE?

La UE impuso sanciones que prohíben la venta o transferencia de valores denominados en euros emitidos luego del 12 de abril de 2022 (incluye el producido de acciones corporativas) a ciudadanos de Rusia o Bielorrusia (se define como todos los ciudadanos de dichos países que no viven en la UE), personas o entidades radicadas en Rusia o Bielorrusia. 

Para cumplir con estas sanciones, IBKR ha restringido la apertura de nuevas posiciones (largas o cortas) en valores de la UE por parte de ciudadanos o residentes de Rusia y Bielorrusia y entidades radicadas en Rusia o Bielorrusia, o que sean propiedad de ciudadanos o residentes de estos países. 

Restricciones para datos de mercado

1.       Soy residente de Rusia. ¿Por qué no puedo ver datos de mercado para la NYSE y el Nasdaq?

Debido a la actividad continua de Rusia en Ucrania, la NYSE y el Nasdaq han suspendido la provisión de servicios de datos de mercado a las personas físicas y entidades radicadas en Rusia. IBKR no tiene conocimiento acerca de cuándo la NYSE y el Nasdaq reanudarán estos servicios.  

 

China Connect – Restriction on Mainland Investors from Northbound Trading

Overview: 

The Hong Kong Exchange (“HKEX”) issued a circular on the banning of Mainland investors from Northbound trading, effective on 25 July 2022. Clients who trade China Connect Securities through Interactive Brokers are required to comply with these requirements.

I. Which clients are classified as Mainland investors?

  (a) Individuals that possess Mainland ID documents; or
  (b) Holders of a joint account if one of the holders is considered as Mainland investor under (a); or
  (c) Corporate or unincorporated entities which are registered in the Mainland.


II. Which circumstances are exempt from the classification?

The following investors will NOT be considered as “Mainland Investors” and may continue to buy and sell China Connect Securities with Interactive Brokers.

  (a) Individual client who holds:

       i. A Hong Kong or Macao permanent ID; or
      ii. An One-way Permit for Proceeding to Hong Kong and Macao; or
     iii. An identity document as proof of permanent residence in a country or region outside Mainland China.

  (b) A branch or subsidiary which is lawfully registered in Hong Kong or overseas.


III. How are Existing Accounts with BCANs Handled?

Effective Date Notice
From 25 July 2022 to 23 July 2023 Existing accounts who are Mainland investors with registered BCANs can still buy and sell China Connect Securities.
From 24 July 2023 Existing accounts who are Mainland investors can only sell any China Connect Securities.


IV. Reference

The above information is provided for convenience.  For more detailed information, please refer to HKEX’s circular on the banning of Mainland investors from Northbound trading:  https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/SEHK/2022/CT08822E.pdf

 

FAQs for Ukraine/Russia Securities

Overview: 

These FAQs summarize key information related to the Ukraine/Russia sanctions. This page will be updated to reflect additional sanction-related restrictions or other developments. Last update: February 02, 2024. 

A.        Cashiering Restrictions - Rubles

B.        Customers Who Have Positions in Russian Securities

  • Sanctioned Russian Securities

  • Non-Sanctioned Russian Securities 

C.        Customers from Certain Regions in Ukraine

  • The Luhansk and Donetsk Regions

    • Account Restrictions

  • The Kherson and Zaporizhzhia Regions

D.        Customers Who Bank Through Sanctioned Banks

E.         Restrictions Affecting Russian or Belarusian Nationals, Citizens, and/or Residents

  • MOEX

  • EU Securities Restrictions 

 

A.   Cashiering Restrictions – Rubles

In line with many financial institutions, IBKR is reducing exposure to the Russian Ruble (“RUB”). 

 1.       What are the restrictions on cashiering in Rubles?

Deposits in RUB
IBKR is no longer accepting deposits of RUB.  Any deposit in RUB will be rejected.

IBKR will periodically convert RUB balances to USD or EUR, depending on the IBKR entity with which you have an account.  Please visit the IBKR Knowledge Base for the specifics regarding the currency conversion.

 Withdrawals in RUB
We are currently accepting RUB withdrawal requests.  However, we cannot guarantee that such requests will be processed by our cashiering bank.

 2.       What if the Base Currency of my account is RUB?

IBKR does not currently allow clients to maintain RUB as their base currency.  If you previously used RUB as your base currency, we converted it to USD or EUR depending on which IBKR entity carries your account. (This information can be found in the IBKR Knowledge Base.)

 

B.  Customers Who Have Positions in Russian Securities

The U.S. and other governments have specifically sanctioned certain Russian companies that issue securities, meaning these securities cannot be traded or transferred.  In addition, the U.S. has prohibited the purchase of new and existing debt and equity securities issued by all Russian companies.  As a result, trading in all Russian securities has been either fully or partially restricted.  

1.       What Russian securities have been restricted?

Certain Russian securities subject to specific sanctions were fully restricted on May 25, 2022.  You currently cannot trade or transfer your positions in any sanctioned Russian security. 

 As of June 6, 2022, you cannot open new positions (long or short) in non-sanctioned Russian securities. However, you may sell or hold your positions in non-sanctioned Russian securities.  

Sanctioned Russian Securities

1.     If I hold sanctioned Russian securities, can I access my account?

Yes, you will have full access to your IBKR account.  However, you will not be able to trade or transfer any positions in any sanctioned Russian security.

2.     Can I trade or transfer my positions in sanctioned Russian securities to another broker?

No.  Positions in sanctioned Russian securities are frozen. You are not able to trade or transfer these positions until the sanctions are lifted or you receive a specific license from OFAC.

3.     Can I receive Dividends on Sanctioned Russian Securities

 No.  IBKR is not allocated the dividend from the custodian and is prohibited from processing dividend payments on sanctioned securities.

4.     How will Corporate Actions be processed on sanctioned Russian Securities?

IBKR will not perform processing on sanctioned Russian securities including Corporate Actions that would change the value of your position in the security (including conversions of securities positions into cash, such as via mandatory tender offer or cash merger or new rights or positions).Stock splits and other corporate actions that do not change the economic value of your position may be processed.

UK and Canadian Sanctioned Securities:

1.     What additional sanctions apply to U.K. and Canadians Persons?

The U.K. and Canada imposed their own sanctions on certain Russian issuers, on top of those issued by the U.S. and EU.  U.K. and Canadian persons (including IBUK and IB Canada customers, and citizens/residents of the U.K. or Canada) may be fully restricted from trading or transferring positions in Russian issuers sanctioned by these jurisdictions.  These issuers are listed or were previously listed on the Moscow Stock Exchange, the Vienna Stock Exchange, the Stuttgart Stock Exchange, and the Nasdaq Stock Market.  For the most recent list of issuers, please see:  Which Russian securities have been specifically sanctioned?

For IBUK, Citizens of the U.K. (including U.K Territory), and Any Person Located in the U.K. or a U.K. Territory:

Non-Sanctioned Russian Securities

1.       What are the restrictions on non-sanctioned Russian securities?

The U.S. sanctions prohibit U.S. financial institutions from facilitating the purchase of securities of any Russian company.  This means that you cannot open new positions in Russian securities, including their derivatives. 

2.       Do I have to sell my positions in non-sanctioned Russian issuers?

No.  You may hold your existing positions in non-sanctioned Russian securities or sell your positions, as you choose. Please keep in mind that your ability to close positions may be limited by exchange or local rules. For example, current restrictions by the Central Bank of Russia prevent IBKR clients from making any trades (opening or closing) on the Moscow Stock Exchange.

3.       Is there a deadline for selling non-sanctioned Russian securities?

No, there is no wind-down period to divest. You may sell your positions in non-sanctioned Russian securities at any time so long as the market for that security is open to IBKR for trading. For instance, IBKR does not currently have access to the Moscow Stock Exchange.

4.       Can I continue to purchase Russian securities or sovereign debt in the secondary market?

No, the prohibitions apply to any debt or equity security issued by a Russian entity, including sovereign debt.  You can sell your Russian securities or debt positions or hold them, but you cannot make new purchases. 

5.       Can I convert my ADRs and GDRs in non-sanctioned Russian securities?

IBKR is not supporting conversions of your ADRs and GDRs into RUB-based securities that deliver to your IBKR account.  We may, on a best-efforts basis, facilitate conversions in which the underlying shares are delivered to a non-IBKR account.  We discuss ADRs and GDRs in more detail below.

6.       Can I transfer my position in non-sanctioned Russian securities?

Yes, you can transfer these positions to another brokerage account in your name, assuming the receiving broker will accept the positions.

7.       Can I receive dividends on non-sanctioned Russian securities?

Due to changes made by the Russian Central Bank, IBKR is not facilitating the payment of dividends on any Russian securities. Clients should contact the issuer to receive their dividends.

 

8.       How will corporate actions relating to my non-sanctioned Russian securities be processed?

At this time, we note that many corporate actions on non-sanctioned Russian securities do not appear to be getting processed by our Custodian Bank.  To the extent our Custodian Bank processes the corporate action, IBKR will apply the corporate action to client accounts.  

  

 C.   Customers from Certain Regions in Ukraine

The Luhansk and Donetsk Regions

In February 2022, the U.S., U.K., and EU issued a series of sanctions against Russia related to its actions in Ukraine. The sanctions include restrictions for persons and entities in the Luhansk and Donetsk provinces, similar to the 2014 Crimean sanctions.

Account Restrictions

  1. Why is my account restricted?

Your account lists an address that is located in the Luhansk or Donetsk region in Ukraine.  The U.S. government issued sanctions specifically focused on two regions of Ukraine, Luhansk and Donetsk.  These sanctions allowed a short wind-down period, which ended March 23, 2022.  IBKR, as a U.S. financial institution, is required to limit the transactions clients from those regions can conduct.

  1. I no longer live in the Luhansk People’s Republic (“LNR”) or Donetsk People’s Republic (“DNR”).  I live outside of those areas. Why is my account restricted?

IBKR has placed restrictions based on its account records and the information available to it.  If you currently live outside of the LNR or DNR, please update your address on file and submit a current document to verify your address (such as a utility bill).  We will review the information you provide and consider whether restrictions can be lifted.

  1. What are the restrictions?

For Individual/Joint Customers

As of March 23, 2022, clients with addresses in the LNR or DNR cannot make any trades, or transfer positions, unless the U.S. sanctions are lifted or authorization is granted by OFAC.   You cannot make deposits at this time but you may make a withdrawal to an account in your name for personal, non-commercial purposes.  We will require you to confirm this before the withdrawal.

For Org Customers

The sanctions do not allow organization or trust accounts to trade, transfer or withdraw funds now that the wind down period ended.  

  1. What do I have to do to remove the restrictions?

If you have moved from the LNR or DNR but did not update your account information, please update your address on file and provide a current proof of address document demonstrating that you do not reside in the LNR or DNR.  We will review the information and let you know whether the restrictions can be removed.

Alternatively, you can contact the US Department of Treasury’s Office of Foreign Assets Control (OFAC) and apply for a specific license on OFAC’s website.  (OFAC License Application Page)

The Kherson and Zaporizhzhia Regions

For IBIE and IBCE Only:

In October 2022, the EU announced additional sanctions against Russia for its continued activity in Ukraine.  These sanctions include restrictions for persons and entities in the Kherson and Zaporizhzhia regions of Ukraine, similar to the 2014 Crimean sanctions and the restrictions imposed on the Luhansk and Donetsk oblasts in February 2022. As a result of the new EU sanctions, Interactive Brokers Ireland (“IBIE”) and Interactive Brokers Central Europe (“IBCE”) cannot do business with any person or entity located in the Kherson and Zaporizhzhia territories.  

 

 D.   Customers Who Bank Through Sanctioned Banks

 The U.S., U.K., and EU sanctioned a number of leading Russian banks, generally prohibiting transactions with these banks.

1.       What are the sanctions?

Under the sanctions, customers are not allowed to deposit from, or withdraw to, a sanctioned bank.  The sanctions included wind down periods that have ended.

2.       What banks are impacted by the sanctions?

The following Russian banks and their subsidiaries have been sanctioned by the U.S., U.K., and/or the EU, disconnected from the global banking network SWIFT, or both.  IBKR is therefore unable to accommodate deposits or withdrawals through these banks.

  • Sberbank (disconnected from SWIFT)
  • Alfa Bank
  • VTB (disconnected from SWIFT)
  • Bank Rossiya (disconnected from SWIFT)
  • Otkritie (disconnected from SWIFT)
  • Novikombank (disconnected from SWIFT)
  • Promsvyazbank (disconnected from SWIFT)
  • Sovcombank (disconnected from SWIFT)
  • VEB (disconnected from SWIFT)
  • Transkapitalbank
  • Investtradebank
  • Rosselkhozbank (disconnected from SWIFT)
  • Moscow Credit Bank (disconnected from SWIFT)

The following banks are also subject to U.K. sanctions, which apply to all clients of Interactive Brokers (U.K.) Ltd. (IBUK):

  • GazPromBank
  • SMP Bank
  • Ural Bank for Reconstruction and Development.

IBUK customers cannot currently deposit from, or withdraw to, any of these sanctioned banks.

3.       Do I have to close my IBKR account if I bank through one of the sanctioned banks?

These sanctions on banks do not require you to close your IBKR account.  IBKR just can’t process deposits or withdrawals involving a sanctioned bank.

4.       Can I add different banking instructions?

Yes, you are welcome to add new banking instructions for an account at a non-sanctioned bank. Please note that IBKR has long maintained restrictions on certain patterns of deposit and withdrawal activity, which will remain in effect.  For more information on these restrictions, click here.

 

E.   Restrictions Affecting Russian or Belarusian Nationals, Citizens, and/or Residents

Certain sanctions only impact Russian or Belarusian nationals, citizens, and/or residents. 

MOEX

1.       I am a Russian citizen. Will I be able to trade my non-sanctioned Russian stocks on MOEX?

IBKR is a foreign broker and is restricted by the Russian government from trading on the Moscow Stock Exchange (MOEX).  Therefore, you will not be able to trade on MOEX through your IBKR account.

 EU Securities Restrictions

1.       I am a Russian (or Belarusian) national or resident. Why can’t I trade on EU exchanges?

The EU imposed sanctions prohibiting the sale or transfer of euro-denominated securities issued after April 12, 2022 (including proceeds of corporate actions) to Russian or Belarusian nationals (defined as all citizens of these countries who do not live in the EU) or people or entities located in Russia or Belarus. 

In order to comply with these sanctions, IBKR has restricted Russian and Belarusian nationals or residents, and entities located in Russia or Belarus or owned by Russian or Belarusian nationals or residents, from opening new positions or increasing existing positions (long or short) in any financial instrument in European exchanges, any financial instrument denominated in an EU currency, traded on any exchange, and any financial instrument that would be custodied at an EU Central Securities Depository.

 

Market Data Restrictions

1.       I am a resident of Russia. Why can’t I see market data for NYSE and Nasdaq?

Due to Russia’s continued involvement in Ukraine, NYSE and Nasdaq have suspended the provision of market data services to individuals and entities located in Russia. IBKR does not know when NYSE and Nasdaq will resume these services.  

 

Hong Kong Investor Identification Regime

Background:

To enhance market surveillance capabilities and maintain market integrity, the Securities and Futures Commission (“SFC”) has introduced the Hong Kong Investor Identification Regime (“HKIDR”).

Once implemented, all securities trades placed on, or off-exchange trades obligated to be reported to, the Stock Exchange of Hong Kong Limited ("SEHK") must be tagged with a client identifier and the corresponding identification details must be provided to the SEHK.

For further information, refer to the SFC website.

Compliance requirements:

To comply with the HKIDR obligations, all relevant SFC licensed corporations and registered institutions (“RRI”) are required to assign a Broker-Client-Assigned-Number (“BCAN”) to each client of theirs with capabilities to trade securities on the SEHK.

From the 20th of March 2023, RRIs are required to provide the SEHK with the clients’ identification data (“CID”) and the corresponding BCAN. All SEHK securities orders will be tagged with the BCAN number to enable the SEHK & SFC to identify the end beneficiary.

What client identification data (“CID”) is provided to SEHK?

Under HKIDR, the following identification data must be provided to the SEHK for any clients with SEHK trading permissions in place.

Individual Clients & Trustees
Corporate Clients & Trustees
Full legal name as shown on the identification document
Full legal name as shown on the identification document
Identity document’s issuing country or jurisdiction
Identity document’s issuing country or jurisdiction
Identity document type (in order of priority):
1-      HKID Card (required for HK residents)
2-      National identification document (containing the clients name in English &/ Chinese)
3-      Passport
Identity document type (in order of priority):
1-      Legal Entity Identifier Registration document
2-      Certificate of Incorporation / Formation
 
Identity document number on the identity document
Identity document number on the identity document

 

How can clients opt out from their CID being provided to SEHK?

Clients can opt out of sharing their CID under the HKIDR by requesting the removal of their relevant trading permissions. Once removed, existing positions can continue to be held or closed without the clients BCAN being tagged to the orders or CID being shared with the exchange.

However, before trading permission can be removed, clients must close any short positions or stock options that could result in a short stock position as buying in the positions requires a BCAN & CID submission.

Which trading permissions are impacted?

The new regime concerns all securities listed or traded on the Stock Exchange of Hong Kong (“SEHK”) and affects the following trading permissions:

  • Hong Kong Stocks
  • Hong Kong Stock Short Selling
  • Hong Kong Stock Options
  • Hong Kong Bonds
  • Hong Kong Warrants

How will existing Interactive Brokers Clients be impacted?

  • In preparation for HKIDR, all individuals with an Interactive Brokers Hong Kong Ltd account, and any of the above trading permissions in place, will be requested to confirm in Client Portal if they wish to retain their trading permissions under the new requirements.
  • Clients that fail to provide a confirmation by 9th of March 2023 will have their impacted trading permissions removed to prevent their identification details being shared unwillingly. If trading permissions are removed, clients can request the permissions be added back at any time via the Settings > Account Settings > Trading Permissions menu item in the Client Portal.
  • Clients requesting to remove their impacted trading permissions that are holding an open short stock position, or stock option position that could lead to a short stock position, will need to close the positions by the cutoff date communicated to avoid them being closed on their behalf at the prevailing market price. Long positions can continue to be held or close without CID being shared with SEHK.
  • The HK Client Agreements and Disclosures has been updated to accommodate the HKIDR requirements:

Disclaimer:

The above information is provided for convenience. IBKR does not guarantee the information for either accuracy or completeness. There may be subsequent changes to the HKIDR and clients should refer directly to the SFC website for more information: https://www.sfc.hk/en/Rules-and-standards/Investor-Identification-and-OTC-Securities-Transactions-Reporting

 

Tratamiento de margen para acciones extranjeras mantenidas por un bróker estadounidense

Como bróker-díler estadounidense registrado ante la Comisión de Valores y Bolsa (SEC) de EE. UU., con el fin de facilitar transacciones de valores para sus clientes, IB LLC está sujeto a varias normativas relacionadas con la ampliación de crédito y margen de dichas transacciones. En el caso de acciones extranjeras (es decir, de emisores no estadounidenses), el margen Reg T les permite a los brókeres estadounidenses ampliar el crédito de margen para incluir a aquellos que aparecen en el Listado de acciones con margen extranjeras publicado periódicamente por la Junta de la Reserva Federal, o que se considera que tienen un "mercado listo" de acuerdo con la norma 15c3-1 de la SEC o con la carta de no acción de la SEC.

Antes de noviembre de 2012, "mercado listo" se consideraba como aquel que incluye acciones de un emisor extranjero que cotizan en lo que se conoce como índice mundial FTSE World Index. Esta definición se basó en una carta de no acción de la SEC de 1993 con la premisa de que, mientras no existiere un mercado listo para dichos valores en EE. UU., los títulos podían revenderse fácilmente en el mercado extranjero aplicable.  En noviembre de 2012, la SEC emitió una carta de no acción de seguimiento (www.sec.gov/divisions/marketreg/mr-noaction/2012/finra-112812.pdf) que amplió la población de acciones extranjeras consideradas como que tienen un mercado listo para incluir también a aquellas no cotizadas en el FTSE World Index, siempre que se cumplan las siguientes cuatro condiciones:

 

1. La acción se cotice en un mercado extranjero en un país reconocido por el FTSE World Index, en donde la acción se haya negociado en el mercado durante, al menos, los últimos 90 días;

2. Las cotizaciones diarias de bid, ask y último para la acción, proporcionadas por el mercado extranjero, se encuentren disponibles continuamente para el bróker estadounidense mediante un sistema de cotización electrónica;

3. El volumen de negociación diaria promedio calculado para el periodo de 20 días hábiles anterior de la acción en su mercado sea de, al menos, 100 000 acciones o 500 000 USD (excluye acciones compradas por el bróker de cálculo);

4. La capitalización de mercado irrestringida total en las acciones exceda de 500 millones USD cada uno de los 10 días hábiles anteriores.

Nota: si una acción previamente cumplía con las condiciones mencionadas arriba pero ya no cumple, se le proporcionará al bróker una ventana de 5 días hábiles tras la cual el valor ya no se considerará comercializable en un mercado listo, y deberá tratarse como no marginable.

Las acciones extranjeras que no cumplan las condiciones que se indican arriba se considerarán como no marginables y, por tanto, no tendrán valor de préstamo. Tenga en cuenta que, para los fines de esta carta de no acción, las acciones extranjeras no incluyen opciones.

Overview of ASIC CFD Rules Implementation at IBKR (Australia) - Retail Investors Only

 

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

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

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.

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.

All clients are initially categorised as Retail Clients. IBKR may in certain circumstances agree to reclassify a Retail Client as a Wholesale or Professional Investor Client. Refer to this link for information regarding Australian regulatory status under IBKR Australia

The following sections detail how IBKR (Australia) has implemented the ASIC Decision.

1 Leverage Limits

1.1 ASIC Margins
Leverage limits were set by ASIC at different levels depending on the underlying:

  • 3.33% for major currency pairs; Major currency pairs are any combination of AUD; USD; CAD; EUR; GBP; CHF; JPY
  • 5% for non-major currency pairs and major indices;
    • Non-major currency pairs are any combination that includes a currency not listed above, e.g. USD.CNH
    • Major indices are IBUS500; IBUS30; IBUST100; IBGB100; IBDE40; IBEU50; IBFR40; IBJP225; IBAU200
  • 10% for non-major equity indices; IBES35; IBCH20; IBNL25; IBHK50
  • 20% for individual equities

 1.2 Applied Margins - Standard Requirement

In addition to the ASIC Margins, IBKR (Australia) 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 ASIC.

Details of applicable IB and ASIC 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 stock or 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

Your account must have sufficient equity to post initial margin to open a CFD position. Account equity includes cash, unsettled realized profits and unrealized profits from existing CFD and non-CFD positions.

2 Margin Close Out Rule

2.1 Maintenance Margin Calculations & Liquidations

ASIC requires IBKR to liquidate CFD positions latest when account 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. 

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 AUD 2000 cash in your account and no 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 equity for additional positions reduces by the initial margin requirement as your trades are filled:

  Cash Equity* Position Price Value Unrealized P&L IM MM Available Equity* Excess Equity* MM Violation
Pre Trade 2000 2000             2000 2000  
Post Trade 1 2000 2000 50 100 5000 0 1000 500 1000 1500 No
Post Trade 2 2000 2000 100 100 10000 0 2000 1000 0 1000 No

*Equity equals Cash plus Unrealized P&L. Available equity is equity in excess of initial margin requirements. Excess equity is equity in excess of maintenance margin requirements.

The price increases to 110. Your equity is now 3000, and your available equity has increased correspondingly:

 

  Cash Equity Position Price Value Unrealized P&L IM MM Available Equity Excess Equity MM Violation
Change 2000 3000 100 110 11000 1000 2000 1000 1000 2000 No

 

 The price then drops to 95. Your equity declines to 1500 and you can no longer open additional positions 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 Equity Excess Equity MM Violation
Change 2000 1500 100 95 9500 (500) 2000 1000 -500 500 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 Equity Excess Equity MM Violation
Change 2000 500 100 85 8500 (1500) 2000 1000 -1500 -500 Yes

 

3 Negative Equity Protection

The ASIC Decision limits your CFD-related liability to the assets in your IBKR account, meaning all assets in your IBKR account can be liquidated to satisfy a CFD margin-deficit

Therefore assets in your account, including CFD and non-CFD assets can be used to cover losses arising from CFD trading, with your CFD positions being liqudated first, followed by your non CFD positions. 

4 Incentives Offered to trade CFDs

The ASIC 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.

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