Risk Navigator: Alternative Margin Calculator

Overview: 

IB routinely reviews margin levels and will implement changes which serve to increase requirements above statutory minimums as market conditions warrant.  To assist clients with understanding the effects of such changes on their portfolio, a feature referred to as the "Alternative Margin Calculator" is provided within the Risk Navigator application. Outlined below are the steps for creating a “what-if” portfolio for the purpose of determining the impact of such margin changes.

Step 1: Open a new “What-if” portfolio

From the Classic TWS trading platform, select the Analytical Tools, Risk Navigator, and then Open New What-If menu options (Exhibit1).

Exhibit 1
 

From the Mosaic TWS trading platform, select New Window, Risk Navigator, and then Open New What-If menu options.

Step 2: Define starting portfolio

A pop-up window will appear (Exhibit 2) from which you will be prompted to define whether you would like to create a hypothetical portfolio starting from your current portfolio or a newly created portfolio. Clicking on the "yes" button will serve to download existing positions to the new “What-If” portfolio.

Exhibit 2
 

Clicking on the "No" button will open up the “What – If” Portfolio with no positions.


Risk Dashboard

The Risk Dashboard is pinned along the top of the product tab-sets, and is and is available for what-if as well as active portfolios. The values are calculated on demand for what-if portfolios. The dashboard provides at-a-glance account information including:

1) Net Liquidation Value: The total Net Liquidation Value for the account
2) P&L: The total daily P&L for the entire portfolio
3) Maintenance Margin: Total current maintenance margin
4) Initial Margin: Total initial margin requirements
5) VAR: Shows the Value at risk for the entire portfolio
6) Expected Shortfall (ES): Expected Shortfall (average value at risk) is expected return of the portfolio in the worst case
 

 

Alternative Margin Calculator

The Alternative Margin Calculator, accessed from the Setting menu and clicking on the Margin Mode (Exhibit 3), shows how the margin change will affect the overall margin requirement, once fully implemented.

Exhibit 3
 

 

Step 3: Selecting Margin Mode Settings

A pop-up window will appear (Exhibit 4) entitled Margin Mode Setting. You can use the drop-down menu in that window to change the margin calculations from Default (being the current policy) to the new title of the new Margin Setting (being the new margin policy). Once you have made a selection click on the OK button in that window.

Exhibit 4
 

Once the new margin mode setting is specified, the Risk Navigator Dashboard will automatically update to reflect your choice. You can toggle back and forth between the Margin Mode settings. Note that the current Margin Mode will be shown in the lower left hand corner of the Risk Navigator window (Exhibit 5).

Exhibit 5
 

 

Step 4: Add Positions

To add a position to the "What - If" portfolio, click on the green row titled "New" and then enter the underlying symbol (Exhibit 6), define the product type (Exhibit 7) and enter position quantity (Exhibit 8)

Exhibit 6
 

 

Exhibit 7

 

Exhibit 8

 

You can modify the positions to see how that changes the margin. After you altered your positions you will need to click on the recalculate icon () to the right of the margin numbers in order to have them update. Whenever that icon is present the margin numbers are not up-to-date with the content of the What-If Portfolio.

 

20-Minute Reconnect Grace Period, Unless Fingerprint/PIN Device Lock is Enabled

We recently introduced 30-hour Extended Trading access for mobile users (see the Android or iOS release notes).

For your protection, this feature requires that fingerprint or PIN/Pattern security be enabled on your mobile device. If not enabled, a 20-minute inactivity grace period applies, after which you are disconnected from your trading session and logged into Read-Only mode (which can be disabled), and must perform a full login for trading access.
 
While we remain diligent in our efforts to keep your account protected, we understand that good security is also about striking a balance between safety and convenience. If you feel strongly that this change adds undue burden to your trading setup - we'd like to hear from you.  Please vote on the Enhancement Request available through our Features Poll.

 

IB TWS for Mobile - Extended Trading Access

Overview: 

Get extended trading access in IB TWS for Mobile when you enabled fingerprint security on your device.

Once logged in to TWS for Mobile, all users have a 20-minute grace period during which they can take a call or use another app and still retain full access to their trading session without having to perform a full login (username/password + second factor authentication). After this grace period, users who have fingerprint security enabled on their device will enjoy secure trading for up to 30 hours without having to complete the full login.

 
When you enable a fingerprint to unlock your device, you are automatically enrolled for TWS Fingerprint authentication. This means that once you log in to TWS, you are able to securely re-access your trading session for up to 30 hours using just your fingerprint as authentication. If your fingerprint authentication fails or if you tap “Cancel,” you will be logged in to read-only mode. After 30 hours without using fingerprint authentication, you will be required to complete a full login. This means that if you access mobile TWS at least every 30 hours, you can maintain your trading access for an entire week without a full login. For added security, all mobile trading sessions are disconnected each Sunday at 1:00 AM local time, requiring you to complete a full login.
 
 
Users who use a PIN or pattern instead of a fingerprint to unlock their device will be able to re-access their trading session with this authentication for up to 12 hours before a full login is required.
 
 
If you do not want to enable the above forms of trading access and prefer to complete the full login process each time, disable “Secure reconnect” (Android) or "Auto-reconnect" (iOS) in IB TWS for Mobile Configuration.

Vista previa de orden / Comprobar margen

Overview: 

La función Vista previa de órdenes/Comprobar margen ofrece la posibilidad de revisar el coste, la comisión y el impacto de margen proyectados de una orden antes de su transmisión. Esta función está disponible tanto en TWS como en WebTrader; la versión de TWS proporciona más detalles.

Trader Workstation (TWS)

La función Comprobar margen de TWS proporciona la posibilidad de aislar el impacto de margen de la orden propuesta de una de las posiciones existentes y también muestra el nuevo requisito de margen suponiendo que la orden se ejecute. Los saldos de margen clave, incluidos los requisitos de margen inicial y de mantenimiento, se informan como la Liquidez con valor de préstamo. Para utilizar esta función, coloque el cursor sobre la línea de la orden, haga clic derecho con el botón del ratón y seleccione Comprobar margen desde el menú desplegable.

Ejemplo: Comprar 1 ES Junio 2012 Futuro @ 1387.25

 

La primera sección de la Vista previa de órdenes muestra el bid, ask y el último precio de negociación para el valor.

 

La segunda sección muestra los detalles básicos de la orden.

 

La sección Cantidad muestra el valor de la orden así como la comisión estimada aplicable.

 

La sección Impacto de margen muestra una división de los siguiente:

Actual = Los valores de cuenta actuales, con exclusión de la orden que se está transmitiendo.

Cambio = El efecto de la orden que se está enviando, ignorando cualquier posición en la cuenta.

Postnegociación = Los valores de cuenta anticipados cuando la orden que se está transmitiendo se haya ejecutado e incorporado a la cartera de cuenta.

  

WebTrader

La vista previa de orden de WebTrader muestra solo el equivalente de los valores postnegociación de TWS.

 

Предпросмотр ордера / Проверка маржи

Overview: 

Функция "Предпросмотр ордера/влияния на маржу" позволяет увидеть прогноз стоимости, комиссий и влияния на маржу, прежде чем Вы отправите ордер. Эта возможность доступна как в TWS, так и WebTrader, однако TWS предлагает более высокий уровень детализации.

Trader Workstation (TWS)

Функция TWS "Проверить маржу" позволяет рассмотреть влияние создаваемого ордера на маржу отдельно от уже имеющихся позиций, а также отображает новые маржинальные требования на основании предполагаемого исполнения ордера. Сообщаются ключевые показатели маржи, включая начальные и минимальные требования, а также общая сумма капитала с кредитом. Чтобы воспользоваться этой функцией, наведите курсор на строку ордера, щелкните по ней правой кнопкой мыши и выберите Проверить маржу в открывшемся меню.

Пример: Покупка фючерса 1 ES June 2012 @ 1387.25

 

В первом разделе предпросмотра ордера отображается бид, аск и последняя цена ценной бумаги.

 

Второй раздел содержит базовое описание ордера.

 

Раздел "Сумма" (Amount) отражает стоимость ордера, а также расчет применимых комиссий.

 

Раздел "Влияние на маржу " содержит следующие пункты;

Текущ. (Current) = Текущие показатели счета, не включающие отправляемый ордер.

Изменение (Change) = Влияние ордера при отправке, без учета каких-либо позиций на счете.

После завершения торгов (Post Trade) = Прогнозируемые показатели счета после отправки/исполнения ордера и его последующего включения в портфель.

  

WebTrader

Предпросмотр в WebTrader отображает только информацию, доступную в пункте "После завершения торгов" в TWS.

 

Ordervorschau/Marginauswirkung prüfen

Overview: 

Die Funktion „Ordervorschau/Marginauswirkung prüfen“ bietet die Möglichkeit, die voraussichtlichen Kosten und Provisionen und die Marginauswirkung einer Order zu überprüfen, ehe Sie diese übermitteln. Diese Funktion steht sowohl in der TWS als auch im WebTrader bereit, wobei die TWS-Variante mehr Details bereitstellt.

Trader Workstation (TWS)

Die TWS-Funktion „Margin überprüfen“ ermöglicht es Ihnen, die Marginauswirkung einer bestimmten geplanten Order von den bestehenden Positionen zu isolieren und zudem die neue Margin-Anforderung anzuzeigen, die bei Ausführung der betreffenden Order gelten würde. Die wichtigsten Marginwerte, wie zum Beispiel die Anforderungen für den Ersteinschuss und Mindesteinschuss, sowie das Eigenkapital mit Beleihungswert, werden hier ausgewiesen. Wenn Sie diese Funktion verwenden möchten, richten Sie den Mauszeiger auf eine Orderzeile, führen Sie einen Rechtsklick aus und wählen Sie die Option „Margin überprüfen“ aus dem Drop-Down-Menü aus.

Beispiel: Kauf von 1 ES Juni 2012 Future @ 1387.25

 

Im ersten Abschnitt der Ordervorschau werden der Geldkurs, der Briefkurs und der letzte Handelskurs des Wertpapiers angezeigt.

 

Im zweiten Abschnitt sehen Sie die wichtigsten Orderdetails.

 

Im Kontoabschnitt sehen Sie den Wert der Order sowie einen Schätzwert für die anfallenden Provisionen.

 

Der Abschnitt Marginauswirkung zeigt eine Aufstellung der folgenden Werte an:

Aktuell = Die aktuellen Marginwerte, ohne Berücksichtigung der Order, die platziert werden soll.

Veränderung = Die Auswirkung der Order, wenn diese übermittelt wird, ohne Einbeziehung jeglicher im Konto bestehender Positionen.

Nach Ausführung = Die Kontowerte, die sich voraussichtlich nach Übermittlung und Ausführung der Order und Aufnahme der Position ins Portfolio ergeben.

  

WebTrader

In der WebTrader-Ordervorschau sehen Sie lediglich äquivalente Werte zum Abschnitt „Nach Ausführung“ aus der TWS.

 

注文のプレビュー / 証拠金の確認

Overview: 

注文のプレビュー/証拠金の確認機能を利用して予想されるコストや手数料、また証拠金への影響を、注文発注前に確認することができます。 この機能はTWSとウェブ・トレーダーの両方からご利用可能ですが、TWSバージョンの方がより細かい詳細を含んでいます。

トレーダー・ワークステーション(TWS)

TWSの証拠金確認機能を利用すると、計画中の注文による証拠金への影響を既存のポジションから分離することができ、また注文が約定された場合の新しい必要証拠金を確認することができます。委託証拠金および維持証拠金の必要額を含める証拠金の残高を表示し、流動性資産価値としてレポートします。この機能を利用するには注文のラインにカーソルをあて、右クリックしてドロップダウンのメニューから証拠金確認を選択してください。

例: 2012年6月が限月のES先物を1枚1387.25にて購入

 

注文プレビューの最初の項目にはこの有価証券のビッド、アスクそして最終取引価格が表示されます。

 

2つ目の項目には注文の基本的な内容が表示されます。

 

金額の項目には注文の価値と手数料の見積もりが表示されます。

 

証拠金への影響の項目には、下記の内訳が表示されます;

現在 = この注文の発注を除いた状態での、現在の口座価値

変化 = 口座内にあるポジションはすべて無視した状態で、この注文が発注された場合の影響

取引後 = 発注された注文が約定し、口座のポートフォリオに組み込まれた後に予想される口座価値

  

WebTrader

WebTraderの注文プレビュー機能には、TWSで取引後の口座価値として表示される情報のみが表示されます。

 

Anteprima ordine/Verifica margine

Overview: 

La funzione Anteprima ordine/Verifica margine offre la possibilità di verificare il costo e l'impatto sulle commissioni e sul margine previsti per uno specifico ordine prima della sua trasmissione. Sebbene questa funzione sia disponibile sia in TWS sia in WebTrader, la versione per TWS è quella che offre più dettagli.

Trader Workstation (TWS)

La funzione Verifica margine di TWS offre la possibilità di isolare l'impatto sul margine dell'ordine proposto dalle posizioni in essere del dato utente e, inoltre, mostra il nuovo requisito di margine partendo dal presupposto che l'ordine venga eseguito. I principali saldi del margine, compresi i requisiti del margine iniziale e di mantenimento, sono registrati così come il capitale con valore di prestito. Per usare questa funzione, è necessario posizionare il cursore sulla linea dell'ordine, cliccare col tasto destro del mouse e selezionare Verifica margine dal menu a discesa.

Esempio: acquisto di 1 ES June 2012 Future a 1387.25

 

La prima sezione dell'Anteprima dell'ordine mostra il prezzo bid, ask e l'ultimo prezzo del titolo.

 

La seconda sezione illustra i dettagli fondamentali dell'ordine

 

La sezione Importo indica il valore dell'ordine e la stima delle commissioni applicabili.

 

La sezione Impatto sul margine mostra una descrizione dettagliata di quanto segue;

Correnti = i valori correnti del conto, escluso l'ordine attualmente trasmesso.

Modifica = l'effetto della trasmissione dell'ordine ignorando le eventuali posizioni nel conto.

Post-negoziazione = i valori previsti del conto quando l'ordine attualmente trasmesso è stato eseguito e aggiunto al portafoglio del conto.

  

WebTrader

L'anteprima d'ordine di WebTrader mostra solamente l'equivalente dei valori di post-negoziazione di TWS.

 

Aperçu de l'ordre / Impact sur la marge

Overview: 

La fonctionnalité Aperçu de l'ordre/impact sur la marge offre la possibilité de voir le coût projeté, la commission et l'impact sur la marge d'un ordre avant sa transmission. Cette fonctionnalité est disponible à la fois dans TWS et WebTrader. La version de TWS est plus détaillée.

Trader Workstation (TWS)

La fonctionnalité de vérification de marge dans TWS offre la possibilité d'isoler l'impact sur la marge de l'ordre proposé par rapport à une position et d'afficher la nouvelle exigence de marge dans l'hypothèse où l'ordre est exécuté. Les soldes clés de marge, notamment les exigences de marge initiales et de maintien, sont reportés de la même manière que les actifs avec valeur d'emprunt. Pour utiliser cette fonctionnalité, veuillez placer votre curseur sur la ligne d'ordre, cliquez avec le bouton droit de votre souris et sélectionnez Vérifier la marge dans le menu déroulant.

Exemple: Acheter 1 ES June 2012 Future @ 1387.25

 

La première section de l'Aperçu de l'ordre affiche le cours acheteur, le cours vendeur et le dernier cours pour ce titre.

 

La seconde section affiche les informations de base de l'ordre

 

La section Montant affiche la valeur de l'ordre ainsi qu'une estimation de la commission applicable.

 

La section Impact sur la marge affiche les informations suivantes de manière détaillée ;

Actuel = les valeurs de compte actuelles, à l'exclusion de l'ordre actuellement transmis.

Modification = l'impact de l'ordre actuellement transmis en ne tenant pas compte des positions dans le compte.

Post-Trade = les valeurs de compte anticipées une fois que l'ordre actuellement transmis aura été exécuté et incorporé dans le portefeuille du compte.

  

WebTrader

L'affichage WebTrader affiche l'équivalent des valeurs Post-Trade TWS uniquement.

 

IEX Discretionary Peg Order

Background: 

IEX offers a Discretionary Peg™ (D-Peg™) order type which is a non-displayed order that is priced at either the National Best Bid (NBB for buys) or National Best Offer (NBO for sells). D-Peg™ orders passively rest on the book while seeking to access liquidity at a more aggressive price up to Midpoint of the NBBO, except when IEX determines that the quote is transitioning to less aggressive price

D-Peg™ combines elements of Midpoint Peg, Primary Peg, and traditional discretionary order types.
 
Information about slow and predictable changes in the NBBO are detected in IEX's Crumbling Quote Indicator and provides D-Peg™ orders with an instruction to stop seeking access to liquidity at a more aggressive price until the quote returns to a stable state.

 

How to Place a D-Peg Order

Please note, the IEX D-Peg order type is only available via the TWS version 961 and above. Instructions for entering this order type are outlined below:

Step 1

Enter a symbol and choose a directed quote, selecting IEX as the destination. Right click on the data line and select Trade followed by Order Ticket to open the Order Ticket window.

 

Step 2

Select the REL order type from the Order Type drop down menu.

 

Step 3

Click on the Miscellaneous tab (Misc.) and at the bottom there will be a checkbox for "Discretionary up to limit". Check this box. The price that you set in the Limit Price field will be used at the discretionary price on the order.

 

 

Step 4 

Hit Preview to view the Order Preview window.

 

 

For additional information concerning this order type, please review the following exchange website link: https://www.iextrading.com/trading/dpeg/

 

 

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