IBKR Metals CFDs – Facts and Q&A


The following article is intended to provide a general introduction to London Gold and Silver Contracts for Differences (CFDs) issued by IBKR.

Please follow these links for information on IBKR Share CFDs, Index CFDs and Forex CFDs.

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

59.5% of retail investor accounts lose money when trading CFDs with IBKR.

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


ESMA Rules for CFDs (Retail Clients only)
The European Securities and Markets Authority (ESMA) has enacted new CFD rules effective 1st August

The rules include: 1) leverage limits on the opening of a CFD position; 2) a margin close out rule on a per
account basis; and 3) negative balance protection on a per account basis.

The ESMA Decision is only applicable to retail clients. Professional clients are unaffected.
Please refer to the following articles for more detail:

ESMA CFD Rules Implementation at IBKR (UK) and IBKR LLC

ESMA CFD Rules Implementation at IBIE, IBCE and IBLUX

A London Gold CFD enables you to have exposure to price movements of physical Gold without actually owning it. A London Gold CFD is an agreement between you and IBKR to exchange the difference in price of the underlying over a period of time. The difference to be exchanged is determined by the change in the reference price of the underlying. Thus, if the price of physical Gold traded on the London bullion market rises and you are long the CFD, you receive cash from IBKR and vice versa. A London Gold CFD can be bought long or sold short to suit your view of market direction in the future.

Contract Specifications

Contract IBKR Symbol Per Trade Fee Minimum per Order Multiplier
London Gold XAUUSD 0.0015% USD 2.00 1
London Silver XAGUSD 0.0015% USD 2.00 1

Price Determination
The IBKR London Gold and Silver CFDs reference physical Gold and Silver traded on the London bullion market. The London bullion market is a wholesale over-the-counter market for the trading of precious metals. Trading is conducted among members of the London Bullion Market Association (LBMA). Most of the members are major international banks.

IBKR receives quote streams from approximately 10 such major banks, in much the same way it does for cash forex. IBKR Smart routes between the banks, and the best available price at any given time becomes the reference price for the CFDs. IBKR does not add a spread to the banks’ quotes.

Low Commissions and Financing Rates: Unlike other CFD providers IBKR charges a transparent
commission, rather than widening the spread. Commission rates are only 0.0015%. Overnight financing rates are just benchmark +/- 1.5% (an additional 1% surcharge is added for retail accounts).

Transparent Quotes: Because IBKR does not widen the spread, the Metals CFD quotes accurately
represent the spreads and price movements of the related cash metal, as described above.

Margin Efficiency: IBKR establishes house-margin requirements based on historic volatility of the
underlying and other factors. Retail clients are subject to regulatory minimum initial margins of 5% for
London Gold or 10% for London Silver. 

Trading Permissions: Same as for Share and Index CFDs.

Market Data Permissions: Metals CFD market data is free, but a permission is required for system

Worked Trade Example (Professional Clients):

You purchase 100 XAUUSD CFDs at $1,942.5 for USD 194,250 which you then hold for 5 days.

Closing the Position

CFD Resources
Below are some useful links with more detailed information on IB’s CFD offering:

CFD Product Listings

CFD Commissions

CFD Financing Rates

CFD Margin Requirements

CFD Contract Specifications

Frequently asked Questions

Are short Metals CFDs subject to forced buy-in?

Can I take delivery of the underlying metal?

No, IBKR does not support physical delivery for Metals CFDs.

Are there any market data requirements?
The market data for Metal CFDs is free, and is included the market data for Index CFDs. However, you need to subscribe to the permission for system reasons. To do this, log into Account Management, and click through the following tabs: Settings/User Settings/Trading Platform/Market Data Subscriptions. Alternatively you can set up an Index or Metals CFD in your TWS quote monitor and click the “Market Data Subscription Manager” button that appears on the quote line.

How are my CFD trades and positions reflected in my statements?
If you are a client of IBKR (U.K.) or IBKR LLC, your CFD positions are held in a separate account segment identified by your primary account number with the suffix “F”. You can choose to view Activity Statements for the F-segment either separately or consolidated with your main account. You can make the choice in the statement window in Account Management.

If you are a client of other IBKR entities, there is no separate segment. You can view your positions normally alongside your non-CFD positions.

In what type of IB accounts can I trade CFDs e.g., Individual, Friends and Family,
Institutional, etc.?

All margin and cash accounts are eligible for CFD trading. 

Can I trade CFDs over the phone?
No. In exceptional cases we may agree to process closing orders over the phone, but never opening

Can anyone trade IB CFDs?
All clients can trade IB CFDs, except residents of the USA, Canada, Hong Kong, New Zealand and
Israel. There are no exemptions based on investor type to the residency-based exclusions.

FX Traderを利用しての発注方法






オーダーマネージメントの画面内にあるマーケットデータのラインの様に、ビッドが左、アスクが右に表示されます。 買い注文はアスクを、また売り注文はビッドをクリックして作成します。


注意: FXTraderで作成された注文はTWSのオーダーマネジメントに表示されますが、オーダーマネジメントで作成された注文はFXTraderのウィンドウには表示されません。







Forex(FX)取引とは、通常通貨ペアと呼ばれる一組の通貨のうちのひとつの購入と、もうひとつの売却を同時に行うことを指します。 下記ではEUR.USDのクロスペアを例に取り上げます。ペアのひとつめ(EUR)は購入または売却を希望する取引通貨、ふたつめの通貨(USD)は決済通貨になります。








  • EUR基準通貨
  • USDクオート通貨

この通貨ペアの価格は、EUR(基準通貨)の1単位を取引するにあたり、USD(クオート通貨)が何単位必要になるかを表しています。言い換えると1 EURの価格に対するUSDの見積もりになります。




1. 取引通貨(例: EUR)を入力してENTERキーを押します。
2. 商品タイプにForex

3. 決済通貨(例: USD)を入力してForexの取引所を選択します。




IDEALFXでは、IDEALFXにおける必要最低量(通常25,000 USD)を超える注文に対し、インターバンク為替市場のリアルレートへダイレクトアクセスを提供しています。必要最低量に満たない注文でIDEALFXに発注されたものは、主に規模の小さい取引所の自動的に再ルーティングされ、両替されます。IDEALFXにおける必要最低数および最大数に関する詳細は こちらをクリックしてください。 

通貨のディーラーはFXペアを特定の方向でクオートします。 このため希望の通貨ペアを探す際に、通貨シンボルを調整する必要が出てくる可能性があります。 例えば通貨シンボルにCADが使用されている場合、決済通貨のUSDがコントラクトの選択ウィンドウに表示されなくなります。 これはこのペアがUSD.CADとしてクオートされ、USDを原資産シンボルとして入力してからForexを選択する方法でしかアクセスができないためです。





コントラクトおよび詳細のコラムに、取引通貨.決済通貨(例: EUR.USD)のフォーマットでペアが表示されます。 原資産のコラムには取引通貨のみが表示されます。



1. 注文の発注にはビッド(売りの場合)またはアスク(買いの場合)を左クリックしてください。

2. 買いまたは売りをご希望の取引通貨の数量を指定してください。注文の数量は、基準通貨で表示します。これはTWS内の通貨ペアにおいてひとつめの通貨になります。


例えば100,000 EUR.USDを購入する注文は100,000 EURを買い、これに相当する数量のUSDを表示される為替レートに基づいて売ることになります。

3. ご希望の注文タイプと為替レート(価格)を指定して、注文を発注してください。

注意:  注文はどの通貨単位でも発注可能であり、上記に記載される取引所による必要最低額以外のコントラクトやロットサイズの必要最低数はありません。

共通するご質問: FXTraderを利用しての発注方法を教えてください。





例:EUR.USDペアの1 pipは0.0001ですが、USD.JPYペアの1 pipは0.01です。

クオート通貨の単位内での1 pip価値の計算には以下の公式が利用されます:

(想定元本) x (1 pip)


  • ティッカーシンボル = EUR.USD
  • 金額 = 100,000 EUR
  • 1 pip = 0.0001

1 pip価値 = 100’000 x 0.0001= 10 USD

  • ティッカーシンボル = USD.JPY
  • 金額 = 100’000 USD
  • 1 pip = 0.01

1 pip価値 = 100’000 x (0.01)= JPY 1000

為替レートの単位内での1 pip価値の計算には以下の公式が利用されます:

(想定元本) x (1 pip/為替レート)


  • ティッカーシンボル = EUR.USD
  • 金額 = 100’000 EUR
  • 1 pip = 0.0001
  • 為替レート = 1.3884

1 pip価値 = 100’000 x (0.0001/1.3884)= 7.20 EUR

  • ティッカーシンボル = USD.JPY
  • 金額 = 100’000 USD
  • 1 pip = 0.01
  • 為替レート = 101.63

1 pip価値 = 100’000 x (0.01/101.63)= 9.84 USD




FXポジションの関する情報は弊社における取引の重要な側面であり、ライブ口座での取引前にご理解いただく必要があります。 弊社の取引ソフトウェアでは2カ所にFXポジションが表示され、両方とも口座ウィンドウから確認することができます。


1. 市場価格


リアルタイム反映する口座ウィンドウのFXポジションに関する情報の確認は、口座ウィンドウの市場価格のセクションのみで確認か可能です。 複数通貨のポジションを保有される方は、ポジションを建てる際に使用したペアと同じものを使用してクローズする必要はありません。 例えばEUR.USD(EURを購入してUSDを売却)を購入し、またUSD.JPY(USDを購入してJPYを売却)を購入した場合、EUR.JPY(EURを売却してJPYを購入)の取引のよって最終的なポジションをクローズすることができます。


市場価格のセクションは拡張/縮小が可能です。 流動性資産価値のコラムの真上に表示されるシンボルが、緑色のマイナスサインになっていることをご確認ください。 緑色のプラスサインになっている場合には、注文中のポジションが隠れていることがあります。




 2. FXポートフォリオ

 口座ウィンドウのFXポートフォリオのセクションでは、仮想ポジションの兆候を提示し、また地上価格のセクションとは異なり通貨ごとではなくて通貨ペアでポジション情報を表示します。 この表示方法は機関のForexトレーダーに共通する習慣に合わせたものであり、個人のトレーダーやForex取引を頻繁に行わない方を対象とするものであはありません。FXポートフォリオのポジション数はすべてのFXアクティビティを反映しているわけではありませんが、この項目に表示されるポジション数と平均コストは変更することができます。 取引を執行せずにポジションと平均コストに関する情報を変更できる機能は、基準通貨ではない商品の取引に加えて通貨取引をされるお客様に向いています。 この機能を利用するとFX取引アクティビティから自動的に行われた(基準通貨ではない通貨の商品を取引すると自動的に発生します)通貨の変換をマニュアルで分けることができます。 

 FXポートフォリオの項目は、その他すべての取引ウィンドウに表示されるFXポジションと損益の基礎になっています。 実際およびリアルタイムのポジションに関連する情報を割り出す際に、若干の混乱をきたすことがあります。 混乱を避けるため、下記の作業を行っていただくことをお薦めします;


a. FXポートフォリオの項目を縮小する

FXポートフォリオと表示される左側にある矢印をクリックすると、FXポートフォリオの項目が縮小されます。 この項目を縮小すると仮想ポジションの情報がすべての取引ページに表示されなくなります。(注意: これによって市場価値に関する情報が表示されることはなく、FXポジションの情報が非表示になるだけです。



b. ポジションまたは平均価格の調整

口座ウィンドウのFXポートフォリオ項目内で右クリックすると、ポジションと平均価格の調整ができます。 基準通貨ではない通貨のポジションをすべてクローズし、市場価値の項目で基準通貨ではない通貨のポジションがすべてクローズされていることを確認したら、ポジションと平均価格の欄を0にリセットすることができます。 これによりFXポートフォリオの項目に反映されるポジション数がリセットされ、取引画面により正確なポジションと損益に関する情報が表示されるようになります。注意: こちらはマニュアルでの作業になり、通貨ポジションがクローズされる度に行う必要があります。 ポジションに関する情報は常に市場価値の項目からご確認の上、発注された注文がご希望のオープニングおよびクロージングポジションを達成していることをご確認ください。


ライブ口座でお取引を始める前にペーパー取引口座、またはデモ口座でFX取引をお試しいただくことをお薦めいたします。 上記の情報に関する詳細をご希望の場合には弊社までご連絡ください。










Leveraged FX Currency Restrictions for Israeli Retail Clients

Due to a June 2018 ruling by the Israeli financial court, Interactive Brokers is no longer permitted to offer spot forex trading to Israeli retail clients. While IBKR's forex offering is a deliverable "spot" transaction, the ruling interpreted a 2014 amendment to Israeli Securities Law 5728-1968 to cover spot/cash transactions in addition to derivative/contract style transactions.

The restriction applies only to clients deemed to be "retail" investors.  Non-retail investors (i.e. Qualified Investors and clients who are included in the First Schedule of the Israeli Securities Law 1968) are exempt from this restriction.
The new forex restriction goes into effect on 1 August 2018:
  • Forex transactions that would create a negative balance or would increase a pre-existing negative balance in either component currency will not be allowed to Israeli retail clients.
  • The negative cash balance test applies only to the component currencies and for the cash movements created directly by the forex trade. There is no restriction regarding the creation of negative balances by other means such as cashiering activity or trading activities in securities (stocks, bonds, options, etc).
The relevant ISA regulation can be found here (ISA_6025) with sections 44L-M defining the relevant issues.
Example: Prohibited Transaction
An account is not allowed to go negative cash upon execution of a cash conversion or FX trade. 
Have USD 1,000 and try to buy EUR 3,000 @ 1.17 USD-EUR (USD Value of 3,510) would create a negative balance of USD -4,510.
Currency Cash Cash
ILS 10,000 10,000
USD 1,000 -2,510
EUR 0 3,000
Example: Permitted Transaction
The rule will not prevent you from trading on margin or engaging in any other investment transaction on the IBKR Platform.
Example: Having USD 1,000 and buying stocks worth USD 3,000 USD would create a balance of
USD -2,000.
Currency Cash Stock Cash Stock
USD 1,000 0 -2,000 3,000

Example: Having USD 1,000 and converting to ILD, value of ILS 3,600 (1 USD = 3.6 ILS) 


Example: Have USD 1,000 USD and withdraw EUR 600




In order to be consider a "Qualified Investor" IB requires client to meet the following criteria and procedural requirements.

Qualified Investor qualification need to be recertified every 3 years.

For Individuals

Individuals, which comply with at least one of the following alternatives:

  1. Total value of Liquid Assets greater than NIS 8 million; or
  2. Annual income in each preceding two years is greater than NIS 1.2 million or the income of the Household to which he belongs is greater than NIS 1.8 million.; or
  3. Total value of Liquid Assets greater than NIS 5 million and the annual income in each proceeding two years is greater than NIS 600,000 or such annual income of the Household to which he belongs is greater than NIS 900,000.

"Liquid Assets" means cash, deposits, securities, equities and funds.

"Household" means an individual and the persons living with him or who are dependent on him for their living.

The client must:

  • compete the Qualified Investor Representation form and
  • provide a written signed confirmation from a registered attorney or accountant certifying their qualification. This certification should be no older than 3 months.

For Corporates

The following entities can be exempted:

  1. Authorized mutual funds or fund managers
  2. Provident funds or fund managers
  3. Insurers
  4. Banking corporations
  5. Portfolio managers
  6. Investment advisors, who acquire for themselves
  7. Stock Exchange members
  8. Underwrites, who buy for themselves
  9. Venture capital funds
  10. Corporations (including funds, partnerships) other than corporations which were incorporated for the purpose of purchasing securities in a specific offer, with equity exceeding 50 million NIS
  11. Corporations, wholly owned by one of the aforementioned investors

Entities qualifying under exemptions 1-9 must provide confirmation of their status from a governmental register.
Entities that wish to be considered under exemptions 10 and 11 must:

  • complete the Qualified Investor Representation form and
  • provide a written signed confirmation from a registered attorney or accountant certifying their qualification. This certification should be no older than 3 months.

Forex Execution Statistics


IB clients can now analyze the quality of their forex executions in comparison to forex trades by other IB customers through the FX Browser tool in Account Management. The tool provides transaction data for the 15 forex transactions that occur immediately before and after in the same currency pair of the client's transaction.


The number of transactions may be limited to fewer than the stated 15 as the NFA also has placed a 15 minute window on the query. Meaning, if within a 15 minute window before and after the customer's execution there are fewer than 15 executions the customer's query will return only those executions which occurred within the time window.

Accessing the FX Browser Tool
To Access the FX Browser tool, login to Account Management using the Login button on our website. Click the Support tab followed by Tools. Please note, at this time only data for the live account will be provided.


From there, select FX Browser from the list of tools:


Submitting a Query

When the FX Browser is launched, you will be presented with the following screen:


Please note that only Trade Date is a mandatory field in the query. When clicking on the Trade Date field, a calendar widget will populate and allow you to select your trade date. Only transactions from the last 6 months will be available to search.


Active customers may wish to limit the results by further selecting the currency pair, side or time of the execution.

Once the desired query has been entered, click on the Submit button.

The next screen will display the list of executions for the given account on the specified day. From there, you may select the execution you wish to receive the execution statistics on.


Once the execution you wish to view has been selected, click the "Download NFA Report" button.


Reading the Report
The results will be returned in a new tab and will contain the 15 executions before and 15 executions after the trade you selected on the previous screen. Per the note above, if fewer than 15 executions occurred in the 15 minute time frame only those executions will be displayed.

The query results will include the following information:

  • Execution date and time, as expressed in Eastern time
  • Side (buy or sell)
  • Quantity (of Transaction Currency)
  • Currency pair
  • Execution price
  • Commissions and other charges assessed by the FDM
  • Currency denomination of commissions

Your trade will be marked as Trade Number "0" and the trades before and after your trade will be numbered from 1 to 15.


Error Messages

If the search criteria you enter does not bring up any trade information, you will be presented with the following error message:




このサマリーは店頭外国為替証拠金取引(“IB FXCFD"取引)に係わる重要なリスクを明確にするものです。規制を目的とするリスク開示書ではありません。

  • IB FXCFD取引はすべての投資家のお客様に適したものではなく、お客様の知識や取引経験などをご考慮のうえ、ご自身が高いリスクを許容しうる投資経験や損失に耐えうる財産状況にない場合には、取引を取りやめるなど、ご自身の判断と責任において投資判断をされるようお願いいたします。
  • 外国為替レートおよび金利レートのボラティリティーにより短時間で多額な損失が生じる可能性があります。FXCFDにはお客様の投資に係わるボラティリティーをさらに拡大させるレバレッジがかかっているため、投資額以上の損失が生じる可能性があります。IB FXCFDのロールオーバー金利はまた、金利レートの変動により受け取りから支払いに転じることがあります。
  • 必要なIB維持証拠金を十分に補う資産が、いつでも口座に入っている必要があります。猶予期間はなく、当社はマージンコールの請求を行いません。資産はリアルタイムで計算され、これが不足した場合、当社では速やか、かつ自動的にポジションの強制決済を行って口座の証拠金不足を解消します。リアルタイムの強制決済は口座内の資産がマイナスになるリスクの最小化を目的としていますが、このリスクを取り除くことはできません。資産がマイナスになった場合には、不足分を補うために資金の追加が必要になります。
  • 当社が提示するIB FXCFD取引の取引価格は現行の通貨市場に基づくものですが、この価格によって取引が約定されることを保証するものではありません。大きな数量の取引の場合、為替レートが素早く変動する市場において、また取引量が多い時間帯においてはスリッページが発生する可能性があります。
  • またはお取引がタイミング良く行われるとの保障もありません。主要国の休日や取引が活発でない時間帯においては、取引レートの提示が困難になる場合があります。当社が表示する取引価格は、システムの不具合や故障など、あるいは当社が他の市場参加者などより受け取る価格情報の誤りなどの様々な理由により、市場価格から乖離する可能性があります(オフマーケット・プライス)。当社はオフマーケット・プライスにてお客様の取引が約定された場合、その内容を訂正する、あるいは取り消すことがあります。
  • IB FXCFDは、お客様と当社との相対取引です。金融商品取引所で取引されるものではなく、また決済機関による決済もありません。従ってお客様は、当社の財務状況の変化などにより損失を被る可能性があります。

この概要の記載事項に関しご質問などございましたら、当社クライアント・サービスまでご連絡ください。またお取引にあたってはリスク開示書を良くお読みください。リスク開示書は当社のウェブサイト上、およびIB FXCFDの取引許可をリクエストしていただきますと、アカウント・マネジメントからもご確認いただけるようになります。

Automatic Forex Swap


In general, interest on account balances are credited/debited at benchmark rates plus/minus a spread as shown on our web pages. For qualified clients with substantial forex positions, however, IB has created a mechanism to carry large gross FX positions with higher efficiency with respect to carrying costs. We refer to it as the “auto swap program”. The design allows clients to benefit from IB’s participation in the interbank forex swaps market where implied interest rate spreads are usually much narrower than the spreads available in the retail deposit market. 

a. Concept 

Interest is charged on settled balances, so the intent of a Forex swap as used here is to defer the settlement of a currency position from one day to the next business day. This is done by a simultaneous sell and buy of the same amount of base (first) currency but for two different value dates e.g. on T you go long 10 mio. EUR.USD for value date T+2. By example, on T+1 the position is swapped T+2 to T+3, here a sell of 10 mio EUR.USD for T+2 and a purchase of 10 mio. EUR.USD for T+3. As a result you have deferred settlement from T+2 to T+3, with the difference in prices of the two trades representing the financing cost from T+2 to T+3.

b. Cost

This service is provided as a free service and no commission or markup is charged by Interactive Brokers. The interbank market bid/ask spread inherent in the swap prices may be regarded as a cost but is not determined by Interactive Brokers. Interactive Brokers provides the service on a best efforts basis to our large Forex clients.

c. Position Criteria

Swap activity is only applied to accounts with gross FX positions larger than 10 mio. USD or approximate equivalent of other currencies. Positions are swapped (rolled) in increments or multiples of USD 1 mio. (or equivalent). The residual settled balances are traded under IB‘s standard interest model1. Positions that are swapped (rolled) are real positions, i.e. the projected T+1 settled cash balances.

The so-called “Virtual Positions” are not considered; the virtual position is only a representation of the original trades expressed as currency pairs, for example EUR.CHF.

Settled cash balances are a single currency concept, e.g. EUR or CNH. IB executes all swaps against USD as it is the most efficient funding currency. Should you have a position in a cross, e.g. EUR against CHF, two swaps, one in EUR.USD and one in USD.CHF will be done. The threshold(s) and increment(s) may change at any time without notice.

d. Client Eligibility

As we offer this service for free, only clients with substantial currency positions are eligible for inclusion in the service. US legal residents need to be an Eligible Contract Participant (ECP) and be in the possession of an LEI number (legal entity identifier). Interactive Brokers cannot guarantee a client’s inclusion in the program and all inquiries require compliance approval prior to become active.2

e. Swap Price Recognition 

Interactive Brokers may conduct a series of swaps in a currency during a day. Interactive Brokers will use average bid and ask prices at which it executed, respectively average bid and asks as quoted in the interbank market. Swap prices are not published but can be seen (or calculated) in the statement after execution. The swaps are applied in the account at the end of the day.

f. Recognition in the Statement 

You will find the swap transaction(s) in the Trades section of the statement. The swap are represented as simultaneous purchase/sale or vice versa, do not have a time stamp and shows an M (manual entry) in the code column. The actual swap prices are the difference in between the two prices.

Here an example for cob 20150203 that shows a swap from 20150203 to 20150204.


g. Examples of Swap Prices 

Here a couple of examples that use swap prices from a major interbank provider. Often bid/ask spreads are even tighter. 

Currency Pair

Spot Bid

Spot Ask


Days in Period (TN)

Swap Points Bid

Swap Points Ask

Implied Currency

Implied Rate Bid

Implied Rate Ask









































In more detail, let’s assume you want to calculate the implied CNH rate resulting from a USD.CNH swap. We are looking for the implied rate of the quote currency CNH (Currency 2). Therefore the following formula is used:



Description Variable Value
Currency Pair (Currency1.Currency2) USD.CNH  
day count convention Currency 1 (base Currency), i.e. USD dayCountCurr1 360
day count convention Currency 2 (quote Currency), i.e. CNH dayCountCurr2 365
Tenor TomNext  
number of days in the Tenor noDays 1
interest rate of Currency 1 (in decimals, i.e. 1% = 0.01) inRateCurr1 0.0070
Currency rate (Spot) currencyRate 6.939500
swap Points expressed in decimals swapPoints 0.0012
near Currency Rate (Spot - swap points) nearCurrencyRate 6.938300
far Currency Rate (in a Tomnext swap this is the spot rate) farCurrencyRate 6.939500
implied interes rate of Currency2, i.e. CNH impliedRateCurrncy2(quoteCurrency) 0.0702

 So using above figures, this results in a 7.02% implied interest rate for CNH.


Now if you wanted to calculate the implied rate for the base currency (Currency 1) the formula would change slightly. Here an example using EUR.USD:


Description Variable Value
Currency Pair (Currency1.Currency2) EUR.USD  
day count convention Currency 1 (base Currency), i.e. EUR dayCountCurr1 360
day count convention Currency 2 (quote Currency), i.e. USD dayCountCurr2 360
Tenor TomNext  
number of days in the Tenor noDays 1
interest rate of Currency 2 (in decimals, i.e. 1% = 0.01) inRateCurr2 0.0070
Currency rate (Spot) currencyRate 1.039900
swap Points expressed in decimals swapPoints 0.000042
near Currency Rate (Spot - swap points) nearCurrencyRate 1.039858
far Currency Rate (in a Tomnext swap this is the spot rate) farCurrencyRate 1.039900
implied interes rate of Currency1, i.e. EUR impliedRateCurrncy1(baseCurrency) -0.0075

 Using above example, this results in a -0.75 % implied interest rate for EUR. 


1. For example, in the case of a USD 20.3 mio. position only 20 mio. will be swapped. USD 0.3 remains in the account and interest using benchmark and spreads will be applied. A USD 300k position will not be considered for swapping at all. The position by currency is taken as the reference, regardless of the overall position. 

 2 US, Australian and Israeli domiciled residents are currently not eligible for inclusion in the Automated Forex Swap Program.

Summary of Risks relating to Forex CFDs issued by Interactive Brokers Securities Japan, Inc.


This summary highlights the principal risks associated with trading Forex CFDs issued by IBSJ (“IB FXCFDs"). It is not a risk disclosure for regulatory purposes.

  • Trading of IB FXCFDs is not suitable for all investors, and you should not trade them unless you are an experienced investor with a high risk tolerance and the capability to sustain losses if they occur
  • The volatility of foreign exchange rates and interest rates may quickly cause significant losses. Forex CFDs employ leverage that further amplifies the volatility relative to your investment and you may lose more than you have invested. In addition, IB FXCFD roll over interest may turn from a credit to a debit due to changes in interest rates
  • You are required to maintain sufficient equity in your account at all times to cover IBSJs maintenance margin requirement. There are no grace-periods and IBSJ does not issue margin calls. Your equity is calculated in real time and should it become insufficient, IBSJ will immediately and automatically liquidate positions to bring your account into margin compliance. Real time liquidations aim to minimize the risk that your account equity becomes negative, but they cannot eliminate that risk. Should your equity become negative you are required to deposit additional funds to cover the deficit
  • The price IBSJ displays to you for IB FXCFDs is based on the prevailing foreign exchange market. However there is no guarantee for executions at that price. Slippage may occur for large trades or in fast moving markets and during heavily traded hours
  • Moreover, your ability to establish or close positions on a timely basis is not guaranteed. It may become difficult to display quotes during major holidays or during hours when foreign exchange trading is not active. IBSJ may display prices that deviate from a fair market due to system-malfunctions or failures, or erroneous quotes that IBSJ may receive from market participants or for other reasons (off-market prices). IBSJ will adjust or cancel trades executed with off-market prices
  • IB FXCFDs are over-the-counter trades between you and IBSJ. They are not traded on any exchange or cleared by any central counterparty. You are therefore exposed to counterparty risk and should IBSJ become insolvent you may not be able to fully recoup your investment, or at all

Please contact IBSJs Client Service Department should you have questions about the content of this summary and read the full risk disclosure carefully before commencing trading. The risk disclosure is available in Account Management when you request IB FXCFD trading permissions, and on IBSJs web site.

IB Forex CFD - 詳細およびQ&A

IBのForex CFDでは、弊社のSpot FXと同様の85通貨ペアをご利用いただくことができ、低額の手数料および証拠金率も同じです。比較として、Forex CFDは以下の詳細のように、非常に競争性のある取引型の金融商品です。






ルールには以下が含まれます: 1) CFDのポジションを建てるにあたってレバレッジの上限; 2) 口座ごとの証拠金解約; および 3) マイナス残高に対する口座ごとの保護。ESMAによる決定はリテールクライアントのみに適用されます。


詳細はIBKRにおけるESMA CFDルールの実施をご参照ください。


IBKR Forex CFDの特徴

透明性の高いDMSクオート:弊社ではグローバルインターバンク市場のマーケットシェア70%を占める14の世界最大級の為替ディーラーによるレート表示により、最小の変動スプレッドと高い流動性を確保しています。*これが0.1PIPまで表示した価格クオートを可能にしています。IBではクオートのマークアップはせず、 低額の約定手数料とその他の諸費用を直接お客様にパススルーしております。

*出典: Euromoney FX survey FX Poll 2016。

持ち越し金利: Forex CFDは関連通貨ペアのベンチマーク金利の差異を反映しながら、ロールオーバーされます。これは基本的には他のブローカーの利用するTOM Next rollsに似ていますが、 ベンチマーク・レートはスワップ・レートに比べて変動が少ないため、安定性がより高くなります。さらにIBでは主要通貨ペアには1.0%から始まる、低いスプレッドを適用しており、これはバランスが大きい場合には0.5%まで下がります。変動率の高いペアには高いスプレッドが適用されます。
IB Forex CFDの持ち越し金利は通貨ペアごとのベンチマークおよびスプレッドに基づきます。 このベンチマークは2通貨に対する弊社のベンチマークの差異になっており、+ BM基準通貨 – BMクオート通貨として計算されます。


英ポンド・米ドルBM +0.48% - 0.37% = +0.113%

適用される顧客レートは、ロング・ポジションに対しペアBM – IBスプレッド、 ショート・ポジションに対しBM + スプレッドとなり:

GBP.USD ロング・レート +0.113% - 1.00% = -0.887%

GBP.USD ショート・レート +0.113% + 1.00% = +1.113%


金利はクオート通貨で表示された取引価値に対して計算され、この通貨で受取りまたは支払いがされます。 具体例


  ポジション GBP.USD クローズ 米ドル価値 レート USD
GBP.USD -20,000 1.43232 -28,646.40 1.113% -0.89

Forex CFDのバランスに対する金利は各取引ごと別々に計算され、Spot FXを含めるその他の通貨エクスポージャーと組み合わせる、または 足し引きされるものではありません。IBでは直接スワップ・レートを参照することはありませんが、事業年度末などスワップ・レートが大きく変動する時期などの例外的なマーケット状況においては、スプレッドを上げる権利を 有します。

金利表の詳細は こちらをご覧ください。
取引: IB Forex CFDはSpot FXと同様に取引され、同じ注文タイプとアルゴリズムから20以上のものが利用可能です。IB Forex CFDの取引はクラシックTWSまたはIB FX Traderより可能です。クラシックTWSまたはFX Trader内で取引をご希望のコントラクトを見つけるには、通貨ぺア(EUR.USDなど)を入力し、コントラクト選択のポップアップから有価証券タイプ(Sec Type)CFDを選択してください。
証拠金: IB Forex CFDの証拠金は、各取引の通貨ペアごとに設定され、
Spot FXを含め、口座内その他の為替バランスは考慮に入れません。主要な通貨ぺアに対する証拠金は取引価値の2.5%から始まります。取引ペアの詳細はこちらよりご覧ください。リテールクライアントは通貨ペアによって最低3.33%または5%の委託証拠金の対象となります。詳細はIBKRにおけるESMA CFDルールの実施をご参照ください。
手数料: 弊社では低額の約定手数料とその他の諸費用を直接お客様にパススルーしております。
独自のクオートを作り手数料を請求するといった通常のFXブローカーの料金体系を採用せず、価格体系の透明性を上げるためにこのような料金体系となっています。手数料は月次の取引価値を基に段階分けされ、0.20から0.08のベーシスポイントになっています。Forex CFDおよびSpot FXからの取引量の両方を基に段階分けがされます。
取引許可:Forex CFDsの取引には、アカウント・マネジメントよりForex CFD用の取引許可を設定する必要があります。適合性基準はレバレッジを効かせたFXのものと同じです。  Forex CFDは他のCFD同様にIB UKの取り扱いとなっており、このためIB LLC口座をお持ちの場合には、 IB UKセグメントを開設するように促されます。IB UKのセグメントはお客様の当座預金口座番号の末尾に「F」を追加します。  



EUR.CHF CFDを10ロット(200000)$1.16195で総額CHF 232,390分購入し、5日間保有します。

EUR.CHF Forex CFD – 新規ポジション
参照原資産価格 1.16188 - 1.16195
CFD参照価格 1.16188 - 1.16195
アクション 買い
数量 200,000
取引価値 CHF 232,390.00
証拠金(3% x 232,390) AUD 9,100


金利額(CHF 232,390に対して5日間)
ティア I(ペアBM 0.42% - IBスプレッド1%) CHF 232,390.00 -0.58% (CHF 18.72)


  収益シナリオ 損失シナリオ
参照原資産価格 1.16840 - 1.16848 1.15539 - 1.15546
CFD参照価格 1.16840 - 1.16848 1.15539 - 1.15546
アクション 売り 売り
数量 200,000 200,000
取引価値 CHF 233,680.00 CHF 231,078.00
取引損益 CHF 1,290.00 (CHF 1,312.00)
金利 (CHF 18.72) (CHF 18.72)
エントリー手数料0.002% (CHF 4.65) (CHF 4.65)
エントリー手数料0.002% (CHF 4.67) (CHF 4.62)
損益合計 CHF 1,261.96 (CHF 1,339.99)





誰でもIB Forex CFDの取引はできますか?

米国、カナダおよび香港以外の国の居住者はIB CFD取引が可能です。居住地に基づいて設定される例外で、特定の投資家タイプに適用されるものはありません。


IB Forex CFDとIB Cash Forexの違いは何ですか?

IB Cash Forexは、ペアを構成する2通貨の受渡を取るレバレッジのかかったキャッシュ取引です。Forex取引に関連するバランスはお客様のその他のアクティビティから発生するバランスと組み合わされ、お客様には統合されたバランスに対し、各通貨のベンチマーク・レートに基づいて計算された金利をお支払またはお受け取りいただきます。

これに対し、IB Forex CFDにはエクスポージャーはありますが原資産通貨の引渡しはないため、お客様には取引の想定元本に対しての金利をお支払またはお受け取りいただきます。取引に対するベンチマークは2つの原資産通貨に対するベンチマーク・レートの差異です。これは基本的には他のブローカーの利用するTOM Next rollsに似ていますが、 ベンチマーク・レートはスワップ・レートに比べて変動が少ないため、安定性がより高くなります。




IB Forex CFD用のマーケットデータはレバレッジFXのものと同じです。 グローバル許可のひとつであり無料でご利用いただけます。



IB LLCの口座をお持ちの場合、 CFDポジションは主要口座番号の末尾に「F」を追加した形で別の口座セグメントに維持されます。アクティビティー・ステートメント上のFセグメントは、別途またはメイン口座と合わせて表示することができます。選択は アカウント・マネジメントのステートメント画面より可能です。


Forex CFDにはSpot FXと同じ注文タイプとアルゴリズムが使えますか?また取引はFX Traderからできますか?



Allocation of Partial Fills


How are executions allocated when an order receives a partial fill because an insufficient quantity is available to complete the allocation of shares/contracts to sub-accounts?



From time-to-time, one may experience an allocation order which is partially executed and is canceled prior to being completed (i.e. market closes, contract expires, halts due to news, prices move in an unfavorable direction, etc.). In such cases, IB determines which customers (who were originally included in the order group and/or profile) will receive the executed shares/contracts. The methodology used by IB to impartially determine who receives the shares/contacts in the event of a partial fill is described in this article.



Before placing an order CTAs and FAs are given the ability to predetermine the method by which an execution is to be allocated amongst client accounts. They can do so by first creating a group (i.e. ratio/percentage) or profile (i.e. specific amount) wherein a distinct number of shares/contracts are specified per client account (i.e. pre-trade allocation). These amounts can be prearranged based on certain account values including the clients’ Net Liquidation Total, Available Equity, etc., or indicated prior to the order execution using Ratios, Percentages, etc. Each group and/or profile is generally created with the assumption that the order will be executed in full. However, as we will see, this is not always the case. Therefore, we are providing examples that describe and demonstrate the process used to allocate partial executions with pre-defined groups and/or profiles and how the allocations are determined.

Here is the list of allocation methods with brief descriptions about how they work.

·         AvailableEquity
Use sub account’ available equality value as ratio. 

·         NetLiq
Use subaccount’ net liquidation value as ratio

·         EqualQuantity
Same ratio for each account

·         PctChange1:Portion of the allocation logic is in Trader Workstation (the initial calculation of the desired quantities per account).

·         Profile

The ratio is prescribed by the user

·         Inline Profile

The ratio is prescribed by the user.

·         Model1:
Roughly speaking, we use each account NLV in the model as the desired ratio. It is possible to dynamically add (invest) or remove (divest) accounts to/from a model, which can change allocation of the existing orders.




Basic Examples:


CTA/FA has 3-clients with a predefined profile titled “XYZ commodities” for orders of 50 contracts which (upon execution) are allocated as follows:

Account (A) = 25 contracts

Account (B) = 15 contracts

Account (C) = 10 contracts


Example #1:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 10 am (ET) the order begins to execute2but in very small portions and over a very long period of time. At 2 pm (ET) the order is canceled prior to being executed in full. As a result, only a portion of the order is filled (i.e., 7 of the 50 contracts are filled or 14%). For each account the system initially allocates by rounding fractional amounts down to whole numbers:


Account (A) = 14% of 25 = 3.5 rounded down to 3

Account (B) = 14% of 15 = 2.1 rounded down to 2

Account (C) = 14% of 10 = 1.4 rounded down to 1


To Summarize:

A: initially receives 3 contracts, which is 3/25 of desired (fill ratio = 0.12)

B: initially receives 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: initially receives 1 contract, which is 1/10 of desired (fill ratio = 0.10)


The system then allocates the next (and final) contract to an account with the smallest ratio (i.e. Account C which currently has a ratio of 0.10).

A: final allocation of 3 contracts, which is 3/25 of desired (fill ratio = 0.12)

B: final allocation of 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: final allocation of 2 contract, which is 2/10 of desired (fill ratio = 0.20)

The execution(s) received have now been allocated in full.


Example #2:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 11 am (ET) the order begins to be filled3 but in very small portions and over a very long period of time. At 1 pm (ET) the order is canceled prior being executed in full. As a result, only a portion of the order is executed (i.e., 5 of the 50 contracts are filled or 10%).For each account, the system initially allocates by rounding fractional amounts down to whole numbers:


Account (A) = 10% of 25 = 2.5 rounded down to 2

Account (B) = 10% of 15 = 1.5 rounded down to 1

Account (C) = 10% of 10 = 1 (no rounding necessary)


To Summarize:

A: initially receives 2 contracts, which is 2/25 of desired (fill ratio = 0.08)

B: initially receives 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: initially receives 1 contract, which is 1/10 of desired (fill ratio = 0.10)

The system then allocates the next (and final) contract to an account with the smallest ratio (i.e. to Account B which currently has a ratio of 0.067).

A: final allocation of 2 contracts, which is 2/25 of desired (fill ratio = 0.08)

B: final allocation of 2 contracts, which is 2/15 of desired (fill ratio = 0.134)

C: final allocation of 1 contract, which is 1/10 of desired (fill ratio = 0.10)


The execution(s) received have now been allocated in full.

Example #3:

CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 11 am (ET) the order begins to be executed2  but in very small portions and over a very long period of time. At 12 pm (ET) the order is canceled prior to being executed in full. As a result, only a portion of the order is filled (i.e., 3 of the 50 contracts are filled or 6%). Normally the system initially allocates by rounding fractional amounts down to whole numbers, however for a fill size of less than 4 shares/contracts, IB first allocates based on the following random allocation methodology.


In this case, since the fill size is 3, we skip the rounding fractional amounts down.


For the first share/contract, all A, B and C have the same initial fill ratio and fill quantity, so we randomly pick an account and allocate this share/contract. The system randomly chose account A for allocation of the first share/contract.


To Summarize3:

A: initially receives 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: initially receives 0 contracts, which is 0/15 of desired (fill ratio = 0.00)

C: initially receives 0 contracts, which is 0/10 of desired (fill ratio = 0.00)


Next, the system will perform a random allocation amongst the remaining accounts (in this case accounts B & C, each with an equal probability) to determine who will receive the next share/contract.


The system randomly chose account B for allocation of the second share/contract.

A: 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: 0 contracts, which is 0/10 of desired (fill ratio = 0.00)


The system then allocates the final [3] share/contract to an account(s) with the smallest ratio (i.e. Account C which currently has a ratio of 0.00).

A: final allocation of 1 contract, which is 1/25 of desired (fill ratio = 0.04)

B: final allocation of 1 contract, which is 1/15 of desired (fill ratio = 0.067)

C: final allocation of 1 contract, which is 1/10 of desired (fill ratio = 0.10)


The execution(s) received have now been allocated in full.


Available allocation Flags

Besides the allocation methods above, user can choose the following flags, which also influence the allocation:

·         Strict per-account allocation.
For the initially submitted order if one or more subaccounts are rejected by the credit checking, we reject the whole order.

·         “Close positions first”1.This is the default handling mode for all orders which close a position (whether or not they are also opening position on the other side or not). The calculation are slightly different and ensure that we do not start opening position for one account if another account still has a position to close, except in few more complex cases.

Other factor affects allocations:

1)      Mutual Fund: the allocation has two steps. The first execution report is received before market open. We allocate based onMonetaryValue for buy order and MonetaryValueShares for sell order. Later, when second execution report which has the NetAssetValue comes, we do the final allocation based on first allocation report.

2)      Allocate in Lot Size: if a user chooses (thru account config) to prefer whole-lot allocations for stocks, the calculations are more complex and will be described in the next version of this document.

3)      Combo allocation1: we allocate combo trades as a unit, resulting in slightly different calculations.

4)      Long/short split1: applied to orders for stocks, warrants or structured products. When allocating long sell orders, we only allocate to accounts which have long position: resulting in calculations being more complex.

5)      For non-guaranteed smart combo: we do allocation by each leg instead of combo.

6)      In case of trade bust or correction1: the allocations are adjusted using more complex logic.

7)      Account exclusion1: Some subaccounts could be excluded from allocation for the following reasons, no trading permission, employee restriction, broker restriction, RejectIfOpening, prop account restrictions, dynamic size violation, MoneyMarketRules restriction for mutual fund. We do not allocate to excluded accountsand we cancel the order after other accounts are filled. In case of partial restriction (e.g. account is permitted to close but not to open, or account has enough excess liquidity only for a portion of the desired position).




1.        Details of these calculations will be included in the next revision of this document.

2.        To continue observing margin in each account on a real-time basis, IB allocates each trade immediately (behind the scenes) however from the CTA and/or FA (or client’s) point of view, the final distribution of the execution at an average price typically occurs when the trade is executed in full, is canceled or at the end of day (whichever happens first).

3.       If no account has a ratio greater than 1.0 or multiple accounts are tied in the final step (i.e. ratio = 0.00), the first step is skipped and allocation of the first share/contract is decided via step two (i.e. random allocation).


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