MiFIR Definitions & Terms

European Economic Area (EEA) - As of October 2017, the EEA consists of the following countries: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom.


Investment Firms - Article 4 (1) (1) of MiFID II defines investment firm as any legal person whose regular occupation or business is the provision of one or more investment services to third parties and/or the performance of one or more investment activities on a professional basis. The investment services and activities covered by the framework are listed in Section A of Annex I of MiFID II.
 

Transactions Executed - For the purposes of MiFIR Transaction Reporting, a transaction is the conclusion of an acquisition or disposal of one of the financial instruments covered by MiFIR. A transaction is considered to be executed when it resulted from one of the following activities performed by an Investment Firm:

  1. Reception or transmission of orders in relation to one or more financial instruments (exceptions apply under Article 4 of Commission Delegated Regulation (EU) 2017/590);
  2. Execution of orders on behalf of clients;
  3. Dealing on own account;
  4. Making an investment decision in accordance with a discretionary mandate given by a client;
  5. Transfer of financial instruments to or from accounts.

[Ref: Articles 2 and 3 of Commission Delegated Regulation (EU) 2017/590]
 

Financial Instruments Covered by MiFIR - Article 26 (2) of Regulation (EU) No 600/2014 (MiFIR) lays out the transaction reporting obligation with regard to transactions in financial instruments listed below, irrespective of whether or not such transactions are carried out on the trading venue:

  1. Financial instruments which are admitted to trading or traded on a trading venue or for which a request for admission to trading has been made;
  2. Financial instruments where the underlying is a financial instrument traded on a trading venue; and
  3. Financial instruments where the underlying is an index or a basket composed of financial instruments traded on a trading venue.

The financial instruments covered by this requirement are legally enumerated in Section C of MiFID II:
(1) Transferable securities;
(2) Money-market instruments;
(3) Units in collective investment undertakings;
(4) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, emission allowances or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash;
(5) Options, futures, swaps, forwards and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event;
(6) Options, futures, swaps, and any other derivative contract relating to commodities that can be physically settled provided that they are traded on a regulated market, a MTF, or an OTF, except for wholesale energy products traded on an OTF that must be physically settled;
(7) Options, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be physically settled not otherwise mentioned in point 6 of this Section and not being for commercial purposes, which have the characteristics of other derivative financial instruments;
(8) Derivative instruments for the transfer of credit risk;
(9) Financial contracts for differences;
(10) Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event, as well as any other derivative contracts relating to assets, rights, obligations, indices and measures not otherwise mentioned in this Section, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are traded on a regulated market, OTF, or an MTF;
(11) Emission allowances consisting of any units recognised for compliance with the requirements of Directive 2003/87/EC (Emissions Trading Scheme).
 

Financial Instruments Carried by IBUK - The products covered by the agreement between the client and IBUK, which currently include certain stocks, index options, futures and futures options and Over-the-Counter (“OTC”) products such as Contracts for Differences (“CFDs”), Foreign Currencies, and/or Foreign Currency CFDs (“Forex”) and Precious Metals.

 

Financial Instruments NOT carried by IBUK - The products that are not covered by the agreement between the client and IBUK, as they are covered by “Notice of Execution and Clearing Agreement” [Link to the Agreement], by the “Interactive Brokers LLC Customer Agreement” or other agreement.


National Identifiers - Under MiFIR, natural persons must be reported by using specific national identifiers required under a priority order that depends and varies on the Country of citizenship that is identified as relevant under MiFIR. The identifier can be a passport, a national ID card, a tax or personal code or a concatenation of full name and date of birth (“CONCAT”). IBUK will only request clients to provide national identifiers that are not already available.
 

Legal Entity Identifiers (“LEI”) = 20-character unique identifier based on the ISO 17442 for the global identification of legal entities that engage in financial transactions.
 

Commodity Derivatives Transactions that reduce risk in an objectively measurable way - When reporting transactions in commodity derivatives, IBUK will have to specify whether the transaction reduces risk in an objectively measurable way in accordance with Article 57 of Directive 2014/65/EU (“Art 57”).
IBUK will allow such transactions only from accounts held by entities that are non-financial entities using the account for trades in commodity derivatives that are intended to objectively reduce risk directly relating to their commercial activity in accordance with Art 57. (e.g. company that produces wheat that trades in such derivatives to hedge its commercial activity).

Account holders that make such a declaration in the Trading Permission section of their Account Management, agree that all the transactions executed in commodity derivatives for that account will be executed for reducing the risk under Art 57, and IBUK will report the relevant transactions accordingly.


Individual or algorithm responsible at the reporting firm for making the investment decision - Under MiFIR, Investment Firms are required to include in their transaction reports the identification of the individual or algorithm that was primarily responsible for making the investment decision within the firm to acquire or dispose of a financial instrument. Only one individual or algorithm can be identified as responsible with regard to a transaction, and Investment Firms must identify such individual or algorithm as specified in Article 8 of commission delegated regulation (EU) 2017/590.

In accordance with these requirements, IBUK has implemented a new section in Account Management and new features in the IB Trader Workstation to allow Investment Firms that report their transactions through IBUK to identify individuals and algorithms in compliance with the new obligations.


Individual responsible at the reporting firm for the execution of a transaction - Art 9 of Commission Delegated Regulation (EU) 2017/590 requires Investment Firms to identify individuals or algorithms responsible for determining which trading venue to access […], which firms to transmit orders to or any other condition related to the execution of an order. While this requirement applies only to IBUK for the majority of the transactions reports, because IBUK is usually the entity that executes the transaction, when an order is submitted by an Investment Firm that transaction reports through IBUK via the Delegated Transaction Reporting, the specific user that has submitted the order will be reported as responsible for executing the transaction.
 

Article 4 of commission delegated regulation (EU) 2017/590 - Transmission of an order

1. An investment firm transmitting an order pursuant to Article 26(4) of Regulation (EU) No 600/2014 (transmitting firm) shall be deemed to have transmitted that order only if the following conditions are met:

(a) the order was received from its client or results from its decision to acquire or dispose of a specific financial instrument in accordance with a discretionary mandate provided to it by one or more clients;

(b) the transmitting firm has transmitted the order details referred to in paragraph 2 to another investment firm (receiving firm);

(c) the receiving firm is subject to Article 26(1) of Regulation (EU) No 600/2014 and agrees either to report the transaction resulting from the order concerned or to transmit the order details in accordance with this Article to another investment firm.
 

For the purposes of point (c) of the first subparagraph the agreement shall specify the time limit for the provision of the order details by the transmitting firm to the receiving firm and provide that the receiving firm shall verify whether the order details received contain obvious errors or omissions before submitting a transaction report or transmitting the order in accordance with this Article.

2. The following order details shall be transmitted in accordance with paragraph 1, insofar as pertinent to a given order:

(a) the identification code of the financial instrument;

(b) whether the order is for the acquisition or disposal of the financial instrument;

(c) the price and quantity indicated in the order;

(d) the designation and details of the client of the transmitting firm for the purposes of the order;

(e) the designation and details of the decision maker for the client where the investment decision is made under a power of representation;

(f) a designation to identify a short sale;

(g) a designation to identify a person or algorithm responsible for the investment decision within the transmitting firm;

(h) country of the branch of the investment firm supervising the person responsible for the investment decision and country of the investment firm's branch that received the order from the client or made an investment decision for a client in accordance with a discretionary mandate given to it by the client;

(i) for an order in commodity derivatives, an indication whether the transaction is to reduce risk in an objectively measurable way in accordance with Article 57 of Directive 2014/65/EU;

(j) the code identifying the transmitting firm.

For the purposes of point (d) of the first subparagraph, where the client is a natural person, the client shall be designated in accordance with Article 6. For the purposes of point (j) of the first subparagraph, where the order transmitted was received from a prior firm that did not transmit the order in accordance with the conditions set out in this Article, the code shall be the code identifying the transmitting firm. Where the order transmitted was received from a prior transmitting firm in accordance with the conditions set out in this Article, the code provided pursuant to point (j) referred to in the first subparagraph shall be the code identifying the prior transmitting firm. 

 3. Where there is more than one transmitting firm in relation to a given order, the order details referred to in points (d) to (i) of the first subparagraph of paragraph 2 shall be transmitted in respect of the client of the first transmitting firm.

4. Where the order is aggregated for several clients, information referred to in paragraph 2 shall be transmitted for each client.
 

Also see:

Overview of MIFIR Transaction Reporting

MiFIR Enriched and Delegated Transaction Reporting for EEA Investment Firms

MiFIR Information Required from Account Holders that do not have Reporting Obligations

 

MiFIR Information Required from Account Holders that do not have Reporting Obligations

The MiFIR Transaction Reporting regime requires EEA Investment Firms, like IBUK, to include specific client identifiers in their transaction reports.

Accounts that trade in financial instruments carried by Interactive Brokers (U.K.) Limited (“IBUK”) will need to be identified in IBUK’s reports by using specific identifiers that may or may not be already available to IBUK.

Similarly, EEA Investment Firms that use the IB platform for their clients’ orders and have elected to transaction report through IBUK will have to use the same identifiers for their client orders. If you are the client of such a firm, IBUK may need additional information from you to complete the transaction reports.

This information will have to be provided to IBUK by 30 November 2017.

New Information Required
When additional information is necessary for this purpose, clients will be asked to provide it via the completion of an electronic form available in the Account Management.

The information requested for these accounts is:

  • - All countries of citizenship for natural persons that are account holders and authorised traders;
  • - A specific National Identifier for natural persons that are account holders and authorised traders;
  • The Legal Entity Identifier for legal entities. Clients that do not have an LEI will be able to apply for one through IBUK.
  • For organisation accounts, an indication as to whether the Legal Entity is a non-financial entity using the account for trades in Commodity Derivatives Transactions to reduce risk in an objectively measurable way in accordance with Article 57 of MiFID II.

 Note: For a listing of common MiFIR definitions and terms, see KB2980

THIS INFORMATION IS GUIDANCE FOR INTERACTIVE BROKERS CLEARED CLIENTS ONLY. THIS GUIDANCE DOES NOT APPLY TO EXECUTION ONLY ACCOUNTS.

NOTE: THE INFORMATION ABOVE IS NOT INTENDED TO BE A COMPREHENSIVE OR EXHAUSTIVE GUIDANCE AND IT IS NOT A DEFINITIVE INTERPRETATION OF THE REGULATION, BUT A SUMMARY OF MiFIR TRANSACTION REPORTING OBLIGATIONS.

MiFIR Enriched and Delegated Transaction Reporting for EEA Investment Firms

A new Directive 2014/65/EC (“MiFID II”) and Regulation (EU) No 600/2014 (“MiFIR”) have introduced new requirements for the reporting of transactions executed by EEA Investment Firms in financial instruments covered by MiFID II. (“MiFIR Transaction Reporting”)

Who is Subject to the MiFIR Transaction Reporting Requirements?
All European Economic Area (“EEA”) Investment Firms are subject to the new requirements and will have to report all transactions executed in financial instruments covered by MiFIR within one working day from their execution.

Interactive Brokers (U.K.) Limited (“IBUK”) will offer assistance to all Interactive Brokers Group (“IB”) clients that are EEA Investment Firms in complying with the new requirements.

With the exception of Omnibus Introducing Brokers that utilise the IB platform (in which all their underlying client positions are held in one or more omnibus accounts), all IB clients that are EEA Investment Firms will be able to elect to have IBUK report on their behalf. IBUK will report for IB clients based on two distinct reporting mechanisms implemented in accordance with the Regulation: Enriched Transaction Reporting and Delegated Transaction Reporting.

 

ENRICHED TRANSACTION REPORTING
In compliance with Article 4 of Commission Delegated Regulation (EU) 2017/590, if IBUK includes details of orders submitted by clients that are EEA Investment Firms (“the transmitting firm”) in its own transaction reports, the transmitting firm is exempt from reporting these transactions.

Enriched Transaction Reporting will only apply to transactions in financial instruments carried by IBUK submitted for execution by an EEA Investment Firm for the benefit of the Investment Firm’s clients (for example, a Financial Advisor, Fund Manager or Introducing Broker Account submitting orders for its clients' subaccounts).

 

DELEGATED TRANSACTION REPORTING
Delegated Transaction Reporting services are provided by IBUK to EEA Investment Firms for all other transactions submitted by the Investment Firm.

This includes transactions entered by the Investment Firm for its own proprietary account, transactions submitted on the basis of discretionary mandates given by their clients and transactions in Financial Instruments for which IB UK is not the carrying broker (i.e., any transaction in a financial instrument where another IB affiliate is the carrying broker). Delegated transaction reporting does not apply where the trades are submitted directly by clients of the Investment Firm.

These reports will be submitted to the National Competent Authority (“NCA”) of the Country of legal residence recorded in the Legal Entity Identifier of the account for which the Delegated Transaction Reporting was enabled (e.g., if the Investment Firm’s legal residence is Netherlands, transactions will be reported to the Authority for the Financial Markets (AFM)).

Clients will only need to sign one agreement with IBUK to cover both Enriched and Delegated Transaction Reporting.


How to Sign Up for the Enriched and Delegated Transaction Reporting Service
EEA Investment Firms (other than Non-Disclosed Introducing Brokers and Omnibus Introducing Brokers) will be prompted to complete an electronic form in the Account Management system during which it will be possible to accept to use IB’s Enriched and Delegated Transaction Reporting Service.

Given that IB may not have complete identity information for the underlying clients of Non-Disclosed Introducing Brokers, Investment Firms that are Non-Disclosed Introducing Brokers will not receive the above electronic form unless they specifically contact the IB Client Services Department to request the use of IBUK’s Enriched and Delegated Transaction Reporting Service and provide the required information.

EEA Investment Firms that are Omnibus Introducing Brokers on the IB platform will not have the ability to activate the Enriched and Delegated Transaction Reporting.

EEA Investment Firms that utilise IB’s Enriched and Delegated Transaction Reporting Service will need to sign the relevant legal agreement and provide the following information:

  • Legal Entity Identifier (“LEI”). Clients that do not have an LEI, will be able to apply for one through IBUK;
  • The citizenship(s) for each authorised trader and further information as required by the national client identifier requirements for the relevant country;
  • Individuals or Algorithms that can be responsible for making the investment decision within the investment firm:
    1. Individual active traders who have been previously selected as possible investment decision makers within the firm. Only individuals that are authorised as traders on the account will be allowed;
    2. Algorithm identifiers provided for algorithms that the firm may use for making investment decisions. It is the client’s responsibility to determine and provide algorithm identifiers in compliance with the regulation.

How the New Requirements Will Affect the Account Management and the IB Order Entry System
Some of the information required for the submission of a transaction report may change on an order by order basis, and may require input of the person submitting the trade. Hence, IB has amended IB Account Management and the IB Order Entry System to allow traders to provide the necessary information.

Accounts that want to use IB’s Enriched and Delegated Transaction Reporting Service shall select the authorised traders, and list the Algorithm IDs that may be responsible for making an investment decision. Click here for further details.

The traders and algorithms listed in Account Management will be displayed in a new dropdown field of the IB Trader Workstation at the time of the order submission. This field will show the default value selected in Account Management of the account. The client will be able to change this by selecting another value present in the dropdown list.

The IB Trader Workstation will allow an authorised trader on the account for which the Enriched and Delegated Transaction Reporting was activated to select one person or algorithm as responsible for the investment decision within the firm with regard to the specific order submitted.

 Note: For a listing of common MiFIR definitions and terms, see KB2980

 

THIS INFORMATION IS GUIDANCE FOR INTERACTIVE BROKERS CLEARED CLIENTS THAT ARE INVESTMENT FIRMS ONLY. THIS GUIDANCE DOES NOT APPLY TO EXECUTION ONLY ACCOUNTS.

NOTE: THE INFORMATION ABOVE IS NOT INTENDED TO BE A COMPREHENSIVE OR EXHAUSTIVE GUIDANCE AND IT IS NOT A DEFINITIVE INTERPRETATION OF THE REGULATION, BUT A SUMMARY OF MiFIR TRANSACTION REPORTING OBLIGATIONS.

 

Overview of MIFIR Transaction Reporting

Background
On 3 January 2018, a new Directive 2014/65/EC (“MiFID II”) and Regulation (EU) No 600/2014 (“MiFIR”) become effective, introducing significant changes to the transaction reporting (“MiFIR Transaction Reporting”) framework that was created in 2007 with the Markets in Financial Instrument Directive (“MiFID I”).

Interactive Brokers (U.K.) Limited (“IBUK”) has implemented a new transaction reporting system that will enable IBUK and Interactive Brokers Group (“IB Group”) clients that have direct reporting obligations under the new Regulation to comply with the new MiFIR requirements.

Affected clients will need to provide additional information to Interactive Brokers in order to continue trading through their accounts when the new reporting requirements become effective on 3 January 2018. Interactive Brokers will be requesting the required information electronically to facilitate its collection.

Affected clients will be requested to provide this information promptly and no later than 30 November 2017.
 

Scope of MiFIR Transaction Reporting Obligations

MiFIR Transaction Reporting applies to European Economic Area (“EEA”) Investment Firms, like IBUK, and also to EEA Investment Firms that use IBUK or other Interactive Brokers Group affiliates to execute orders. As a client of IBUK or of an Investment Firm that uses the IB platform, you may be required to provide additional information to allow the proper transaction reports to be filed.

EEA Investment Firms are obliged to report complete and accurate details of transactions executed in financial instruments covered by MiFIR to the relevant National Competent Authority (“NCA”) no later than the close of the next day.

MiFIR has widened the scope of reportable financial instruments to cover those that are traded on EEA Regulated Exchanges, Multilateral Trading Facilities (“MTFs”) and Organised Trading Facilities (“OTFs”). In addition to transactions executed on EEA exchanges, MiFIR will capture Over The Counter (“OTC”) transactions and transactions of EEA listed financial instruments that are executed on non-EEA trading venues, e.g. a stock listed on the LSE traded on NYSE. (see financial instruments covered by MiFIR).


MiFIR Transaction Reporting Solutions for IB Clients that are EEA Investment Firms: Enriched and Delegated Transaction Reporting
IB clients that have confirmed that they are an EEA Investment Firm subject to MiFIR transaction reporting obligations will be offered the option to delegate their reporting obligations to IBUK.

Some transactions executed by these EEA Investment Firms will be reported by IBUK under “Enriched Reporting” obligations. For these trades IBUK will add details about the Investment Firm to its own reports, satisfying the reporting obligations of the Investment Firm. Other transactions will only be reported on behalf of Investment Firms on a delegated basis, as separate reports in addition to IBUK own reports. Clients will only need to sign one agreement with IBUK to cover both types of reporting.

Click here for further details on Enriched and Delegated Transaction Reporting.
 

Information to Be Reported
The reporting fields have increased from 23 under the MiFID I regime to 65 under MIFIR. The new information requirements now include, among other items:

  • Detailed identification of the buyer and the seller for each transaction. In particular, the Regulation requires the provision of Legal Entity Identifiers (“LEI”) for legal entities and National Identifiers for natural persons (based on their countries of citizenship).
  • Identification of the Decision Maker for the buyer and the seller when a third-party exercises discretion:
    • A person other than the account holder on an individual or joint account, or a third-party entity.
    • A third-party other than the authorised traders on the account for an organisation account (e.g. a Financial Advisor trading for its clients’ subaccounts).

This information is not required where the account holder is self-trading or where authorised traders are trading for their own organisation.

  • Identification of the person or algorithm that is responsible at the reporting firm for making the investment decision or for the execution of a transaction. This information is required for EEA Investment Firms that use our reporting services. Please click here for further details.
  • For Commodity Derivatives Transactions, an indication as to whether such Commodity Derivatives Transactions reduce risk in an objectively measurable way in accordance with Article 57 of MiFID II; This is applicable to organisation accounts only when the holder is a non-financial entity.

The new information affects Interactive Brokers clients in different ways depending on whether the client is an EEA Investment Firm, or an organisation/person that is not an Investment Firm, and also depending on whether the financial instruments being traded are carried by IBUK or another Interactive Brokers Group affiliate.
 

Implications for IB Clients that are not Subject to MiFIR Transaction Reporting Obligations
In order to meet its own reporting obligations, IBUK is obliged to identify and report its immediate client for each transaction executed. The reporting must contain the new client identifiers mandated by the Regulations.

Therefore, IBUK will need to obtain and report a client identifier for:

  • IBUK direct clients that hold an account to trade financial instruments carried by IBUK;
  • Clients that are EEA Investment Firms and utilise the Interactive Brokers reporting services;
  • Clients that are subaccounts of an EEA Investment Firm that uses the Interactive Brokers platform and utilises our reporting services.

See KB2976 for further details on the information required from account holders that are not directly subject to MiFIR.

 

Note: For a listing of common MiFIR definitions and terms, see KB2980

 

THIS INFORMATION IS GUIDANCE FOR INTERACTIVE BROKERS CLEARED CLIENTS ONLY. THIS GUIDANCE DOES NOT APPLY TO EXECUTION ONLY ACCOUNTS.

NOTE: THE INFORMATION ABOVE IS NOT INTENDED TO BE A COMPREHENSIVE OR EXHAUSTIVE GUIDANCE AND IT IS NOT A DEFINITIVE INTERPRETATION OF THE REGULATION, BUT A SUMMARY OF MiFIR TRANSACTION REPORTING OBLIGATIONS.
 

Prioridad u órdenes de clientes profesionales

En el cuarto trimestre de 2009, ciertos mercados de opciones estadounidenses (CBOE, ISE) implementaron normas que sirven para distinguir órdenes que se originen de un grupo de clientes públicos considerados "profesionales" (es decir, personas físicas o jurídicas que tengan acceso a información o tecnología que les permita operar como un bróker-díler), en contraste con minoristas.  De acuerdo con estas reglas, cualquier cuenta de cliente que no sea de bróker- díler y que introduzca más de 390 órdenes de opciones cotizadas (tanto si se ejecutan como si no) en un promedio diario entre todos los mercados de opciones en un mes dado para beneficio de sus propias cuentas serán clasificadas como Profesional. Desde la implementación original por parte de CBOE y ISE, la mayoría de los mercados de opciones estadounidenses han implementado de forma similar normas para distinguir órdenes "profesionales" en su origen.

Las órdenes enviadas en nombre de clientes profesionales a estos mercados de opciones se tratarán de la misma forma que las órdenes de brókeres-díleres a efectos de prioridad de ejecución y estarán sujetas a una tarifa de transacción por contrato que podrá variar entre reducciones de ($0.65) hasta un cargo de $1.12 (dependiendo de la clase de opciones). 

Los brókeres deben realizar una revisión de forma trimestral para identificar a aquellos clientes que hayan excedido el umbral de las 390 órdenes para cualquier mes de dicho trimestre y que deban ser considerados profesionales para el siguiente trimestre natural. Tenga en cuenta que, a efectos de esta norma, las órdenes de diferencial se consideran una sola orden, en lugar de considerar cada tramo del diferencial como una orden separada. Los clientes afectados por estas normas serán notificados por IB.  Además, el enrutado Smart de IB está diseñado para tomar estas tarifas de mercado en consideración al realizar las decisiones de enrutado.

Para ver detalles adicionales, consulte los siguientes enlaces:

ISE Regulatory Circular 2009-179

CBOE Regulatory Circular RG09-148

Priorità od ordini di clienti professionali

Nel quarto trimestre del 2009 determinate Borse delle opzioni statunitensi (CBOE, ISE) hanno applicato disposizioni volte a contraddistinguere gli ordini provenienti da un gruppo di clienti pubblici ritenuti "professionali" (ovvero, soggetti o entità aventi accesso a informazioni e/o risorse tecnologiche che consentono loro di negoziare con le stesse modalità impiegate dagli operatori indipendenti) da quelli dei clienti retail.  Secondo quanto previsto da tali disposizioni, tutti i conti dei clienti che non siano operatori indipendenti, e che in un determinato mese immettano una media giornaliera di oltre 390 ordini di opzioni quotate (eseguiti o meno) tra tutte le Borse delle opzioni a vantaggio del/i proprio/i conto/i, saranno classificati come "professionali". Dal momento dell'attuazione iniziale da parte del CBOE e dell'ISE, la maggior parte delle altre Borse delle opzioni statunitensi ha introdotto disposizioni analoghe per contraddistinguere gli ordini aventi provenienza "professionale".

Ai fini della priorità di esecuzione, gli ordini inviati a tali Borse delle opzioni a nome dei clienti ritenuti "professionali" saranno trattati alla stregua degli ordini degli operatori indipendenti; inoltre, saranno soggetti a una commissione di transazione per contratto compresa tra storni di ($0.65) e una tariffa di $1.12 (a seconda della categoria delle opzioni). 

I broker sono tenuti a condurre una verifica trimestrale per identificare i clienti che eccedono la soglia dei 390 ordini in ciascun mese di tale trimestre e devono essere classificati come "professionali" per il trimestre successivo. Si prega di notare che, ai fini di tale disposizione, le singole componenti dello spread non sono considerate ordini singoli, bensì ciascun ordine di spread costituisce in sé un ordine unico. IB provvederà a informare i clienti coinvolti da tali disposizioni.  Si ricorda, inoltre, che il sistema di indirizzamento SmartRouting di IB è progettato per tenere in considerazione tali nuove commissioni di Borsa al momento della scelta dell'indirizzamento.

Per maggiori dettagli, si prega di fare riferimento ai seguenti link:

Circolare regolamentare 2009-179 dell'ISE

Circolare regolamentare RG09-148 del CBOE

優先級或專業客戶定單

2009年4季度,一些美國期權交易所(CBOE;ISE)實施細則將來自被視為“專業”(即擁有的信息和/或技術能供其同經紀交易商一樣進行交易的個人或實體)的一批公眾客戶的定單與零售客戶區分開來。根據該等細則,任何不是經紀交易商且在給定月份為自己的受益賬戶在所有期權交易所下達的日平均期權定單數超過390(無論執行與否)的客戶賬戶都將被分類為專業。自CBOE和ISE最先實施以來,大多數其他美國期權交易所也執行了類似細則將定單區分為“專業”。

代專業客戶提交至這些期權交易所的定單在執行優先級方面與經紀交易商待遇相同,且會產生交易費用,從($0.65)的折扣到$1.12的費用不等(取決於期權類別)。 

經紀商需每個季度進行一次審查,確定該季度內哪些客戶超過了390個定單的臨界值以及哪些客戶將在下一個季度被指定為專業。請注意,就該等細則而言,價差定單被視為單個定單,而不是每條邊作一個定單。IB將會向受該等細則影響的客戶發出通知。此外,IB的智能定單傳遞在做出傳遞決定時也會將這些新的交易所費用考慮在內。

更多詳細信息,請參見以下鏈接:

ISE監管通告2009-179

CBOE監管通告RG09-148

优先级或专业客户定单

2009年4季度,一些美国期权交易所(CBOE;ISE)实施细则将来自被视为“专业”(即拥有的信息和/或技术能供其同经纪交易商一样进行交易的个人或实体)的一批公众客户的定单与零售客户区分开来。根据该等细则,任何不是经纪交易商且在给定月份为自己的受益账户在所有期权交易所下达的日平均期权定单数超过390(无论执行与否)的客户账户都将被分类为专业。自CBOE和ISE最先实施以来,大多数其他美国期权交易所也执行了类似细则将定单区分为“专业”。

代专业客户提交至这些期权交易所的定单在执行优先级方面与经纪交易商待遇相同,且会产生交易费用,从($0.65)的折扣到$1.12的费用不等(取决于期权类别)。 

经纪商需每个季度进行一次审查,确定该季度内哪些客户超过了390个定单的临界值以及哪些客户将在下一个季度被指定为专业。请注意,就该等细则而言,价差定单被视为单个定单,而不是每条边作一个定单。IB将会向受该等细则影响的客户发出通知。此外,IB的智能定单传递在做出传递决定时也会将这些新的交易所费用考虑在内。

更多详细信息,请参见以下链接:

ISE监管通告2009-179

CBOE监管通告RG09-148

Priorité ou ordres de clients professionnels

Fin 2009, certaines Bourses d'options américaines (CBOE, ISE) ont instauré des règles visant à distinguer les ordres provenant d'un groupe de clients publics considérés non pas comme des particuliers mais comme des "Professionnels" (des personnes ou entités qui ont accès aux informations et/ou à la technologie leur permettant de trader de la même manière qu'un courtier-négociateur). Conformément à ces règles, tout compte client qui n'est pas un courtier négociateur et qui passe en moyenne plus de 390 ordres d'options cotées par jour (qu'elles soient exécutées ou pas) sur l'ensemble des marchés d'options pour un mois donné, sera considéré comme un Professionnel. Depuis l'instauration de cette règle par la CBOE et l'ISE, la plupart des marchés d'options ont mis en place des procédures similaires afin de distinguer les ordres émanant de "Professionnels".

Les ordres soumis au nom de clients professionnels sur ces Bourses d'options seront traités, en termes de priorité d'exécution, comme s'ils émanaient de courtiers négociateurs. Ils seront par ailleurs soumis à des frais de transaction par contrat allant de remises de ($0.65) à des frais de $1.12 en fonction des classes d'options. 

Les courtiers sont tenus de vérifier tous les trimestres si des clients ont excédé la limite de 390 ordres par mois pour un trimestre donné et doivent donc passer au statut de Professionnel le trimestre civil suivant. Veuillez noter qu'en vertu de ces règles, les ordres spread sont considérés comme un ordre unique; chaque jambe du spread ne représente donc pas un ordre. Les clients impactés par ces règles seront informés par IB. Par ailleurs, le Smart router IB prendra en considération ces nouveaux frais de Bourse lors du routage.

Pour plus d'informations, veuillez consulter les liens suivants:

ISE Regulatory Circular 2009-179

CBOE Regulatory Circular RG09-148

Ордера приоритетных или профессиональных клиентов

В 4-ом квартале 2009 года определенные американские биржи опционов (CBOE, ISE) ввели правила, различающие ордера публичных клиентов со статусом "Профессионал" (т.е. лиц с доступом к данным и/или технологиям, которые в некоторой мере позволяют им торговать как брокер-дилер) и розничные ордера.  Согласно этим правилам, если клиент не является брокером-дилером, а среднедневной объем опционных ордеров, размещенных на его счетах, в каком-либо месяце превышает 390 (независимо от того, исполняются ли они или нет), он будет классифицирован как "Профессионал". После первичной интеграции на CBOE и ISE похожие нормы опознавания "профессиональных" ордеров были введены и большинством других опционных бирж США.

Уровень важности исполнения ордеров, размещенных на данных биржах от имени профессиональных клиентов, будет соответствовать ордерам брокеров-дилеров. На них также будет налагаться плата за контракт, которая может колебаться от рибейтов в $0.65 до сборов в $1.12 (в зависимости от класса опционов). 

Брокеры обязаны производить ежеквартальную проверку для выявления клиентов, которые превысили порог в 390 ордеров за любой месяц рассматриваемого периода и которым в следующем квартале будет присвоен статус "Профессионал". Обращаем внимание, что в рамках данного правила спред-ордера рассматриваются как один ордер, т.е. леги не считаются отдельными сделками. Клиенты, подпадающие под действие этого предписания, будут уведомлены IB.  Вдобавок, Smart-маршрутизатор IB будет учитывать эти новые биржевые сборы, принимая решение, куда направить ордер.

Дополнительную информацию можно найти по следующим ссылкам:

Нормативный циркуляр ISE 2009-179

Нормативный циркуляр CBOE RG09-148

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