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COMEX贵金属期货实物交割

Overview: 

关于COMEX贵金属期货实物交割

IBLLC的客户将可以发起和接收COMEX贵金属期货交割，具体说来为黄金（GC）、白银（SI）及对应的黄金微型合约（MGC）和白银微型合约（SIL）。

对于每张标准规格或E-微型期货合约，实物交割是以经登记的电子权证或累积交换凭证（ACE）的形式进行的。

 

关于黄金和白银权证

  • 每只黄金（GC）和白银（SI）期货将交割一张代表相应合约单位可交割黄金或白银的权证。
  • 权证是COMEX批准的存托机构发行的电子凭证。
  • 每张权证都在COMEX进行过登记并与具体的可交割贵金属条关联，唯一识别号码也可追溯到COMEX的存托机构。
  • 权证将登记在盈透证券（COMEX清算成员）名下。
  • 将收取保管费。
  • 客户将在“U”账户内看到其权证：
    • 代码将包含已登记权证的唯一凭证号码。
    • 数量永远是1。
    • 权证对应的贵金属条净重和纯度可供客户查看。下方为客户报表范例。

Example of a Client Statement

 

有关累积交换凭证（ACE）

  • 微型黄金和微型白银合约将交割由清算所发行的累积交换凭证（ACE）。
    • 微型黄金（MGC）：一个ACE代表以权证形式持有的100金衡盎司金条10%的所有权。更多信息请参见COMEX规则手册第120章。
    • 微型白银（SIL）：一个ACE代表以权证形式持有的5000金衡盎司银条20%的所有权。更多信息请参见COMEX规则手册第121章。
  • 权证可以转换成ACES。
  • 只要累积到适当倍数（黄金是10，白银是5），ACES也可以兑换回权证。
  • 将收取保管费。

 

关于交割意向

要接收或发起交割，您必须针对对应期货输入意向。如果没有意向，期货仓位将受相关交割周期限制，可能会被平仓清算。参见下方的交割周期清算安排。

  • 多头期货 – 必须在相应交割月份第一头寸日前至少提前两个工作日针对对应数量的多头期货输入接收意向。客户也可以在交割过程中输入接收意向，以针对当前交割月份期货下达一个买入委托单。
    • 只有在账户有足够资金接收已声明之数量的权证交割时，接收意向委托单才会被接受。如果资金不足，接收意向委托单会被拒绝。
  • 空头期货 – 必须在相应交割月份最后交易日前至少提前两个工作日针对对应数量的空头期货输入交割意向。客户也可以在最后交易日前一天和最后交易日当天输入交割意向，以针对当前交割月份期货下达一个卖出委托单。
    • 只有在账户有足够数量的权证/ACE凭证可满足交割时，交割意向委托单才会被接受。如果凭证不足，则交割意向委托单会被拒绝。

 

下达交割意向

  • 要从TWS中访问实物交割工具：
    • 右键点击可实物交割的期货合约 > 交割或
    • 选择交易 > 实物交割
  • 要从客户端中访问实物交割工具：
    • 点击可实物交割的期货合约 > 您的持仓 > 行操作按钮（3个点） > 交割
    • 从持仓页面，点击行操作（3个点） > 交割
  • 移动IBKR应用程序：
    • 打开主菜单 > 交易 > 交割
    • 点击可实物交割的期货合约以打开合约详情 > 持仓 > 交割工具

要针对该等贵金属产品表明意向，您必须按以下流程操作：

接收意向
提交接收意向不仅仅可用于表示希望在交割窗口结束时接收产品（以登记权证或ACE的形式），在交割窗口期内开立新的期货仓位也需要用到接收意向（即如果没有先针对期货产品提交接收意向，则无法在交割窗口期内开立可实物交割的期货仓位）。

任何在交割窗口结束时没有对应期货仓位的接收意向都将被取消。

交割意向
提交交割意向表示希望交割产品（如权证或ACE）。这要求账户做空可实物交割期货的同时持有相应的凭证可用于交割。

任何在交割窗口结束时没有对应期货仓位的交割意向都将被取消。

申请交割
只有在交割窗口期内才能提交交割申请，表示希望当天（而不是交割意向表示的在交割窗口结束时）交割产品。提交交割申请，账户必须有符合条件的产品（如权证或ACE）以及相应的空头期货仓位（如GC、MGC等）。

美国现货黄金实物交割

Overview: 

美国现货黄金实物交割
不记名登记的美国现货黄金（代码：USGOLD）可以转换成下方任一产品:

  • Gold Bullion Bar (.999) - 1 kg
  • Gold Bullion Bar ISO Accredited (.9999) - 1 oz
  • Gold Bullion Bar ISO Accredited (.9999) - 10 oz
  • Gold American Eagle Coin - 1 oz
  • Gold American Buffalo Coin - 1 oz
  • Gold Canadian Maple Leaf Coin - 1 oz


申请交割
如果想将您的不记名登记美国现货黄金仓位转换成实物黄金：

  • 登录客户端
  • 打开消息中心
  • 点击“撰写>新咨询单”
  • 选择“实物黄金交割”作为话题

登录客户端


交割费用和运送
美国现货黄金实物交割的成本费用为以下各项总和：

  • 黄金现货价格和实物产品成本之间的差额。
    • 实物金属产品由Fidelitrade Inc.提供。实物产品的预估成本可参见Fidelitrade Inc.的网站。
    • 产品的成本是FideliTrade显示的指示性卖价。1
  • $25美元的交割费
  • $500美元的IBKR手续费

FideliTrade的运送政策：

  • 金条通过联邦快递、美国邮政服务或运钞车运送。
  • 通过联邦快递或美国邮政服务运送时，每个包裹保价10万美元；通过运钞车运送时，保价额度更高。
  • 金条只能运送到您IBKR账户登记的地址，以确保最高级别的安全。

 

交易许可
要交易美国现货黄金，您的账户需要有美国金属交易许可。您可根据以下步骤申请许可：

  • 登录客户端
  • 从窗口底部选择设置>账户设置菜单选项
  • 点击交易经验与许可旁边的“配置”（齿轮）图标
    • 点击“更多产品”下拉菜单
    • 选择“金属”
    • 在弹框中，选择“美国”然后点击保存
  • 点击继续

美国现货黄金只适用于美国合法居民。美国现货黄金不适用于Arizona、Montana、New Hampshire和Rhode Island的合法居民。

 

1. 显示的卖价仅为指示性报价，可能会发生变化。

美国现货黄金实物交割常见问题

IB Global Investments（IBGI）是谁？

IBGI是IBKR集团的全资子公司，其作为做市商代IBLLC为其客户促成实物形式的不记名登记黄金交易。IBGI通过接收交易所挂牌期货合约的黄金权证交割促成交易。IBLLC和IBGI都没有自营交易，IBGI持有用来促成客户交易的权证采用空头期货合约对冲。

 

“不记名登记”黄金是什么意思？

购买不记名登记的黄金时，您拥有的是IBGI给到IBLLC的实物黄金中不可分割的一部分权益。换句话说，对应可明确按数量区分之金条的权证是以IBLLC的名义持有的，而IBLLC会将客户的所有权益登记在自己的账簿记录中（类似股票的“行号代名”）。

 

黄金如何“记名登记”？

账户持有人通过交割实际拥有黄金之前，黄金都将保持“不记名登记”状态。

 

不记名登记黄金的交易代码是什么？

代码是USGOLD。

 

不记名登记黄金的最小委托单交易数量是多少？ 

最小委托单交易数量为1盎司。

 

不记名登记黄金的最小价格增量是多少？

$0.001

 

不记名登记黄金交易的结算时间是多久？

交易会在2个工作日内结算。

 

IBGI和IB LLC会对实物黄金交易进行加价吗？

不会。无论是IBGI对IBLLC还是IBLLC对客户都不会有加价或隐藏的价差。IBLLC作为不担风险的交易主体按其与IBGI交易的价格与客户交易，会向客户收取交易佣金（详情参见我们的网站）。

 

IBKR允许卖空不记名登记黄金吗？

不允许。只允许买入。想从金价下跌中获利的客户可以通过期货合约、期货期权合约和/或各种黄金ETF卖空来实现这一风险敞口。

 

IBKR为不记名登记黄金仓位提供借贷吗？

不提供。不记名登记黄金的保证金要求为100%。这意味着IBKR不会允许您用不记名登记黄金作为抵押借用资金。同样，您的全额支付不记名登记黄金仓位也不能用来作为抵押买入或维持证券仓位。

 

不记名登记黄金受证券投资者保护公司（SIPC）保护吗？

不受其保护。SIPC只针对证券账户中持有的证券和现金提供保护。

 

以什么形式的黄金进行交割？

客户可以转换其不记名登记的黄金，选择以下产品中的任意一种接收实物交割：

  • Gold Bullion Bar (.999) 1 kg
  • Gold Bullion Bar ISO Accredited (.9999) - 1 oz
  • Gold Bullion Bar ISO Accredited (.9999) - 10 oz
  • Gold American Eagle Coin - 1 oz
  • Gold American Buffalo Coin - 1 oz
  • Gold Canadian Maple Leaf Coin -1 oz

交割将通过FideliTrade Incorporated进行。FideliTrade Incorporated是一家专门提供交割和保管服务的全服务贵金属投资公司。详情请参见：https://www.fidelitrade.com/

 

可以部分交割吗？

可以，您可以选择只交割部分不记名登记的黄金仓位。

 

怎么申请交割？

想要实物交割的客户必须通过消息中心、使用“实物黄金交割”话题提交申请。申请必须注明多少盎司以及交割的形式。IBKR会确认成本和费用，待客户确认后，再通知FideliTrade发起交割。请注意，只支持交付到账户持有人登记的地址。

 

接收交割的成本费用有哪些？是否有额外费用？

美国现货黄金实物交割的成本费用为以下各项总和：

  • 黄金现货价格和实物产品成本之间的差额。
    • 实物金属产品由Fidelitrade Inc.提供。实物产品的预估成本可参见Fidelitrade Inc.的网站。
    • 产品的成本是FideliTrade显示的指示性卖价。
  • $25美元的交割费
  • $500美元的IBKR手续费

 

需要什么交易许可？

对应的交易所和许可组合是美国金属。

 

获取IBMETAL交易许可有什么资格要求吗？

美国现货黄金只适用于美国合法居民。美国现货黄金不适用于Arizona、Montana、New Hampshire和Rhode Island的合法居民。

客户同时还必须满足以下要求：

  • 投资目标：交易，或投机，或对冲，或增长（现金账户）
  • 财务状况：必须满足期货财务要求
  • 没有最低年限交易经验
  • 没有最低交易笔数
  • 适用所有账户类型（现金、保证金、投资组合保证金）
  • 不适用UGMA/UTMA账户
  • 不适用IRA账户
  • 财务顾问/经纪商子账户：主账户（财务顾问或经纪商）必须获准可以交易大宗商品

 

费用概览

我们鼓励客户和潜在客户访问我们的网站了解详细费用信息。

最常见的几项费用有：

1. 佣金——取决于产品类型和挂牌交易所，以及您选择的是打包式（一价全含）还是非打包式收费。例如，美国股票佣金为每股0.005美元，每笔交易最低佣金为1.00美元。

2. 利息——保证金贷款需缴纳利息，IBKR采用国际公认的隔夜存款基准利率作为基础来确定自己的利率。然后我们将分等级在基准利率基础上应用一个浮动值（这样余额越大对应的利率就越有利）来确定实际利率。例如，对于美元计价的贷款，基准利率是联邦基金利率，而10万美元以内的余额利率会在基准利率的基础上加1.5%。此外，卖空股票的个人应注意，借用“难以借到”的股票还会有一笔特殊费用，以日息表示。 

3. 交易所费用——取决于产品类型和交易所。例如，对于美国证券期权，某些交易所会对消耗流动性的委托单（市价委托单或适销的限价委托单）收取费用、对添加流动性的委托单（限价委托单）给与补贴。此外，许多交易所还会对取消或修改的委托单收取费用。

4. 市场数据——您并非一定要订阅市场数据，但是如果不订阅市场数据，您可以会产生月费用，具体取决于供应交易所及其订阅服务。我们提供市场数据助手工具，可根据您想交易的产品帮助您选择适当的市场数据订阅服务。要访问该工具，请登录客户端，点击支持然后打开市场数据助手链接。

5. 最低月活动费用——为迎合活跃客户的需求，我们规定如果账户产生的月佣金能达到最低月佣金要求，则可免交月活动费用；而如果产生的月佣金未能达到最低月佣金要求，则需缴纳差额作为活动费用。最低月佣金要求为10美元。

6. 杂费 - IBKR允许每月一次免费取款，后续取款将收取费用。此外，还会代收交易取消请求费用、期权和期货行权&被行权费用以及ADR保管费用。

更多信息，请访问我们的网站，从定价菜单中选择查看。

Physical Delivery of US Spot Gold FAQs

Who is IB Global Investments (IBGI)?

IBGI is a wholly owned subsidiary of the IBKR Group that operates as a market maker, facilitating physical unallocated gold transactions on behalf of IBLLC for its clients. IBGI facilitates these transactions by taking delivery of gold warrants from exchange-listed futures contracts. Neither IBLLC nor IBGI engages in proprietary trading, and the inventory of warrants IBGI holds to facilitate client purchases are hedged with short futures contracts.

 

What does the term “unallocated” gold mean?

When you purchase unallocated gold, you own an undivided, fractional interest in the physical gold that IBGI has allocated to IBLLC. In other words, the warrants, which reference gold bars that are specifically identifiable by number, are held in the name of IBLLC who, in turn, records clients’ ownership interests on its books and records (similar to how stock is held in “street name”).

 

How does the gold get “allocated”?

The gold remains “unallocated” until the account holder takes physical possession of it via the delivery process.

 

What is the trading symbol for unallocated gold?

The symbol is USGOLD.

 

What is the minimum order size for unallocated gold? 

The minimum order size is 1 ounce.

 

What is the minimum price increment for unallocated gold?

$0.001

 

What is the settlement time for an unallocated gold transaction?

Transactions settle in 2 business days.

 

Does IBGI or IB LLC add a mark up to physical gold transactions?

No. There is no markup or hidden price spreads added by IBGI to IBLLC or IBLLC to the client. IBLLC acts as a riskless principal, transacting with the client at the same price it transacts with IBGI, and charges the client a commission for the transaction, which is disclosed on our website.

 

Does IBKR allow short sales of unallocated gold?

No; only purchases are allowed. Clients seeking to profit from falling gold prices may obtain this exposure via futures contracts, options on futures contracts and/or short sales of various gold ETFs.

 

Does IBKR provide any loan value for unallocated gold positions?

No. Unallocated gold will be subject to a 100% margin requirement. This means that IBKR will not allow you to borrow money using unallocated gold as collateral. Similarly, your fully-paid unallocated gold positions cannot be used as collateral to purchase or maintain securities positions.

 

Is unallocated gold SIPC protected?

No. SIPC only offers protection for securities and cash held in a securities account.

 

In what forms of gold is delivery offered?

Clients may convert their unallocated gold and take physical delivery of one of the following products:

  • Gold Bullion Bar (.999) 1 kg
  • Gold Bullion Bar ISO Accredited (.9999) - 1 oz
  • Gold Bullion Bar ISO Accredited (.9999) - 10 oz
  • Gold American Eagle Coin - 1 oz
  • Gold American Buffalo Coin - 1 oz
  • Gold Canadian Maple Leaf Coin -1 oz

Delivery will be transacted through FideliTrade Incorporated, a full-service precious metals investment company that specializes in delivery and custody services. See https://www.fidelitrade.com/

 

Is partial delivery offered?

Yes, you may take delivery of only a portion of your unallocated gold position.

 

How do I request delivery?

Clients requesting physical delivery must submit their request via the Message Center using the topic "Physical Gold Delivery". The request should include the number of ounces and the form of delivery. IBKR will then confirm the cost and fees and, once approved by the client, instruct FideliTrade to deliver. Please note that delivery is only supported to the account holder’s address of record.

 

What is the cost of taking delivery (and do I pay a premium)?

The cost of physical delivery of US Spot Gold is the sum of:

  • The differential between the spot price of gold and the cost of the physical product.
    • Physical metals products are provided by Fidelitrade Inc. Estimated cost of the physical product can be found on their website.
    • The cost of the product is the indicative ASK price displayed by FideliTrade.
  • A $25 delivery fee
  • A $500 IBKR processing fee

 

What trading permissions are required?

The exchange and permission bundle is United States Metals.

 

What are the eligibility requirements for obtaining IBMETAL trading permissions?

US Spot Gold is only available to legal residents of the United States. US Spot Gold is not available to legal residents of Arizona, Montana, New Hampshire, and Rhode Island.

Clients must also meet the following requirements

  • Investment Objective: Trading, or Speculation, or Hedging, or Growth (Cash account)
  • Financials: Must meet Futures financial requirements
  • No minimum years trading experience
  • No minimum trades
  • Available in all account types (CASH, MRGN, PMRGN)
  • Not available for UGMA/UTMA accounts
  • Not available for IRA accounts
  • FA/Broker Sub accounts: master account (FA or Broker) must be approved for Commodities trading

 

Physical Delivery of COMEX Precious Metals Futures

Overview: 

About Physical Delivery of COMEX Precious Metals Futures

Clients of IBLLC will be able to make and take delivery of COMEX Precious Metals Futures, specifically Gold (GC), Silver (SI) and the corresponding micro contracts for Gold (MGC) and Silver (SIL).

Physical delivery, in this context, is represented by the delivery-versus-payment of a registered electronic warrant or an Accumulated Certificate of Exchange (“ACE”) for each full size or E-micro futures contract.

Please Note: At this time, IBKR does not facilitate the process (known as “Cancel for Load Out”) for clients to take delivery of the physical COMEX Precious metals. Load Out is the process for removing the physical metal from the COMEX Depository to another approved storage facility, where the client can then arrange to pick up the Gold or Silver. Physical Delivery in this context represents obtaining a registered Warrant or Accumulated Certificate of Exchange (ACE). 

 

About Gold and Silver Warrants

  • Each Gold (GC) and Silver (SI) future will deliver one warrant representing deliverable grade gold or silver associated with the contract unit.
    • Gold (GC): one hundred (100) troy ounces of gold with a weight tolerance of 5% either higher or lower with a minimum of 995 fineness. Additional information is available via COMEX Rulebook Chapter 113.
    • Silver (SI): five thousand (5,000) troy ounces of silver with a weight tolerance of 10% either higher or lower with a minimum of 999 fineness. Additional information is available via COMEX Rulebook Chapter 112.
  • Warrants are electronic documents that are issued by COMEX approved depositories.
  • Each warrant is registered at COMEX and linked to specific deliverable grade bars with identifiable and unique warrant numbers traceable to each COMEX depository.
  • Warrants will be registered to Interactive Brokers as the COMEX Clearing Member.
  • Storage fees apply.
  • Clients will see warrants in their "U" accounts:
    • The symbol will contain the unique certificate number for the registered warrant.
    • The quantity will always be 1.
    • The net weight and fineness of the bars associated to the warrant will be visible. Below is an example of a client statement.

Example of a Client Statement

 

About Accumulated Certificate of Exchange (“ACE”)

  • Micro Gold and Silver contracts deliver an Accumulated Certificate of Exchange (“ACE”), issued by the Clearing House.
    • Micro Gold (MGC): An ACE represents a 10% ownership in a 100-troy ounce gold bar held in the form of a Warrant. Additional information is available via COMEX Rulebook Chapter 120.
    • Micro Silver (SIL): An ACE represents a 20% ownership in a 5000-troy ounce silver bar held in the form of a Warrant. Additional information is available via COMEX Rulebook Chapter 121.
  • Warrants can be converted to ACES.
  • ACES can be redeemed for warrants once the correct multiples are accumulated (10 for gold and 5 for silver).
  • Storage fees apply.

 

About Delivery Intents

In order to take or make delivery, an intent must be entered for the corresponding future. In the absence of an intent, futures positions will be subject to the relevant delivery period restrictions and positions may be liquidated. Refer to the delivery period liquidation schedule.

  • Long Futures – Intent to Receive must be entered, for the corresponding number of long futures, a minimum of 2 business days prior to First Position Date of the corresponding delivery month. Clients can also enter Intents to Receive during the delivery period in order to place a buy order on a future in the current delivery month.
    • Intent to Receive orders will be accepted only if the account has sufficient funds to take delivery of the declared amount of warrants. If there are insufficient funds, Intent to Receive orders will be rejected.
  • Short Futures – Intent to Deliver must be entered for the corresponding number of short futures, a minimum 2 business days prior to the Last Trade Date of the corresponding delivery month. Clients can also enter Intents to Receive on the day preceding Last Trade Date, and Last Trade Date, in order to place a sell order on a future in the current delivery month.
    • Intent to Deliver orders will be accepted only if the account has a sufficient number of warrant/ACE certificates to satisfy the delivery. If there are insufficient certificates, Intent to Deliver orders will be rejected.

 

Placing Delivery Intents

  • To access the Physical Delivery tool from Trader Workstation (TWS):
    • Right click on the eligible futures contract > Delivery OR
    • Select Trade > Physical Delivery
  • To access the Physical Delivery tool from Client Portal:
    • Tap an eligible futures contract > Your Position > Row Action button (3 dots at end) > Delivery
    • From the Positions page, tap the Row Action (3 dots at end) > Delivery
  • IBKR Mobile App:
    • Navigate to Main Menu > Trade > Delivery
    • Tap an eligible futures contract to open the Contract Details > Positions > Delivery tool

To declare your intent for these precious metals you must follow one of the workflows below:

Intent to Receive
Submitting intent to receive not only indicates the desire to take delivery of the product at the end of the delivery window (in the form of a certified Warrant or ACE), it is also REQUIRED to open new Futures positions during the delivery window (i.e. it is not possible to open a physically deliverable futures position, during the delivery window, without first submitting the Intent to Receive for that Future).

Any Intents to Receive that do not have a corresponding Futures position at the end of the delivery window will be cancelled.

Intent to Deliver
Submitting intent to deliver indicates the desire to make delivery of a product (e.g. Warrant or ACE).  It is also REQUIRED that the account is both short an eligible Future position and has the corresponding certificate to provide.

Any Intents to Deliver that do not have corresponding Future positions at the end of the delivery window will be canceled.

Request to Deliver
Submitting a request to deliver is ONLY available during the delivery window and indicates a desire to deliver the product that day (instead of at the end of the delivery window, as with the intent to deliver). It is REQUIRED that to submit this request an account must have an existing, eligible product (e.g. Warrant or ACE) and corresponding short Future position (e.g. GC, MGC etc.).

Physical Delivery of US Spot Gold

Overview: 

Physical Delivery of US Spot Gold
Unallocated US Spot Gold (symbol: USGOLD) can be converted into any of the following products:

  • Gold Bullion Bar (.999) - 1 kg
  • Gold Bullion Bar ISO Accredited (.9999) - 1 oz
  • Gold Bullion Bar ISO Accredited (.9999) - 10 oz
  • Gold American Eagle Coin - 1 oz
  • Gold American Buffalo Coin - 1 oz
  • Gold Canadian Maple Leaf Coin - 1 oz


Requesting a Delivery
If you would like to convert your unallocated US Spot Gold position into a physical metal:

  • Log in to Client Portal
  • Navigate to the Message Center
  • Click “Compose > New Ticket”
  • Select “Physical Gold Delivery” as the Topic

Log in to Portal


Delivery Costs and Shipping
The cost of physical delivery of US Spot Gold is the sum of:

  • The differential between the spot price of gold and the cost of the physical product.
    • Physical metals products are provided by Fidelitrade Inc.  Estimated cost of the physical product can be found on their website.
    • The cost of the product is the indicative ASK price displayed by FideliTrade.1
  • A $20 delivery fee plus an additional $2.50 per ounce delivered 2
  • A $500 IBKR processing fee

FideliTrade Shipping Policy:

  • Bullion is shipped via Federal Express, the US Postal Service or armored carrier.
  • Bullion is insured to $100,000 per package when shipped via Federal Express or USPS and to higher levels when shipped via armored carrier.
  • Bullion is shipped only to address on record for your IBKR Account to ensure the highest level of security.
  • Individual shipments of bullion via Federal Express or USPS have a maximum value of $100,000. Deliveries for bullion values larger than $100,000 will be broken up into multiple deliveries. 2

 

Trading Permissions
To trade US Spot Gold you need US Metals trading permission on your account. You can request permission by:

  • logging in to Portal
  • selecting the Settings > Account Settings menu item from the bottom of the window
  • clicking the “Configure” (gear) icon for Trading Experience & Permissions.
    • Click the drop down menu for "Additional Products"
    • Select "Metals"
    • In the pop-up, select "United States" and click Save
  • clicking Continue

US Spot Gold is only available to legal residents of the United States. US Spot Gold is not available to legal residents of Arizona, Montana, New Hampshire and Rhode Island.

 

1. The ASK price displayed is indicative only and subject to change.
2. The Fidelitrade delivery fees and processes are subject to change. They can be confirmed after the delivery request is made.

 

如果底层证券面临全现金并购，美国证券期权会怎么样？

 

如果股票期权的底层发生并购，且底层证券2007年12月31日后已转换为100%现金，则期权清算公司（OCC）会加速期权到期。该等期权新的到期日将提前至最近的标准到期日，除非现金转换发生在到期周的周二之后，这种情况下所有当周未到期的合约其到期日将被推迟到下一个月的到期日。

 

注意，这种加速并不会影响到自动行权门槛（至少以$0.01的价内程度处理价内的期权将被OCC自动行权），也不会影响到现金结算（T+2日行权剩余部分）的日期。

 

此外，请注意，这种加速也不会影响到在2007年12月31日或之前转换成现金的期权，这类期权将保持有效，直至达到最初的到期日。

如果期权价差的空头边被行权，多头期权边会不会自动行权以抵消被行权导致的股票头寸？

 

答案取决于被行权是发生在到期日还是到期日之前（美式期权）。到期时，许多清算所会采用非常规行权（exercise by exception）程序，以降低由清算会员公司提供行权指令带来的运营开销。对于美国证券期权，期权清算所（OCC）会自动行使至少以$0.01的价内程度处理价内的股票和指数期权，除非客户向清算会员公司提供了不要行权的指令。因此，如果多头期权到期日与空头期权相同，并且到期时处于价内且价内程度不低于清算所非常规行权的门槛值，则其会被自动行权，抵消被行权带来的股票义务。这可能会导致净现金入账或支出，具体取决于期权的行权价格。

如果被行权发生在到期日之前，由于无法推测多头期权持有者的意图，并且在到期前行使多头期权将导致放弃期权的时间价值（时间价值通过卖出期权实现），IBKR和清算所都不会行使账户内持有的多头期权。

为什么第二天才通知我我的美国证券期权头寸被行权？

Overview: 

美式期权到期日以外的行权通知不会实时处理，而是由期权清算公司（OCC）在夜间统一处理。此处理程序会导致通知到被行权客户时出现至少一天的滞后，详情如下： 

  • OCC通常会允许其清算会员公司全天代其以电子方式持有多头期权头寸的客户提交行权通知，但一般不晚于其开始夜间处理的时间（Day E）。  
  • 作为其夜间头寸处理程序的一部分，OCC会随机将收到的行权通知分配到其清算会员公司的未平仓权益中。该等信息会在第二天（Day E+1）一早由OCC通知到其清算会员公司。  
  • 收到通知时，清算公司（如IBKR）为及时向客户提供报表、保证金和结算信息，已经完成了当天交易活动的处理。此外，由于OCC以综合方式持有清算会员公司的客户头寸（即不知道客户的身份，只知道其所属清算公司），请算会员公司必须执行随机程序将行权通知分配给持有对应期权空头头寸的客户。  
  • IBKR从OCC收到被行权通知并完成随机分配后，分配结果便会在当天收盘前（E+1）发布到受影响账户的TWS并在每日活动报表中反映出来。 

此外，由于存在此处理程序并且考虑到多头期权可能还剩余时间价值，IBKR无法自动针对被行权的空头头寸为多头期权价差向OCC提交行权通知，以抵消后续的交付义务。 

账户持有人应参阅“标准期权的特征与风险”披露文件，IBKR在账户申请时便向所有有期权交易资格的客户提供了此文件，其中明确说明了被行权风险。此文件还可在期权清算公司网站上查看。

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