Dividend Tax Withholding on Depository Receipts
In the event an account holds a dividend paying depository receipt, at the time of the dividend payment taxes will be withheld. In several jurisdictions, IB is unable to efficiently comply in an electronic, straight-through manner with the required beneficial owner disclosure requirements. As such, dividends on depository receipts where full beneficial owner disclosure is required in order to receive beneficial tax treatment will be withheld at the maximum tax rate applicable.
Shareholders will not be eligible for reduced tax treatment on the allocation of cash through IB. All shareholders should consult their tax advisor for information on how to obtain a tax refund or tax credit for such activity.
Considerations for Exercising Call Options Prior to Expiration
INTRODUCTION
Exercising an equity call option prior to expiration ordinarily provides no economic benefit as:
- It results in a forfeiture of any remaining option time value;
- Requires a greater commitment of capital for the payment or financing of the stock delivery; and
- May expose the option holder to greater risk of loss on the stock relative to the option premium.
Nonetheless, for account holders who have the capacity to meet an increased capital or borrowing requirement and potentially greater downside market risk, it can be economically beneficial to request early exercise of an American Style call option in order to capture an upcoming dividend.
BACKGROUND
As background, the owner of a call option is not entitled to receive a dividend on the underlying stock as this dividend only accrues to the holders of stock as of its dividend Record Date. All other things being equal, the price of the stock should decline by an amount equal to the dividend on the Ex-Dividend date. While option pricing theory suggests that the call price will reflect the discounted value of expected dividends paid throughout its duration, it may decline as well on the Ex-Dividend date. The conditions which make this scenario most likely and the early exercise decision favorable are as follows:
1. The option is deep-in-the-money and has a delta of 100;
2. The option has little or no time value;
3. The dividend is relatively high and its Ex-Date precedes the option expiration date.
EXAMPLES
To illustrate the impact of these conditions upon the early exercise decision, consider an account maintaining a long cash balance of $9,000 and a long call position in hypothetical stock “ABC” having a strike price of $90.00 and time to expiration of 10 days. ABC, currently trading at $100.00, has declared a dividend of $2.00 per share with tomorrow being the Ex-Dividend date. Also assume that the option price and stock price behave similarly and decline by the dividend amount on the Ex-Date.
Here, we will review the exercise decision with the intent of maintaining the 100 share delta position and maximizing total equity using two option price assumptions, one in which the option is selling at parity and another above parity.
SCENARIO 1: Option Price At Parity - $10.00
In the case of an option trading at parity, early exercise will serve to maintain the position delta and avoid the loss of value in long option when the stock trades ex-dividend, to preserve equity. Here the cash proceeds are applied in their entirety to buy the stock at the strike, the option premium is forfeited and the stock (net of dividend) and dividend receivable are credited to the account. If you aim for the same end result by selling the option prior to the Ex-Dividend date and purchasing the stock, remember to factor in commissions/spreads:
| SCENARIO 1 | ||||
|
Account Components |
Beginning Balance |
Early Exercise |
No Action |
Sell Option & Buy Stock |
| Cash | $9,000 | $0 | $9,000 | $0 |
| Option | $1,000 | $0 | $800 | $0 |
| Stock | $0 | $9,800 | $0 | $9,800 |
| Dividend Receivable | $0 | $200 | $0 | $200 |
| Total Equity | $10,000 | $10,000 | $9,800 | $10,000 less commissions/spreads |
SCENARIO 2: Option Price Above Parity - $11.00
In the case of an option trading above parity, early exercise to capture the dividend may not be economically beneficial. In this scenario, early exercise would result in a loss of $100 in option time value, while selling the option and buying the stock, after commissions, may be less beneficial than taking no action. In this scenario, the preferable action would be No Action.
| SCENARIO 2 | ||||
|
Account Components |
Beginning Balance |
Early Exercise |
No Action |
Sell Option & Buy Stock |
| Cash | $9,000 | $0 | $9,000 | $100 |
| Option | $1,100 | $0 | $1,100 | $0 |
| Stock | $0 | $9,800 | $0 | $9,800 |
| Dividend Receivable | $0 | $200 | $0 | $200 |
| Total Equity | $10,100 | $10,000 | $10,100 | $10,100 less commissions/spreads |
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NOTE:
Options have two components that make up their total premium value - intrinsic value and time value. The intrinsic value is the amount by which the option is in-the-money, while the time value represents the possibility that the option could become even more profitable before expiration as the underlying asset price fluctuates while providing protection against adverse moves.
Many options are American-style, which means they can be exercised early, ahead of their expiration date. Early exercise of an option eliminates the remaining time value component from the option's premium, since the option holder loses protection against unfavorable movements in the underlying asset’s price.
This makes early exercise suboptimal in most situations, as the option holder is willingly forfeiting a portion of the option's value.
There are a few specific circumstances where early exercise could make sense, such as:
- For call options on a stock that will pay dividends soon, where the dividend amount exceeds the remaining time value (and only if the exercise will settle on or prior to the record date for the dividend).
- For deep in-the-money options where the time value is negligible compared to the intrinsic value, and the option is expected to drop in value due to interest rate effects (PUTS), or expected stock loan benefits (CALLS).
The first case, exercising an in the money call immediately ahead of a dividend payment, is the most common economically-sensible early exercise. In most cases, it is advisable to hold or sell the option instead of exercising it early, in order to capture the remaining time value. An option should only be exercised early after carefully considering all factors and determining that the benefits of early exercise outweigh the time value being surrendered.
Account holders holding a long call position as part of a spread should pay particular attention to the risks of not exercising the long leg given the likelihood of being assigned on the short leg. Note that the assignment of a short call results in a short stock position and holders of short stock positions as of a dividend Record Date are obligated to pay the dividend to the lender of the shares. In addition, the clearinghouse processing cycle for exercise notices does not accommodate submission of exercise notices in response to assignment.
As example, consider a credit call (bear) spread on the SPDR S&P 500 ETF Trust (SPY) consisting of 100 short contracts in the March '13 $146 strike and 100 long contracts in the March '13 $147 strike. On 3/14/13, with the SPY Trust declared a dividend of $0.69372 per share, payable 4/30/13 to shareholders of record as of 3/19/13. Given the 3 business day settlement time frame for U.S. stocks, one would have had to buy the stock or exercise the call no later than 3/14/13 in order receive the dividend, as the next day the stock began trading Ex-Dividend.
On 3/14/13, with one trading day left prior to expiration, the two option contracts traded at parity, suggesting maximum risk of $100 per contract or $10,000 on the 100 contract position. However, the failure to exercise the long contract in order to capture the dividend and protect against the likely assignment on the short contracts by others seeking the dividend created an additional risk of $67.372 per contract or $6,737.20 on the position representing the dividend obligation were all short calls assigned. As reflected on the table below, had the short option leg not been assigned, the maximum risk when the final contract settlement prices were determined on 3/15/13 would have remained at $100 per contract.
| Date | SPY Close | March '13 $146 Call | March '13 $147 Call |
| March 14, 2013 | $156.73 | $10.73 | $9.83 |
| March 15, 2013 | $155.83 | $9.73 | $8.83 |
Please note that if your account is subject to tax withholding requirements of the US Treasure rule 871(m), it may be beneficial to close a long option position before the ex-dividend date and re-open the position after ex-dividend.
For information regarding how to submit an early exercise notice please click here.
The above article is provided for information purposes only as is not intended as a recommendation, trading advice nor does it constitute a conclusion that early exercise will be successful or appropriate for all customers or trades. Account holders should consult with a tax specialist to determine what, if any, tax consequences may result from early exercise and should pay particular attention to the potential risks of substituting a long option position with a long stock position.
SPY - Dividend Recognition
Unlike the case of a stock, in which a dividend is taxable in the year in which it is paid, the SPDR S&P 500 ETF Trust (Symbol: SPY) represents itself as a Regulated Investment Company and its dividend is deemed taxable in the year in which the record date is determined. As such, SPY dividends declared in either October, November or December and payable to shareholders of record on a specified date in one of those months will be considered taxable income income in that year despite the fact that such dividend will generally be paid in January of the following year.
Circular 230 Notice: These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor.
Aperçu des CFD sur actions émis par IB
L’article qui suit constitue une introduction générale aux CFD (contrat sur différence) sur actions émis par IBKR.
Pour des informations concernant les CFD sur indices IBKR, cliquez ici. Pour les CFD sur Forex, cliquez ici.
Table des matières :
I. Définition d'un CFD
II. Comparaison entre les CFD et les actions sous-jacentes
III. Coûts et marge
IV. Exemples
V. Ressources
VI. Foire aux questions
Avertissement concernant les risques
Les CFD sont des instruments complexes associés à un risque élevé de perte financière rapide en raison de l'effet de levier.
67% des comptes d'investisseurs de détail perdent de l'argent lorsqu'ils tradent des CFD avec IBKR (UK).
Vous devez vous assurer que vous comprenez la manière dont fonctionnent les CFD et que vous pouvez vous permettre de courir un risque élevé de perdre de l'argent.
Règles ESMA relatives aux CFD (Pour les clients de détail uniquement)
L'Autorité européenne des marchés financiers (ESMA) a édicté de nouvelles règles relatives aux CFD qui entreront en vigueur à compter du 1er août 2018.
Les règles consistent en: 1) des limites sur les effets de levier à l'ouverture de positions de CFD; 2) une règle de clôture des positions ouvertes par compte basée sur la marge 3) une protection contre les soldes négatifs par compte.
Les mesures de l'ESMA s'appliquent aux clients de détail. Les clients professionnels ne sont pas affectés.
Veuillez vous référer au document Application des règles de l'ESMA sur les CFD à IBKR pour plus d'informations.
I. Définition d'un CFD sur actions
Les CFD IBKR sont des contrats de gré à gré (OTC) qui offrent le rendement de l’action sous-jacente, y compris les dividendes et les opérations sur titres (en savoir plus sur les Opérations sur titres pour les CFD).
En d’autres termes, il s’agit d’un accord entre l’acheteur (vous) et IBKR visant à échanger la différence entre la valeur actuelle d’une action et sa valeur à une date ultérieure. Si vous détenez une position longue et que la différence est positive, IBKR vous paie. Si la différence est négative, vous payez IBKR.
Les CFD sur actions IBKRsont négociés sur votre compte de marge; vous pouvez donc trader aussi bien des positions longues que courtes avec effet de levier. Le prix des CFD correspond au prix coté sur la Bourse de l’action sous-jacente. Les prix des CFD IBKR sont en fait identiques aux prix "Smart-routed" pour les actions, comme vous pouvez l'observer sur la Trader Workstation. Par ailleurs, IB offre un accès direct au marché (DMA). Comme pour les actions, vos ordres non négociables (par ex. les ordres à cours limité) voient le hedge du sous-jacent directement inscrit dans la profondeur du carnet d’ordres des Bourses où il est négocié. Cela signifie également que vous pouvez acheter le CFD au cours acheteur du sous-jacent et le vendre au cours vendeur.
Pour comparer le modèle transparent d’IBKR à d’autres modèles disponibles sur le marché, consultez notre Aperçu des modèles du marché CFD.
IBKRoffre actuellement environ 7100 CFD sur actions couvrant les marchés principaux des États-Unis, de l'Europe et d' Asie. Les constituants des indices majeurs mentionnés ci-dessous sont actuellement disponibles sous forme de CFD sur actions IBKR. Dans de nombreux pays, IBKR offre également le trading d’actions liquides de faible capitalisation. Il s’agit d’actions dont la capitalisation boursière ajustée du flottant est de 500 millions d'USD minimum pour une valeur de trading médiane journalière de 600,000 USD minimum. Pour en savoir plus, consultez notre liste de produits CFD . D’autres pays seront bientôt ajoutés.
| États-Unis | S&P 500, DJA, Nasdaq 100, S&P 400 (Moy. Cap), Small cap liquides |
| Royaume-Uni | FTSE 350 + Small cap liquides (y compris. IOB) |
| Allemagne | Dax, MDax, TecDax + Small cap liquides |
| Suisse | Portion suisse du STOXX Europe 600 (48 actions) + Small cap liquides |
| France | CAC Large Caps, CAC Mid Caps + Small Cap liquides |
| Pays-Bas | AEX, AMS Mid Cap + Small Cap liquides |
| Belgique | BEL 20, BEL Mid Cap + Small Cap liquides |
| Espagne | IBEX 35 + Small Cap liquides |
| Portugal | PSI 20 |
| Suède | OMX Stockholm 30 + Small Cap liquides |
| Finlande | OMX Helsinki 25 + Small Cap liquides |
| Danemark | OMX Copenhagen 30 + Small Cap liquides |
| Norvège | OBX |
| République Tchèque | PX |
| Japon | Nikkei 225 + Small Cap liquides |
| Hong Kong | HSI + Small Cap liquides |
| Australie | ASX 200 + Small Cap liquides |
| Singapour* | STI + Small Cap liquides |
| Afrique du sud | Top 40 + Small Cap liquides |
*non disponible pour les résidents de Singapour
II. Comparaison entre les CFD et les actions sous-jacentes
Selon vos objectifs et votre style de trading, les CFD offrent un certain nombre d'avantages par rapport aux actions, mais également quelques inconvénients:
| AVANTAGES des CFD IBKR | INCONVÉNIENTS DES CFD IBKR |
|---|---|
| Pas de droit de timbre ou taxe sur les transactions financières (Royaume-Uni, Belgique, France) | Pas de droit de propriété |
| En général, les commissions et taux de marge sont moins élevés que pour les actions | Les opérations sur titres complexes ne peuvent pas toujours être reproduites |
| Taux de convention fiscale sans la nécessité de récupération | L'imposition des gains peut différer des actions (veuillez consulter votre conseiller fiscal) |
| Exemption des règles de day trading |
III. Coûts et marge
Les CFD IBKR peuvent être un moyen encore plus efficace de négocier sur les marchés boursiers européens plutôt que d’utiliser l’offre déjà très compétitive d'actions proposée par IB.
Tout d’abord, les CFD IBKR sont soumis à des commissions moins élevées que les actions, tout en offrant les mêmes spreads à faible financement:
| EUROPE | CFD | ACTION | |
|---|---|---|---|
| Commission | GBP | 0.05% | 6.00 + 0.05% GBP* |
| EUR | 0.05% | 0.10% | |
| Financement** | Benchmark +/- | 1.50% | 1.50% |
*par ordre + 0.05% plus franchise au delà de 50,000 GBP
**Financement CFD sur valeur totale de position, financement action sur montant emprunté
Plus vous négociez et plus les commissions des CFD baissent, jusqu'à 0,02%. Pour les positions portant sur des volumes importants, les frais de financement sont réduits et peuvent être de 0.5% seulement. Pour en savoir plus, consultez nos commissions CFD et Taux de financement CFD.
De plus, les CFD ont des exigences de marge moindre par rapport aux actions. Les clients de détail sont soumis à des exigences de marge supplémentaires comme l'impose l'ESMA, l'organisme régulateur européen. Veuillez consulter le document Application des règles de l'ESMA sur les CFD à IBKR pour plus d'informations.
| CFD | ACTION | ||
|---|---|---|---|
| Tous | Standard | Portfolio margin | |
| Exigence de marge de maintien* |
10% |
25% - 50% | 15% |
*Marge type pour les blue-chips. Les clients de détail sont soumis à une marge initiale minimum de 20%. Marge de maintien standard intraday de 25% pour les actions, 50% overnight. La marge de portefeuille (Portfolio Margin) indiquée est la marge de maintien (y compris overnight). Les émissions plus volatiles sont soumises à des exigences de marge plus importantes
Veuillez vous référer aux Exigences de marge pour les CFD pour plus d'informations.
IV. Exemple (Client professionnel)
Examinons l'exemple ci-dessous. Le listing d’Unilever Amsterdam a augmenté de 3.2% au cours du dernier mois (20 jours de trading au 14 mai 2012) et vous pensez que sa performance va se maintenir. , Vous souhaitez créer une exposition de 200,000 EUR et la conserver pendant 5 jours. Vous passez 10 ordres pour développer et 10 ordres pour déboucler. Vos coûts directs seraient comme suit:
ACTION
| CFD | ACTION | ||
|---|---|---|---|
| Position 200,000 EUR | Standard | Portfolio margin | |
| Exigence de marge | 20,000 | 100,000 | 30,000 |
| Commission (Aller Retour) | 200.00 | 400.00 | 400.00 |
| Taux d'intérêt (Simplifié) | 1.50% | 1.50% | 1.50% |
| Montant financé | 200,000 | 100,000 | 170,000 |
| Jours financés | 5 | 5 | 5 |
| Dépense en intérêts (1.5% Taux simplifié) | 41.67 | 20.83 | 35.42 |
| Coût total direct (Commission + Intérêt) | 241.67 | 420.83 | 435.42 |
| Différence de coût | 74% plus élevé | 80% plus élevé | |
Remarque: les intérêts des CFD sont calculés sur la position totale tandis que les intérêts des actions sont calculés sur le montant emprunté. Les taux appliqués sont les mêmes pour les CFD et les actions. Les intérêts applicables sont les mêmes pour les actions et pour les CFD
Mais supposons que vous n'ayez que 20,000 EUR de disponible pour financer la marge. Si Unilever maintient le même niveau de performance qu'au cours du mois passé, votre gain potentiel serait aux alentours de:
| GAIN EFFET DE LEVIER | CFD | ACTION | |
|---|---|---|---|
| Marge disponible | 20,000 | 20,000 | 20,000 |
| Total investi | 200,000 | 40,000 | 133,333 |
| Rendement brut (5 Days) | 1,600 | 320 | 1,066.66 |
| Commission | 200.00 | 80.00 | 266.67 |
| Dépense en intérêts (1.5% Taux simplifié) | 41.67 | 4.17 | 23.61 |
| Coût total direct (Commission + Interest) | 241.67 | 84.17 | 290.28 |
| Rendement net (Rendement brut moins coût direct) | 1,358.33 | 235.83 | 776.39 |
| Montant d'investissement du rendement sur marge | 0.07 | 0.01 | 0.04 |
| Différence | 83% moins Gain | 43% moins Gain | |
| RISQUE EFFET DE LEVIER | CFD | ACTION | |
|---|---|---|---|
| Marge disponible | 20,000 | 20,000 | 20,000 |
| Total investi | 200,000 | 40,000 | 133,333 |
| Rendement brut (5 Days) | -1,600 | -320 | -1,066.66 |
| Commission | 200.00 | 80.00 | 266.67 |
| Dépense en intérêts (1.5% Taux simplifié) | 41.67 | 4.17 | 23.61 |
| Coût total direct (Commission + Interest) | 241.67 | 84.17 | 290.28 |
| Rendement net (Rendement brut moins coût direct) | -1,841.67 | -404.17 | -1,356.94 |
| Différence | 78% Moins Perte | 26% Moins Perte | |
V. Ressources CFD
Vous trouverez ci-dessous des liens utiles contenant des informations plus détaillées sur l’offre des CFD IBKR:
Le tutoriel suivant est également disponible:
Comment passer un ordre de CFD sur la Trader Workstation
VI. Foire aux questions
Quelles actions sont disponibles en tant que CFD?
Les actions de forte et moyenne capitalisation aux États-Unis, en Europe de l'ouest, dans les pays nordiques et au Japon. Les actions de faible capitalisation liquides sont également disponibles sur de nombreux marchés. Veuillez consulter la page Liste de produits CFD pour plus d'informations. D'autres pays seront ajoutés très prochainement.
Avez-vous des CFD pour des indices sur actions et Forex?
Oui. Veuillez consulter la page CFD sur indices IBKR - Informations et questions et CFD sur Forex - Informations et questions.
Comment sont déterminées les cotations des CFD sur actions?
Le prix des CFD IBKR correspond à la cotation via Smartrouting de l’action sous-jacente. IBKR n'élargit pas le spread ni ne détient de positions en votre défaveur. Pour en savoir plus, veuillez consulter l'aperçu des modèles du marché CFD.
Puis-je voir mes ordres à cours limité sur la Bourse?
Oui. IBKRoffre un accès direct au marché (DMA). Comme les actions, les ordres qui ne sont pas négociables (par ex. les ordres à cours limité) bénéficient de la protection du sous-jacent qui est directement inscrit sur le carnet d’ordres des bourses où il est négocié. Cela signifie également que vous pouvez acheter le CFD au cours acheteur du sous-jacent et le vendre au cours vendeur. De plus, vous recevrez peut-être une amélioration de prix si l'ordre d'un autre client peut être croisé au vôtre à un meilleur prix que celui disponible sur les marchés.
Comment déterminez-vous les marges des CFD sur actions?
IBKR établit des exigences de marge sur la base de la volatilité historique de chaque action sous-jacente. La marge minimum est de 10% Ce taux de marge est généralement appliqué à la plupart des CFD IBKR, ce qui rend le trading de CFD plus attractif en termes de marge que le trading du sous-jacent. Les investisseurs de détail sont soumis à des exigences de marge supplémentaires imposées par ESMA, l'organisme
régulateur européen. Veuillez consulter le document Application des règles de l'ESMA sur les CFD à IBKR pour plus d'informations. Il n'y a pas de compensation de portefeuille entre des positions CFD individuelles ou entre des positions CFD et l'exposition à l’action sous-jacente. Les positions concentrées et portant sur de gros volumes peuvent être soumises à des marges supplémentaires. Pour en savoir plus, veuillez consulter les exigences de marge des CFD.
Les CFD sur action courts sont-ils soumis à des rachats forcés ?
Oui. Si l’action sous-jacente devient difficile ou impossible à emprunter, le détenteur de la position sera soumis à un rachat.
Comment traitez-vous les dividendes et opérations sur titre?
En règle générale, IBKR reflète l'effet économique de l’opération sur titre pour les détenteurs de CFD comme s'ils détenaient les titres sous-jacent*. Les dividendes sont comptabilisés sous forme d'ajustement de liquidité, tandis que d'autres actions peuvent être comptabilisées sous forme d'ajustement de liquidité, d'ajustement de position ou une combinaison des deux. Par exemple, si les actions d'entreprise se traduisent par un changement du nombre d’actions (par ex. dans le cas de fractionnement d'actions ou fractionnement d'actions inversé), le nombre de CFD est ajusté en conséquence. Lorsque l’action devient une nouvelle entité et qu'IBKR décide de la proposer comme CFD, de nouvelles positions courtes et longues sont créées dans la quantité appropriée. Pour en savoir plus, consultez la page CFD - Opérations sur titre.
*Dans certains cas, il ne sera pas possible d'ajuster de manière exacte le CFD, comme pour une opération sur titres complexe telle qu'une fusion par exemple. Dans ce cas, IBKR pourra clôturer la position de CFD avant la date de détachement.
Tout le monde peut-il trader des CFD IBKR?
Tous les clients peuvent trader des CFD IBKR à l'exception des résidents des États-Unis, du Canada et de Hong Kong. Les résidents de Singapour peuvent trader des CFD IBKR à l'exception de ceux basés sur des actions cotées à Singapour. Il n'existe pas d'exemption aux exclusions sur la base de la résidence en fonction du type d'investisseur.
Que dois-je faire pour commencer à trader des CFD avec IBKR?
Vous devez mettre en place les autorisations de trading pour les CFD dans la Gestion de compte et accepter les déclarations adéquates. Si vous détenez un compte auprès d'IB LLC, IBKR créera un nouveau segment de compte (identifié avec votre numéro de compte existant par le suffixe “F”). Une fois le segment confirmé, vous pourrez commencer à trader. Vous n'avez pas besoin d'approvisionner le compte "F" séparément, les fonds seront automatiquement transférés en fonction des exigences de marge de votre compte principal.
Existe t-il des conditions en termes de données de marché?
Les données de marché pour les CFD sur actions IBKR sont les mêmes que les données de marché des actions sous-jacentes. Il est par conséquent nécessaire d'obtenir les autorisations de données de marché pour les Bourses correspondantes. Si vous avez déjà mis en place des autorisations de données de marché pour une Bourse afin de pouvoir trader des actions, aucune autre action n'est requise. Si vous souhaitez trader des CFD sur une Bourse pour laquelle vous n'avez pas actuellement d'autorisation de données de marché, vous pouvez mettre en place des autorisations de trading de la même manière que si vous envisagiez de trader les actions sous-jacentes.
Mes transactions de CFD apparaissent-elles dans mes relevés de compte?
Si vous détenez un compte auprès d'IBLLC, vos positions de CFD sont détenues dans un segment de compte distinct identifié par le suffixe "F" et votre numéro de compte principal. Vous pouvez choisir de visualiser les relevés de compte pour ce segment "F" soit séparément, soit de manière consolidée avec votre compte principal. Vous pouvez sélectionner l'option de votre choix dans la fenêtre des relevés de la Gestion de compte. Pour les autres comptes, les CFD sont affichés normalement dans le relevé de compte comme les autres produits de trading.
Puis-je transférer mes positions CFD depuis un autre courtier?
IBKR ne permet pas le transfert de positions de CFD à l'heure actuelle.
Des graphiques sont-ils disponibles pour les CFD?
Oui.
Quelles protections de compte s’appliquent au trading de CFD émis pas IBKR?
Les CFD sont des contrats émis par IB UK qui agit en tant que contrepartie. Ils ne sont donc pas négociés sur un marché réglementé et ne sont pas compensés par une chambre de compensation centrale. Étant donné qu’IB UK est votre contrepartie pour les CFD, vous êtes exposé à des risques financiers et commerciaux, y compris le risque de crédit associé à la réalisation de transactions avec IB Royaume-Uni. Veuillez noter cependant que tous les fonds des clients sont toujours totalement ségrégés, y compris ceux des clients institutionnels. IB UK est membre du programme UK Financial Services Compensation Scheme (FSCS). IB UK n'est pas un membre de la U.S. Securities Investor Protection Corporation (“SIPC”). Veuillez consulter la déclaration des risques liés aux CFD IB UK pour davantage d'informations sur les risques liés au trading de CFD.
Avec quel type de compte IBKR puis-je négocier des CFD (par ex. compte individuel, institutionnel, Amis et famille, etc.)?
Tous les comptes de marge sont éligibles au trading de CFD. Les comptes au comptant et SIPP ne sont pas éligibles.
Combien de positions maximum puis-je avoir pour un CFD spécifique?
Pas de limite pré-établie. Cependant, rappelez-vous que les positions très importantes peuvent être soumises à une augmentation des exigences de marge. Pour en savoir plus, veuillez consulter les exigences de marge des CFD.
Puis-je trader des CFD par téléphone?
Non. Cependant, dans certains cas exceptionnels, nous pouvons accepter de traiter des ordres de fermeture par téléphone mais jamais des ordres d'ouverture.
Overview of IBKR issued Share CFDs
The following article is intended to provide a general introduction to share-based Contracts for Differences (CFDs) issued by IBKR.
For Information on IBKR Index CFDs click here. For Forex CFDs click here. For Precious Metals click here.
Topics covered are as follows:
I. CFD Definition
II. Comparison Between CFDs and Underlying Shares
III. CFD Tax and Margin Advantage
IV. US ETFs
V. CFD Resources
VI. Frequently Asked Questions
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
61% 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 of IBKRs European entities, including so-called F segments)
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 and IBCE
I. Overview
IBKR CFDs are OTC contracts which deliver the return of the underlying stock, including dividends and corporate actions (read more about CFD corporate actions).
Said differently, it is an agreement between the buyer (you) and IBKR to exchange the difference in the current value of a share, and its value at a future time. If you hold a long position and the difference is positive, IBKR pays you. If it is negative, you pay IBKR.
Our Share CFDs offer Direct Market Access (DMA). Our Share CFD quotes are identical to the Smart-routed quotes for shares that you can observe in the Trader Workstation. Similar to shares, your non-marketable (i.e. limit) orders have the underlying hedge directly represented on the deep book of those exchanges at which it trades. This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer.
To compare IBKR’s transparent CFD model to others available in the market please see our Overview of CFD Market Models.
We currently offer approximately 8500 Share CFDs covering the principal markets in the US, Europe and Asia. Eligible shares have minimum market capitalization of USD 500 million and median daily trading value of at least USD 600 thousand. Please see CFD Product Listings for more detail.
Most order types are available for CFDs, including auction orders and IBKR Algos.
CFDs on US share can also be traded during extended exchange hours and overnight. Other CFDs are traded during regular hours.
II. Comparison Between CFDs and Underlying Shares
Depending on your trading objectives and trading style, CFDs offer a number of advantages compared to stocks, but also some disadvantages:
| BENEFITS of IBKR CFDs | DRAWBACKS of IBKR CFDs |
|---|---|
| No stamp duty or financial transaction tax (UK, France, Belgium, Spain) | No ownership rights |
| Generally lower margin rates than shares* | Complex corporate actions may not always be exactly replicable |
| Tax treaty rates for dividends without need for reclaim | Taxation of gains may differ from shares (please consult your tax advisor) |
| Exemption from day trading rules | |
| US ETFs tradable as CFDs** |
*IB LLC and IB-UK accounts.
**EEA area clients cannot trade US ETFs directly, as they do not publish KIDs.
III. CFD Tax and Margin Advantage
Where stamp duty or financial transaction tax is applied, currently in the UK (0.5%), France (0.3%), Belgium (0.35%) and Spain (0.2%), it has a substantially detrimental impact on returns, particular in an active trading strategy. The taxes are levied on buy-trades, so each time you open a long, or close a short position, you will incur tax at the rates described above.
The amount of available leverage also significantly impacts returns. For European IBKR entities, margin requirements are risk-based for both stocks and CFDs, and therefore generally the same. IB-UK and IB LLC accounts however are subject to Reg T requirements, which limit available leverage to 2:1 for positions held overnight.
To illustrate, let's assume that you have 20,000 to invest and wish to leverage your investment fully. Let's also assume that you hold your positions overnight and that you trade in and out of positions 5 times in a month.
Let's finally assume that your strategy is successful and that you have earned a 5% return on your gross (fully leveraged) investment.
The table below shows the calculation in detail for a UK security. The calculations for France, Belgium and Spain are identical, except for the tax rates applied.
| UK CFD | UK Stock | UK Stock | |
|---|---|---|---|
| All Entities |
EU Account
|
IB LLC or IBUK Acct
|
|
| Tax Rate | 0% | 0.50% | 0.50% |
| Tax Basis | N/A | Buy Orders | Buy Orders |
| # of Round trips | 5 | 5 | 5 |
| Commission rate | 0.05% | 0.05% | 0.05% |
| Overnight Margin | 20% | 20% | 50% |
| Financing Rate | 1.508% | 1.508% | 1.508% |
| Days Held | 30 | 30 | 30 |
| Gross Rate of Return | 5% | 5% | 5% |
| Investment | 100,000 | 100,000 | 40,000 |
| Amount Financed | 100,000 | 80,000 | 20,000 |
| Own Capital | 20,000 | 20,000 | 20,000 |
| Tax on Purchase | 0.00 | 2,500.00 | 1,000.00 |
| Round-trip Commissions | 500.00 | 500.00 | 200.00 |
| Financing | 123.95 | 99.16 | 24.79 |
| Total Costs | 623.95 | 3099.16 | 1224.79 |
| Gross Return | 5,000 | 5,000 | 2,000 |
| Return after Costs | 4,376.05 | 1,900.84 | 775.21 |
| Difference | -57% | -82% |
The following table summarizes the reduction in return for a stock investment, by country where tax is applied, compared to a CFD investment, given the above assumptions.
| Stock Return vs cfD | Tax Rate | EU Account | IB LLC or IBUK Acct |
|---|---|---|---|
| UK | 0.50% | -57% | -82% |
| France | 0.30% | -34% | -73% |
| Belgium | 0.35% | -39% | -75% |
| Spain | 0.20% | -22% | -69% |
IV. US ETFs
EEA area residents who are retail investors must be provided with a key information document (KID) for all investment products. US ETF issuers do not generally provide KIDs, and US ETFs are therefore not available to EEA retail investors.
CFDs on such ETFs are permitted however, as they are derivatives for which KIDs are available.
Like for all share CFDs, the reference price for CFDs on ETFs is the exchange-quoted, SMART-routed price of the underlying ETF, ensuring economics that are identical to trading the underlying ETF.
V. Extended and Overnight Hours
US CFDs can be traded from 04:00 to 20:00EST, and the again overnight from 20:00 to 03:30 the following day. Trades in the overnight session are attributed to the day when the session ends, even if a trade is entered before midnight the previous day. This has implications for corporate actions and financing.
Trades entered before midnight on the day before ex-date will not have a dividend entitlement. Trades before midnight will settle as if they had been traded the following day, delaying the start of financing.
VI. CFD Resources
Below are some useful links with more detailed information on IBKR’s CFD offering:
The following video tutorial is also available:
How to Place a CFD Trade on the Trader Workstation
VII. Frequently Asked Questions
What Stocks are available as CFDs?
Large and Mid-Cap stocks in the US, Western Europe, Nordic and Japan. Liquid Small Cap stocks are also available in many markets. Please see CFD Product Listings for more detail. More countries will be added in the near future.
Do you have CFDs on other asset classes?
Yes. Please see IBKR Index CFDs - Facts and Q&A, Forex CFDs - Facts and Q&A and Metals CFDs - Facts and Q&A.
How do you determine your Share CFD quotes?
IBKR CFD quotes are identical to the Smart routed quotes for the underlying share. IBKR does not widen the spread or hold positions against you. To learn more please go to Overview of CFD Market Models.
Can I see my limit orders reflected on the exchange?
Yes. IBKR offers Direct market Access (DMA) whereby your non-marketable (i.e. limit) orders have the underlying hedges directly represented on the deep books of the exchanges on which they trade. This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer. In addition, you may also receive price improvement if another client's order crosses yours at a better price than is available on public markets.
How do you determine margins for Share CFDs?
IBKR establishes risk-based margin requirements based on the historical volatility of each underlying share. The minimum margin is 10%, making CFDs more margin-efficient than trading the underlying share in many cases. Retail investors are subject to additional margin requirements mandated by the European regulators. There are no portfolio off-sets between individual CFD positions or between CFDs and exposures to the underlying share. Concentrated positions and very large positions may be subject to additional margin. Please refer to CFD Margin Requirements for more detail.
Are short Share CFDs subject to forced buy-in?
Yes. In the event the underlying stock becomes difficult or impossible to borrow, the holder of the short CFD position may become subject to buy-in.
How do you handle dividends and corporate actions?
IBKR will generally reflect the economic effect of the corporate action for CFD holders as if they had been holding the underlying security. Dividends are reflected as cash adjustments, while other actions may be reflected through either cash or position adjustments, or both. For example, where the corporate action results in a change of the number of shares (e.g. stock-split, reverse stock split), the number of CFDs will be adjusted accordingly. Where the action results in a new entity with listed shares, and IBKR decides to offer these as CFDs, then new long or short positions will be created in the appropriate amount. For an overview please CFD Corporate Actions.
*Please note that in some cases it may not be possible to accurately adjust the CFD for a complex corporate action such as some mergers. In these cases IBKR may terminate the CFD prior to the ex-date.
Can anyone trade IBKR CFDs?
All clients can trade IBKR 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.
What do I need to do to start trading CFDs with IBKR?
You need to set up trading permission for CFDs in Client Portal, and agree to the relevant disclosures. If your account is with IBKR (UK) or with IBKR LLC, IBKR will then set up a new account segment (identified with your existing account number plus the suffix “F”). Once the set-up is confirmed you can begin to trade. You do not need to fund the F-account separately, funds will be automatically transferred to meet CFD initial margin requirements from your main account.
If your account is with another IBKR entity, only the permission is required; an additional account segment is not necessary.
Are there any market data requirements?
The market data for IBKR Share CFDs is the market data for the underlying shares. It is therefore necessary to have market data permissions for the relevant exchanges. If you already have market data permissions for an exchange for trading the shares, you do not need to do anything. If you want to trade CFDs on an exchange for which you do not currently have market data permissions, you can set up the permissions in the same way as you would if you planned to trade the underlying shares.
How are my CFD trades and positions reflected in my statements?
If you 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 Client Portal.
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.
Can I transfer in CFD positions from another broker?
IBKR does not facilitate the transfer of CFD positions at this time.
Are charts available for Share CFDs?
Yes.
In what type of IBKR accounts can I trade CFDs e.g., Individual, Friends and Family, Institutional, etc.?
All margin and cash accounts are eligible for CFD trading.
What are the maximum a positions I can have in a specific CFD?
There is no pre-set limit. Bear in mind however that very large positions may be subject to increased margin requirements. Please refer to CFD Margin Requirements for more detail.
Can I trade CFDs over the phone?
No. In exceptional cases we may agree to process closing orders over the phone, but never opening orders.
Overview of the OneChicago NoDiv Contract
The OneChicago NoDiv single stock futures contract (OCX.NoDivRisk) differs from the Exchange's traditional single stock futures contract by virtue of its handling of ordinary distributions (e.g., dividends, capital gains, etc.). Whereas the traditional contract is not adjusted for such ordinary distributions (the discounted expectations are reflected in the price), the NoDiv contract is intended to remove the risk of dividend expectations through a price adjustment made by the clearinghouse. The adjustment is made on the morning of the ex-date to ensure that the effect of the distribution is removed from the daily mark-to-market or cash variation pay/collect.
For example, assume a NoDiv contract which closes at $50.00 on the business day prior the ex-date at which stockholders of a $1.00 dividend are to be determined. On the ex-date OCC will adjust that prior day's final settlement price from $50.00 downward by the amount of the dividend to $49.00. The effect of this adjustment will be to ensure that the dividend has no impact upon the cash variation pay/collect as of ex-date close (i.e., short position holder does not receive the $1.00 variation collect and the long holder incur the $1.00 payment).
Dividend withholding procedures for foreign stocks traded in Japan
Foreign stocks listed for trading in Japan which issue dividends will have the cash dividend allocation subject to an increased withholding tax rate. The tax will vary based on the domicile of the stock issuing the dividend; however in general the withholding rate will be the highest withholding rate applicable and will not incorporate a reduction based on prevailing tax treaties.
This treatment is due to the tax reporting status of Interactive Brokers's clearing agent. As our clearing agent is unable to process the relevant tax declaration documentation which would allow for the application of tax withholding at a reduced rate, shareholders will be subject to the highest rate.
In order to avoid the application of the tax withholding on the dividends of foreign stocks, positions in such dividend paying stocks should be closed prior to the ex-dividend date.
We recommend that customers consult with their tax advisor for assistance in determining the eligibility, if any, for a tax credit on this withholding.
A list of foreign stocks and their applicable rates is provided below. Please be aware that the below is for informational purposes only and may not include all stocks which may be subject to the higher withholding rates.
| Stock Code | Stock Name | DividendTax Rate |
| 9399 | Xinhua Finance Limited | N/A |
Dividend withholding procedures for entities issuing dual-sourced income
U.S. persons holding securities issued by entities that are domiciled outside of the U.S., but which invest within the U.S. should pay particular attention to IB's tax withholding obligation in the event of a distribution by the issuer. These entities, which may include Canadian unit trusts, REITS, limited partnerships or other common shares, often distribute dividends and/or interest based on both the U.S. and non-U.S. sourced income. While U.S. persons reporting a valid taxpayer ID number on their Form W-9 are generally exempt from backup withholding on U.S. sourced income, the nature of the custodial arrangement for these particular securities is such that U.S persons may be subject to a withholding tax calculated at a fixed rate of 30% on that portion of the distribution associated with the US-sourced income. This is in addition to any withholding required to be applied to the non-U.S. sourced portion of the distribution as required by the relevant foreign taxing body.
It's important to note that these taxes will be withheld by the depository prior to remittance of the distribution to IB and the subsequent credit of the net distribution to the accounts of any U.S. persons. Accordingly, IB has no ability to reverse or reclaim the withholding on behalf of its clients. In addition, as IB does not remit the withholdings to the tax authority, we do not report such withholdings to either the tax authority or clients on their year-end tax forms.
As IB does not provide tax advice or guidance, we recommend that you consult with your tax advisor for assistance in determining the eligibility, if any, for a tax credit on this withholding.
Below lists securities where this type of withholding has been applied previously. This list is for informational purposes only and may not include all securities.
| Symbol | Security Name |
| CHE.UN | Chemtrade Logistics Income Fund |
| CSH.UN | Chartwell Seniors Housing Real Estate Investment Trust |
| DR.UN | Medical Facilities Corp |
| EXE.UN | Extendicare real Estate Investment Trust |
| FCE.UN | Fort Chicago Energy Partnerships LP |
| HR.UN | H&R Real Estate Investment Trust |
| NFI.UN | New Flyer Industries Inc |
| UFS | Domtar Corp |
| UVI | Unilens Vision Inc |
Tax Treaty Benefits
Overview:
Income payments (dividends and payment in lieu) from U.S. sources into your IB account may have U.S. tax withheld. Generally, a 30% rate is applied to non-U.S. accounts. Exemption from the withholding or a lower rate may apply if your home country has a tax treaty with the U.S. Complete the applicable Form W-8 to find out your status.
Background:
Tax Treaties*
U.S. tax treaties with some countries have different benefits. Legal tax residents of the following countries may be eligible for the treaty benefits. Below is a list of the tax treaty countries. Benefits vary by country.
| Australia | Czech Republic | India | Lithuania | Sweden |
| Austria | Denmark | Indonesia | Poland | Switzerland |
| Bangladesh | Egypt | Ireland | Portugal | Thailand |
| Barbados | Estonia | Israel | Romania | Trinidad & Tobago |
| Belgium | Finland | Italy | Russia | Tunisia |
| Bulgaria | France | Jamaica | Slovak Republic | Turkey |
| Canada | Germany | Japan | Slovenia | Ukraine |
| China, People's Rep. Of | Greece | Kazakhstan | South Africa | United Kingdom |
| Commonwealth of Ind. States | Hungary | Korea, Rep. of | Spain | Venezuela |
| Cyprus | Iceland | Latvia | Sri Lanka |
*Country list as of April 2009
Refer to IRS Publication 901 for details on withholding rates for your tax residence country and your eligible benefits.
What corporate action services does Interactive Brokers provide?
Interactive Brokers services relating to corporate actions are as follows:
1. The processing of mandatory corporate actions (e.g. prompt dividend recovery, spin-offs, stock splits, effective mergers and etc.) at no extra cost; and
2. Providing, on a best efforts basis, details of corporate action announcements associated with stock and option positions held in your account. These details are provided in the form of a web ticket posted to the Corporate Actions tab of your Message Center. Account holders may also elect to set their preferences so as to receive a copy of such details via email. Information provided includes
- Mandatory offers - general information regarding mandatory offers
- Voluntary offers - eligible account holders may submit elections directly through Account Management
IMPORTANT NOTE:
Interactive Brokers does not provide any guidance, consultation or advice regarding corporate actions to its customers. IB customers are solely responsible for the monitoring of the existence of a corporate action, understanding the rights and terms of any corporate action and providing timely and accurate instructions regarding the handling for any voluntary corporate action.
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