SEC Tick Size Pilot Program FAQs

Tick Size Pilot ("TSP" or "Pilot") Program:

Under the TSP Program,  if IB receives any order in a Pilot Security that does not conform to the designated pricing increment (e.g., a limit price in a $0.01 increment for a security designated as trading $0.05 increments), IB will REJECT that order, subject to limited exceptions. IB strongly encourages a thorough review of your software or your vendor’s software to understand the criteria for what causes an order in a Pilot Security to be rejected to permit you or your vendor to make changes to correctly handle orders in Test Group Pilot Securities.


Q: What is the Tick Size Pilot?
A: On May 6, 2015 the SEC approved an amended TSP NMS Plan. The Pilot will be two years in length. Data collection for the Pilot began on April 4, 2016, 6 months prior to the implementation of the trading and quoting rules for the Pilot. Implementation of the trading and quoting rules for the Pilot will begin on October 3, 2016.

The Pilot will be conducted using a Control Group and three Test Groups where variations in quoting and trading rules exist between each group. Please see the TSP NMS Plan for additional information.


Q: Will the Pilot quoting and trading rules apply during regular market hours, pre-market hours and post market hours?
A: The Pilot rules apply during all operational hours (pre-market, regular hours, and post market hours trading).


Q: Will the Pilot quoting and trading rules apply to odd-lot and mixed-lot sizes?
A: Yes, the Pilot rules to all order sizes.


Q: Will orders in Control Group Securities be accepted in price increments of less than $0.05?
A: Yes, orders submitted in price increments of less than $0.05 will continue to be accepted in Control Group securities.


Q: Will orders in a Test Group 1, 2 or 3 Pilot Securities be accepted in price increments of less than $0.05?
A: No, unless covered by an exception, orders submitted in price increments of less than $0.05 will be rejected.


Q: Which Pilot Security Orders in Test Groups will Interactive Brokers accept at other than $0.05 increments?
        Midpoint orders with no explicitly stated limit price or impermissible offsets will be accepted
        VWAP orders which do not have an explicitly stated limit price or impermissible offsets will be accepted.
        Interactive Brokers will accept Exchange operated Retail Price Improvement orders as follows:
                  Test Group 1 in $0.001 price increments
                  Test Groups 2 and 3 in $0.005 price increments.


Q: Will there be any changes to the Opening / Closing processes on Exchanges?
A: Please refer to each of the exchange rules for details but in general there will be no changes to the Opening / Closing process. All orders entered and eligible to participate in Exchange Opening / Closing Cross will be accepted in increments of $0.05. The Exchanges will begin publishing all quotes in increments of $0.05; however, Net Order Imbalance Indicator prices may be published in increments of $0.025.


Q: What will happen to my GTC order that was placed prior to October 3rd in a Pilot Stock that was priced in impermissible tick increments?
A: Interactive Brokers will adjust outstanding limit and stop GTC orders in Pilot stocks in Test Groups that are not in permissible tick increments (e.g., a buy limit order at $5.01 will be adjusted to $5.00 and a sell limit at $5.01 adjusted to $5.05).


Q: What will happen to my GTC order placed after October 3rd that was placed and accepted in a nickel tick increment but the Pilot Stock moves from a Test Group to the Control Group which permits non-nickel increments?
A: The GTC order will automatically be able to be revised by the user in non-nickel increments on the date the Pilot stock moves from the Test Group to the Control Group. Similarly, if a stock gets added to Test Group due to a corporate action, IB will cancel the GTC order if it is priced in impermissible increments.


Q: Where can I find out more information?

A: See KB2752 or the FINRA website for additional details regarding the Pilot Program:

Additional Information Regarding the Use of Stop Orders

U.S. equity markets occasionally experience periods of extraordinary volatility and price dislocation. Sometimes these occurrences are prolonged and at other times they are of very short duration. Stop orders may play a role in contributing to downward price pressure and market volatility and may result in executions at prices very far from the trigger price. 

Investors may use stop sell orders to help protect a profit position in the event the price of a stock declines or to limit a loss. In addition, investors with a short position may use stop buy orders to help limit losses in the event of price increases. However, because stop orders, once triggered, become market orders, investors immediately face the same risks inherent with market orders – particularly during volatile market conditions when orders may be executed at prices materially above or below expected prices.
While stop orders may be a useful tool for investors to help monitor the price of their positions, stop orders are not without potential risks.  If you choose to trade using stop orders, please keep the following information in mind:
·         Stop prices are not guaranteed execution prices. A “stop order” becomes a “market order” when the “stop price” is reached and the resulting order is required to be executed fully and promptly at the current market price. Therefore, the price at which a stop order ultimately is executed may be very different from the investor’s “stop price.” Accordingly, while a customer may receive a prompt execution of a stop order that becomes a market order, during volatile market conditions, the execution price may be significantly different from the stop price, if the market is moving rapidly.
·         Stop orders may be triggered by a short-lived, dramatic price change. During periods of volatile market conditions, the price of a stock can move significantly in a short period of time and trigger an execution of a stop order (and the stock may later resume trading at its prior price level). Investors should understand that if their stop order is triggered under these circumstances, their order may be filled at an undesirable price, and the price may subsequently stabilize during the same trading day.
·         Sell stop orders may exacerbate price declines during times of extreme volatility. The activation of sell stop orders may add downward price pressure on a security. If triggered during a precipitous price decline, a sell stop order also is more likely to result in an execution well below the stop price.
·         Placing a “limit price” on a stop order may help manage some of these risks. A stop order with a “limit price” (a “stop limit” order) becomes a “limit order” when the stock reaches or exceeds the “stop price.” A “limit order” is an order to buy or sell a security for an amount no worse than a specific price (i.e., the “limit price”). By using a stop limit order instead of a regular stop order, a customer will receive additional certainty with respect to the price the customer receives for the stock. However, investors also should be aware that, because a sell order cannot be filled at a price that is lower (or a buy order for a price that is higher) than the limit price selected, there is the possibility that the order will not be filled at all. Customers should consider using limit orders in cases where they prioritize achieving a desired target price more than receiving an immediate execution irrespective of price.
·         The risks inherent in stop orders may be higher during illiquid market hours or around the open and close when markets may be more volatile. This may be of heightened importance for illiquid stocks, which may become even harder to sell at the then current price level and may experience added price dislocation during times of extraordinary market volatility. Customers should consider restricting the time of day during which a stop order may be triggered to prevent stop orders from activating during illiquid market hours or around the open and close when markets may be more volatile, and consider using other order types during these periods.
·         In light of the risks inherent in using stop orders, customers should carefully consider using other order types that may also be consistent with their trading needs.

Investissements admissibles dans des comptes REER ou CELI

L'Agence du revenu du Canada restreint le type de positions qui peuvent être détenues dans des comptes REER ou CELI et seuls les investissements dits "admissibles" sont acceptés. Les positions détenues sur ces comptes qui ne remplissent pas les conditions d'éligibilité sont désignées comme "investissements non-admissibles". Ces derniers sont taxés par l'Agence du revenu du Canada à hauteur de 50 % de la juste valeur de propriété au moment de l'acquisition ou au moment de la non-admissibilité.

Les investissements admissibles comprennent les instruments suivants : un investissement dans des propriétés, y compris fiduciaire, des certificats de placement garantis (CPG), des obligations d'État et d'entreprise, ou des fonds communs de placement et actions cotées sur une Bourse désignée. Veuillez noter que certains investissements, bien qu'admissibles, peuvent ne pas être offerts par IB si le type de produit ou la Bourse ne sont pas pris en charge.1

Les investissements non-admissibles comprennent toute propriété qui n'est inclut dans la catégorie Investissement admissible. Il peut s'agir par exemple de trading d'actions sur le NEX au Canada ou des actions sur le PINK ou OTCBB aux États-Unis.

Pour plus d'informations, veuillez vous référer aux liens ci-dessous du site de l'Agence du revenu du Canada :

 1 Veuillez noter que bien qu'IB n'offre pas d'accès au Canadian Securities Exchange (CNSX), les actions cotées sur les Bourses désignées peuvent être transférées et détenues dans un compte REER ou CELI détenu à IB mais devront être transférées ailleurs pour le débouclage.


Delivery Settings for Shareholder Materials

IB’s default setting for distributing shareholder communications (e.g., proxy materials and annual reports) from U.S. and Canadian issuers is electronic delivery.  Under this method the account holder will receive an email notice when information becomes available for a security they hold from our processing agent, Mediant Communications. This notification will provide the necessary links for accessing the information and voting through the Internet in lieu of receiving these documents via postal service. The technology which you will need to secure the information includes access to the Internet and a web browser supporting secure connections. In addition, you will need to be able to read the documents online and print a copy provided your system supports documents in a PDF format.


Other items of note:

 -  We recommend that you add the following addresses to your email address book to minimize the possibility of communications being routed to your junk folder or rejected by your email provider as spam:,,,
-  Issuers reserve the right, and are sometimes required by regulation, to send certain shareholder communications via postal mail regardless of the account holder’s preference for electronic delivery. This will most often be the case for interim or special meetings or for contested voting matters.
-  Account holders may withdraw their consent to electronic delivery and revert to postal delivery at any time by submitting a request through the Message Center located with Account Management.  Note that changes to delivery settings are not applied to shareholder materials where the record date has already been sent. Account holders may, therefore, continue to receive deliveries for certain securities via the existing method for a period of 2 to 4 weeks after requesting a change.

-  The information above applies solely to shareholder communications associated with U.S. and Canadian issuers. The delivery of communications for securities issued outside of these two countries is typically electronic, but managed directly by the issuer or its agent (i.e., not Mediant). 


See also: Non-Objecting Beneficial Owner (NOBO)







  1. 出於比如監管、業務或融資困難等原因,儘管宣布收購,但可能永遠無法完成;以及
  2. 持有目標公司股票的利息成本。



與現金交易一樣,由於可能存在交易障礙和利息成本,目標公司的交易價格通常會在交易比率隱含的水平上打折扣。這種價差還可能會受所收到股息與交易預期生命週期內應付股息之間差額的影響以及收購方股票借用困難的影響。(有時收購會以股票的浮動比率或浮動換股比率進行。有些併購還採用股票和現金結合的方式,這需要目標公司的股東進行選舉。相對於標準、簡單的“現金”和“固定比率收購交易,這種交易會使得收購公司股價和股票公司股價之間的關係更加複雜), 從而需要非常詳細、特殊的交易策略。













  1. 出于比如监管、业务或融资困难等原因,尽管宣布收购,但可能永远无法完成;以及
  2. 持有目标公司股票的利息成本。










Перекладываемые платы за ADR

Владельцам счетов с позициями по американским депозитарным распискам (ADR) стоит помнить, что на подобные ценные бумаги налагаются периодические сборы, предназначенные для оплаты попечительских услуг, предоставляемых банком-агентом для ADR. Такие услуги, как правило, включают в себя инвентаризацию иностранных базовых активов ADR, а также управление регистрацией, обеспечением нормативного соответствия и учетом.

Раньше банки-агенты могли взимать плату за хранение, только вычитая ее из дивидендов по ADR, но из-за отсутствия регулярных дивидендов по многим ADR они не получали надлежащих выплат. В результате, в 2009 году Депозитарная трастовая компания (DTC) получила разрешение SEC на начало сборов платы за хранение ADR от имени таких банков. DTC получает необходимые суммы от брокеров-участников (таких же, как IB), у которых имеются клиентские ADR. Такие выплаты называются "перекладываемыми", поскольку брокер, в свою очередь, взимает их с клиентов.

Если у Вас имеются позиции по ADR, за которые Вы получаете дивиденды, вышеупомянутые выплаты как и раньше будут вычитаться из сумм дивидендов. Если же за Ваши позиции по ADR не выплачиваются дивиденды, то эти сборы будут включены в ежемесячную выписку вместе с датой их снятия. Как и в случае с денежными дивидендами, IB постарается указать предстоящие сборы по ADR в разделе "Начисления" выписки со счета. После снятия, сумма сборов будет включена в раздел "Депозиты и снятия" с описанием "Корректировки - Другие" и символом связанного с ней ADR.

Несмотря на то, что, как правило, суммы таких выплат составляют $0,01 - $0,03 за акцию, они отличаются в зависимости от ADR, поэтому мы советуем Вам ознакомиться с соответствующим проспектом для выяснения точной информации.  Интернет-поиск проспекта можно осуществить через инструмент EDGAR Company Search от SEC.

Commissioni pass-through ADR

Si ricorda ai titolari dei conti in possesso di posizioni in Ricevute di deposito americane (ADR) che tali titoli sono soggetti a commissioni periodiche finalizzate al risarcimento delle banche agenti che forniscono i servizi di custodia per conto delle ADR.  Di norma tali servizi comprendono l'inventario dei titoli non americani sottostanti le ADR e l'espletamento delle procedure di registrazione, conformità e conservazione documentale.

Storicamente le banche agenti erano unicamente in grado di riscuotere le commissioni di custodia sottraendole dai dividendi delle ADR.  Tuttavia, siccome molte ADR non pagano i dividendi regolarmente, tali banche non sono state più in grado di ricuotere le relative commissioni. Di conseguenza, nel 2009 SEC ha autorizzato la Depository Trust Company (DTC) alla riscossione delle commissioni di custodia delle ADR che non pagavano i dividendi periodici per conto delle banche.  La DTC riscuote tali commissioni tramite i propri broker partecipanti (per esempio IB) che detengono ADR per conto dei propri clienti.  Tali commissioni sono definite pass-through (di passaggio) in quanto destinate a essere riscosse dai clienti tramite i propri broker di riferimento.

Qualora si detengano posizioni in ADR eroganti dividendi, tali commissioni verranno dedotte dal dividendo stesso, così come accadeva in passato.  Nel caso, invece, in cui si detengano posizioni in ADR prive di dividendi, le commissioni pass-through verranno riscosse dal rendiconto mensile alla data di registrazione in cui è stato dichiarato.  Così come avviene nel caso della riscossione dei dividendi in contanti, allo stesso modo IB procede alll'allocazione delle commissioni ADR previste tramite la sezione Incrementi e rendiconti. L'addebito delle commissioni è visibile nella sezione Versamenti e prelievi del rendiconto sotto la denominazione "Modifiche - altro" insieme al simbolo della rispettiva ADR cui la commissione è associata.

Se quello delle commissioni pass-through è di norma compreso tra gli 0.01 e gli 0.03 USD per titolo, gli altri importi potrebbero variare in base alle differenti ADR e, per maggiori informazioni, si consiglia di fare riferimento al proprio prospetto di riferimento.  È possibile ricercare il prospetto online tramite lo strumento EDGAR Company Search di SEC.

Weitergabe von Gebühren für American Depository Receipts (ADRs)

Kontoinhaber, die Positionen in American Depository Receipts (ADRs) halten, sollten beachten, dass für Wertpapiere dieser Art regelmäßige Gebühren fällig werden, die zur Entschädigung der Depotbank für die Verwahrung des ADR dienen. Die Verwahrungsleistungen der Depotbank umfassen üblicherweise eine Bestandsaufnahme der ausländischen Aktien, die dem ADR zugrunde liegen, und die Abwicklung aller erforderlichen Registrierungs-, Compliance- und Dokumentationsmaßnahmen.

In der Vergangenheit konnten die Depotbanken lediglich Verwahrungsgebühren erheben, indem diese von der ADR-Dividende abgezogen wurden. Da auf viele ADRs jedoch keine regelmäßigen Dividenden gezahlt werden, war es für die Depotbanken häufig nicht möglich, ihre Gebühren zu erheben. Im Jahr 2009 erhielt die Depository Trust Company (DTC) daher von der SEC die Genehmigung, die Verwahrungsgebühren für ADRs, auf die keine regelmäßige Dividende gezahlt wird, im Auftrag der Depotbanken zu erheben. Die DTC stellt diese Gebühren den teilnehmenden Brokern (wie z. B. IB) in Rechnung, die die ADRs für ihre Kunden halten. Diese Gebühren werden als „Pass-Through Fees“, d. h. als Weitergabegebühren, bezeichnet, da die Broker diese Gebühren wiederum ihren Kunden in Rechnung stellen.

Falls Sie eine Position für ein ADR halten, auf das eine Dividende gezahlt wird, werden diese Gebühren weiterhin wie bereits in der Vergangenheit von der Dividende abgezogen. Falls Sie eine Position für ein ADR halten, auf das keine Dividende gezahlt wird, so wird die Weitergabegebühr auf dem monatlichen Kontoauszug für den Stichtag aufgeführt, zu dem sie erhoben wird.  Ähnlich wie bei Bardividenden bemüht sich IB, bevorstehende ADR-Gebührenverrechnungen im Abschnitt „Aufgelaufene Beträge“ auf Ihrem Kontoauszug auszuweisen. Sobald Ihr Konto mit der Gebühr belastet wurde, wird diese im Abschnitt „Ein-und Auszahlungen“ auf Ihren Kontoauszügen angegeben. Dabei wird der Posten mit der Beschreibung „Anpassungen - Andere“ und dem Symbol des jeweils betroffenen ADR versehen.

Die Höhe dieser Gebühren beläuft sich im Allgemeinen auf 0.01 - 0.03 US-Dollar pro Aktie, wobei diese Beträge jedoch von einem ADR zum anderen variieren können und es ist zu empfehlen, dass Sie für spezifische Informationen den Prospekt des jeweiligen ADRs hinzuziehen. Mit Hilfe des EDGAR-Company-Search-Tools der SEC können Sie online nach dem gewünschten Prospekt suchen.

Дивиденды: о каких важных датах следует знать?


Существуют следующие ключевые даты, связанные с дивидендами по акциям:

1. Дата объявления - день, когда совет директоров компании утверждает дивиденды и назначает дату регистрации и их выплаты.

2. Дата регистрации - день, когда определяются акционеры, имеющие право на получение дивидендов. Для этого Вы должны владеть акциями на момент закрытия торговли в этот же день.

3. Экс-дивидендная дата - день, в который или после которого акции будут проданы без права получения дивидендов. Поскольку для большинства сделок с акциями в США установлен стандартный расчетный период  (т.е. три рабочих дня после сделки), то чтобы получить право на выплату дивидендов, акции необходимо приобрести за три дня до даты регистрации. Экс-дивидендная дата наступает за два дня до даты регистрации.

4. Дата выплаты - день, когда объявленные дивиденды выплачиваются всем лицам, владеющим акциями в дату регистрации.

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