На рынках США могут возникать периоды чрезвычайно высокой волатильности и смещения цен. Такие периоды могут быть как кратковременными, так и продолжительными. Стоп-ордера могут способствовать снижению цены и волатильности на рынке, а также могут приводить к исполнению по цене, которая сильно отличается от цены-триггера. 

Согласно нормативным правилам, IBKR обязана разделять ценные бумаги и биржевые товары на счетах клиентов.  Товарный сегмент может включать рыночную стоимость позиций с опционами на фьючерсы, а также денежные средства, необходимые для обеспечения маржи по товарным фьючерсам и фьючерсным опционам. IBKR время от времени проводит перерасчет маржинальных требований по товарным позициям, и в случае снижения этих требований переводит избыточные средства с товарного сегмента счета на сегмент с ценными бумагами. Аналогичным образом, если маржинальные требования для товаров увеличиваются, IBKR переводит доступные средства из сегмента с ценными бумагами в товарный сегмент. Страхование SIPC распространяется на ценные бумаги, но не на товары, а такие переводы позволяют обеспечить максимальную защиту Вашего денежного баланса. Обращаем внимание, что данное движение средств целиком выполняется в пределах Вашего счета, и остаток в сегментах автоматически обновляется, поэтому оно не влияет на общий остаток средств на счете (см. столбец "Всего" в разделе "Отчет о денежных средствах" отчета по операциям).

Background

Clients who simultaneously hold both long and short positions of a given futures contract having different delivery months are often provided a spread margin rate that is less than the margin requirement for each position if considered separately. However, as the settlement prices of each contract may deviate significantly as the front month contract approaches its close out date, IBKR will reduce the benefit of the spread margin rate to reflect the risk of this price deviation.

Spread Margin Adjustment

This reduction is accomplished by effectively decoupling or breaking the spread in phases on each of the 3 business days preceding the close out date of the front contract month, as follows:

• On the 3rd business day prior to close out, the initial and maintenance margin requirements will be equal to 10% of their respective requirements on each contract month as if there was no spread, plus 90% of the spread requirement;
• On the 2nd business day prior to close out, the initial and maintenance margin requirements will be equal to 20% of their respective requirements on each contract month as if there was no spread, plus 80% of the spread requirement;
• On the business day prior to close out, the initial and maintenance margin requirements will be equal to 30% of their respective requirements on each contract month as if there was no spread, plus 70% of the spread requirement.

Working Example

Assume a hypothetical futures contract XYZ with the margin requirements as outlined in the table below:

Further assume a position consisting of 1 short front month contract and 1 long back month contract with the front month contract close out date = T.  using this hypothetical example, the initial margin requirement over the 3 business day period preceding close out date is outlined in the table below:

Clients maintaining a U.S. futures or futures option position at a quantity exceeding the CFTC's reportable thresholds may be contacted directly by the CFTC file with a request that they complete a Form 40.  Contact will generally be made via email and clients are encouraged to respond to such requests in a timely manner to avoid trading restrictions and/or fines imposed by CFTC upon their account at the FCM. 

Completion of the Form requires the following steps:

1. Register for a CFTC Portal Account - performed online at: https://portal.cftc.gov/Account/Register.aspx  Registration will require entry of the 9-digit code that the CFTC provided to you within the email requesting that you register. If you cannot locate your code or receive an invalid entry message, contact TechSupport@cftc.gov.  When entering "Organization Type" from the drop-down selector, choose "LTR (Large Traders)".

2. Complete Form 40 - You will receive an email notification from the CFTC once your Portal Account has been approved. Note that this approval may take up to 2 business days from the date you complete the New User Request Form. The email will contain a link to the Portal where you will be prompted to log in: https://portal.cftc.gov/

Instructions for completing the form are available at: https://www.ecfr.gov/cgi-bin/text-idx?node=ap17.1.18_106.a

Note that Portal provides the opportunity to save a copy of your submission in XML format, a recommended step, as this allows for uploading the file to the Portal should you need to make modifications at a later date. This will eliminate the need to renter the form in its entirety.

The CFTC will send a confirmation email upon successful completion of your Form 40.

3. Confirm with IBKR -  forward your confirmation email, or other evidence that you have submitted the Form 40 to cftc_form40_filing@interactivebrokers.com. This will assist to ensure that your account is not subject to CFTC directed restrictions or fines.