Aperçu des CFD sur actions émis par IB

L’article qui suit constitue une introduction générale aux CFD (contrat sur différence) sur actions émis par IB.

Pour des informations concernant les CFD sur actions IB, veuillez cliquer ici. Pour les CFD sur Forex, cliquez ici.

Table des matières :

I.    Définition d'un CFD
II.   Comparaison entre les CFD et les actions sous-jacentes
III.  Coûts et marge
IV.  Exemples
V.   Ressources
VI.  Foire aux questions

 

Avertissement concernant les risques

Les CFD sont des instruments complexes associés à un risque élevé de perte financière rapide en raison de l'effet de levier.

62% des comptes d'investisseurs de détail perdent de l'argent lorsqu'ils tradent des CFD avec IBKR (UK).

Vous devez vous assurer que vous comprenez la manière dont fonctionnent les CFD et que vous pouvez vous permettre de courir un risque élevé de perdre de l'argent.

Règles ESMA relatives aux CFD (Pour les clients de détail uniquement)

L'Autorité européenne des marchés financiers (ESMA) a édicté de nouvelles règles relatives aux CFD qui entreront en vigueur à compter du 1er août 2018.

Les règles consistent en: 1) des limites sur les effets de levier à l'ouverture de positions de CFD; 2) une règle de clôture des positions ouvertes par compte basée sur la marge 3) une protection contre les soldes négatifs par compte.

Les mesures de l'ESMA s'appliquent aux clients de détail. Les clients professionnels ne sont pas affectés.

Veuillez vous référer au document Application des règles de l'ESMA sur les CFD à IBKR pour plus d'informations.

I.  Définition d'un CFD sur actions

Les CFD IBKR sont des contrats de gré à gré qui offrent le rendement de l’action sous-jacente, y compris les dividendes et les opérations sur titres (en savoir plus sur les Opérations sur titres pour les CFD).

En d’autres termes, il s’agit d’un accord entre l’acheteur (vous) et IB visant à échanger la différence entre la valeur actuelle d’une action et sa valeur à une date ultérieure. Si vous détenez une position longue et que la différence est positive, IB vous paie. Si la différence est négative, vous payez IB.

Les CFD sur actions sont négociés sur votre compte de marge; vous pouvez donc trader aussi bien des positions longues que courtes avec effet de levier. Le prix des CFD correspond au prix coté sur la Bourse de l’action sous-jacente. Les prix des CFD IB sont en fait identiques aux prix "Smart-routed" pour les actions, comme vous pouvez l'observer sur la Trader Workstation. Par ailleurs, IB offre un accès direct au marché (DMA). Comme pour les actions, vos ordres non négociables (par ex. les ordres à cours limité) voient le hedge du sous-jacent directement inscrit dans la profondeur du carnet d’ordres des Bourses où il est négocié.   Cela signifie également que vous pouvez acheter le CFD au cours acheteur du sous-jacent et le vendre au cours vendeur.

Pour comparer le modèle transparent d’IB à d’autres modèles disponibles sur le marché, consultez notre Aperçu des modèles du marché CFD..

IB offre actuellement environ 6500 CFD sur actions couvrant les marchés principaux des États-Unis, de l'Europe et d' Asie.  Les constituants des indices majeurs mentionnés ci-dessous sont actuellement disponibles sous forme de CFD sur actions IB. Dans de nombreux pays, IB offre également le trading d’actions liquides de faible capitalisation. Il s’agit d’actions dont la capitalisation boursière ajustée du flottant est de 500 millions d'USD minimum pour une valeur de trading médiane journalière de 600,000 USD minimum.   Pour en savoir plus, consultez notre Liste des produits CFD. D’autres pays seront bientôt ajoutés.

États-Unis S&P 500, DJA, Nasdaq 100, S&P 400 (Moy. Cap), Small cap liquides
Royaume-Uni FTSE 350 + Small cap liquides (y compris. IOB)
Allemagne Dax, MDax, TecDax + Small cap liquides
Suisse Portion suisse du STOXX Europe 600 (48 actions) + Small cap liquides
France CAC Large Caps, CAC Mid Caps + Small Cap liquides
Pays-Bas AEX, AMS Mid Cap + Small Cap liquides
Belgique BEL 20, BEL Mid Cap + Small Cap liquides
Espagne IBEX 35 + Small Cap liquides
Portugal PSI 20
Suède OMX Stockholm 30 + Small Cap liquides
Finlande OMX Helsinki 25 + Small Cap liquides
Danemark OMX Copenhagen 30 + Small Cap liquides
Norvège OBX
République Tchèque PX
Japon Nikkei 225 + Small Cap liquides
Hong Kong HSI + Small Cap liquides
Australie ASX 200 + Small Cap liquides
Singapour* STI + Small Cap liquides
Afrique du sud Top 40 + Small Cap liquides

 *non disponible pour les résidents de Singapour

II.   Comparaison entre les CFD et les actions sous-jacentes

Selon vos objectifs et votre style de trading, les CFD offrent un certain nombre d'avantages par rapport aux actions, mais également quelques inconvénients:
 
AVANTAGES DES CFD IB INCONVÉNIENTS DES CFD IB
Pas de droit de timbre ou taxe sur les transactions financières (Royaume-Uni, Belgique, France) Pas de droit de propriété
En général, les commissions et taux de marge sont moins élevés que pour les actions Les opérations sur titres complexes ne peuvent pas toujours être reproduites
Taux de convention fiscale sans la nécessité de récupération L'imposition des gains peut différer des actions (veuillez consulter votre conseiller fiscal)
Exemption des règles de day trading  

III.  Coûts et marge

Les CFD IB peuvent être un moyen encore plus efficace de négocier sur les marchés boursiers européens plutôt que d’utiliser l’offre déjà très compétitive d'actions proposée par IB.

Tout d’abord, les CFD IB sont soumis à des commissions moins élevées que les actions, tout en offrant les mêmes spreads à faible financement:

EUROPE   CFD ACTION
Commission GBP 0.05% 6.00 + 0.05% GBP*
EUR 0.05% 0.10%
Financement** Benchmark +/- 1.50% 1.50%

*par ordre + 0.05% plus franchise au delà de 50,000 GBP
**Financement CFD sur valeur totale de position, financement action sur montant emprunté

Plus vous négociez et plus les commissions des CFD baissent, jusqu'à 0,02%. Pour les positions portant sur des volumes importants, les frais de financement sont réduits et peuvent être de 0.5% seulement.  Pour en savoir plus, consultez nos commissions CFD et Taux de financement CFD.

De plus, les CFD ont des exigences de marge moindre par rapport aux actions. Les clients de détail sont soumis à des exigences de marge supplémentaires comme l'impose l'ESMA, l'organisme régulateur européen. Veuillez consulter le document  Application des règles de l'ESMA sur les CFD à IBKR pour plus d'informations.

  CFD ACTION
  Tous Standard Portfolio margin
Exigence de marge de maintien*

10%

25% - 50% 15%

*Marge type pour les blue-chips. Les clients de détail sont soumis à une marge initiale minimum de 20%. Marge de maintien standard intraday de 25% pour les actions, 50% overnight.  La marge de portefeuille (Portfolio Margin) indiquée est la marge de maintien (y compris overnight). Les émissions plus volatiles sont soumises à des exigences de marge plus importantes

Veuillez vous référer aux Exigences de marge pour les CFD pour plus d'informations.


IV.  Exemple (Client professionnel)

Examinons l'exemple ci-dessous. Le listing d’Unilever Amsterdam a augmenté de 3.2% au cours du dernier mois (20 jours de trading au 14 mai 2012) et vous pensez que sa performance va se maintenir. , Vous souhaitez créer une exposition de 200,000 EUR et la conserver pendant 5 jours. Vous passez 10 ordres pour développer et 10 ordres pour déboucler. Vos coûts directs seraient comme suit:

ACTION

  CFD ACTION
Position 200,000 EUR   Standard Portfolio margin
Exigence de marge 20,000 100,000 30,000
Commission (Aller Retour) 200.00 400.00 400.00
Taux d'intérêt (Simplifié) 1.50% 1.50% 1.50%
Montant financé 200,000 100,000 170,000
Jours financés  5 5 5
Dépense en intérêts (1.5% Taux simplifié) 41.67 20.83 35.42
Coût total direct (Commission + Intérêt) 241.67 420.83 435.42
Différence de coût   74% plus élevé 80% plus élevé

Remarque: les intérêts des CFD sont calculés sur la position totale tandis que les intérêts des actions sont calculés sur le montant emprunté. Les taux appliqués sont les mêmes pour les CFD et les actions. Les intérêts applicables sont les mêmes pour les actions et pour les CFD

 

Mais supposons que vous n'ayez que 20,000 EUR de disponible pour financer la marge. Si Unilever maintient le même niveau de performance qu'au cours du mois passé, votre gain potentiel serait aux alentours de:  

GAIN EFFET DE LEVIER CFD ACTION
Marge disponible 20,000 20,000 20,000
Total investi 200,000 40,000 133,333
Rendement brut (5 Days) 1,600 320 1,066.66
Commission 200.00 80.00 266.67
Dépense en intérêts (1.5% Taux simplifié) 41.67 4.17 23.61
Coût total direct (Commission + Interest) 241.67 84.17 290.28
Rendement net (Rendement brut moins coût direct) 1,358.33 235.83 776.39
Montant d'investissement du rendement sur marge 0.07 0.01 0.04
Différence   83% moins Gain 43% moins Gain

 

RISQUE EFFET DE LEVIER CFD ACTION
Marge disponible 20,000 20,000 20,000
Total investi 200,000 40,000 133,333
Rendement brut (5 Days) -1,600 -320 -1,066.66
Commission 200.00 80.00 266.67
Dépense en intérêts (1.5% Taux simplifié) 41.67 4.17 23.61
Coût total direct (Commission + Interest) 241.67 84.17 290.28
Rendement net (Rendement brut moins coût direct) -1,841.67 -404.17 -1,356.94
Différence   78% Moins Perte 26% Moins Perte

 

V.   Ressources CFD

Vous trouverez ci-dessous des liens utiles contenant des informations plus détaillées sur l’offre des CFD IB:

Spécifications du contrat CFD

Liste des produits CFD

Commissions CFD

Taux de financement CFD

Exigences de marge CFD

CFD - Opérations sur titres

Le tutoriel suivant est également disponible:

Comment passer un ordre de CFD sur la Trader Workstation

 

VI.  Foire aux questions

Quelles actions sont disponibles en tant que CFD?

Les actions de forte et moyenne capitalisation aux États-Unis, en Europe de l'ouest, dans les pays nordiques et au Japon.  Les actions de faible capitalisation liquides sont également disponibles sur de nombreux marchés. Veuillez consulter la page Liste de produits CFD pour plus d'informations. D'autres pays seront ajoutés très prochainement.

 

Avez-vous des CFD pour des indices sur actions et Forex?

Oui. Veuillez consulter la page CFD sur indices IB - Informations et questions et CFD sur Forex - Informations et questions.

 

Comment sont déterminées les cotations des CFD sur actions?

Le prix des CFD correspond à la cotation via Smartrouting de l’action sous-jacente. IB n'élargit pas le spread ni ne détient de positions en votre défaveur. Pour en savoir plus, veuillez consulter l'aperçu des modèles du marché CFD.

 

Puis-je voir mes ordres à cours limité sur la Bourse?

Oui. IB offre un accès direct au marché (DMA). Comme les actions, les ordres qui ne sont pas négociables (par ex. les ordres à cours limité) bénéficient de la protection du sous-jacent qui est directement inscrit sur le carnet d’ordres des bourses où il est négocié. Cela signifie également que vous pouvez acheter le CFD au cours acheteur du sous-jacent et le vendre au cours vendeur. De plus, vous recevrez peut-être une amélioration de prix si l'ordre d'un autre client peut être croisé au vôtre à un meilleur prix que celui disponible sur les marchés.

 

Comment déterminez-vous les marges des CFD sur actions?

IB établit des exigences de marge sur la base de la volatilité historique de chaque action sous-jacente. La marge minimum est de 10%  Ce taux de marge est généralement appliqué à la plupart des CFD IB, ce qui rend le trading de CFD plus attractif en termes de marge que le trading du sous-jacent.   Les investisseurs de détail sont soumis à des exigences de marge supplémentaires imposées par ESMA, l'organisme
régulateur européen. Veuillez consulter le document Application des règles de l'ESMA à IBKR pour plus d'informations. Il n'y a pas de compensation de portefeuille entre des positions CFD individuelles ou entre des positions CFD et l'exposition à l’action sous-jacente. Les positions concentrées et portant sur de gros volumes peuvent être soumises à des marges supplémentaires. Veuillez consulter la page des Exigences de marge pour les CFD pour plus d'informations.

 

Les CFD sur action courts sont-ils soumis à des rachats forcés ?

Oui. Si l’action sous-jacente devient difficile ou impossible à emprunter, le détenteur de la position sera soumis à un rachat.

 

Comment traitez-vous les dividendes et opérations sur titre?

En règle générale, IB reflète l'effet économique de l’opération sur titre pour les détenteurs de CFD comme s'ils détenaient les titres sous-jacent*. Les dividendes sont comptabilisés sous forme d'ajustement de liquidité, tandis que d'autres actions peuvent être comptabilisées sous forme d'ajustement de liquidité, d'ajustement de position ou une combinaison des deux. Par exemple, si les actions d'entreprise se traduisent par un changement du nombre d’actions (par ex. dans le cas de fractionnement d'actions ou fractionnement d'actions inversé), le nombre de CFD est ajusté en conséquence. Lorsque l’action devient une nouvelle entité et qu'IB décide de la proposer comme CFD, de nouvelles positions courtes et longues sont créées dans la quantité appropriée. Pour en savoir plus, consultez la page CFD - Opérations sur titre.

*Dans certains cas, il ne sera pas possible d'ajuster de manière exacte le CFD, comme pour une opération sur titres complexe telle qu'une fusion par exemple. Dans ce cas, IB pourra clôturer la position de CFD avant la date de détachement.

 

Tout le monde peut-il trader des CFD IB?

Tous les clients peuvent trader des CFD IB à l'exception des résidents des États-Unis, du Canada et de Hong Kong. Les résidents de Singapour peuvent trader des CFD IB à l'exception de ceux basés sur des actions cotées à Singapour. Il n'existe pas d'exemption aux exclusions sur la base de la résidence en fonction du type d'investisseur.

 

Que dois-je faire pour commencer à trader des CFD avec IB?

Vous devez mettre en place les autorisations de trading pour les CFD dans la Gestion de compte et accepter les déclarations adéquates. Si vous détenez un compte auprès d'IB LLC, IB créera un nouveau segment de compte (identifié avec votre numéro de compte existant par le suffixe “F”). Une fois le segment confirmé, vous pourrez commencer à trader. Vous n'avez pas besoin d'approvisionner le compte "F" séparément, les fonds seront automatiquement transférés en fonction des exigences de marge de votre compte principal.  

Existe t-il des conditions en termes de données de marché?

Les données de marché pour les CFD sur actions IB sont les mêmes que les données de marché des actions sous-jacentes. Il est par conséquent nécessaire d'obtenir les autorisations de données de marché pour les Bourses correspondantes. Si vous avez déjà mis en place des autorisations de données de marché pour une Bourse afin de pouvoir trader des actions, aucune autre action n'est requise. Si vous souhaitez trader des CFD sur une Bourse pour laquelle vous n'avez pas actuellement d'autorisation de données de marché, vous pouvez mettre en place des autorisations de trading de la même manière que si vous envisagiez de trader les actions sous-jacentes.

 

Mes transactions de CFD apparaissent-elles dans mes relevés de compte?

Si vous détenez un compte auprès d'IB LLC, vos positions de CFD sont détenues dans un segment de compte distinct identifié par le suffixe "F" et votre numéro de compte principal. Vous pouvez choisir de visualiser les relevés de compte pour ce segment "F" soit séparément, soit de manière consolidée avec votre compte principal. Vous pouvez sélectionner l'option de votre choix dans la fenêtre des relevés de la Gestion de compte. Pour les autres comptes, les CFD sont affichés normalement dans le relevé de compte comme les autres produits de trading.

 

Puis-je transférer mes positions CFD depuis un autre courtier?

IB se fera un plaisir de procéder au transfert de vos positions, sous réserve de l’accord de l’autre courtier. Étant donné que le transfert de positions CFD est plus complexe que celui des actions, en règle générale nous demandons que la position soit d’une valeur équivalente à 100,000$.

 

Des graphiques sont-ils disponibles pour les CFD?

Oui.

 Quelles protections de compte s’appliquent au trading de CFD émis pas IB?

Les CFD sont des contrats émis par IB UK qui agit en tant que contrepartie. Ils ne sont donc pas négociés sur un marché réglementé et ne sont pas compensés par une chambre de compensation centrale. Étant donné qu’IB UK est votre contrepartie pour les CFD, vous êtes exposé à des risques financiers et commerciaux, y compris le risque de crédit associé à la réalisation de transactions avec IB Royaume-Uni. Veuillez noter cependant que tous les fonds des clients sont toujours totalement ségrégés, y compris ceux des clients institutionnels. IB UK est membre du programme UK Financial Services Compensation Scheme (FSCS). IB UK n'est pas un membre de la U.S. Securities Investor Protection Corporation (“SIPC”). Veuillez consulter la déclaration des risques liés aux CFD IB UK pour davantage d'informations sur les risques liés au trading de CFD.

 

Avec quel type de compte IB puis-je négocier des CFD (par ex. compte individuel, institutionnel, Amis et famille, etc.)?  

Tous les comptes de marge sont éligibles au trading de CFD. Les comptes au comptant et SIPP ne sont pas éligibles.

 

Combien de positions maximum puis-je avoir pour un CFD spécifique?

Pas de limite pré-établie. Cependant, rappelez-vous que les positions très importantes peuvent être soumises à une augmentation des exigences de marge. Pour en savoir plus, veuillez consulter les exigences de marge des CFD.

 

Puis-je trader des CFD par téléphone?

Non. Cependant, dans certains cas exceptionnels, nous pouvons accepter de traiter des ordres de fermeture par téléphone mais jamais des ordres d'ouverture.

 

 

Les CFD sont des instruments complexes associés à un risque élevé de perte financière rapide en raison de l'effet de levier.

62% des comptes d'investisseurs de détail perdent de l'argent lorsqu'ils tradent des CFD avec IBKR (UK).

Vous devez vous assurer que vous comprenez la manière dont fonctionnent les CFD et que vous pouvez vous permettre de courir un risque élevé de perdre de l'argent.

Règles de l'ESMA

L'Autorité européenne des marchés financiers (ESMA) a édicté de nouvelles mesures temporaires d'intervention sur les produits qui entreront en vigueur le 1er août 2018 (Décision de l'autorité européenne des marchés financiers).

Les restrictions imposées par ces mesures consistent en: 1) des limites sur les effets de levier; 2) une règle de clôture des positions ouvertes par compte basée sur la marge 3) une protection contre les soldes négatifs par compte; 4) une restriction des incitations au trading de CFD; et 5) un avertissement standardisé concernant les risques.

Les mesures de l'ESMA s'appliquent aux clients de détail. Les clients professionnels ne sont pas affectés.


 

Les CFD sont des instruments complexes associés à un risque élevé de perte financière rapide en raison de l'effet de levier.

62% des comptes d'investisseurs de détail perdent de l'argent lorsqu'ils tradent des CFD avec IBKR (UK).

Vous devez vous assurer que vous comprenez la manière dont fonctionnent les CFD et que vous pouvez vous permettre de courir un risque élevé de perdre de l'argent.
 

Panoramica dei CFD su azioni emessi da IB

Il presente articolo ha lo scopo di fornire un'introduzione generale ai CFD (contratti per differenza) su azioni emessi da IB.

Per informazioni in merito ai CFD su indici di IB, si prega di cliccare qui. Per i CFD su forex, cliccare qui.

Gli argomenti illustrati sono i seguenti:

I.    Definizione di CFD
II.   Confronto tra CFD e azioni sottostanti
III.  Considerazioni relative ai costi e ai requisiti di margine
IV.  Esempio indicativo
V.   Risorse relative ai CFD
VI.  Domande frequenti

 

Avvertenza sui rischi

I CFD sono strumenti complessi e implicano un alto rischio di perdita rapida di denaro per via della leva finanziaria.

Il 62% dei conti degli investitori al dettaglio (retail) perde denaro con la negoziazione di CFD tramite IBKR (UK).

È bene considerare se si comprende il funzionamento dei CFD e se ci si può permettere di assumersi l'alto rischio di perdita di denaro.

Norme dell'ESMA relative ai CFD (solamente clienti retail)

L'Autorità europea degli strumenti finanziari e dei mercati (ESMA) ha emanato nuove norme relative ai CFD in vigore a partire dal 1 agosto 2018.

Tali norme comprendono: 1) dei limiti della leva sull'apertura di posizioni su CFD; 2) una norma sulla liquidazione del margine a seconda dello specifico conto; e 3) una tutela del saldo negativo a seconda dello specifico conto.

L'ordinanza dell'ESMA è applicabile solamente ai clienti al dettaglio (retail). I clienti professionali non ne sono soggetti.

Per maggiori dettagli, si prega di fare riferimento all'implementazione delle norme dell'ESMA sui CFD in IBKR.

I.  Definizione di CFD su azioni

I CFD di IB sono contratti OTC che replicano la consegna dell'azione sottostante, inclusi dividendi e operazioni societarie (maggiori informazioni in merito alle operazioni societarie sui CFD).

In altri termini, si tratta di un accordo tra l'acquirente e IB per lo scambio della differenza tra il valore corrente dell'azione e il valore in un periodo futuro. Se si detiene una posizione long e tale differenza è positiva, si riceverà un compenso da IB. Se la differenza è negativa, si dovrà corrispondere un compenso a IB.

I CFD su azioni di IB sono negoziati tramite il proprio conto a margine, e, di conseguenza, è possibile aprire posizioni a leva finanziaria sia lunghe sia corte. Il prezzo de CFD è il prezzo dell'azione sottostante quotato in Borsa. Infatti, le quotazioni di CFD IB sono identiche alle quotazioni azionarie indirizzate via SmartRouting e visualizzabili in Trader Workstation e, inoltre, IB offre accesso diretto al mercato (DMA). Analogamente alle azioni, i propri ordini non inviabili a mercato (ovvero, ordini limite) presentano la copertura del sottostante rappresentata direttamente sulla profondità del libro ordini delle Borse valori in cui questo è negoziato.  Ciò significa anche che è possibile immettere ordini per l'acquisto del CFD al prezzo denaro del sottostante e venderlo al prezzo lettera.

Per un confronto tra la struttura trasparente dei CFD IB e le altre soluzioni offerte sul mercato, si prega di consultare la sezione Panoramica dei modelli di mercato dei CFD.

Attualmente IB offre una gamma di circa 6500 CFD su azioni, che coprono i principali mercati statunitensi, europei e asiatici.  I componenti dei principali indici di seguito elencati sono attualmente disponibili come CFD su azioni di IB. In molti Paesi IB offre anche la possibilità di negoziare azioni liquide a bassa capitalizzazione. Si tratta di azioni con capitalizzazione di mercato corretta per il flottante libero pari ad almeno 500 milioni di USD e con un valore di negoziazione medio giornaliero di almeno 600.000 USD.  Per maggiori dettagli, si prega di consultare la pagina Elenco dei prodotti > CFD. Presto saranno aggiunti ulteriori Paesi.

Stati Uniti S&P 500, DJA, Nasdaq 100, S&P 400 (Mid Cap), liquide a bassa capitalizzazione
Regno Unito FTSE 350 + liquide a bassa capitalizzazione (incl. IOB)
Germania Dax, MDax, TecDax + liquide a bassa capitalizzazione
Svizzera Porzione svizzera dello STOXX Europe 600 (48 azioni) + liquide a bassa capitalizzazione
Francia CAC Large Cap, CAC Mid Cap + liquide a bassa capitalizzazione
Paesi Bassi AEX, AMS Mid Cap + liquide a bassa capitalizzazione
Belgio BEL 20, BEL Mid Cap + liquide a bassa capitalizzazione
Spagna IBEX 35 + liquide a bassa capitalizzazione
Portogallo PSI 20
Svezia OMX Stockholm 30 + liquide a bassa capitalizzazione
Finlandia OMX Helsinki 25 + liquide a bassa capitalizzazione
Danimarca OMX Copenhagen 30 + liquide a bassa capitalizzazione
Norvegia OBX
Repubblica ceca PX
Giappone Nikkei 225 + liquide a bassa capitalizzazione
Hong Kong HSI + liquide a bassa capitalizzazione
Australia ASX 200 + liquide a bassa capitalizzazione
Singapore* STI + liquide a bassa capitalizzazione
Sudafrica Top 40 + liquide a bassa capitalizzazione

 *non disponibile per i residenti a Singapore

II.   Confronto tra CFD e azioni sottostanti

A seconda dei propri obiettivi e del proprio stile di trading, i CFD offrono una serie di vantaggi, ma anche svantaggi, rispetto alle azioni:
 
VANTAGGI DEI CFD IB SVANTAGGI DEI CFD IB
Nessuna imposta di bollo o imposte sulle transazioni (Regno Unito, Francia, Belgio) Nessun diritto di proprietà
In genere, commissioni e tassi di margine inferiori rispetto alle azioni Operazioni societarie complesse non sempre esattamente replicabili
Aliquote d'imposta per i dividendi in accordo con le convenzioni fiscali senza necessità di rivendicazione Tassazione sulle plusvalenze potenzialmente diversa rispetto alle azioni (si prega di consultare il proprio consulente fiscale)
Esenzione dalle normative di day trading  

III.  Considerazioni relative ai costi e al margine

I CFD IB possono rappresentare una modalità di negoziazione sui mercati azionari europei ancora più efficiente rispetto alla già concorrenziale offerta azionaria di IB.

Innanzitutto, i CFD IB presentano commissioni inferiori rispetto alle azioni e offrono gli stessi spread finanziari ridotti:

EUROPA   CFD AZIONE
Commissione GBP 0.05% 6.00 GBP + 0.05%*
EUR 0.05% 0.10%
Finanziamento** Benchmark +/- 1.50% 1.50%

*per ordine + 0.05% eccedenti i 50,000 GBP
**finanziamento di CFD sul valore complessivo della posizione, finanziamento azionario sull'importo assunto in prestito

All'aumento dell'importo negoziato corrisponde una diminuzione delle commissioni sui CFD, pari ad appena lo 0.02%. Le posizioni di dimensioni più elevate prevedono tassi di finanziamento ridotti, pari ad appena lo 0.5%.  Per maggiori dettagli, si prega di consultare le sezioni Commissioni > CFD e Tassi di finanziamento > CFD.

In secondo luogo, i CFD prevedono requisiti di margine inferiori rispetto alle azioni. I clienti retail sono soggetti a ulteriori requisiti di margine imposti dall'ESMA, l'ente di regolamentazione europeo. Per i dettagli, si prega di fare riferimento all'implementazione delle norme dell'ESMA sui CFD in IBKRR.

  CFD AZIONE
  Tutte Standard Margine di portafoglio
Requisito di margine di mantenimento*

10%

25% - 50% 15%

*Margine tipico delle Blue Chip. I clienti retail sono soggetti a un margine iniziale minimo del 20%. Margine di mantenimento infra-giornaliero standard del 25% per le azioni, del 50% alla giornata.  Il margine di portafoglio mostrato è il margine di mantenimento (compreso quello alla giornata). Le emissioni particolarmente volatili sono soggette a requisiti più elevati

Per maggiori dettagli, si prega di fare riferimento alla sezione relativa ai requisiti di margine dei CFD.


IV.  Esempio indicativo (clienti professionali)

Si consideri l'esempio seguente. I titoli di Unilever quotati ad Amsterdam hanno generato un rendimento del 3.2% nel mese passato (20 giorni di trading fino al 14 maggio 2012) e si pensa che continueranno a garantire un buon rendimento. Si desidera avere un'esposizione di 200,000 EUR e mantenerla per cinque giorni. Si effettuano 10 transazioni per creare la posizione e 10 per chiuderla. I propri costi diretti sarebbero i seguenti:

AZIONE

  CFD AZIONE
Posizione di 200,000 EUR   Standard Margine di portafoglio
Requisito di margine 20,000 100,000 30,000
Commissione (di ingresso e uscita) 200.00 400.00 400.00
Tasso d'interesse (semplificato) 1.50% 1.50% 1.50%
Importo finanziato 200,000 100,000 170,000
Giorni finanziati  5 5 5
Interesse passivo (tasso semplificato del 1,5%) 41.67 20.83 35.42
Costo diretto complessivo (commissioni + interessi) 241.67 420.83 435.42
Differenza di costo   Maggiore del 74% Maggiore del 80%

Nota: l'interesse passivo sui CFD è calcolato sull'intera posizione del contratto, mentre l'interesse sulle azioni è calcolato sull'importo assunto in prestito. I tassi applicabili per le azioni e i CFD sono gli stessi.

 

Si ipotizzi, invece, che si disponga solamente di 20,000 EUR per finanziare il margine. Se Unilever continuasse a mostrare le stesse performance del mese precedente, il proprio potenziale di profitto si rivelerebbe il seguente:  

COMPENSO A LEVA CFD AZIONE
Margine disponibile 20,000 20,000 20,000
Ammontare complessivo investito 200,000 40,000 133,333
Rendimento lordo (5 giorni) 1,600 320 1,066.66
Commissione 200.00 80.00 266.67
Interesse passivo (tasso semplificato del 1,5%) 41.67 4.17 23.61
Costo diretto complessivo (commissioni + interessi) 241.67 84.17 290.28
Rendimento netto (rendimento lordo meno i costi diretti) 1,358.33 235.83 776.39
Importo della redditività dell'investimento a margine 0.07 0.01 0.04
Differenza   Plusvalenza inferiore del 83% Plusvalenza inferiore del 43%

 

RISCHIO DI LEVA CFD AZIONE
Margine disponibile 20,000 20,000 20,000
Ammontare complessivo investito 200,000 40,000 133,333
Rendimento lordo (5 giorni) -1,600 -320 -1,066.66
Commissione 200.00 80.00 266.67
Interesse passivo (tasso semplificato del 1,5%) 41.67 4.17 23.61
Costo diretto complessivo (commissioni + interessi) 241.67 84.17 290.28
Rendimento netto (rendimento lordo meno i costi diretti) -1,841.67 -404.17 -1,356.94
Differenza   Minusvalenza inferiore del 78% Minusvalenza inferiore del 26%

 

V.   Risorse relative ai CFD

Di seguito sono forniti alcuni collegamenti utili a informazioni più dettagliate in merito all'offerta di CFD IB:

Dettagli dei contratti CFD

Elenco dei prodotti > CFD

Commissioni > CFD

Tassi di finanziamento > CFD

Requisiti di margine > CFD

Operazioni societarie > CFD

È anche disponibile il seguente video tutorial:

Come immettere transazioni di CFD in Trader Workstation

 

VI.  Domande frequenti

Quali sono le azioni disponibili come CFD?

Azioni ad alta e media capitalizzazione negli Stati Uniti, nell'Europa occidentale, nei Paesi nordici e in Giappone.  Le azioni liquide a bassa capitalizzazione sono disponibili anche in molti mercati. Per maggiori dettagli, si prega di consultare la pagina Elenco dei prodotti > CFD. Presto saranno aggiunti ulteriori Paesi.

 

Sono disponibili CFD su indici azionari e forex?

Sì. Si prega di consultare le sezioni CFD su indici IB: informazioni, domande e risposte e CFD su forex IB: informazioni, domande e risposte.

 

Come sono stabilite le quotazioni di CFD su azioni?

Le quotazioni di CFD IB sono identiche alle quotazioni delle azioni sottostanti indirizzate via SmartRouting. IB non aumenta il differenziale né mantiene posizioni contro il cliente. Per maggiori informazioni, si prega di consultare la sezione Panoramica dei modelli di mercato dei CFD.

 

È possibile visualizzare i propri ordini limite riflessi sulla Borsa valori?

Sì. IB offre accesso diretto al mercato (DMA), quindi i propri ordini non inviabili a mercato (ovvero, ordini limite) presentano la copertura del sottostante rappresentata direttamente sulla profondità del libro ordini delle Borse valori in cui questo è negoziato. Ciò significa anche che è possibile immettere ordini per l'acquisto del CFD al prezzo denaro del sottostante e venderlo al prezzo lettera. Inoltre, è possibile conseguire un miglioramento del prezzo nel caso in cui l'ordine di un altro cliente incroci il proprio a un prezzo migliore di quello disponibile sui mercati pubblici.

 

Come vengono determinati i margini dei CFD su azioni?

IB stabilisce requisiti di margine basati sul rischio a seconda della volatilità storica di ciascuna azione sottostante. Il margine minimo è del 10%. La maggior parte dei CFD IB presenta un margine calcolato secondo questo tasso, rendendo, nella maggior parte dei casi, la negoziazione di CFD più efficiente, in termini di margine, rispetto a quella delle azioni sottostanti.  Gli investitori retail sono soggetti a ulteriori requisiti di margine imposti dall'ESMA, l'ente di regolamentazione
europeo. Per i dettagli, si prega di fare riferimento all'implementazione delle norme dell'ESMA sui CFD in IBKR. Non vi sono scostamenti del portafoglio tra le singole posizioni su CFD o tra CFD ed esposizioni all'azione sottostante. Le posizioni concentrate e quelle particolarmente ampie possono essere soggette a una marginazione aggiuntiva. Per maggiori dettagli, si prega di fare riferimento alla sezione Requisiti di margine dei CFD.

 

I CFD su azioni short sono soggetti al riacquisto forzato?

Sì. Nell'eventualità in cui il prestito dell'azione sottostante si riveli difficile o impossibile, il titolare della posizione short sul CFD sarà tenuto al riacquisto.

 

Come sono gestiti i dividendi e le operazioni societarie?

In generale, IB riflette l'impatto economico dell'operazione societaria per i titolari di CFD come se questi avesse detenuto il titolo sottostante. I dividendi sono registrati con un adeguamento della liquidità, mentre le altre operazioni potrebbero essere registrate con una correzione della liquidità, delle posizioni o di entrambe. Per esempio, nel caso in cui l'operazione societaria dovesse comportare una modifica del numero delle azioni (es. frazionamento azionario, frazionamento inverso), il numero di CFD sarebbe corretto di conseguenza. Se il risultato dell'operazione societaria fosse una nuova entità con azioni quotate in Borsa e IB decidesse di offrire i relativi CFD, allora verrebbero create nuove posizioni long o short dell'importo corrispondente. Per una panoramica, si prega di fare riferimento alla sezione Operazioni societarie > CFD.

*Si prega di notare che, in caso di operazioni complesse (es. alcuni tipi di fusioni), potrebbe non essere possibile adeguare correttamente i CFD. In questi casi IB potrebbe chiudere la posizione sul CFD prima della data di stacco cedola.

 

La negoziazione di CFD IB è consentita a tutti i clienti?

La negoziazione di CFD è consentita a tutti i clienti, a eccezione dei residenti negli Stati Uniti, in Canada e a Hong Kong. Gli utenti residenti a Singapore possono negoziare i CFD IB a eccezione di quelli basati sulle azioni quotate a Singapore. Non vi sono deroghe alle esclusioni determinate dalla residenza sulla base del tipo di investitore.

 

Come procedere per iniziare a negoziare CFD con IB?

È necessario impostare i permessi per il trading di CFD in Gestione conto e accettare le relative informative sul trading. Se si detiene un conto con IB LLC, IB provvederà alla configurazione di un nuovo segmento del conto (identificato con il numero del proprio conto esistente e il suffisso "F"). Una volta confermata la configurazione, sarà possibile iniziare a negoziare. Il nuovo conto "F" non richiede una procedura di finanziamento separata, in quanto i fondi sono automaticamente trasferiti dal proprio conto principale per soddisfare i requisiti di margine dei CFD.  

Sono previsti requisiti per i dati di mercato?

I dati di mercato per i CFD su azioni di IB corrispondono ai dati di mercato delle azioni sottostanti. Di conseguenza, è necessario disporre dei permessi per i dati di mercato delle relative Borse valori. Se si è già provveduto a configurare i propri permessi per i dati di mercato sulle rispettive Borse valori, non occorrerà fare null'altro. Se si desidera negoziare CFD su una Borsa valori senza disporre dei relativi permessi per i dati di mercato, è possibile configurare i permessi secondo lo stesso metodo adottato per la negoziazione delle azioni sottostanti.

 

In che modo sono rappresentate le transazioni e le posizioni su CFD all'interno dei propri rendiconti?

Se si detiene un conto con IB LLC, le proprie posizioni in CFD sono mantenute in un segmento del conto separato e identificato con il numero del proprio conto principale e il suffisso "F". È possibile scegliere di visualizzare i rendiconti di attività del segmento "F" separatamente o insieme al proprio conto principale. È possibile effettuare la scelta nella finestra del rendiconto di Gestione conto. Per tutti gli altri conti, i CFD sono mostrati nel proprio rendiconto insieme agli altri prodotti di trading.

 

È possibile trasferire posizioni su CFD da un altro broker?

IB è lieto di facilitare tale trasferimento di posizioni su CFD nel rispetto dell'accordo in essere con l'altro broker. Dato che il trasferimento di posizioni su CFD è più complesso rispetto a quello di posizioni su azioni, in genere, richiediamo che la posizione abbia un importo equivalente ad almeno 100,000 USD.

 

Sono disponibili grafici per i CFD su azioni?

Sì.

 Quali sono le tipologie di protezione del conto previste per il trading di CFD con IB?

I CFD sono contratti aventi IB UK come controparte, e non sono negoziati sulle Borse valori regolamentate, né compensati presso una stanza di compensazione centrale. Dato che IB UK è la propria controparte nelle transazioni di CFD, si è esposti ai relativi rischi finanziari e commerciali, compreso il rischio di credito associato alle negoziazioni con IB UK. Si prega di notare, tuttavia, che tutti i fondi dei clienti sono sempre interamente segregati, compresi quelli dei clienti istituzionali. IB UK è un partecipante del Financial Services Compensation Scheme ("FSCS") del Regno Unito. IB UK non fa parte della Securities Investor Protection Corporation (“SIPC”) degli Stati Uniti. Per maggiori dettagli in merito ai rischi associati alla negoziazione di CFD, si prega di fare riferimento all'Informativa sui rischi dei CFD di IB UK.

 

In quale tipologia di conti IB è possibile negoziare CFD (es. conti individuali, conti per amici e famiglia, conti istituzionali)? 

Tutti i conti a margine sono adatti alla negoziazione di CFD, ma non i conti di liquidità e i conti SIPP.

 

Quali sono le dimensioni massime consentite per le posizioni detenute sugli specifici CFD?

Non vi sono limiti predefiniti. Tuttavia, è bene ricordare che le posizioni estremamente ampie potrebbero essere soggette a requisiti di margine maggiori. Per maggiori dettagli, si prega di fare riferimento alla sezione Requisiti di margine dei CFD.

 

È possibile negoziare i CFD telefonicamente?

Registr. In casi eccezionali potremmo acconsentire all'elaborazione telefonica degli ordini di chiusura di posizioni, ma non di quelli di apertura.

 

 

I CFD sono strumenti complessi e implicano un alto rischio di perdita rapida di denaro per via della leva finanziaria.

Il 62% dei conti degli investitori al dettaglio (retail) perde denaro con la negoziazione di CFD tramite IBKR (UK).

È bene considerare se si comprende il funzionamento dei CFD e se ci si può permettere di assumersi l'alto rischio di perdita di denaro.

Regolamento dell'ESMA

L'Autorità europea degli strumenti finanziari e dei mercati (ESMA) ha emanato delle misure d'intervento temporanee in vigore a partire dal 1 agosto 2018 (ordinanza dell'ESMA).

Le restrizioni imposte dall'ordinanza dell'ESMA consistono in: 1) dei limiti a leva sull'apertura di posizioni su CFD; 2) una norma sulla liquidazione del margine a seconda dello specifico conto; e 3) la tutela del saldo negativo a seconda dello specifico conto; 4) una restrizione sugli incentivi offerti per la negoziazione di CFD; e 5) un'avvertenza sui rischi standard.

L'ordinanza dell'ESMA è applicabile solamente ai clienti al dettaglio (retail). I clienti professionali non ne sono soggetti.


 

I CFD sono strumenti complessi e implicano un alto rischio di perdita rapida di denaro per via della leva finanziaria.

Il 62% dei conti degli investitori al dettaglio (retail) perde denaro con la negoziazione di CFD tramite IBKR (UK).

È bene considerare se si comprende il funzionamento dei CFD e se ci si può permettere di assumersi l'alto rischio di perdita di denaro.
 

Excess Margin Securities

The term "excess margin securities" refers to margin securities carried for the account of a customer having a market value in excess of 140 percent of the total debit balance in the customer's account. These securities are in excess of the securities held in a customer's margin account that are pledged by the customer as collateral for the margin loan and can be used to support the purchase of additional securities on margin

Example:

A customer whose account equity consists solely of a cash balance of USD 10,000 on Day 1 purchases 400 shares of stock ABC at USD 50 per share on Day 2.

Account Balance Day 1 Day 2
Cash $10,000 ($10,000)
Stock $0 $20,000 
Total $10,000 $10,000 

On Day 2, the customer's excess margin securities total USD 6,000. This is calculated by subtracting 140% of the margin debit or loan balance from the market value of the stock position ($6,000 = $20,000 - {1.4 * $10,000}).

The term is relevant from a regulatory perspective as the SEC requires that U.S. broker dealers segregate and maintain in a good control location (e.g., DTC or bank) all customer securities which are deemed excess margin securities. Such securities cannot be pledged or loaned to finance the activities of the firm or other customers without specific written permission from the customer. The portion of the securities classified as margin securities ($20,000 - $6,000 or $14,000 in this example) are subject to a lien and may be pledged or loaned by the broker to others to assist in financing the loan made to the customer.

Note that securities which were excess margin at the date of acquisition may later be reclassified as margin securities based upon the customer's subsequent trade and/or margin borrowing activity. For example, if the loan value of excess margin securities is subsequently used to acquire additional securities on margin, a portion of securities will then be reclassified as margin securities and subject to a lien. If the customer subsequently deposits cash or sells securities to reduce or eliminate the margin loan, the securities will be reclassified as excess margin or fully paid and are required to be segregated.
See also "fully paid securities".

Fully Paid Securities

The term "fully paid securities" refers to securities held in a customer's margin or cash account that have been completely paid for and are not being pledged as collateral to support the purchase of other securities on margin. The term is relevant from a regulatory perspective as the SEC requires that U.S. broker dealers segregate and maintain in a good control location (e.g., DTC or bank) all customer securities which are fully paid.  Such securities cannot be pledged or loaned to finance the activities of the firm or other customers.

Note that securities which were fully paid at the date of acquisition may later be reclassified as margin or excess margin securities based upon the customer's subsequent trade and/or borrowing activity. For example, if the loan value of fully paid securities is subsequently used to acquire additional securities on credit, a portion of securities will then be classified as margin securities and subject to a lien and potential pledge or hypothecation by the broker.

See also "excess margin securities".

Overview of IB issued Share CFDs

The following article is intended to provide a general introduction to share-based Contracts for Differences (CFDs) issued by IB.

For Information on IB Index CFDs click here. For Forex CFDs click here.

Topics covered are as follows:

I.    CFD Definition
II.   Comparison Between CFDs and Underlying Shares
III.  Cost and Margin Considerations
IV.  Worked Example
V.   CFD Resources
VI.  Frequently Asked Questions

 

Risk Warning

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

69% of retail investor accounts lose money when trading CFDs with IBKR (UK).

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 2018.

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 ESMA CFD Rules Implementation at IBKR for more detail.

I.  Share  CFD Definition

IB CFDs are OTC contracts which deliver the return of the underlying stock, including dividends and corporate actions (read more about CFD corporate actions).

Said differently, it is an agreement between the buyer (you) and IB to exchange the difference in the current value of a share, and its value at a future time. If you hold a long position and the difference is positive, IB pays you. If it is negative, you pay IB.

IB Share CFDs are traded through your margin account, and you can therefore enter long as well as short leveraged positions. The price of the CFD is the exchange-quoted price of the underlying share. In fact, IB CFD quotes are identical to the Smart-routed quotes for shares that you can observe in the Trader Workstation and IB offers Direct Market Access (DMA). Similar to shares, your non-marketable (i.e., limit) orders have the underlying hedge directly represented on the deep book of those exchanges at which it trades.  This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer.

To compare IB’s transparent CFD model to others available in the market please see our Overview of CFD Market Models.

IB currently offers approximately 7100 Share CFDs covering the principal markets in the US, Europe and Asia.  The constituents of the major indexes listed below are currently available as IB Share CFDs. In many countries IB also offers trading in liquid small cap shares. These are shares with free float adjusted market capitalization of at least USD 500 million and median daily trading value of at least USD 600 thousand.  Please see CFD Product Listings for more detail. More countries will be added in the near future.

United States S&P 500, DJA, Nasdaq 100, S&P 400 (Mid Cap), Liquid Small Cap
United Kingdom FTSE 350 + Liquid Small Cap (incl. IOB)
Germany Dax, MDax, TecDax + Liquid Small Cap
Switzerland Swiss portion of STOXX Europe 600 (48 shares) + Liquid Small Cap
France CAC Large Cap, CAC Mid Cap + Liquid Small Cap
Netherlands AEX, AMS Mid Cap + Liquid Small Cap
Belgium BEL 20, BEL Mid Cap + Liquid Small Cap
Spain IBEX 35 + Liquid Small Cap
Portugal PSI 20
Sweden OMX Stockholm 30 + Liquid Small Cap
Finland OMX Helsinki 25 + Liquid Small Cap
Denmark OMX Copenhagen 30 + Liquid Small Cap
Norway OBX
Czech PX
Japan Nikkei 225 + Liquid Small Cap
Hong Kong HSI + Liquid Small Cap
Australia ASX 200 + Liquid Small Cap
Singapore* STI + Liquid Small Cap
South Africa Top 40 + Liquid Small Cap

 *not available to Singapore residents

II.   Comparison Between CFDs and Underlying Shares

Depending on your trading objectives and trading style, CFDs offer a number of advantages compared to stocks, but also some disadvantages:
 
BENEFITS of IB CFDs DRAWBACKS of IB CFDs
No stamp duty or financial transaction tax (UK, France, Belgium) No ownership rights
Generally lower commission and margin rates than shares Complex corporate actions may not always be exactly replicable
Tax treaty rates for dividends without need for reclaim Taxation of gains may differ from shares (please consult your tax advisor)
Exemption from day trading rules  

III.  Cost and Margin Considerations

IB CFDs can be an even more efficient way to trade the European stock markets than IB’s highly competitive stock offering.

Firstly, IB CFDs have low commissions compared to stocks, and the same low financing spreads:

EUROPE   CFD STOCK
Commission GBP 0.05% GBP 6.00 + 0.05%*
EUR 0.05% 0.10%
Financing** Benchmark +/- 1.50% 1.50%

*per order + 0.05% of excess over GBP 50,000
**CFD financing on total position value, stock financing on borrowed amount

When you trade more, CFD commissions become even lower, as low as 0.02%. Financing rates are reduced for larger positions, to as low as 0.5%.  Please see CFD Commissions and CFD Financing Rates for more details.

Secondly, CFDs have lower margin requirements than stocks. Retail clients are subject to additional margin requirements mandated by ESMA, the European regulator. Please see ESMA CFD Rules Implementation at IBKR for details.

  CFD STOCK
  All Standard Portfolio Margin
Maintenance Margin Requirement*

10%

25% - 50% 15%

*Typical margin for blue-chips. Retail Clients are subject to a minimum Initial Margin of 20%. Standard 25% intraday maintenance margin for stocks, 50% overnight.  Portfolio Margin shown is maintenance margin (incl. overnight). More volatile issues are subject to higher requirements

Please refer to CFD Margin Requirements and for more detail.


IV.  Worked Example (Professional Client)

Let’s look at an example. Unilever’s Amsterdam listing has returned 3.2% in the past month (20 trading days to May 14th, 2012) and you believe it will continue to perform well. You want to build a EUR 200,000 exposure and hold it for 5 days. You do 10 trades to build up and 10 trades to unwind. Your direct costs would be as follows:

STOCK

  CFD STOCK
EUR 200,000 Position   Standard Portfolio Margin
Margin Requirement 20,000 100,000 30,000
Commission (round trip) 200.00 400.00 400.00
Interest Rate (Simplified) 1.50% 1.50% 1.50%
Amount Financed 200,000 100,000 170,000
Days Financed  5 5 5
Interest Expense (1.5% Simplified Rate) 41.67 20.83 35.42
Total Direct Cost (Commission + Interest) 241.67 420.83 435.42
Cost Difference   74% Higher 80% Higher

Note: Interest expense for CFDs is calculated on the entire contract position, for shares interest is calculated on the borrowed amount. The applicable rates are the same for both shares and CFDs.

 

But let’s assume you only have EUR 20,000 available to fund the margin. If Unilever continues to perform as it has in the past month, your potential profit would compare as follows:  

LEVERAGE REWARD CFD STOCK
Available Margin 20,000 20,000 20,000
Total Invested 200,000 40,000 133,333
Gross Return (5 Days) 1,600 320 1,066.66
Commission 200.00 80.00 266.67
Interest Expense (1.5% Simplified Rate) 41.67 4.17 23.61
Total Direct Cost (Commission + Interest) 241.67 84.17 290.28
Net Return (Gross Return less Direct Cost) 1,358.33 235.83 776.39
Return on Margin Investment Amount 0.07 0.01 0.04
Difference   83% Less Gain 43% Less Gain

 

LEVERAGE RISK CFD STOCK
Available Margin 20,000 20,000 20,000
Total Invested 200,000 40,000 133,333
Gross Return (5 Days) -1,600 -320 -1,066.66
Commission 200.00 80.00 266.67
Interest Expense (1.5% Simplified Rate) 41.67 4.17 23.61
Total Direct Cost (Commission + Interest) 241.67 84.17 290.28
Net Return (Gross Return less Direct Cost) -1,841.67 -404.17 -1,356.94
Difference   78% Less Loss 26% Less Loss

 

V.   CFD Resources

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

CFD Contract Specifications

CFD Product Listings

CFD Commissions

CFD Financing Rates

CFD Margin Requirements

CFD Corporate Actions

The following video tutorial is also available:

How to Place a CFD Trade on the Trader Workstation

 

VI.  Frequently Asked Questions

What Stocks are available as CFDs?

Large and Mid-Cap stocks in the US, Western Europe, Nordic and Japan.  Liquid Small Cap stocks are also available in many markets. Please see CFD Product Listings for more detail. More countries will be added in the near future.

 

Do you have CFDs on Stock Indices and Forex?

Yes. Please see IB Index CFDs - Facts and Q&A and Forex CFDs - Facts and Q&A.

 

How do you determine your Share CFD quotes?

IB CFD quotes are identical to the Smart routed quotes for the underlying share. IB does not widen the spread or hold positions against you. To learn more please go to Overview of CFD Market Models.

 

Can I see my limit orders reflected on the exchange?

Yes. IB offers Direct market Access (DMA) whereby your non-marketable (i.e., limit) orders have the underlying hedge directly represented on the deep book of those exchanges at which it trades. This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer. In addition, you may also receive price improvement if another client's order crosses yours at a better price than is available on public markets.

 

How do you determine margins for Share CFDs?

IB establishes risk-based margin requirements based on the historical volatility of each underlying share. The minimum margin is 10%. Most IB CFDs are margined at this rate, making CFDs more margin-efficient than trading the underlying share in most cases.  Retail investors are subject to additional margin requirements mandated by ESMA, the European
regulator. Please see ESMA CFD Rules Implementation at IBKR for details. There are no portfolio off-sets between individual CFD positions or between CFDs and exposures to the underlying share. Concentrated positions and very large positions may be subject to additional margin. Please refer to CFD Margin Requirements for more detail.

 

Are short Share CFDs subject to forced buy-in?

Yes. In the event the underlying stock becomes difficult or impossible to borrow, the holder of the short CFD position will become subject to buy-in.

 

How do you handle dividends and corporate actions?

IB will generally reflect the economic effect of the corporate action for CFD holders as if they had been holding the underlying security. Dividends are reflected as cash adjustments, while other actions may be reflected through either cash or position adjustments, or both. For example, where the corporate action results in a change of the number of shares (e.g. stock-split, reverse stock split), the number of CFDs will be adjusted accordingly. Where the action results in a new entity with listed shares, and IB decides to offer these as CFDs, then new long or short positions will be created in the appropriate amount. For an overview please CFD Corporate Actions.

*Please note that in some cases it may not be possible to accurately adjust the CFD for a complex corporate action such as some mergers. In these cases IB may terminate the CFD prior to the ex-date.

 

Can anyone trade IB CFDs?

All clients can trade IB CFDs, except residents of the USA, Canada, and Hong Kong. Singapore residents can trade IB CFDs except those based on shares listed in Singapore. There are no exemptions based on investor type to the residency based exclusions.

 

What do I need to do to start trading CFDs with IB?

You need to set up trading permission for CFDs in Account Management, and agree to the relevant trading disclosures. If your account is with IB LLC, IB will then set up a new account segment (identified with your existing account number plus the suffix “F”). Once the set-up is confirmed you can begin to trade. You do not need to fund the F-account separately, funds will be automatically transferred to meet CFD margin requirements from your main account.  

Are there any market data requirements?

The market data for IB Share CFDs is the market data for the underlying shares. It is therefore necessary to have market data permissions for the relevant exchanges. If you already have set up market data permissions for an exchange for trading the shares, you do not need to do anything. If you want to trade CFDs on an exchange for which you do not currently have market data permissions, you can set up the permissions in the same way as you would if you planned to trade the underlying shares.

 

How are my CFD trades and positions reflected in my statements?

If you have an account with IB 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. For other accounts CFDs are shown normally in your account statement alongside other trading products.

 

Can I transfer in CFD positions from another broker?

IB will be glad to facilitate the transfer of CFD positions, subject to the agreement of the other broker. As the transfer of CFD positions is more complex than is the case for share positions, we generally require the position to be at least the equivalent of USD 100,000.

 

Are charts available for Share CFDs?

Yes.

 What account protections apply when trading CFDs with IB?

CFDs are contracts with IB UK as your counterparty, and are not traded on a regulated exchange and are not cleared on a central clearinghouse. Since IB UK is the counterparty to your CFD trades, you are exposed to the financial and business risks, including credit risk, associated with dealing with IB UK. Please note however that all client funds are always fully segregated, including for institutional clients. IB UK is a participant in the UK Financial Services Compensation Scheme ("FSCS"). IB UK is not a member of the U.S. Securities Investor Protection Corporation (“SIPC”).Please refer to the IB UK CFD Risk Disclosure for further detail on risks associated with trading CFDs.

 

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

All margin accounts are eligible for CFD trading. Cash or SIPP accounts are not.

 

What are the maximum a positions I can have in a specific CFD?

There is no pre-set limit. Bear in mind however that very large positions may be subject to increased margin requirements. Please refer to CFD Margin Requirements for more detail.

 

Can I trade CFDs over the phone?

No. In exceptional cases we may agree to process closing orders over the phone, but never opening orders.

 

 

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

62% of retail investor accounts lose money when trading CFDs with IBKR (UK).

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

ESMA Ruling

The European Securities and Markets Authority (ESMA) issued temporary product intervention measures effective from 1st August 2018 (ESMA Decision).

The restrictions imposed by the ESMA Decision consist of: 1) leverage limits on the opening of a CFD position; 2) a margin close out rule on a per account basis; 3) negative balance protection on a per account basis; 4) a restriction on the incentives offered to trade CFDs; and 5) a standardized risk warning.

The ESMA Decision is only applicable to retail clients. Professional clients are unaffected.


 

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

62% of retail investor accounts lose money when trading CFDs with IBKR (UK).

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

IBKR Stock Yield Enhancement Program

PROGRAM OVERVIEW

The Stock Yield Enhancement Program (SYEP) offers clients the opportunity to earn additional income on their full-paid shares by lending those shares to IBKR for on-lending to short sellers that are willing to pay to borrow them. 

Upon enrollment, Program activities are managed in their entirety by IBKR and require no actions on the part of participants.  These activities include the following:

- Identifying the shares in client accounts which borrowers are attempting to borrow;

- Establishing loans and returns;

- Paying interest (expressed as an interest accrual for activity statement reporting purposes) on cash collateral posted to a client’s account; and

- Reporting of loan activity, cash collateral transfers and income on the activity statements;

In contrast to the securities lending programs offered by others, IBKR provides complete transparency to the market rates, gross income earned from each transaction by IB and interest paid by to the client and IBKR. 

 

HOW IT WORKS

- Clients may enroll in the Program in Account Management (full details below). Activation generally takes place overnight. Eligible accounts include any IB LLC, IB Hong Kong, IB Canada, and IB-UK margin accounts, IB LLC, IB Canada, IB-UK or IB Hong Kong cash accounts with equity in excess of USD 50,000 are also eligible.

- Once activated, IBKR will review the inventory of eligible shares on a daily basis held by the client and use eligible shares to satisfy internal and external borrow demand. If the supply of eligible shares exceeds borrow demand, clients will be allocated loans on a pro rata basis (e.g. if aggregate supply is 20,000 shares and aggregate demand 10,000, each client will be eligible to have 50% of their shares loaned).

- At the end of each day that any loan is in place, IBKR will pay the client interest (presented as an interest accrual) on the cash collateral posted to the client’s account for the loan. IBKR will retain any amounts it earns from the loan in excess of the interest paid to the client. The details regarding the transaction, including the quantity of shares loaned, collateral amount, gross income earned by IBKR and interest accruing to the client are reflected on the daily activity statement. 

- Clients maintain full control of loaned shares with no impairment as to:

          * Market exposure ( i.e., will continue to recognize profit or loss consistent with stock price move);

          * The ability to sell at any time without prior notice;

          * Hedges (e.g., covered calls, protective puts);

          * The representation of holdings in statements and the trading platform; and

          * Cost basis 

 

SPECIAL CONSIDERATIONS

- Loaned shares may not be protected by SIPC, however, the cash collateral received for the loaned securities is segregated within the 15c3-3 Reserve Account and therefore subject to the same investment restrictions;

- The interest rate that IBKR pays for any given loan is subject to supply and demand considerations that are outside the control of IBKR and which are susceptible to change from one day to another without advance notice or limit as to the magnitude of change. The interest paid to participants will reflect such changes;

- Proxy voting rights on loaned shares are forfeited (rights go to borrower);

- Participants may not receive actual dividends on loaned shares but instead a cash payment equivalent to the full dividend to be paid on the same date as the dividend (referred to as a 'Payment in Lieu'). Payments in Lieu are treated differently than a dividend for U.S. tax reporting purposes, certain taxpayers may not receive the more favorable tax treatment afforded to dividend payments deemed 'qualified'. IBKR generally seeks to avoid this consequence for SYEP participants by recalling shares that provide at least a 10 day notice prior to record date, so the actual dividend is paid, but this is not guaranteed.

- Loaned shares are typically used to facilitate short sales and such transactions may affect the value of shares.

 

HOW TO ENROLL IN THE STOCK YIELD ENHANCEMENT PROGRAM

For enrollment in the latest Account Management, please click on the below buttons in the order specified.

 

For enrollment via Classic Account Management, please click on the below buttons in the order specified.

 

For additional FAQs relating to the Yield Enhancement Program, click here.

 

Stock Yield Enhancement Program FAQs

What is the purpose of the Stock Yield Enhancement Program?
The Stock Yield Enhancement program provides customers with the opportunity to earn additional income on securities positions which would otherwise be segregated (i.e., fully-paid and excess margin securities) by permitting IB to lend out those securities to third parties. Customers who participate in the program will receive cash collateral to secure the return of the stock loan at its termination as well as interest on the cash collateral provided by the borrower for any day the loan exists.

 

What are fully-paid and excess margin securities?
Fully-paid securities are securities in a customer’s account that have been completely paid for. Excess margin securities are securities that have not been completely paid for, but whose market value exceeds 140% of the customer’s margin debit balance.

 

How is the income received by a customer on any given Stock Yield Enhancement Program loan transaction determined?
The income which a customer receives in exchange for shares lent depend upon loan rates established in the over-the-counter securities lending market. These rates can vary significantly not only by the particular security loaned but also by the loan date. In general, IB pays interest to participants on their cash collateral at a rate that approximates 50% of the amounts earned by IB for lending the shares. . For example, assume IB earns 15% annualized income from lending shares with a value of $10,000 and it posts $10,000 cash collateral to a participant’s account. The normal daily interest rate IB would pay to a participant on the cash collateral would be $2.08

 

How is the amount of cash collateral for a given loan determined?
The cash collateral underlying the security loan and used for determining interest payments is determined using standard industry convention whereby the closing price of the stock is multiplied by 102% and then rounded up to the nearest whole dollar. For example, a loan of 100 shares of a stock which closes at $59.24 would be equal to $6,100 ($59.24 * 1.02 = $60.4248; round to $61, multiply by 100).

 

How do long sales, transfers of securities lent via the IB Stock Yield Enhancement Program or un-enrollment affect interest?
Interest ceases to accrue on the next business day after the trade date (T+1). Interest also ceases to accrue on the next business day after the transfer input or un-enrollment date.

 

What are the eligibility requirements for participation in the IB Stock Yield Enhancement Program?
All IB LLC, IB UK, IB HK, and IB Canada margin accounts or IB LLC, IB UK (excluding SIPP accounts), IB HK and IB Canada cash accounts with equity over $50,000 at the time of application are eligible. IB Japan, IB Australia and IB India customers are not eligible. Japanese and Indian clients maintaining accounts with IB LLC are eligible.


In addition, Financial Advisor client accounts, fully disclosed IBroker clients and Omnibus Brokers who meet the above requirements can participate. In the case of Financial Advisors and fully disclosed IBrokers, the clients themselves must sign the agreements. For Omnibus Brokers, the broker signs the agreement.

 

Are IRA accounts eligible to participate in the Stock Yield Enhancement Program?
Yes.

 

Are partitions of IRA accounts managed by Interactive Brokers Asset Management eligible to participate in the Stock Yield Enhancement Program?
No.

 

Are UK SIPP accounts eligible to participate in the Stock Yield Enhancement Program?
No.

 

How do I enroll in the IB Stock Yield Enhancement Program?
Clients who are eligible and who wish to enroll in the Stock Yield Enhancement Program may do so by selecting Settings followed by Account Settings. Click the gear icon next to the words Trading Permissions. Check the box at the top of the page under Trading Programs that says Stock Yield Enhancement. Click CONTINUE and fill out any required agreements/disclosures.

 

What happens if equity in a participating cash account falls below the $50,000 qualifying threshold?
The cash account must meet this minimum equity requirement solely at the point of signing up for the program. If the equity falls below that level thereafter there is no impact upon existing loans or the ability to initiate new loans.

 

How does one terminate Stock Yield Enhancement Program participation?

Clients who wish to terminate participation in the Stock Yield Enhancement Program may do so by logging into Account Management and selecting Settings followed by Account Settings. Click the gear icon next to the words Trading Permissions. Remove the check from the box in the Trading Programs section titled Stock Yield Enhancement Program". Click CONTINUE and fill out any required agreements/disclosures. Requests to terminate are typically processed at the end of the day.

 

If an account signs up and un-enrolls at a later time, when can it be re-enrolled into the program?
After un-enrollment, the account may not re-enroll for 90 calendar days.

 

What types of securities positions are eligible to be lent?
Eligible securities include U.S. common stocks (exchange listed, PINK and OTCBB), ETFs, preferred stocks and corporate bonds. Municipal bonds and non-U.S. securities are not eligible.

 

Is there any restriction on lending stocks which are trading in the secondary market following an IPO?
No, as long as IB is not part of the selling group.

 

How does IB determine the amount of shares which are eligible to be loaned?
The first step is to determine the value of securities, if any, which IB maintains a margin lien upon and can lend without client participation in the Stock Yield Enhancement Program. A broker who finances client purchases of securities via margin loan is allowed by regulation to loan or pledge as collateral that client’s securities in an amount up to 140% of the cash debit balance. For example, if a client maintaining a cash balance of $50,000 buys securities having a market value of $100,000, the debit or loan balance will be $50,000 and the broker holds a lien on 140% of that balance or $70,000 of securities. Any securities held by the client in excess of that amount are referred to as excess margin securities ($30,000 in this example) and are required to be segregated unless the client provides IB the authorization to lend through the Stock Yield Enhancement Program.

The debit balance is determined by first converting all non-USD denominated cash balances to USD and then backing out any short stock sale proceeds (converted to USD as necessary). If the result is negative then we free up 140% of that negative number. In addition, cash balances maintained in the commodities segment or for spot metals and CFDs are not considered.

EXAMPLE 1: Customer is long EUR 100,000 in a USD Base Currency account with a EUR.USD rate of 1.40. Customer purchases USD denominated stock valued at $112,000 (EUR 80,000 equivalent). All securities are deemed fully-paid as cash balance as converted to USD is a credit.

Component EUR USD Base (USD)
Cash 100,000 (112,000) $28,000
Long Stock   $112,000 $112,000
NLV     $140,000

EXAMPLE 2: Customer holds long USD of 80,000, long USD denominated stock of $100,000 and short USD denominated stock of $100,000. Long securities totaling $28,000 are deemed margin securities and the remainder of $72,000 excess margin securities. This is determined by subtracting the short stock proceeds from the cash balance ($80,000 - $100,000) and multiplying the resultant debit by 140% ($20,000 * 1.4 = $28,000)

Component Base (USD)
Cash $80,000
Long Stock $100,000
Short Stock ($100,000)
NLV $80,000

 

Will IB lend out all eligible shares?
There is no guarantee that all eligible shares in a given account will be loaned through the Stock Yield Enhancement Program as there may not be a market at an advantageous rate for certain securities, IB may not have access to a market with willing borrowers or IB may not want to loan your shares.

 

Are Stock Yield Enhancement Program loans made only in increments of 100?
No. Loans can be made in any whole share amount although externally we only lend in multiples of 100 shares. Thus the possibility exists that we would lend 75 shares from one client and 25 from another should there be external demand to borrow 100 shares.

 

How are loans allocated among clients when the supply of shares available to lend exceeds the borrow demand?
In the event that the demand for borrowing a given security is less than the supply of shares available to lend from participants in our Yield Enhancement Program, loans will be allocated on a pro rata basis (e.g. if aggregate supply is 20,000 and demand is 10,000, each client will be eligible to have 50% of his/her shares lent)

 

Are shares loaned only to other IB clients or to other third parties?
Shares may be loaned to any counterparty and is not limited solely to other IB clients.

 

Can the Stock Yield Enhancement Program participant determine which shares IB can lend?
No. The program is entirely managed by IB who, after determining those securities, if any, which IB is authorized to lend by virtue of a margin loan lien, has the discretion to determine whether any of the fully-paid or excess margin securities can be loaned out and to initiate the loans.

 

Are there any restrictions placed upon the sale of securities which have been lent through the Stock Yield Enhancement Program?
Loaned shares may be sold at any time, without restriction. The shares do not need to be returned in time to settle your sale of the share and proceeds from the sale are credited to the client’s account on the normal settlement date. In addition, the loan will be terminated on the open of the business day following the security sale date.

 

Can a client write covered calls against stock which has been loaned out through the Stock Yield Enhancement Program and receive the covered call margin treatment?
Yes. A loan of stock has no impact upon its margin requirement on an uncovered or hedged basis since the lender retains exposure to any gains or losses associated with the loaned position.

 

What happens to stock which is the subject of a loan and which is subsequently delivered against a call assignment or put exercise?
The loan will be terminated on T+1 of the action (trade, assignment, exercise) which closed or decreased the position.

 

What happens to stock which is the subject of a loan and which is subsequently halted from trading?
A halt has no direct impact upon the ability to lend the stock and as long as IB can continue to loan the stock, such loan will remain in place regardless of whether the stock is halted.

 

Can the cash collateral from a loan be swept to the commodities segment to cover margin and/or variation?
No. The cash collateral securing the loan never impacts margin or financing.

 

What happens if a program participant initiates a margin loan or increases an existing loan balance?
If a client maintains fully-paid securities which have been loaned through the Stock Yield Enhancement Program and subsequently initiates a margin loan, the loan will be terminated to the extent that the securities do not qualify as excess margin securities. Similarly, if a client maintaining excess margin securities which have been loaned through the program increases the existing margin loan, the loan may again be terminated to the extent that the securities no longer qualify as excess margin securities.

 

Under what circumstances will a given stock loan be terminated?
In the event of any of the following, a stock loan will be automatically terminated:

- If the client elects to terminate program participation
- Transfer of shares
- Borrowing of a certain amount against the shares
- Sale of shares
- Call assignment/put exercise
- Account closure

 

Do participants in the Stock Yield Enhancement Program receive dividends on shares loaned?
While the lender of the securities is entitled to receive the amount of all dividends and distributions made on loaned securities, they may receive cash payments in lieu of dividends, commonly referred to PIL. Depending upon one’s holding period for the shares loaned, the receipt of a PIL may have an adverse tax impact for certain U.S. taxpayers as such payments are taxed as ordinary income rather than at the reduced rate associated with qualified dividends. IB will attempt to mitigate the payment of PILs by recalling loaned shares prior to a dividend, however, IB cannot guarantee that the borrower will be able to return the shares within the necessary time frame to avoid receipt of PIL.

If the account would not be tax disadvantaged by receiving a PIL (for example, an IRA account), Interactive Brokers may intentionally keep your shares out on loan over Dividend Record Date in order to continue revenue generation for your account. 

 

Do participants in the Stock Yield Enhancement Program retain voting rights for shares loaned?

No. The borrower of the securities has the right to vote or provide any consent with respect to the securities if the Record Date or deadline for voting, providing consent or taking other action falls within the loan term.

 

Do participants in the Stock Yield Enhancement Program receive rights, warrants and spin-off shares on shares loaned?

Yes. The lender of the securities will receive any rights, warrants, spin-off shares and distributions made on loaned securities.

 

How are loans reflected on the activity statement?

Loan collateral, shares outstanding, activity and income is reflected in the following 6 statement sections:


1. Cash Detail – details starting cash collateral balance, net change resulting from loan activity (positive if new loans initiated; negative if net returns) and ending cash collateral balance.

 

2. Net Stock Position Summary – for each stock details total Shares at IB, the number of Shares Borrowed, the number of Shares Lent and the Net Shares (=Shares at IB + Shares Borrowed - Shares Lent). 

 

3. IB Managed Securities Lent – lists for each stock loaned through the Stock Yield Enhancement Program the Quantity of shares loaned, the Interest Rate (%). 

 

4. IB Managed Securities Lent Activity – details the loan activity for each security including Loan Return Allocations (i.e., terminated loans); New Loan Allocations (i.e., initiated loans); the share Quantity; the Net Interest Rate (%); Interest Rate on Customer Collateral (%) and the Collateral Amount. 

 

5. IB Managed Securities Lent Activity Interest Details – details on an individual loan basis including the Interest Rate Earned by IB (%); the Income Earned by IB (represents the total income IB earns from the loan which is equal to {Collateral Amount * Interest Rate}/360); the Interest Rate on Customer Collateral (represents about half of the income IB earns on the loan) and Interest Paid to Customer (represents the interest income earned on a client’s collateral)

Note: This section will only be displayed if the interest accrual earned by the client exceeds USD 1 for the statement period.   

 

6. Interest Accruals – the interest income is accounted for here as an interest accrual and is treated as any other interest accrual (aggregated but only displayed as an accrual when exceeding $1 and posted to cash monthly). For year-end reporting purposes, this interest income will be reported on Form 1099 issued to U.S. taxpayers.

 

Considerations for Optimizing Order Efficiency

Account holders are encouraged to routinely monitor their order submissions with the objective of optimizing efficiency and minimizing 'wasted' or non-executed orders.  As inefficient orders have the potential to consume a disproportionate amount of system resources. IB measures the effectiveness of client orders through the Order Efficiency Ratio (OER).  This ratio compares aggregate daily order activity relative to that portion of activity which results in an execution and is determined as follows:

 

OER = (Order Submissions + Order Revisions + Order Cancellations) / (Executed Orders + 1)

Outlined below is a list of considerations which can assist with optimizing (reducing) one's OER:

 

1. Cancellation of Day Orders - strategies which use 'Day' as the Time in Force setting and are restricted to Regular Trading Hours should not initiate order cancellations after 16:00 ET, but rather rely upon IB processes which automatically act to cancel such orders. While the client initiated cancellation request which serve to increase the OER, IB's cancellation will not.

2. Modification vs. Cancellation - logic which acts to cancel and subsequently replace orders should be substituted with logic which simply modifies the existing orders. This will serve to reduce the process from two order actions to a single order action, thereby improving the OER.

3. Conditional Orders - when utilizing strategies which involve the pricing of one product relative to another, consideration should be given to minimizing unnecessary price and quantity order modifications. As an example, an order modification based upon a price change should only be triggered if the prior price is no longer competitive and the new suggested price is competitive.

4. Meaningful Revisions – logic which serves to modify existing orders without substantially increasing the likelihood of the modified order interacting with the NBBO should be avoided. An example of this would be the modification of a buy order from $30.50 to $30.55 on a stock having a bid-ask of $31.25 - $31.26.

5. RTH Orders – logic which modifies orders set to execute solely during Regular Trading Hours based upon price changes taking place outside those hours should be optimized to only make such modifications during or just prior to the time at which the orders are activated.

6. Order Stacking - Any strategy that incorporates and transmits the stacking of orders on the same side of a particular underlying should minimize transmitting those that are not immediately marketable until the orders which have a greater likelihood of interacting with the NBBO have executed.

7. Use of IB Order Types - as the revision logic embedded within IB-supported order types is not considered an order action for the purposes of the OER, consideration should be given to using IB order types, whenever practical, as opposed to replicating such logic within the client order management logic. Logic which is commonly initiated by clients and whose behavior can be readily replicated by IB order types include: the dynamic management of orders expressed in terms of an options implied volatility (Volatility Orders), orders to set a stop price at a fixed amount relative to the market price (Trailing Stop Orders), and orders designed to automatically maintain a limit price relative to the NBBO (Pegged-to-Market Orders).

The above is not intended to be an exhaustive list of steps for optimizing one's orders but rather those which address the most frequently observed inefficiencies in client order management logic, are relatively simple to implement and which provide the opportunity for substantive and enduring improvements. For further information or questions, please contact the Customer Service Technical Assistance Center.

 

Overview of SEC Fees

Under Section 31 of the Securities Exchange Act of 1934, U.S. national securities exchanges are obligated to pay transaction fees to the SEC based on the volume of securities that are sold on their markets. Exchange rules require their broker-dealer members to pay a share of these fees who, in turn, pass the responsibility of paying the fees to their customers.

This fee is intended to allow the SEC to recover costs associated with its supervision and regulation of the U.S. securities markets and securities professionals. It applies to stocks, options and single stock futures (on a round turn basis); however, IB does not pass on the fee in the case of single stock futures trades.  Note that this fee is assessed only to the sale side of security transactions, thereby applying to the grantor of an option (fee based upon the option premium received at time of sale) and the exerciser of a put or call assignee (fee based upon option strike price).

For the fiscal year 2016 the fee was assessed at a rate of $0.0000218 per $1.00 of sales proceeds, however, the rate is subject to annual and,in some cases, mid-year adjustments should realized transaction volume generate fees sufficiently below or in excess of targeted funding levels.1

Examples of the transactions impacted by this fee and sample calculations are outlined in the table below.

Transaction

Subject to Fee?

Example

Calculation

Stock Purchase

No

N/A

N/A

Stock Sale (cost plus commission option)

Yes

Sell 1,000 shares MSFT@ $25.87

$0.0000218 * $25.87 * 1,000 = $0.563966

Call Purchase

No

N/A

N/A

Put Purchase

No

N/A

N/A

Call Sale

Yes

Sell 10 MSFT June ’11 $25 calls @ $1.17

$0.0000218 * $1.17 * 100 * 10 = $0.025506

Put Sale

Yes

Sell 10 MSFT June ’11 $25 puts @ $0.41

$0.0000218 * $0.41 * 100 * 10 = $0.008938

Call Exercise

No

N/A

N/A

Put Exercise

Yes

Exercise of 10 MSFT June ’11 $25 puts

$0.0000218 * $25.00 * 100 * 10 = $0.545

Call Assignment

Yes

Assignment of 10 MSFT June ’11 $25 calls

$0.0000218 * $25.00 * 100 * 10 = $0.545

Put Assignment

No

N/A

N/A

 

1Information regarding current Section 31 fees may be found on the SEC's Frequently Requested Documents page located at: http://www.sec.gov/divisions/marketreg/mrfreqreq.shtml#feerate

 

 

FAQs - U.S. Securities Option Expiration

Overview: 

The following page has been created in attempt to assist traders by providing answers to frequently asked questions related to US security option expiration, exercise, and assignment.  Please feel free to contact us if your question is not addressed on this page or to request the addition of a question and answer. 

Click on a question in the table of contents to jump to the question in this document.

Table Of Contents:

How do I provide exercise instructions?

Do I have to notify IB if I want my long option exercised?

What if I have a long option which I do not want exercised?

What can I do to prevent the assignment of a short option?

Is it possible for a short option which is in-the-money not to be assigned?

What happens if I have a spread position with an in-the-money option and an out-of-the-money option?

Can IB exercise the out-of-the-money long leg of my spread position only if my in-the-money short leg is assigned?

What happens to my long stock position if a short option which is part of a covered write is assigned?

Am I charged a commission for exercise or assignments?

What happens if I am unable to meet the margin requirement on a stock delivery resulting from an option exercise or assignment?

 

Q&A:

How do I provide exercise instructions?
Instructions are to be entered through the TWS Option Exercise window. Procedures for exercising an option using the IB Trader Workstation can be found in the TWS User's Guide.

Important Note: In the event that an option exercise cannot be submitted via the TWS, an option exercise request with all pertinent details (including option symbol, account number and exact quantity), should be created in a ticket via the Account Management window. In the Account Management Message Center click on "Compose" followed by "New Ticket". The ticket should include the words "Option Exercise Request" in the subject line. Please provide a contact number and clearly state in your ticket why the TWS Option Exercise window was not available for use.

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Do I have to notify IB if I want my long option exercised?

In the case of exchange listed U.S. securities options, the clearinghouse (OCC) will automatically exercise all cash and physically settled options which are in-the-money by at least $0.01 at expiration (e.g., a call option having a strike price of $25.00 will be automatically exercised if the stock price is $25.01 or more and a put option having a strike price of $25.00 will be automatically exercised if the stock price is $24.99 or less). In accordance with this process, referred to as exercise by exception, account holders are not required to provide IB with instructions to exercise any long options which are in-the-money by at least $0.01 at expiration. 

Important Note: in certain situations (e.g., underlying stock halt, corporate action), OCC may elect to remove a particular class of options from the exercise by exception process, thereby requiring the account holder to provide positive notice of their intent to exercise their long option contracts regardless of the extent they may be in-the-money. In these situations, IB will make every effort to provide advance notice to the account holder of their obligation to respond, however, account holders purchasing such options on the last day of trading are not likely to be afforded any notice.

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What if I have a long option which I do not want exercised?
If a long option is not in-the-money by at least $0.01 at expiration it will not be automatically exercised by OCC. If it is in-the-money by at least that amount and you do not wish to have it exercised, you would need to provide IB with contrary instructions to let the option lapse. These instructions would need to be entered through the TWS Option Exercise window prior to the deadline as stated on the IB website.

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What can I do to prevent the assignment of a short option?
The only action one can take to prevent being assigned on a short option position is to buy back in the option prior to the close of trade on its last trading day (for equity options this is usually the Friday preceding the expiration date although there may also be weekly expiring options for certain classes). When you sell an option, you provided the purchaser with the right to exercise which they generally will do if the option is in-the-money at expiration.

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Is it possible for a short option which is in-the-money not to be assigned?
While is unlikely that holders of in-the-money long options will elect to let the option lapse without exercising them, certain holders may do so due to transaction costs or risk considerations. In conjunction with its expiration processing, OCC will assign option exercises to short position holders via a random lottery process which, in turn, is applied by brokers to their customer accounts. It is possible through these random processes that short positions in your account be part of those which were not assigned.

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What happens if I have a spread position with an in-the-money option and an out-of-the-money option?
Spread positions can have unique expiration risks associated with them. For example, an expiring spread where the long option is in-the-money by less than $0.01 and the short leg is in-the-money more than $0.01 may expire unhedged. Account holders are ultimately responsible for taking action on such positions and responsible for the risks associated with any unhedged spread leg expiring in-the-money.

 

Can IB exercise the out-of-the-money long leg of my spread position only if my in-the-money short leg is assigned?
No. There is no provision for issuing conditional exercise instructions to OCC. OCC determines the assignment of options based upon a random process which is initiated only after the deadline for submitting all exercise instructions has ended. In order to avoid the delivery of a long or short underlying stock position when only the short leg of an option spread is in-the-money at expiration, the account holder would need to either close out that short position or consider exercising an at-the-money long option.

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What happens to my long stock position if a short option which is part of a covered write is assigned?
If the short call leg of a covered write position is assigned, the long stock position will be applied to satisfy the stock delivery obligation on the short call. The price at which that long stock position will be closed out is equal to the short call option strike price.

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Am I charged a commission for exercise or assignments?
There is no commissions charged as the result of the delivery of a long or short position resulting from option exercise or assignment of a U.S. security option (note that this is not always the case for non-U.S. options).

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What happens if I am unable to meet the margin requirement on a stock delivery resulting from an option exercise or assignment?
You should review your positions prior to expiration to determine whether you have adequate equity in your account to exercise your options. You should also determine whether you have adequate equity in the account if an in-the-money short option position is assigned to your account. You should also be aware that short options positions may be exercised against you by the long holder even if the option is out-of-the-money.

If you anticipate that you will be unable to meet the margin requirement on a stock delivery resulting from an option exercise or assignment, you should either close positions or deposit additional funds to your account to meet the anticipated post-delivery margin requirement.

If an option exercise or assignment results in the delivery of a long or short stock position and the account holder does not maintain sufficient equity to meet the ensuing margin requirement, IB may liquidate positions to restore margin compliance. While IB retains the right to liquidate at any time in such situations, liquidations involving U.S. security positions will typically begin at approximately 9:40 AM ET as of the business day following expiration.

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