FAQS: IBCE Brexit Account Migration

概観: 

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

 

Background: 

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

 

Discussion: 

This FAQs is split into three parts. 

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

 

PART A – THE PROPOSED TRANSFER

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

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

 

2. What are the “changes” envisaged above?

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

 

3. When will the Proposed Transfer occur? 

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

 

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

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

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

 

5. What are IBCE’s legal details? 

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

 

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

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

Location

Central Bank of Hungary

1054 Budapest

Szabadság tér 9.

Hungary

 

Postal Address

Magyar Nemzeti Bank

BKKP Pf. 777

 

Client Service, client complaints 

Address: 1013 Budapest, Krisztina krt. 39.

E-mail: ugyfelszolgalat@mnb.hu

Phone:  +36 80 203 776

 

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

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

 

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

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

 

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

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

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

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

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

 

10. What happens next? 

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

 

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

 

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

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

 

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

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

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

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

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

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

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

 

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

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

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

 

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

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

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

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

 IBCE is a member of the Fund. 

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

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

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

 

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

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

 

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

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

 The FAB can be contacted at: 

Postal Address

Financial Arbitration Board

1525 Budapest

Pf. 172

 

Email

ugyfelszolgalat@mnb.hu

 

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

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

 

PART C – OTHER PRACTICAL QUESTIONS AND NEXT STEPS

 

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

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

 

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

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

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

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

 

 

3. Will the range of services be the same? 

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

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

 

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

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

 

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

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

  • Investment Loan contract
  • Securities Lending Framework contract

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

 

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

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

 

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

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

  • EUR, USD, GBP, HUF, CZK, PLN 

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

 

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

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

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

 

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

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

 

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

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

 

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

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

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

 

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

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

 

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

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

 

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

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

 

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

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

 

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

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

 

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

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

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

 

17. Will my login credential change? 

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

イギリスの欧州連合離脱に伴う口座移行に関するよくあるご質問

イントロダクション

Interactive Brokers Group(「IB」)および英国関連会社であるInteractive Brokers (U.K.) Limited(「IBUK」)では、現在2020年12月31日にスケジュールされているイギリスの欧州連合離脱(Brexit)移行期間終了に併せ、弊社のヨーロッパのお客様用のサービス調整に向けて準備を進めて参りました。弊社では証券サービスの移行と継続をスムーズに行いつつ、これに伴う変更と混乱を最小限にとどめることを最重要事項としています。これによる影響の対象となるお客様には、変更とそのスケジュールをご説明する通知をご送信致します。下記はIBUKから弊社のヨーロッパ内のブローカーへの口座の移行に関し、よくあるご質問をまとめたものになります。

よくあるご質問 

Q: 2021年1月1日以降の証券サービスの継続に関するIBKRの計画はどのようになっていますか?

A: IBKRでは2018年にInteractive Brokers Luxembourg SARL(「IBLUX」)を設立し、これは2019年11月に規制当局による許可を受けています。また現在、欧州連合(EU)圏内にInteractive Brokers Ireland Limited(「IBIE」)および Interactive Brokers Central Europe Befektetési ZRt(「IBCE」)を設立する手順を進めています。

弊社では2020年12月31日以前に、Brexitによる影響を受けるすべてのお客様をこれらEU拠点のブローカーのひとつに移行する予定でおります。IBIEおよびIBCEへの移行は、それぞれの所管轄庁による規制許可のたいしょうとなっています。

 

Q: 私の口座はどのIBKRブローカーに移行されますか?

A: どの口座が IBLUX、IBIE、またIBCEに移行されるかは現在検討中ですが、  西ヨーロッパベースのお客様IBIE、中央または東ヨーロッパベースのお客様はIBCE、そしてある対象グループのお客様はIBLUXへの移行との見通しになっています。また口座やポジションのタイプも考慮されます。

お客様には移行リクエストをお送りする前に、移行先となるブローカーをお伝えする通知をお送り致します。

 

Q: どういったクライアントが移行の対象となりますか?

A: EU圏内にお住まいの個人のお客様、およびEU圏内の国に設立される事業体の口座が対象となります。対象となる口座のほとんどは現在Interactive Brokers (U.K.) Limited(「IBUK」)によるサービスを受けています。

 

Q: これに伴って必要となる同意はどのように手続きされますか?

A: お客様の口座の移行準備が整い次第、クライアント・ポータルにログインしていただく旨のメールを弊社よりお客様に送信致します。ログインしていただきますと、ご同意が必要となるディスクロージャーと顧客同意書が表示されます。こちらはオンラインでお手続きいただけます。初回のメールでご返信いただけないお客様には数回にわたるリマインダーのメールが送信されます

 

Q: 何もしない場合にはどうなりますか?

A: 必要書類にご同意いただけない場合には、移行に同意いただけないものとして、取引および移管に関する規制がお口座に発生します。お口座はEU圏内のブローカーのどれか、またはIBKR以外のブローカーへ移行される、もしくは解約される時まで、現在口座にかかる諸条件(手数料や証拠金に関する方針を含め)の対象となります。

 

Q: 移行に同意しない場合にはどうなりますか?

A: 指定されるEU圏内のブローカーへの移行にご同意いただけない場合には、 新規のお取引やご入金、またポジション移管に規制が発生することがあります。これらの規制はIBKR以外の口座への移管には影響しません。

 

Q: ログイン情報は変わりますか?

A: 変わりません。現在の口座にご利用いただいているユーザー名、パスワード、またツーファクター認証は移行後もそのままご利用いただけますが、移行先の口座には新しい口座IDができます。

 

Q: 移行後もこれまでと同じ取引プラットフォームを利用できますか?ソフトウェアには何らかの変更があるのでしょうか?

A: お取引や口座管理にご利用いただいているソフトウェアへの影響はありません。テクノロジーはすべて同じです。

 

Q: 口座残高の移行はすべて同時に行われますか?

A: 残高はすべて未払金(利子や配当金など)を抜かして同時に移行されます。未払金は現金化した時点で移行されます。未払金が利子の場合これは通常いったん戻され、発生した次の月の一週目に現金として記入されます。未払金が配当金の場合にはいったん戻され、発行体によって配当金が支払われる日にちに相殺する現金として記入されます

 

Q: 現在利用している口座は移行後どうなりますか?

A: 現在ご利用いただいている口座は、未払金がすべて現金化され移行先の口座に送金され次第、解約となります。 口座は解約され次第、取引には利用できなくなりますが、確認や過去のステートメントを印刷するためなどにアクセスすることは継続して可能です。

 

Q: 口座の移行に伴って現在の手数料や費用も変わりますか?

A: 変わりません。IBKRの手数料および費用は、どちらのブローカー管理の口座になっても変わりません。

 

Q: 口座の移行後、 取引許可に何らかの変更はありますか?

A: IBLUXに移行される口座以外は現在の取引許可に変更はありません。IBLUX口座では規制当局による決まりのため、レバレッジ型Forexの取引ができません。同様の規制がIBIEやIBCEでの口座に適用される見通しはありませんが、移行前に何らかの変更がある場合にはお客様にご連絡致します。

 

Q: 口座が移行する時点でオープンになっている注文(Good-til-Canceledなど)は、新しい口座でもそのまま有効になりますか?

A: オープン注文は新しい口座に移行されますが、移行の完了後、元の注文と一致しているかご確認いただくようお薦めします。

 

Q: 口座の移行後、米国パターン・デイ・トレーディング規則の対象になることはありますか?

A: IBUKの口座は米国ブローカーであるIBLによる管理になるため、米国パターン・デイ・トレーディング(PDT)規則の対象となります。PDTは資産がUSD 25,000以下の口座に対し、5営業日内に3回までのデイトレードに規制する規則です。

IBLUX、IBIE、またはIBCEに移行される口座はIBLによる管理ではないため、PDT規則の対象外となります。

 

Q: 年次のアクティビティ・ステートメントは、ひとつにまとめて年末の発行になりますか?

A: いいえ。年次のステートメントは既存の口座に対して2020年1月1日から移行日までの期間をカバーするものがひとつ、また移行日以降2020年12月31日までの期間をカバーするものがひとつ発行されます。

 

Q: ポジションに現在適用されている原価基準も一緒に移行されますか?

A: はい。移行によるポジションの原価基準への影響はありません。

 

Q: 現在の口座設定は、移行後の口座にも同様に適用されますか?

A: 現在の口座設定は、移行後に適用される規制の許す限り適用されます。口座設定には証拠金やマーケットデータ、追加ユーザーやアラートが含まれます。 まれに同じ口座設定を提供できない管轄区に口座が移行されることがあります。この場合、規制対象となる商品のポジションをそのまま移行して保有する、またはクローズすることはできますが、増やすことはできなくなります。

 

Q: 2020年12月31日までにIBKRが規制許可を受けとることができない場合にはどうなりますか?

A: IBLUXは認可されてはいますが、ビジネス許可に規制があるため、2020年12月31日までに移行を完了させるためにはIBIEまたはIBCEのライセンスが必要になります。ライセンスの取得が時間内に完了しないと判断される場合には、Brexitの移行期間が終了する時点でお客様の口座がどうなるかをご説明する内容の通知をお送り致します。

 

Q: 苦情の申し立てが必要になる場合には、移行後も継続して金融オンブズマンサービスを利用できますか?

A: IBUKのお客様は、IBUKによる苦情処理にご納得いただけない場合、金融オンブズマンサービスをご利用いただいておりましたが、IBLUX、IBIE、またはIBCEへの口座移行後、こちらはご利用対象外となります。代わりにご利用いただけるサービスの詳細は弊社よりご提供致します。弊社内での苦情処理手続きには変更ありません。

 

Q: 移行によるデータ保護への影響はありますか?

A: IBUKからのIBLUX、IBIE、またはIBCEへの移行によるお客様の個人情報への影響はありません。こちらは継続してデータ保護規則の対象となります。IBLUX、IBIE、およびIBCEは各自データ保護に対する責任を負うものであり、お客様の個人情報に関するデータをこれまでと同様に高い基準で保護します。

 

Q: 口座保護への影響はありますか?

A: ブローカーの責任となるイベントに対してEU圏内でご利用いただける保護内容は通常、英国や米国に比べ低く設定されています。

現在、資格対象となる場合には、英国金融サービス補償計画(UK Financial Services Compensation Scheme「FSCS」)の下、IBUKのお客様は£50,000の金額まで保護されています。IBUKのお客様は米国ブローカーであるIBLの管理となるため、口座内の証券がUSD 500,000の金額まで(現金はサブリミットであるUSD 250,000の対象となります)、米国証券投資者保護公祉(「SIPC」)による保護の対象となる可能性があります。

EUブローカーであるIBLUX、IBIEおよびIBCEの管理となる場合、資格対象者は最大EUR 20,000までの保護の対象となる可能性があります。適用となるスキームとカバー、また資格対象者の詳細は、移行リクエストと共に弊社よりご提供致します。 

インタラクティブ・ブローカーズ・グループ全体の資本総額が8.25億米ドルであること、また注文受付前のクレジットチェックや証拠金基準を満たさない口座の強制決済など、すべてのブローカーに適用される慎重な証拠金方針を考慮し、今回の移行による顧客資産の総合的な安全性および健全性に及ぼす影響はないものと考えております。

Normal 0 false false false EN-US X-NONE X-NONE -->

IBKR Luxembourg Account Types and Products Offerings

Interactive Brokers Luxembourg SARL (“IBKR Luxembourg”), which is a member of The Luxembourg investor compensation scheme (Système d’indemnisation des investisseurs, SIIL) and is regulated by the Commission de Surveillance du Secteur Financier (CSSF) has been established. IBKR Luxembourg clients, products and services have some unique characteristics when compared to the Interactive Brokers (“IBKR”) global account and product suite. The purpose of this document is to outline these characteristics of the IBKR Luxembourg offering.
 
Account Types
 
IBKR Luxembourg offers both cash accounts and margin accounts to all types of clients, including Individual / Joint account holders as well as trust account holders and corporate clients.
 
All eligible margin accounts employ a risk-based model to calculate margin requirements. Please click here for more details.
 
It should be noted that there are no separate Securities and Commodities segment in IBKR Luxembourg accounts. Therefore, the Excess Funds Sweep feature does not apply to the accounts.
 
IBKR Lite pricing is currently not available under IBKR Luxembourg.
 
Account Funding
 
Your account at IBKR Luxembourg can be funded via Wire transfer or SEPA transfer. You can withdraw funds out of your account at IBKR Luxembourg via Wire transfer.
 
CFD Product Offering
 
As a client of IBKR Luxembourg, provided that you have the requisite trading experience and expertise, which is outlined here, you will be able to trade all of exchange traded products available (including local and global stocks, options, futures, ETFs etc.) through IBKR’s award winning trading platform and software. In addition, you may also trade our Stock, Index and FX CFDs over the counter all within the one IBKR Luxembourg account.
 
Click here for information on IBKR Luxembourg’s CFDs.
 
FX Offering
 
As a client of IBKR Luxembourg you are allowed to hold on your account all the currencies supported at IBKR and you can convert between these currencies.
 
However, trading Forex with leverage is not supported at IBKR Luxembourg at the moment.
 
Spot Metals, Bonds
 
At the moment, Spot Metals are not supported at IBKR Luxembourg. Clients that are residents of Luxembourg are currently also restricted from trading Bonds.
 

 

フリーライディングに関する規則

キャッシュ口座の場合、有価証券の売却前にこの購入に対する支払いが必要になります。(取引の決済が必要になるという意味です)投資家がある有価証券を購入し、決済日までに完全に支払いを済ませずにこれを売却する場合、この投資家は「フリーライディング」をしているものとみなされます。フリーライディングを行う口座には90日間の規制が発生し、この間の有価証券の購入には決済済みの資金のみ利用可能になります。

弊社において違反行為となるフリーライディングの例

例 A:

1)Tにおいて、口座が$10,000の現金を決済します

2)Tにおいて、口座がABCを$10,000で購入します

3)T+1において、口座がABCを売却し、$10,000分のXYZを購入します

4)XYZの購入を完全にカバーするには十分でない支払いのみで、XYZの株を売却します

 

例 B:

1)Tにおいて、口座がABC株の支払いを完全に済ませます

2)Tにおいて、口座が$10,000分のABC株を売却します

3)Tにおいて、口座が$10,000分のXYZを購入します

4)T+1において、口座がXYZの購入を完全にカバーするには十分でない支払いのみで、XYZの株を売却します

 

その日終わりの監視プロセスではこれら両方の例をフリーライディングの違反行為とみなすため、口座には決済済み資金のみを使用する購入規制が90日の間発生します。弊社ではフリーライディングによる違反行為の防止として特定のコントロールを設けています。

 

Interactive Brokers (U.K.) Limited – MiFIDの分類方法

イントロダクション

MiFIDとしても知られる欧州における金融商品市場指令MiFID IIの改正に伴い、Interactive Brokers (U.K.) Limited (IBUK)では各顧客の知識、経験また専門知識に基づいて、顧客を「リテール」、「プロフェッショナル」または「適格カウンターパーティ」に分類することを義務付けられています。 

金融行動監視機構(FCA)の規則に従い、IBUKではほとんどの顧客をリテール・クライアントとして分類し、より高い保護を提供しています。
 
規制対象となる事業体、または規制対象となるファンドマネージャーの管理を受けるファンドのいずれかである顧客のみが、プロフェッショナル・クライアントとして分類されます。

リテール・クライアントと比較した場合の、プロフェッショナル・クライアントに提供される規制保護の主な違いは以下のようになります:

1. パッケージ化された投資の性質およびリスクの詳細: 他のサービスまたは製品との投資サービスを提供する企業、またはリテール・クライアントと同じ契約の条件として投資サービスを提供する企業は以下の作業を行う必要があります: (i) 契約の結果として生じるリスクが、コンポーネントを別個取り扱う際に関連付けられるリスクと異なる可能性がある場合には、リテール・クライアントに通知する; および (ii) リテール・クライアントに対し、契約の各コンポーネントとその相互作用がリスクに影響を与える方法に関する適切な説明を提供する。上記の要件は、プロフェッショナル・クライアントには適用されません。しかし以下のポイント3に基づいて規定されるものでない場合、弊社においてそのような区別をすることはありません。

2. 差金決済取引(CFD)の締結に関する投資家保護措置: 欧州証券市場監督局(ESMA)は、リテール・クライアント向けCFDの提供に関する介入措置を導入しました。措置には以下が含まれます: (i) 原資産のボラティリティに基づいて変動するポジションを建てる際のレバレッジの新規上限; (ii) 一つ以上のオープンCFDをクローズするためにプロバイダーが必要とする証拠金率を標準化する、口座ごとの証拠金解約ルール; (iii) マイナス残高に対する口座ごとの保護;
(iv) CFD取引を促進するインセンティブの制限; および (v) CFDプロバイダーのリテール投資家口座の損失率を含める、標準化されたリスク警告。上記の要件は、プロフェッショナル・クライアントには適用されません。

3. クライアントとのコミュニケーション: 企業はクライアントとのコミュニケーションが公正かつ明確、また誤解を招かないものであるものにする必要がありますが、企業がプロフェッショナル・クライアントとコミュニケーションをとる方法(当該企業やその提供サービスや商品、また報酬に関するものなど)と、リテール・クライアントとコミュニケーションをとる方法は異なる場合があります。情報提供の詳細レベルや方法、またタイミングに関する企業の義務は、顧客がリテール・クライアントであるか、またはプロフェッショナル・クライアントであるかによって異なります。Packaged Retail and Insurance-based Investment Products(パッケージ型投資金融商品/PRIIPs)用のKey Information Documents(KID:主要投資家情報文書)など、特定の製品特有の書類提供の要件は、プロフェッショナル・クライアントには適用されません。

4. 減価償却費に関するレポート: レバレッジ型の金融商品のポジションや偶発債務取引を含むリテール・クライアント口座を保有する企業は、商品の元の価値が10%減価償却した時点でこれをリテール・クライアントに報告し、この後10%の倍数になる度に報告を行う義務があります。上記の要件は、プロフェッショナル・クライアントには適用されません。

5. 適切性: アドバイスのないサービスの適切性を査定する際には、提供または要求される商品やサービスに関連するリスクを理解するために必要となる経験や知識をクライアントが保有しているかどうかを、企業は判断する必要があります。クライアントに関してこのような適正性評価の要件が適用される場合、企業はプロフェッショナル・クライアントに対し、プロフェッショナルとして分類されることによって投資や取引が可能となる特定の投資サービスや取引、または取引タイプや商品に係るリスクを把握するために必要な経験および知識を有するものと前提することができます。一方、リテール・クライアントに対してはそのような前提を設けずに、必要となる経験や知識を有していなと判断する必要があります。
 

IBUKはアドバイスのないサービスの提供を行っており、またリテール・クライアントと同じように、特定のサービスや製品の適切性を評価するにあたって、プロフェッショナル・クライアントに対しては情報の要求や評価手順の順守を義務とされておらず、また特定のサービスや製品に関する適切な評価が得られない場合において、プロフェッショナル・クライアントに対して警告を出す必要がない場合もあります。 

6. 責任の除外: 企業がクライアントに対する義務や責任を除外または制限する能力はFCAによるルールの下、リテール・クライアントに対してはプロフェッショナル・クライアントに対する場合よりも狭くなっています。

7. 金融オンブズマンサービス: イギリスの金融オンブズマンのサービスは、例えば消費者や中小企業、または個人がその取引やビジネス、技能や専門外で活動している場合を除き、プロフェッショナル・クライアントは利用できない場合があります。

8. 補償: IBUKはイギリス金融サービス補償機構のメンバーです。IBUKがお客様に対する義務を満たすことができない場合には、こちらの補償制度にクレームをご提出いただくことができる場合があります。こちらはビジネスのタイプおよびクレームをご提出いただく際の状況により、補償は特定のタイプのビジネスに関連する特定の受給者およびクレームに対してのみ利用可能となります。補償の対象資格はこのスキームに適用されるルールによって決定されます。
 

プロフェッショナル・クライアントへの変更

IBUKではリテール・クライアントからプロフェッショナル・クライアントへの変更リクエストをお受けしています。クライアントの分類は皆様に通知しており、こちらはアカウント・マネジメントの設定> 口座設定> MiFIDクライアントカテゴリーからいつでもご確認いただくことができます。こちらの画面からはまた、MiFIDカテゴリー変更のリクエストもご提出いただくことができます。

IBUKでは下記の2つの場合において、リテール・クライアントからプロフェッショナル・クライアントへの変更を行っています:

1. 以下の条件がひとつでも該当する場合、「Per Se Professional Client」はFCAの規則の下、「Per Se Professional Client」に分類されるべきである旨をIBUKに通知することができます:

(i) 金融市場での運営にあたって許可および規制を受けている、または

(ii) 規模に関する以下の要件を法人ベースで2つ達成している大規模な事業:

(a) バランスシートの合計がEUR 20,000,000、
(b) 純売上高がEUR 40,000,000、
(c) 保有資金がEUR 2,000,000、

(iii) 金融銘柄への投資を主要活動とする機関投資家。これには資産の証券化やその他の金融取引を専門とする事業体も含まれます。

2. IBUKでは想定される取引やサービスの性質に照らし合わせ、クライアントの専門性、経験また知識の査定に基づいてクライアントが投資決定を独自で行い、関連するリスクを理解できることがある程度確信できる場合、クライアントを「Elective Professional Client」に分類することができます。 「Per Se Professional Client」に該当しないクライアントでもこちらへの分類をリクエストすることができます。

そのような再分類による変更をご希望のリテール・クライアントは、下記の基準より少なくとも2つに該当することをご証明いただく必要があります:

1. クライアントは過去4回の四半期にわたり、四半期あたり平均10回の頻度で、かなりの規模の金融商品の取引を行った。

かなりの規模の数量を判断するにあたり、IBUKでは以下を考慮しています:

a. 過去4回の四半期にわたり、少なくとも40回の取引があった、および
b. 過去4回の各四半期にわたり、少なくとも1回の取引があった、および
c. 過去4回の四半期のトップ40件の取引の合計がEUR 200,000を超える、および
d. 口座の純資産価値がEUR 50,000を超える。

スポットFXおよびアロケーションされていないOTCメタルの取引は計算に含まれません。

2. クライアントのポートフォリオに保有される金融商品(キャッシュを含める)がEUR 500,000(またはこれに相当する額)を超える、

3. クライアントは金融セクターで少なくとも1年間勤務した、または取引する製品に関する知識を必要とする職業についていた個人の口座保有者または機関投資家口座のトレーダーである。

ご提供いただく情報のレビューおよび承認、また裏付けとなる証拠資料に基づき、必要条件がすべて満たされる場合にはクライアントの再分類を行います。

プロフェッショナル・クライアントとしての再分類をリクエストされるリテール・クライアントは、こちらのリクエストを送信する前に、IBUKによる警告を読んでご理解いただく必要があります。

リテール・クライアントへの変更 プロフェッショナル・クライアントからリテール・クライアントへの再分類をご希望の場合にも、上記のアカウント・マネジメントの同じページから行ってください(設定> 口座設定> MiFIDクライアントカテゴリー)。

規制を受ける事業体、または規制を受けるファンドマネージャーが管理するファンドを除き、IBUKではこのようなリクエストをすべて受付けております。

この情報はインタラクティブ・ブローカーズでクリアリングされ、FULLY DISCLOSEDに該当するお客様のみを対象とするものです。
留意点: 上記の情報は規制に対する包括的、完全、または確定的な解釈をであることを意図するものではなく、クライアント分類およびその再分類に関するIBUKポリシーのサマリーです。

 

 

IBKR Australia Account Types and Products Offerings

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

Account Types

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

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

Natural Person v Non-Natural Person

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

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

Australian Regulatory Status

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

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

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

Cash Accounts

IBKR Australia offer three different types of cash accounts:

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

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

This account is available for all clients except SMSF clients.

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

If you currently have an Investment Account, you can submit a change of account type to change to a Trading Account by logging into the Client Portal > Settings > Account Settings > under Configuration, click the Configure tool next to Account Type. This may take 2-3 business days to review.

This account is available for all clients except SMSF clients.

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

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

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

Margin Accounts

IBKR Australia offers two types of margin accounts that will provide all clients excluding SMSF clients with the ability to create portfolios to the maximum degree of risk taking/leverage allowed by IBKR Australia. The two account types are:

  • Leveraged Trading account
    • Available for both natural persons and non-natural persons, regardless oftheir regulatory status. However, there are some important differences between the margin accounts available for retail clients and wholesale clients, as outlined below.
  • Professional account
    • Available primarily for non-natural persons that are confirmed as a professional investor.

Important characteristics of IBKR Australia margin accounts are as follows:

  • All eligible margin accounts employ a risk-based model to calculate margin requirements. Please click [here] for more details.
  • Interest rates on financing may vary depending on the type of client obtaining margin. Please click [here] for more details.
  • For all natural person clients (e.g. individuals), only cash or marketable securities may serve as collateral for the margin lending facility, and the collateral deposited must be unborrowed & otherwise free of any mortgage or lien or other encumbrance. 
  • For all natural person clients, you may only withdraw funds from the margin facility for the limited purpose of repaying another margin lending facility which was used to acquire financial products.
    • However, if you are classified as retail you will be not permitted to withdraw from the margin facility if you are already borrowing funds via that facility, i.e. if you are already negative cash, or otherwise if the withdrawal would place your account into cash deficit. 
  • All retail natural person clients must meet specific financial thresholds in order to be granted a margin account, specifically income must be greater than AUD $40,000 or Liquid net worth must be greater than AUD $100,000. In addition, IBKR Australia is obliged to verify that the information concerning the client’s financial situation that was collected during the application is accurate and complete. If the verified information concerning the client’s financial situation does not meet the thresholds stated above and/or are not comparable to the financials declared by the client during the application, the client will not be granted margin. However, if the client has a valid and recent Statement of Advice (“SOA”) from their registered financial advisor or financial planner that recommends that the client can be issued a margin lending facility and that SOA is made available to IBKR Australia, this additional verification of the client’s personal financial position will not be required.
  • In addition retail natural person clients will not be granted a margin account if their occupation is either retired or unemployed or student.
  • For all retail clients (both natural person and non-natural person clients), margin loans will be capped at a specific amount (subject to change in IBKR Australia’s sole discretion). Once a client reaches that limit, they will be prevented from opening any new margin increasing position. Closing or margin-reducing trades will be allowed. Please click [here] for more details. 
  • For the non-natural person clients that are NOT categorized as retail clients, IBKR Australia is permitted to utilize for financing purposes a portion of the loan value of the stock these customers hold with IBKR Australia. In simple terms, IBKR Australia borrows money from a third party (such as a bank or broker-dealer), using the customer's margin stock as collateral, and it lends those funds to the customer to finance the customer's margin purchases.
  • Please take particular note of how we determine natural person v non-natural person for IBKR Australia trust accounts, as detailed above. It is imperative that if you hold a trust account with IBKR Australia and there exists individuals (natural persons) that are labelled as trustees in your account, then even if you have a corporate trustee, that trust would be considered a natural person trust. The difference between a natural person and non-natural person margin account can be significant as shown above. As a result, please contact customer service if you need to modify trustees.

CFD Product Offering

As a client of IBKR Australia, provided that you have the requisite trading experience and expertise, which is outlined [Here], you will be able to trade all of exchange traded products available (including local and global stocks, options, futures, bonds, ETFs etc.) through IBKR’s award winning trading platform and software. In addition, you may also trade our Stock, Index and FX CFDs and Spot FX over the counter all within the one IBKR Australia account.

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

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

FX Offering

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

IBAU clients, when permissioned, can trade in any market available across the IBKR network, even those outside the 4 supported currencies above. However, upon your instruction for any market outside the 4 supported currencies, IBKR Australia will automatically execute Forex conversions to ensure non-supported cash balances be cleared.

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

If an IBKR Australia client using a margin account has any positive or negative cash balances outside of the 4 supported currencies, it will be automatically converted to base currency by day end.

ASX24

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

 

-->

 

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

Introduction

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

In accordance with the Financial Conduct Authority rules, IBUK categorises most clients as Retail clients, providing them with a higher degree of protection.
 
Only those clients that are either regulated entities or funds managed by regulated fund managers, are categorised as Per Se Professional Clients.

The main differences in regulatory protections afforded to Professional Clients as compared with Retails Clients are:

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

2. Investor protection measures on the provision of Contracts for Differences (“CFDs”): The European Securities and Markets Authority (“ESMA”) introduced product intervention measures on the provision of CFDs to retail investors. The measures include: (i) New leverage limits on the opening of a position, which vary according to the volatility of the underlying; (ii) A margin close out rule on a per account basis that standardises the percentage of margin at which providers are required to close out one or more open CFDs; (iii) Negative balance protection on a per account basis;
(iv) A restriction on the incentives offered to trade CFDs; and (v) A standardised risk warning, including the percentage of losses on a CFD provider’s retail investor accounts.The above requirements do not apply in respect of professional clients.

3. Communication with clients: A firm must ensure that its communications with all clients are fair, clear and not misleading. However, the way in which a firm may communicate with professional clients (about itself, its services and products, and its remuneration) may be different from the way in which the firm communicates with retail clients. A firm’s obligations in respect of the level of details, medium and timing of the provision of information are different depending on whether the client is a retail or professional client. The requirements to deliver certain product-specific documents, such as Key Information Documents (“KID”) for Packaged Retail and Insurance-based Investment Products (“PRIIPs”), are not applied to professional clients.

4. Depreciation in value reporting: A firm that holds a retail client account that includes positions in leveraged financial instruments or contingent liability transactions must inform the retail client, where the initial value of each instrument depreciates by 10 per cent and thereafter at multiples of 10 per cent. The above requirements do not apply in respect of professional clients.

5. Appropriateness: When assessing appropriateness for non-advised services, a firm may be required to determine whether the client has the necessary experience and knowledge in order to understand the risks involved in relation to the product or service offered or demanded. Where such an appropriateness assessment requirement applies in respect of a client, the firm may assume that a professional client has the necessary experience and knowledge in order to understand the risks involved in relation to those particular investment services or transactions, or types of transaction or product, for which the client is classified as a professional client. A firm may not make such an assumption for a retail client and must determine that a retail client does have the necessary level of experience and knowledge.
 

IBUK provides non-advised services and is not required to request information or adhere to the assessment procedures for a professional client when assessing the appropriateness of a given service or product as with a retail client, and IBUK may not be required to give warnings to the professional client if it cannot determine appropriateness with respect to a given service or product. 

6. Exclusion of liability: Firms’ ability to exclude or restrict any duty or liability owed to clients is narrower under the FCA rules in the case of retail clients than in respect of professional clients.

7. The Financial Services Ombudsman: The services of the Financial Ombudsman Service in the UK may not be available to professional clients, unless they are, for example, consumers, small businesses or individuals acting outside of their trade, business, craft or profession.

8. Compensation: IBUK is a member of the UK Financial Services Compensation Scheme. You may be entitled to claim compensation from that scheme if IBUK cannot meet its obligations to you. This will depend on the type of business and the circumstances of the claim; compensation is only available for certain types of claimants and claims in respect of certain types of business. Eligibility for compensation from the scheme is determined under the rules applicable to the scheme.
 

Re-categorisation as Professional Client

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

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

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

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

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

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

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

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

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

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

To determine the significant size IBUK considers the following:

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

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

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

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

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

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

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

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

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

 

 

Converting From an Individual to Trust Account

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

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

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

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

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

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


IMPORTANT NOTES

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

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

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

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

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

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

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

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

Free Riding Rule

In a cash account, an investor must pay for the purchase of a security (meaning, the trade must settle) prior to selling that security. If an investor buys a security and then sells that same security without paying for the security in full by settlement date, the investor is considered to be “free riding.” Accounts that commit free riding violations will be restricted for 90 days, during which time the account can only purchase securities using settled funds.

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

Example A:

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

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

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

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

 

Example B:

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

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

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

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

 

The end of day surveillance process would consider both of these scenarios to be free riding violations, which would restrict the account to only purchase using settled funds for 90 days. IB has put certain controls in place to help prevent free riding violations.

 

IBUKの清算ブローカーへの変換に関するよくあるご質問

 

一般

 
Q: 何が変わるのですか?

A: 弊社では現在IB LLCの取り扱っている特定のアクティビティを含め、IB UKによってクリアリングおよび保管されているアクティビティの範囲を広げる予定です。IB UKでは現在、物理的なコモディティ(金および銀)を除いてすべてのアクティビティ、および上場されていないCFDをIB LLC経由でクリアリングしています。IB UKとしてクリアリングされるIB UKアクティビティとIB LLCに取り入れられるものを区別するため、IB UKアクティビティ用にIBUKLとされる内部の会計口座が作成されました。IBUKL口座は株式、ETF、オプション、先物、先物オプションおよびForexを含める、幅広い範囲の商品タイプのクリアリングおよび保管に使用されるようになります。

 
Q: 変更の理由は何ですか? 

A: もともと米国および米国外の口座の両方から成り立っていた弊社の顧客ベースは、数字的にも近年さらに国際色豊かになっています。米国外お客様のアクティビティの多くが米国ブローカーディーラーであるIB LLCによってクリアリングおよび保管される中(CFDや貴金属、ならびにIBインドおよびIBジャパン口座を通して行われるすべてのアクティビティを除き)、お客様の居住地の規制システムにより合った特定のアクティビティをIBUKLに移動することにより多くのメリットが出てきます。

メリットには、お客様の米国外コモディティと有価証券ポジションの統合、ポジションオフセットとリスクベース方の使用によって証拠金条件がより良くなる可能性、現在個別に管理されている現金残高をまとめることによる借入費用の減少/受取り利子の増加の可能性や、米国における納税報告義務を最小限に抑えるなどが含まれます。
 
 
Q: IB UKとIBUKの違いは何ですか? 

A: Interactive Brokers (UK) Limited (“IB UK”) は、英国金融行動監視機構(「FCA」)によって英国内での運営を許可されるブローカーです。一方IBUKLは法的な組織というより、IB UK経由で取引されるビジネスの一部分の管理に使用される、内部の会計または分類のための協定です。現在このアクティビティは上場されていないCFDおよび物理的なコモディティ(金銀)を含めるOTC商品のみとなっており、これらはIB UKが取引相手となってクリアリングを行っています。

 

Q: この商品の開始はどのように計画されていますか?

A: 米国外の株価指数商品(デリバティブとして同じキャッシュ原資産を持つ先物およびオプション)の追加から始め、既存のIBUKL提供商品を含める予定です。これにはFTSE、CAC、Hang Seng、日経&DAXなどが含められます。こういった商品向けに「国際株価指数」と呼ばれる許可が作成され、適格とされるお客様で既存の方たちだけでなく新規のお客様にもご利用可能となります。 適格とされる既存のお客様にはオプション許可およびポジション、または過去12ヶ月間にポジションアクティビティのあった米国外口座が含まれます。これら既存のお客様には、この許可が自動購読されるようになります。

米国外の株価指数商品の開始後、Forex、追加の先物、そして米国外の株式の順番で、適格とされる商品が追加されます。

 

Q: IBUKL口座を指定された場合、IB LLC口座を持つことはできますか?
A: 可能です。またほとんどの場合そうなる可能性が高いです。現在IBUKL口座によるクリアリングおよび保管が適格とされる商品のみを取引されるお客様の場合、IB LLC口座を管理する必要は基本的にありません。 その他のポジションを保有するお客様はIBLLC口座を継続してご利用いただくか、新たに開設していただきます。

 

Q: IBUKL口座はIB LLC口座のように複数のセグメントを管理するのですか?

A: いいえ。IB LLC口座内に存在する複数のセグメントは、米国の規制構造の分岐を反映するものであり、この構造では米国証券取引委員会(SEC)が有価証券商品を監督し、米国商品先物取引委員会(CFTC)がコモディティ商品を監督しています。 両機関によって監督される個別株先物を除き、一方の機関の管轄となる口座内で取り扱われる商品に対し、どちらの機関の規制もクリアリングやマージンを行いません。ここには趣旨は似ているものの適用の部分で異なる顧客保護に関する規制が含まれ、また該当する場合には、有価証券もしくはコモディティのセグメントのどちらかと関連するクレームのみを満たすに必要な額内で資産を分別するようデザインされています。

IB UKの主要規制機関であるFCAが有価証券およびコモディティ商品の両方を監督しているため、適格とされるすべてのIBUKLポジションはひとつのセグメントに納められます。


Q: IBUKL口座で管理されるポジションに対する証拠金にはどのような方法が適用されますか?
A:
ポジションは米国Reg.Tマージンに必要となる条件ではなく、リスクベース(VAR)方の対象となります。新規商品が先ずIBUKL口座に移動されるため、取引所/クリアリング機関独自の方法(通常はSPAN)が使用され、口座に適用される条件は複数の方法が集まったものになります。今後は弊社で現在独自に使用しているポートフォリオ・マージンモデルに基づいて、すべての口座に共通の方法を適用します。

 
Q: 追加で必要となるディスクロージャーや同意書はありますか?ある場合にはどうやって確認するのでしょうか?
 
A: IBUK管理の商品を保有されるIBUKお客様用の新しい顧客同意書は、弊社ウェブサイトの商品&サービス>契約締結前交付書面およびその他法的書類、よりご確認いただけます。
 
 
Q: 口座間の資金移動はできますか?
 
A: IBLLCおよびIBUKは個別の法人であるため、必要証拠金の達成を例外とする以外、余剰資金の自動的な両口座間内移動はできません。必要証拠金による口座間移動が必要となった場合には、弊社にてIBLLCおよびIBUK口座間で自動的に資金の移動を行います。アカウント・マネジメントから余剰資金スイープを選択することのできるお客様へのこの機能のご利用は今後も継続しますが、影響はIBLLC口座のみに発生します。
 

 

Q: 変換期および変換後の金利計算はどのように行われますか?
 
A: IBLLCに現金残高のあるお客様は、有価証券口座とコモディティ口座に個別に保有される決算済みの現金残高に基づいて、金利の計算が行われます。IBUKに現金残高をお持ちのお客様は、ひとつの現金残高に基づいてお受取り利息またはお支払金利の計算が行われます。
 
 

顧客保護

 
Q: IBUK口座にはどのような保護がありますか?
 
A: IBUKは、金融サービス補償計画(Financial Services Compensation Scheme「FSCS」)に参加しています。 保証のレベルは予告なしに変更されます。保証に関する現在の詳細はFSCSウェブサイトwww.fscs.org.uk/をご参照ください。
 
 
Q: 顧客保護に関する詳細はどうやって確認できますか?
 
A:顧客保護に関する詳細はKB2012をご参照ください。
 
 
Q: IBUKでは業界標準以上の追加保護がありますか?
 
A: IBUKでは FSCS以上の追加保護はご提供しておりません。
 
 
Q: ロイズ保険はIBUK口座にも適用されますか?
 
A: いいえ。ロンドン、ロイズ保険にはSIPCポリシーに追加のカバーを提供する引受人もいますが、IBUK管理の商品は適用外となっています。

 
Q: 口座の変換によってデフォルトの顧客保護が以前より良くない場合、口座を変換するメリットはあるのですか?
 
A: IBUKの下に資産を保有するメリットは幾つかあります。メリットには、お客様の米国外コモディティと有価証券ポジションの統合、ポジションオフセットとリスクベース方の使用によって証拠金条件がより良くなる可能性、現在個別に管理されている現金残高をまとめることによる借入費用の減少/受取り利子の増加の可能性や、米国における納税報告義務を最小限に抑えるなどが含まれます。
 
 
Q: SIPC保護を利用したい場合にIBLLCの顧客のままでいる選択肢はありますか?
 
A: 現在のところ、特定の商品のみがIBUKに変換される予定です。このためこの商品をお持ちのお客様はIBUKに移動することになります。こういった商品をIBLLC口座に残しておくことは将来的には可能かもしれませんが、現在のところはできません。
 
 
Q: IBUKが破綻した場合に、IBLLCは問題なく機能するという可能性はありますか?

A: 可能性としてはありますが、シナリオとしては起こりそうにないと思われます。 背景にはIB LLCとIBUKがインタラクティブ・グループLLCを親会社とする、全額出資の子会社であることがあります。これら個別の子会社は主に規制目的で設立されているものであり、どちらかの破綻も起き難いものと想定しますが、どちらかひとつのみの破綻を親会社が黙認する可能性はさらに低くなっています。さらにIBの約85%はその経営者および雇用者によって保有されているため、自身の投資の保護と破綻からの保護を目的とする、所有者によるインセンティブが存在しています。

 

Syndicate content