风险警告
差价合约属于复杂金融产品，其交易存在高风险，由于杠杆的作用，可能会出现迅速亏损。

在通过IBKR（UK）交易差价合约时，有67%的零售投资者账户出现了亏损。

您应考虑自己是否理解差价合约的运作机制以及自己是否能够承受亏损风险。

ESMA差价合约规定（仅限零售客户）

欧洲证券与市场管理局（ESMA）颁布了新的差价合约规定，自2018年8月1日起生效。

新规包括：1) 开仓差价合约头寸的杠杆限制；2) 以单个账户为单位的保证金平仓规则；以及3) 以单个账户为单位的负余额保护规则；ESMA规定仅适用于零售客户。

专业客户不受影响。

请参见ESMA差价合约新规推行了解更多详细信息。

IBKR外汇差价合约特点

透明的直接市场接入（DMA）报价：IB收紧的点差与丰富的流动性源于14家全球最大外汇交易商的联合报价，这些交易商占有全球银行同业拆借市场的份额超过70%*。因此显示的报价低至0.1个点差（PIP）。IB不会标高报价，而是会将其接收到的价格直接传递给客户并单独收取低廉的佣金。

*来源：欧洲货币杂志外汇调查（Euromoney FX survey）外汇投票2016。

例如，2016年4月21日，英镑基准利率为0.483%，美元基准利率为0.37%。则适用的基准利率为：

GBP.USD基准 +0.483% - 0.37% = +0.113%

适用的客户利率为货币对基准 – IB多头头寸点差，基准 + 空头头寸点差：

GBP.USD多头利率 +0.113% - 1.00% = -0.887%

GBP.USD空头利率 +0.113% + 1.00% = +1.113%

请注意，多头利率为贷项，空头利率为借项。因此，对于多头头寸，正利率意味着您会收到利息，负利率意味着您会被收取利息。而对于空头头寸，正利率意味着您会被收取利息，负利率意味着您会收到利息。

利率根据以报价货币表示的合约价值进行计算，并以该货币收取或支付利息。举例：

举例：

外汇差价合约余额利息基于合约单独计算，而不是与其他货币头寸（包括即期外汇）合并或总括计算。尽管IB不会直接引用互换利率，但IB保留在特殊市场条件下（如财年结束前后的互换利率迅速上升）应用较高点差的权利。

常见问题

任何人都能交易IB外汇差价合约吗？

除美国、加拿大和香港的居民，其他所有客户都能交易IB差价合约。任何投资者类型都不能免于这一基于居住地的限制。

IB外汇差价合约和IB现金外汇之间的区别是什么？

IB现金外汇是一种带杠杆的现金交易，可实物交割货币对的两种货币。您的外汇交易相关余额会与您其他交易活动产生的其他余额合并，且您需根据每种货币的基准利率为这些合并余额支付利息或收取相关利息。

相比之下，IB外汇差价合约是一种提供仓位但不支持实物交割底层货币的合约，且您是根据合约的名义价值支付或收取利息的。合约的基准利率是两种底层货币的基准利率差额。这基本上与其他经纪商使用的隔夜利息（TOM Next）展期相似，但由于基准利率的波动性通常小于互换利率，该息差的稳定性更高。

请参见上方的息差部分查看详细举例。

差价合约交易与头寸在报表中如何反映？

下方文章对IBKR发行的股票差价合约（CFD）进行了总体介绍。

有关IBKR指数差价合约的信息，请点击此处。有关外汇差价合约的信息，请点击此处。

涵盖主题如下：

I.   差价合约定义
II.   差价合约与底层股票之比较
III. 成本与保证金
IV. 范例
V.   差价合约的相关资源
VI. 常见问题
 

风险警告

差价合约属于复杂金融产品，其交易存在高风险，由于杠杆的作用，可能会出现迅速亏损。

在通过IBKR（UK）交易差价合约时，有67%的零售投资者账户出现了亏损。

您应考虑自己是否理解差价合约的运作机制以及自己是否能够承受亏损风险。

ESMA差价合约规定（仅限零售客户）

欧洲证券与市场管理局（ESMA）颁布了新的差价合约规定，自2018年8月1日起生效。

新规包括：1) 开仓差价合约头寸的杠杆限制；2) 以单个账户为单位的保证金平仓规则；以及3) 以单个账户为单位的负余额保护规则；

ESMA新规仅适用于零售客户。专业客户不受影响。

请参见ESMA差价合约新规推行了解更多详细信息。

I. 股票差价合约定义

IBKR差价合约是场外交易合约，提供底层股票的收益，包括股息与公司行动（了解更多有关差价合约公司行动的信息）。

换句话说，这是买家（您）与IBKR就交易一只股票当前价值与未来价值之差额而达成的协定。如果您持有多头头寸，且差额为正，则IBKR会付钱给您。而如果差额为负，则您应向IBKR付钱。

IBKR股票差价合约通过您的保证金账户进行交易，因此您可建立多头以及空头杠杆头寸。差价合约的价格即是底层股票的交易所报价。实际上，IBKR差价合约报价与股票的智能传递报价（可在TWS中查看）相同，且IBKR提供直接市场接入（DMA）。与股票类似，您的非适销（即限价）定单会使底层对冲直接呈现在其进行交易之交易所的深度定单册中。 这也意味着您可以下单以底层买价买入差价合约或以底层卖价卖出差价合约。

要将IBKR透明的差价合约模型与市场上其他差价合约进行比较，请参见我们的差价合约市场模型概述。

IBKR目前提供约7100只股票差价合约，覆盖美国、欧洲和亚洲的主要市场。下表所列的主要指数其成分股目前都可做IBKR股票差价合约。在许多国家，IBKR还可供交易高流动性小盘股。这些股票自由流通量调整市值至少为5亿美元，每日交易量中间值至少为60万美元。 详情请见差价合约产品列表。不久将会增加更多国家。

 *对新加坡居民不可用

II.   差价合约与底层股票之比较

III. 成本与保证金

在欧洲股票市场，IBKR差价合约可以比IB极具竞争力的股票产品更加高效。

首先，IBKR差价合约佣金比股票低，且有着与股票一样低的融资点差：

*每单 + 超出5万英镑部分的0.05%
**对于差价合约是总头寸价值的融资；对于股票是借用金额的融资

交易量更大时，差价合约佣金会变得更低，最低至0.02%。头寸更大时，融资利率也会降低，最低至0.5%。 详情请参见差价合约佣金和差价合约融资利率。

其次，差价合约的保证金要求比股票低。零售客户须满足欧洲监管机构ESMA规定的额外保证金要求。请参见ESMA差价合约新规推行了解详细信息。

*蓝筹股特有保证金。零售客户最低初始保证金要求为20%。股票标准的25%日内维持保证金，50%隔夜保证金。 显示的投资组合保证金为维持保证金（包括隔夜）。波动较大的股票保证金要求更高

请参见CFD保证金要求了解更多详细信息。


IV. 范例（专业客户）

让我们来看一下例子。联合利华在阿姆斯特丹的挂牌股票在过去一个月（2012年5月14日前20个交易日）回报率为3.2%，您认为其会继续有良好表现。您想建立20万欧元的仓位，并持仓5天。您以10笔交易建仓并以10笔交易平仓。您的直接成本如下：

股票

注意：差价合约的利息支出根据总的合约头寸进行计算，而股票的利息支出则是根据借用金额进行计算。股票和差价合约的适用利率相同。

但是，假设您只有2万欧元可用来做保证金。如果联合利华继续上月的表现，您的潜在盈利比较如下：  

V.   差价合约相关资源

下方链接可帮助您了解更多有关IBKR差价合约产品的详细信息：

差价合约参数

差价合约产品列表

差价合约佣金

差价合约融资利率

差价合约保证金要求

差价合约公司行动

还可参看以下视频教程：

如何在TWS中进行差价合约交易

VI. 常见问题

什么股票可进行差价合约交易？

美国、西欧、北欧与日本的大盘和中盘股股票。许多市场上的高流动性小盘股也可以。请参见差价合约产品列表了解更多详细信息。不久将会增加更多国家。

IB提供股票指数和外汇的差价合约吗？

是的。请参见IBKR指数差价合约 - 事实与常见问题以及外汇差价合约 - 事实与常见问题。

IB如何确定股票差价合约报价？

IBKR差价合约报价与底层股票的智能传递报价相同。IBKR不会扩大价差或与您对赌。要了解更多信息，请参见差价合约市场模型概述。

我能看到自己的限价定单反映在交易所中吗？

是的。IBKR提供直接市场接入（DMA），这样您的非适销（即限价）定单会使底层对冲直接呈现在其进行交易之交易所的深度定单册中。这也意味着您可以下单以底层买价买入差价合约或以底层卖价卖出差价合约。此外，如果其他客户的定单以优于公开市场的价格与您的定单交叉，您还可能会获得价格改善。

IB如何确定股票差价合约的保证金？

IBKR根据每只底层股票的历史波动率建立了基于风险的保证金要求机制。最低保证金为10%。 大多数IBKR差价合约都应用该保证金率，这使差价合约在大多数情况下都比底层股票交易更具效率。 零售客户须满足欧洲监管机构ESMA规定的额外保证金

要求。 请参见ESMA差价合约新规推行了解详细信息。单个差价合约头寸之间或差价合约与底层股票头寸之间没有投资组合抵消。集中头寸和超大头寸可能需要准备额外的保证金。请参见差价合约保证金要求了解更多详细信息。

空头股票差价合约会要强制补仓吗？

是的。如果底层股票很难或者根本不可能借到，则空头差价合约头寸的持有者将需要进行补仓。

IB如何处理股息和公司行动？

IBKR通常会为差价合约持有者反映公司行动的经济效应，就好像他们一直持有着底层证券一样。股息会表现为现金调整，而其他行动则会通过现金或头寸调整表现。例如，如果公司行动导致股票数量发生变化（如股票分隔和逆向股票分隔），差价合约的数量也会相应地进行调整。如果行动导致产生新的上市实体，且IBKR决定将其股票作为差价合约交易，则需要创建适当数量之新的多头或空头头寸。要了解概述信息，请参见差价合约公司行动。

*请注意，某些情况下对于合并等复杂公司行动可能无法对差价合约进行准确调整。这时候，IBKR可能会在除息日前终止差价合约。

任何人都能交易IBKR差价合约吗？

除美国、加拿大和香港的居民，其他所有客户都能交易IBKR差价合约。新加坡居民可交易除新加坡上市之股票差价合约以外的其它IBKR差价合约。任何投资者类型都不能免于这一基于居住地的限制。

我需要做什么才可以开始在IBKR交易差价合约？

您需要在账户管理中设置差价合约交易许可，并同意相关交易披露。如果您的账户是在IB LLC开立，则IBKR将设置一个新的账户板块（即您当前的账户号码加上后缀“F”）。设置确认后您便可以开始交易了。您无需单独为F账户注资，资金会从您的主账户自动转入以满足差价合约保证金要求。  

有什么市场数据要求吗？

IBKR股票差价合约的市场数据便是底层股票的市场数据。因此需要具备相关交易所的市场数据许可。如果您已经为股票交易设置了交易所的市场数据许可，那么就无需再进行任何操作。如果您想在当前并无市场数据许可的交易所交易差价合约，您可以设置许可，操作与底层股票的市场数据许可设置相同。

差价合约交易与头寸在报表中如何反映？

如果您是在IB LLC持有账户，且您的差价合约头寸持有在单独的账户板块（主账户号码加后缀“F”）中。您可以选择单独查看F板块的活动报表，也可以选择与主账户合并查看。您可在账户管理的报表窗口进行选择。对于其他账户，差价合约通常会与其他交易产品一起在您的账户报表中显示。

我可以从其他经纪商处转入差价合约头寸吗？

IBKR当前不支持差价合约头寸转账。

股票差价合约可以使用图表功能吗？

是的。

 在IBKR交易差价合约有什么账户保护？

差价合约以IB英国作为您的交易对方，不是在受监管的交易所进行交易，也不是在中央结算所进行结算。因IB英国是您差价合约交易的对方，您会面临与IB英国交易相关的财务和商业风险，包括信用风险。但请注意，所有客户资金永远都是完全隔离的，包括对机构客户。IB英国是英国金融服务补偿计划（“FSCS”）参与者。IB英国不是美国证券投资者保护公司（“SIPC”）成员。请参见IB英国差价合约风险披露文件了解有关差价合约交易风险的详细信息。

在哪种类型（如个人、朋友和家庭、机构等）的IBKR账户中可交易差价合约？ 

所有保证金账户均可进行差价合约交易。现金账户和SIPP账户不能。

在某一特定差价合约中我最多可持有多少头寸？

没有预设限制。但请注意，超大头寸可能会有更高保证金要求。请参见CFD保证金要求了解更多详细信息。

我能否通过电话交易差价合约？

不要。在极端情况下我们可能同意通过电话处理平仓定单，但绝不会通过电话处理开仓定单。

差价合约属于复杂金融产品，其交易存在高风险，由于杠杆的作用，可能会出现迅速亏损。

在通过IBKR（UK）交易差价合约时，有67%的零售投资者账户出现了亏损。

您应考虑自己是否理解差价合约的运作机制以及自己是否能够承受亏损风险。

ESMA规定

欧洲证券与市场管理局（ESMA）发布临时产品干涉措施，自2018年8月1日起生效。

ESMA决议实施的限制包括：1) 开仓差价合约头寸的杠杆限制；2) 以单个账户为单位的保证金平仓规则；3) 以单个账户为单位的负余额保护规则；4) 对交易差价合约激励措施的限制；以及5) 标准的风险警告。

ESMA新规仅适用于零售客户。 专业客户不受影响。

European regulators, as part of EMIR, issued technical rules concerning Risk Mitigation Techniques for derivatives not cleared by a Central Counterparty (“CCP”), which detail how the regulators expect these products to be margined from 1st March 2017. In general customers trading products subject to these rules are required to exchange variation margin.

Interactive Brokers (U.K.) Ltd. (“IBUK”) provides Contracts for Difference (‘CFDs’) that fall under these rules, and is your counter party to these trades. IBUK wishes to inform you how IBUK provides information regarding variation margin and reconciliation arrangements. This does not represent a material change from our current practice.

Variation Margin – Applicable where you are classified as FC or NFC+

All financial counterparties (‘FC’) and larger non financial counterparties (‘NFC+’) are subject to the EMIR variation margin rules for OTC derivatives. Whether larger non financial counterparties are subject to the rules is determined by reference to whether their 30-day rolling average of the gross notional OTC derivative positions entered into for non-hedging purposes are above specified clearing thresholds (eg EUR1bn for equity derivatives). IBUK ensures variation margin is exchanged with its counterparties with respect to OTC derivative transactions not centrally cleared by CCP.

IBUK provides customers with timely confirmations of trades each day via two secure platforms: by displaying them on our Trader Work Station (“TWS”) and via the Trade Confirmations and Daily Activity Statements in Account Management. The marked-to-market value of your OTC derivative contracts are shown in your Daily Activity statement.

The variation margin rule requires that variation margin is calculated on a daily basis based on the values of all the outstanding derivatives contracts under the IBUK Client Agreement for Products Carried by IBUK (the “Agreement”) on the previous business day.

Where this marked-to-market value of your transactions reflects a credit exposure for IBUK, IBUK collects variation margin equal to the positive mark-to-market value of its OTC derivatives. The variation margin collection is achieved through reduction in the net equity value available, an offset and/or liquidation of positions in the posting account. You may refer to the supplemental information about margin and the Agreement on the IB UK website for further details. Where the marked-to-market value reflects a credit to you, IBUK will reflect this via an increase in your net
equity.

Whilst the variation margin rule requires that variation margin is calculated on a daily basis, IBUK further expects that clients monitor their accounts continuously, including intraday, so that at all times the account contains sufficient equity to meet margin requirement as calculated by IBUK.

Reconciliation

Activity Statements are provided on a daily, monthly and annual basis. Customers can download this information using a "flex query" tool (which is available in our "account management system) in CSV type format.

You may reconcile the OTC positions detailed on these Trade Confirmations and Activity Statements account against your own records. The regulations state that you should reconcile your positions, contract information, valuation(s) and profits and losses and any related information.

If you note any discrepancies, you can contact IBUK customer service. Contact information for Interactive Brokers customer service is available on the IB website at:
https://www.interactivebrokers.com/en/?f=customerService.

The process for resolving any dispute is discussed in your client agreement with us.

Please note that the rules also require customers of firms that carry portfolios on a gross basis to carry out portfolio compression with the firm but this is not relevant as IBUK maintains your OTC positions on a net basis.

The rules also detail how often particular types of customers need to conduct these
reconciliations:

If you are an FC or a an NFC+ the rules require you to conduct portfolio reconciliations at the following frequencies:
• Daily, whenever you have 500 or more open OTC contracts;
• Weekly, if you have between 51 and 499 OTC contracts open at any time during the week;
• Quarterly, if you have 50 or fewer contracts open at any time during the quarter.
 

If you are a non-financial counter party not meeting the criteria to be an NFC+ (ie “NFC-“) you are required under the rules to carry out portfolio reconciliations at least:
• Quarterly, if you have more than 100 open OTC contracts open at any time in the quarter;
• Annually, if you have 100 or fewer open contracts at any time in the year.

Please note that this communication is not intended to serve as legal advice.

Interactive Brokers (U.K.) Limited

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

For information on IBKR Share CFDs, please click here. For Forex CFDs click here.

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

61% of retail investor accounts lose money when trading CFDs with us.

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 of IBKRs European entities, including so-called F segments)

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 the following articles for more detail:

ESMA CFD Rules Implementation at IBKR (UK) and IBKR LLC

ESMA CFD Rules Implementation at IBIE and IBCE

Introduction

Our Index CFDs are contracts which deliver the return of a market index. Said differently, the CFD is an agreement between the buyer (you) and us to exchange the difference between the current value of an index, and its value at a future time. If you hold a long position and the difference is positive, we pays you. If it is negative, you pay us.

Our Index CFDs are traded through your margin account, and you can therefore enter long as well as short leveraged positions.

The price of the Index CFD is directly related to the price of the exchange-quoted related future. The price-movement of the Index CFD tracks the movement of the related future, although the price levels differ by an adjustment for interest and dividends (fair-value adjustment).

For example (actual quotes):

IIndex CFD Price Determination: As discussed, our Index CFDs track the related future, adjusted for fair value. The synthetic index level is very close to the cash index but may differ somewhat as explained below.

In the futures market fair value is the equilibrium price for a futures contract. It is the price at which an investor effectively pays the appropriate rate of interest and is compensated for the dividends he forgoes by holding the future rather than the underlying shares.

The fair value is determined by adjusting the cash index as follows, taking into account the time remaining to expiry:

Cash Index Value + Interest - Dividends = Future at Fair Value

To determine the value of the IBKR Index CFD, we reverse the process:

Actual Futures Price - Interest + Dividends = IBKR Index CFD Value

The result is not necessarily the same value as the cash index. This is because the starting point is the actual price of the future, and the future may trade above or below its fair value.

Having established the level for the synthetic index, the actual CFD quotes show spreads and ticks that reflect those of the underlying future. IB charges a commission rather than widening the spread, enabling a transparent comparison between the returns of the Index CFD and the related future.

Low Commissions and Financing Rates: Unlike other Index CFD providers IBKR charges a transparent commission, rather than widening the spread of the related future. Depending on the index, commission rates are only 0.005% - 0.01%. Overnight financing rates are just benchmark +/- 1.5%.

Transparent Quotes: Because IBKR does not widen the spread, the Index CFD quotes accurately  represent the spreads and price movements of the related future, and there are no re-quotes. What you see is what you get.

Flexible Exposure to Major Markets: IBKR Index CFDs are available for the main US, European and Asia Pacific indices. They can be traded in lots as small as 1X the index level, a fraction of the size of the related futures. And unlike the related futures, they do not need to be rolled over. You can trade all European and US IBKR Index CFDs from 09:00 - 22:00 CET.

Margin Efficiency: IBKR Index CFDs are margined at the same low rates as the related future, adjusted for contract size (subject to a minimum of 5%). Retail clients are subject to regulatory minimum initial margins of 5% or 10% depending on the index. Please see ESMA CFD Rules Implementation at IBKR for additional detail and examples.

We also offer intraday margin rates on Index CFDs at a level consistent with that of the related futures contract. Intraday rates are generally set at 50% of the overnight rate and are offered during a time frame which begins at the start of liquid trading hours and ends 15 minutes before the liquid trading close. Retail clients are subject to the ESMA minimum margin requirements both intraday and overnight.

*Total Hours may be restricted to Liquid Hours during periods of extreme market volatility

**Previous day

Dividend Adjustment: Based on ordinary dividends for the constituents of each index. Dividends are accrued on the ex-date and settled T + 2.

Corporate Action Adjustments: None for the CFD. Corporate actions are reflected in the index level.

Trading Permissions: Same as for Share CFDs.

Market Data Permissions: Index CFD market data is free, but permission is required for system reasons.

Worked Trade Example (Professional Clients):

Opening the Position

You purchase 10 IBUS30 CFDs at $23,534.48 for USD 235,344.80, which you then hold for 5 days.

Closing the Position

CFD Resources

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

CFD Product Listings

CFD Commissions

CFD Financing Rates

CFD Margin Requirements

CFD Corporate Actions

CFD Contract Specifications

The following video tutorial is also available:

How to Place a CFD Trade on the Trader Workstation

Frequently asked Questions

What Indices are available as CFDs?

The principal indices in the United States, Europe and Asia Pacific. Please see CFD Product Listings for more detail.

Do you have CFDs on commodities?

IBKR does not currently offer Commodity CFDs.

How do you determine your Index CFD quotes?

IBKR Index CFDs track the related future, adjusted for fair value. It is in effect a synthetic index level that is very close to the cash index but may differ somewhat as explained below.

In the futures market fair value is the equilibrium price for a futures contract. It is the price at which an investor effectively pays the appropriate rate of interest and is compensated for the dividends he forgoes by holding the future rather than the underlying shares.

The fair value is determined by adjusting the cash index as follows, taking into account the time remaining to expiry:

Cash Index Value + Interest - Dividends = Future at Fair Value

To determine the value of our Index CFD, we reverse the process:

Actual Futures Price - Interest + Dividends = our Index CFD Value

The result is not necessarily the same value as the cash index. This is because the starting point is the actual price of the future, and the future may trade above or below its fair value.

Having established the level for the synthetic index, the actual CFD quotes show spreads and ticks that reflect those of the underlying future. IBKR charges a commission rather than widening the spread, enabling a transparent comparison between the returns of the Index CFD and the related future.

How do you determine margins for Index CFDs?

The margins are the same as for the related future, adjusted for size, including lower rates intraday. Please refer to CFD Margin Requirements for more detail. Retail clients are subject to regulatory minimum initial margins of 5% or 10% depending on the index. Please see ESMA CFD Rules Implementation at IBKR for additional detail.

Are short Index CFDs subject to forced buy-in?

No. As the reference instrument is a future, the index CFD is not affected by stock loan availability.

How do you handle dividends and corporate actions?

The index level itself is adjusted for corporate actions, and no direct adjustments to the CFD are
necessary. Index CFDs are however adjusted for dividends as the underlying future is typically based on a price index. The only exception among the currently available IB Index CFDs is Germany 40 (IBDE40), which is based on a total return index.

For an overview, please see CFD Corporate Actions.

Can anyone trade our CFDs?

All clients can trade IBKR CFDs, except residents of the USA, Canada, Hong Kong, New Zealand and Israel. There are no exemptions based on investor type to the residency-based exclusions.

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

You need to set up trading permission for CFDs in Client Portal and agree to the relevant trading disclosures. If your account is with IBKR (UK) or with IBKR LLC, IBKR 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.  

If your account is with another IBKR entity, only the permission is required; an additional account segment is not necessary.

Are there any market data requirements?

The market data for IB Index CFDs is free, but you need to subscribe to it for system reasons. It is a global permission (like FX), so you only need to subscribe once. To do this, log into Client Portal and click the User menu (head and shoulders icon in the top right corner) followed by User Settings. Under Trading Platforms select the Configure (gear) icon next to Market Data Subscriptions. Click the Configure (gear) icon next to Current GFIS Subscriptions to review what other services you may be interested in. Alternatively, you can set up an Index CFD in your TWS quote monitor and click the “Market Data Subscription Manager” button that appears on the quote line.

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

If you are a client of IBKR (U.K.) or IBKR 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 Client Portal.

If you are a client of other IBKR entities, there is no separate segment. You can view your positions normally alongside your non-CFD positions.

Can I transfer in CFD positions from another broker?

IB does not currently have a facility for transferring Index CFD positions. 

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

All margin and cash accounts are eligible for CFD trading. 

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

There is no pre-set limit for position size, but please be aware that trade-size restrictions apply to Index CFDs. Please see the table at the beginning of this document 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.