如何向盈透证券提出投诉?

如需向盈透证券提出投诉,请通过客户端提交故障咨询单:

  • 登录客户端
  • 点击帮助
  • 选择安全消息中心
  • 选择撰写,然后新咨询单
  • 在类别选择账户服务,而主题为投诉
  • 在简短描述中写上“投诉”,然后提交
  • 选择账户,然后在空白栏位键入您的详细信息
  • 提交咨询单

在咨询单主体中,IBKR要求您提供投诉的详细描述。如果您的投诉涉及交易,IBKR要求您提供交易详情,其中可能包括但不限于委托单的提交日期和时间、证券描述、执行日期和时间、执行价格,以及提供计算过程的要求补偿金额。请注意,所有与交易相关的争议必须及时提交。具体而言,交易取消请求必须在IBKR和/或交易所的时间参数范围内。

收到您的投诉后,IBKR将通过客户端确认和回覆您的投诉,并创建一张以“与咨询单#<咨询单号码>相关的投诉通信”为名的新咨询单。此后,请在通信咨询单中进行与投诉相关的所有通信往来。

通常,投诉将在三到五天内得到答覆;但是,某些复杂的问题可能需要更长的时间来评估。在这段时间,IBKR要求您管理账户中的所有委托单、交易和持仓,以确保在调查期间您的账户不会受到不必要的风险或波动的影响。

虽然所有提交的索赔也会得到公平和公正的考虑,但提出索赔并不保证能够获得部分或全额支付所要求的金额。我们鼓励索赔人查看客户协议,因为有关投诉是基于本协议中的条文进行评估。如果客户协议与IBKR网站不同,则客户协议将取代网站版本。关于与交易相关的投诉,请注意客户协议中的以下条款:(i)客户对使用客户用户名 / 密码键入的所有交易负责;(ii)取消请求并不保证;(iii)IBKR不对任何交易所、市场、交易商、清算所或监管机构的任何行动或决定负责,(iv)如果与客户的委托单一致,客户受委托单执行的约束,以及(v)客户有责任了解所交易产品的条款和条件以及相应的市场。客户有责任随时在账户内保持足够的净值,以满足保证金要求。如果客户账户的净值不足,IBKR有权利(但非必需)随时以任何方式清算客户的全部或部分持仓,而不会事前通知客户。请注意,IBKR在任何时候都不会就技术问题或机会损失对客户进行赔偿。

要查看完整的IBKR客户协议,请在IBKR主页底部选择表格和披露,然后选择适用的客户协议。

 

关于使用止损单的更多信息

美股市场偶尔会发生极端波动和价格混乱。 有时这类情况持续时间很长,有时又很短。止损单可能会对价格施加下行压力、加剧市场波动,且可能使委托单在大幅偏离触发价格的位置上成交。 

投资者可能会在股价下跌时使用止损卖单锁定盈利或限制损失。此外,在价格上涨时,持有空头的投资者可能会使用止损买单来限制损失。然而,由于止损单一旦被触发就会变为市价单,投资者将立即面临和市价单一样的风险——尤其是当市场波动很大时,委托单可能会在大幅高于或低于预期价格的位置上成交。
 
尽管止损单是一种能够帮助投资者监控持仓价格的有用工具,但它也有潜在的风险。如您选择使用止损单,请记住以下几点:
 
·         止损价格不一定是执行价格。当“止损价格”被触及,“止损单”就会成为“市价单”,而市价单会以当前的市场价格立即执行全部的交易量。. 因此,止损单最终被执行的价格可能和投资者设置的“止损价格”大相径庭。相应地,在波动的市场环境下,客户的止损单一旦变为市价单,就会立即成交。如果价格快速变动,执行价格可能会大幅偏离止损价格。
 
·         止损单可能会被短暂、剧烈的价格变动触发。在市场波动巨大的时期,股票价格可能在极端的时间内大幅变动并触发止损单被执行(之后又会恢复到之前的水平)。投资者应理解,如果止损单在这种情况下被触发,则其委托单可能会以不理想的价格成交,且价格可能在同一个交易日内又企稳。
 
·         在极端波动的市场下,止损卖单可能会加剧价格的下跌。止损卖单的激活会给证券价格施加下行压力。如果止损卖单在价格大幅向下跳空的情况下被触发,则该委托单更有可能以大幅低于止损价格的价格成交。
 
·         为止损单附加“限价”有助于降低前述风险。当股价触及或超过“止损价格”,带有“限价”的止损单(“止损限价单”)会变为“限价单”。“限价单”是以不差于特定价格(即“限价”)的价格买卖证券的一种委托单。通过使用止损限价单而不是常规的止损单,客户可提高委托单成交价格的确定性。然而,投资者也应注意,由于卖单不能以低于限价的价格成交(或者,买单不能以高于限价的价格成交),委托单最终可能无法成交。当客户更看重以理想的目标价格成交而不是不管价格在什么位置、都希望立即成交,这种情况下可考虑使用限价委托单。
 
·         在市场缺乏流动性或开盘和收盘等波动较大的时段,止损单的风险更大。. 这对缺乏流动性的股票尤为重要。此类股票在前述时段更难以当时的市价卖出,且在市场极端波动时,价格可能更离谱。客户应考虑限制止损单可被触发的时间段,以防止止损单在缺乏流动性的时段或开盘和收盘等波动率较大的时段被激活,也可考虑在这些时段使用其它委托单类型。
 
·         考虑到使用止损单的风险,客户应谨慎考虑是否要使用符合其交易需求的其它委托单类型。

我向账户存入资金的同时IBKR会延迟平仓清算吗?

Overview: 

IBKR的保证金政策规定,如果一个账户违反保证金要求/保证金不足,则该账户将不能进行转账或其它存款。 如果违反保证金要求/保证金不足,账户将立即面临平仓清算。自动平仓清算会以市价委托单的方式完成,账户中的任何/所有仓位都可能会被清算。某些情况下,由于特定市场行情,保证金不足最好是通过手动平仓清算解决。

从风险角度而言,存入或汇入账户的资金在完成相应的资金与银行结算并正式记入账户之前是不纳入考虑的。平仓清算系统是完全自动的,其程序在账户违反保证金/保证不足时会立即执行。

主经纪客户请注意:外部执行并不能解决实时保证金不足问题,因为外部交易在交易发生当天美东时间晚上9点或交易报入账户并经外部确认完成匹配(取较晚发生者)之前是不纳入考虑的。我们也不建议在到期日当天在外部交易期权,因为有可能会出现晚报或误报,从而导致保证金计算出错或行权和被行权活动出错。想要在到期日在IB外部的机构交易到期期权的客户必须在美东时间下午2:50之前上传其FTP文件,并且应自担风险。

期权到期前被行权

美式期权卖方(沽出方)在期权到期前随时可能会被行权。也就是说,期权卖方在卖出期权后到期权到期或通过买回期权将头寸平仓这段时间随时可能会被行权。看涨或看跌期权所有者在期权到期前调用其权利即为提早行权。作为期权卖方,您无法控制期权被行权,也无法知晓其会何时发生。通常,越临近到期,被行权的风险越大,但即使这样,美式期权交易仍然随时会发生被行权。

空头看跌期权

卖出看跌期权时,卖方有义务在指定时间窗口内(到期日)以约定价格(行使价)买入底层股票或资产。如果期权的行使价低于股票的当前市价,则期权持有者把股票卖给期权卖方并不会获利,因为市场价格比行使价要高。反过来,如果期权的行使价高于股票的当前市价,则期权卖方就会有被行权的风险。

空头看涨期权
卖出看涨期权后,看涨期权的所有者有权在给定时间范围内以约定价格从期权卖方买入股票。如果股票的市价低于期权的行使价,则对看涨期权持有者来说,以高于市价的价格买入股票没有任何好处。但如果股票的市价高于期权的行使价,则期权持有者可以低于市价的价格买入股票。如果期权处于价内或如果即将派息且空头看涨期权的内在价值低于股息,则空头看涨期权会有被行权风险。

期权会发生什么?
如果空头看涨期权被行权,则空头看涨期权持有者将被分配空头股票。例如,如果ABC公司的股价为$55,行使价为$50的空头看涨期权被行权,则空头看涨期权将会转换成价格为$50的空头股票。然后账户持有人可以决定以$55的价格买回股票平仓空头头寸。100股的净损失会是$500,再减去最开始卖出看涨期权时收到的权利金。

如果空头看跌期权被行权,则空头看跌期权持有者相当于是以看跌期权行使价多头持有股票。例如,XYZ的股价为$90,空头看跌期权卖方按行使价$96被分配了股票,则看跌期权卖方有责任以$96(高于市价)的价格买入股票。假设账户持有人以$90的价格平仓了多头股票头寸,那么100股的净损失会是$600,再减去最开始卖出看跌期权时收到的权利金。

期权被行权导致保证金不足
如果被行权发生在期权到期之前并且产生的股票头寸导致保证金不足,则根据我们的保证金政策,账户将面临自动平仓清算以重新满足保证金要求。平仓清算并不只限于期权被行权产生的股票头寸。

此外,对于期权价差的空头边被行权的账户,IBKR不会将其持有的多头期权行权。IBKR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)。

到期后风险敞口、公司行动和除息
盈透证券会根据到期时间或公司行动相关事件采取积极措施降低风险。有关我们到期政策的更多信息,请阅读知识库文章“到期&公司行动相关清算”。

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(OCC)网站上查看。

针对大麻类证券的清算所限制

斯图加特交易所(Boerse Stuttgart)和明讯银行(Clearstream Banking)宣布其将不再对主营业务与大麻及其它毒品直接或间接相关的证券提供服务。因此,该等证券将不会再于斯图加特(SWB)或法兰克福(FWB)证券交易所交易。自2018年9月19日收盘开始,IBKR将采取以下行动:

  1. 对于客户未采取行动平仓,但也不能转至美国挂牌市场的受影响头寸,进行强制平仓;
  2. 对于客户未采取行动平仓,但能够转至美国挂牌市场的受影响头寸,将股票转至其美国挂牌市场。

下方表格列出了斯图加特交易所和明讯银行截至2018年8月7日公布的受影响证券。该表格还标记了受影响证券是否能够转至美国挂牌市场。注意,清算所已声明该列表可能尚不完整,建议客户检查其各自网站了解最新信息。

ISIN 名称 交易所 是否可转至美国? 美国代码
CA00258G1037

ABATTIS BIOCEUTICALS CORP

FWB2

ATTBF

CA05156X1087

AURORA CANNABIS INC

FWB2, SWB2

ACBFF

CA37956B1013

GLOBAL CANNABIS APPLICATIONS

FWB2

FUAPF

US3988451072

GROOVE BOTANICALS INC

FWB

GRVE

US45408X3089

INDIA GLOBALIZATION CAPITAL

FWB2, SWB2

ICG

CA4576371062

INMED PHARMACEUTICALS INC

FWB2

IMLFF

CA53224Y1043

LIFESTYLE DELIVERY SYSTEMS I

FWB2, SWB2

LDSYF

CA56575M1086

MARAPHARM VENTURES INC

FWB2, SWB2

MRPHF

CA5768081096

MATICA ENTERPRISES INC

FWB2, SWB2

MQPXF

CA62987D1087

NAMASTE TECHNOLOGIES INC

FWB2, SWB2

NXTTF

CA63902L1004

NATURALLY SPLENDID ENT LTD

FWB2, SWB2

NSPDF

CA88166Y1007

TETRA BIO-PHARMA INC

FWB2

TBPMF

CA92347A1066

VERITAS PHARMA INC

FWB2

VRTHF

CA1377991023

CANNTAB THERAPEUTICS LTD

FWB2  
CA74737N1042

QUADRON CANNATECH CORP

FWB2  
CA84730M1023

SPEAKEASY CANNABIS CLUB LTD

FWB2, SWB2  
CA86860J1066

SUPREME CANNABIS CO INC/THE

FWB2  
CA92858L2021

VODIS PHARMACEUTICALS INC

FWB2  

 重要注意事项:

  • 请注意,美国挂牌证券通常为场外交易(PINK),且以美元(而非欧元)计价,因此,除市场风险外,您还将面对汇率风险。
  • 持有粉单(PINK Sheet)证券的账户持有人需要有美国(仙股)交易许可才能下达开仓定单。
  • 拥有美国(仙股)交易许可之账户的所有使用者均须使用双因素验证登录账户。

ESMA差价合约新规推行概述 - 仅限零售客户

Overview: 


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交易差价合约时,有63.7%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。

 

欧洲证券与市场管理局(ESMA)颁布了适用于交易差价合约(CFD)的零售客户的新法规,自2018年8月1日起生效。专业客户不受影响。

法规包含:1) 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。

大多数客户(受监管的实体除外)一开始都会被分类为零售客户。某些情况下,IBKR可能会同意将零售客户重新分类为专业客户或将专业客户重新分类为零售客户。更多详细信息,请参见MiFID分类

以下板块详细说明了IBKR(英国)是如何贯彻ESMA规定的。

1 杠杆限制

1.1 ESMA保证金
ESMA针对不同的底层证券设置了不同的杠杆限制:

  • 货币对为3.33%;主要货币对为美元、加元、欧元、英镑、瑞郎、日元间的任意组合
  • 非主要货币对及主要指数为5%;
    • 非主要货币对为包括上方未列出的货币的任意组合,如美元/离岸人民币
    • 主要指数为IBUS500、IBUS30、IBUST100、IBGB100、IBDE40、IBEU50、IBFR40、IBJP225、IBAU200
  • 非主要股票指数为10%,包括IBES35、IBCH20、IBNL25、IBHK50
  • 个股为20%

 1.2应用的保证金 - 标准保证金要求

除ESMA的保证金要求外,IBKR(英国)还基于底层证券的历史波动率及其它因素实施其自有的保证金要求(IB保证金) 如果IB的保证金率高于ESMA规定的比例,则应用IB的保证金率。

点此可查看适用的IB和ESMA保证金要求详情。

1.2.1应用的保证金 - 最低集中保证金要求

如果您的投资组合包含一小部分CFD头寸,或者如果最大的两种头寸占据了绝大多数份额,则您的账户将应用集中保证金。我们会通过对最大的两种头寸假设30%的跌幅、对其余头寸假设5%的跌幅来对您的投资组合进行压力测试。如果总亏损额高于标准要求,则将用总亏损额作为维持保证金要求。

1.3可用于初始保证金的资金

您只可使用现金作为初始保证金开立差价合约头寸。已实现的差价合约盈利将包括在现金中且立即可用;现金无需先结算。然而,未实现的盈利不得用于满足初始保证金要求。

1.4自动转移资金以满足初始保证金要求(账户F账户段)

IBKR(英国)会自动将您主账户中的资金转移至账户的F账户段,用于满足差价合约的初始保证金要求。

然而,需注意的是,系统不会转移资金用于满足差价合约维持保证金要求。因此,如符合条件的资产(参照下方定义)不足以满足保证金要求,则即使您的主账户中有足够的资金,账户仍会被清算。如您想避免被清算,您必须在账户管理中将多余的资金转移至账户的F账户段。

2 保证金平仓规则

2.1维持保证金计算与清算

如果符合条件的资产跌至开仓初始保证金的50%以下,ESMA要求IBKR最后清算差价合约仓位。如果我们的风险观更为保守,IBKR可能会更早平仓仓位。符合条件的资产包括F账户段下的现金(不包括账户任何其它账户段下的现金)及未实现的差价合约盈亏(盈利及亏损)。

计算的基础为开立差价合约头寸时存入的初始保证金。 换言之,当差价合约头寸的价值发生变动时,初始保证金的金额不会变化,这与非差价合约头寸适用的保证金计算方式不同。

2.1.1举例

您的差价合约账户中有2000欧元现金。您想以100欧元的限价买入100份XYZ的差价合约。首先成交了50份合约,然后再成交其余的50份。随着您的交易成交,您的可用现金如下减少:

  现金 净资产* 头寸 价格 价值 未实现盈亏 初始保证金 维持保证金 可用现金 维持保证金不足
交易前 2000 2000             2000  
第一次交易后 2000 2000 50 100 5000 0 1000 500 1000
第二次交易后 2000 2000 100 100 10000 0 2000 1000 0

*净资产等于现金加未实现盈亏

价格上涨至110。您的净资产现为3000,但由于您的可用现金仍为0,且在ESMA规则下初始保证金和维持保证金不变,您不得开立新的头寸:

  现金 股票 头寸 价格 价值 未实现盈亏 初始保证金 维持保证金 可用现金 维持保证金不足
变化 2000 3000 100 110 11000 1000 2000 1000 0

 然后价格下跌至95。您的净资产跌至1500,但鉴于净资产仍大于1000,无需追加保证金:

  现金 股票 头寸 价格 价值 未实现盈亏 初始保证金 维持保证金 可用现金 维持保证金不足
变化 2000 1500 100 95 9500 (500) 2000 1000 0

价格进一步跌至85,导致保证金不足并触发清算:

  现金 股票 头寸 价格 价值 未实现盈亏 初始保证金 维持保证金 可用现金 维持保证金不足
变化 2000 500 100 85 8500 (1500) 2000 1000 0

 

3 负资产保护

ESMA规则规定,您交易差价合约的损失以划拨的专项资金为上限。不得清算其它金融产品(如股票或期货)来填补差价合约的保证金缺口。*

因此,您主账户证券和大宗商品账户段的资产,以及F账户段中持有的非差价合约资产不列入差价合约交易的风险资本。但是,F账户段中的所有现金都可用以弥补差价合约交易产生的亏损。

由于负资产保护对IBKR来说意味着要承担额外风险,对于隔夜持有的差价合约头寸我们会向零售客户额外收取1%的融资息差。您可在此处查看详细的差价合约融资利率。

*我们无法清算非差价合约头寸来弥补差价合约不足,但可以清算差价合约头寸来弥补非差价合约不足。

4 交易差价合约的激励措施

ESMA规定对与差价合约交易相关的金钱及某些非金钱激励均予以禁止。IBKR不对交易差价合约提供任何奖金或其它激励。

 

Clearinghouse Restrictions on Cannabis Securities

Boerse Stuttgart and Clearstream Banking have announced that they will no longer provide services for issues whose main business is connected directly or indirectly to cannabis and other narcotics products.  Consequently, those securities will no longer trade on the Stuttgart (SWB) or Frankfurt (FWB) stock exchanges. Effective as of the 19 September 2018 close, IBKR will take the following actions:

  1. Force close any impacted positions which clients have not acted to close and that are not eligible for transfer to a U.S. listing; and
  2. Force transfer to a U.S. listing any impacted positions which clients have not acted to close and that are eligible for such transfer.

Outlined in the table below are impacted issues as announced by the Boerse Stuttgart and Clearstream Banking  as of 7 August 2018. This table includes a notation as to whether the impacted issue is eligible for transfer to a U.S. listing. Note that the clearinghouses have indicated that this list may not yet be complete and clients are advised to review their respective websites for the most current information.

ISIN NAME EXCHANGE U.S. TRANSFER ELIGIBLE? U.S. SYMBOL
CA00258G1037

ABATTIS BIOCEUTICALS CORP

FWB2 YES

ATTBF

CA05156X1087

AURORA CANNABIS INC

FWB2, SWB2 YES

ACBFF

CA37956B1013

GLOBAL CANNABIS APPLICATIONS

FWB2 YES

FUAPF

US3988451072

GROOVE BOTANICALS INC

FWB YES

GRVE

US45408X3089

INDIA GLOBALIZATION CAPITAL

FWB2, SWB2 YES

ICG

CA4576371062

INMED PHARMACEUTICALS INC

FWB2 YES

IMLFF

CA53224Y1043

LIFESTYLE DELIVERY SYSTEMS I

FWB2, SWB2 YES

LDSYF

CA56575M1086

MARAPHARM VENTURES INC

FWB2, SWB2 YES

MRPHF

CA5768081096

MATICA ENTERPRISES INC

FWB2, SWB2 YES

MQPXF

CA62987D1087

NAMASTE TECHNOLOGIES INC

FWB2, SWB2 YES

NXTTF

CA63902L1004

NATURALLY SPLENDID ENT LTD

FWB2, SWB2 YES

NSPDF

CA88166Y1007

TETRA BIO-PHARMA INC

FWB2 YES

TBPMF

CA92347A1066

VERITAS PHARMA INC

FWB2 YES

VRTHF

CA1377991023

CANNTAB THERAPEUTICS LTD

FWB2 NO  
CA74737N1042

QUADRON CANNATECH CORP

FWB2 NO  
CA84730M1023

SPEAKEASY CANNABIS CLUB LTD

FWB2, SWB2 NO  
CA86860J1066

SUPREME CANNABIS CO INC/THE

FWB2 NO  
CA92858L2021

VODIS PHARMACEUTICALS INC

FWB2 NO  

 IMPORTANT NOTES:

  • Note that the U.S. listings generally trade over-the-counter (PINK) and are denominated in USD not EUR thereby exposing you to exchange rate risk in addition to market risk.
  • Account holders maintaining PINK Sheet securities require United States (Penny Stocks) trading permissions in order to enter opening orders.
  • All users on accounts maintaining United States (Penny Stocks) trading permissions are required use 2 Factor login protection when logging into the account.

Overview of ESMA CFD Rules Implementation at IBKR (UK) - Retail Investors Only

Overview: 


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

66.3% of retail investor accounts lose money when trading CFDs with IBKR.

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

 

The European Securities and Markets Authority (ESMA) enacted new rules applicable to retail clients trading CFDs, effective 1st August 2018. Professional clients are unaffected.

The rules consist of: 1) leverage limits; 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.

Most clients (excepting regulated entities) are initially categorised as Retail Clients. IBKR may in certain circumstances agree to reclassify a Retail Client as a Professional Client, or a Professional Client as a Retail Client. Please see MiFID Categorisation for further detail.

The following sections detail how IBKR (UK) has implemented the ESMA Decision.

1 Leverage Limits

1.1 ESMA Margins
Leverage limits were set by ESMA at different levels depending on the underlying:

  • 3.33% for major currency pairs; Major currency pairs are any combination of USD; CAD; EUR; GBP; CHF; JPY
  • 5% for non-major currency pairs and major indices;
    • Non-major currency pairs are any combination that includes a currency not listed above, e.g. USD.CNH
    • Major indices are IBUS500; IBUS30; IBUST100; IBGB100; IBDE40; IBEU50; IBFR40; IBJP225; IBAU200
  • 10% for non-major equity indices; IBES35; IBCH20; IBNL25; IBHK50
  • 20% for individual equities

 1.2 Applied Margins - Standard Requirement

In addition to the ESMA Margins, IBKR (UK) establishes its own margin requirements (IB Margins) based on the historical volatility of the underlying, and other factors. We will apply the IB Margins if they are higher than those prescribed by ESMA.

Details of applicable IB and ESMA margins can be found here.

1.2.1 Applied Margins - Concentration Minimum

A concentration charge is applied if your portfolio consists of a small number of CFD positions, or if the three largest positions have a dominant weight. We stress the portfolio by applying a 30% adverse move on the three largest positions and a 5% adverse move on the remaining positions. The total loss is applied as the maintenance margin requirement if it is greater than the standard requirement.

1.3 Funds Available for Initial Margin

You can only use cash to post initial margin to open a CFD position. Realized CFD profits are included in cash and are available immediately; the cash does not have to settle first. Unrealized profits however cannot be used to meet initial margin requirements.

1.4 Automatic Funding of Initial Margin Requirements (F-segments)

IBKR (UK) automatically transfers funds from your main account to the F-segment of your account to fund initial margin requirements for CFDs.

Note however that no transfers are made to satisfy CFD maintenance margin requirements. Therefore if qualifying equity (defined below) becomes insufficient to meet margin requirements, a liquidation will occur even if you have ample funds in your main account. If you wish to avoid a liquidation you must transfer additional funds to the F-segment in Account Management.

2 Margin Close Out Rule

2.1 Maintenance Margin Calculations & Liquidations

ESMA requires IBKR to liquidate CFD positions latest when qualifying equity falls below 50% of the initial margin posted to open the positions. IBKR may close out positions sooner if our risk view is more conservative. Qualifying equity for this purpose includes cash in the F-segment (excluding cash in any other account segment) and unrealized CFD P&L (positive and negative).

The basis for the calculation is the initial margin posted at the time of opening a CFD position. In other words, and unlike margin calculations applicable to non-CFD positions, the initial margin amount does not change when the value of the open position changes.

2.1.1 Example

You have EUR 2000 cash in your CFD account. You want to buy 100 CFDs of XYZ at a limit price of EUR 100. You are first filled 50 CFDs and then the remaining 50. Your available cash reduces as your trades are filled:

  Cash Equity* Position Price Value Unrealized P&L IM MM Available Cash MM Violation
Pre Trade 2000 2000             2000  
Post Trade 1 2000 2000 50 100 5000 0 1000 500 1000 No
Post Trade 2 2000 2000 100 100 10000 0 2000 1000 0 No

*Equity equals Cash plus Unrealized P&L

The price increases to 110. Your equity is now 3000, but you cannot open additional positions because your available cash is still 0, and under the ESMA rules IM and MM remain unchanged:

  Cash Equity Position Price Value Unrealized P&L IM MM Available Cash MM Violation
Change 2000 3000 100 110 11000 1000 2000 1000 0 No

 The price then drops to 95. Your equity declines to 1500 but there is no margin violation since it is still greater than the 1000 requirement:

  Cash Equity Position Price Value Unrealized P&L IM MM Available Cash MM Violation
Change 2000 1500 100 95 9500 (500) 2000 1000 0 No

The price falls further to 85, causing a margin violation and triggering a liquidation:

  Cash Equity Position Price Value Unrealized P&L IM MM Available Cash MM Violation
Change 2000 500 100 85 8500 (1500) 2000 1000 0 Yes

 

3 Negative Equity Protection

The ESMA Decision limits your CFD-related liability to the funds dedicated to CFD-trading. Other financial instruments (e.g. shares or futures) cannot be liquidated to satisfy a CFD margin-deficit.*

Therefore assets in the security and commodity segments of your main account, and non-CFD assets held in the F-segment, are not part of your capital at risk for CFD trading. However, all cash in the F-segment can be used to cover losses arising from CFD trading.

As Negative Equity Protection represents additional risk to IBKR, we will charge retail investors an additional financing spread of 1% for CFD positions held overnight. You can find detailed CFD financing rates here.

*Although we cannot liquidate non-CFD positions to cover a CFD deficit, we can liquidate CFD positions to cover a non-CFD deficit.

4 Incentives Offered to trade CFDs

The ESMA Decision imposes a ban on monetary and certain types of non-monetary benefits related to CFD trading. IBKR does not offer any bonus or other incentives to trade CFDs.

 

Additional Information Regarding the Use of Stop Orders

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

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

到期相关清算

Background: 

除了在实时保证金不足时强行清算客户头寸的政策外,IB还会根据某些到期相关事件(会导致不应有的风险及/或操作问题)清算头寸。下方列出了此类事件的一些范例。

期权行权

如果行权/转让会导致账户保证金不足,IB保留禁止股票期权行权及/或平仓空头头寸的权利。由于头寸已全额支付,因此购买期权通常不需要保证金,一旦行权,账户持有人便有义务全额支付后续的多头股票头寸(现金账户看涨期权行权或100%保证金股票)或支付多头/空头股票头寸(保证金账户看涨/看跌期权行权)。如果在交割时底层证券价格出现重大不利变化,行权之前不具备充足权益的账户会面临不必要的风险。这种无担保风险尤为明显,并且可能会超出多头期权所持有的任何价内价值,尤其是在到期时清算所以每股低达0.01美元的价内水平自动行使期权的时候。

例如,第一天,账户权益只包括20张行使价为50美元的XYZ多头看涨期权合约,这些合约在底层证券价格为51美元时以每张合约1美元的价格平仓。假设情境1中期权自动行权,且XYZ在第二天的开盘价达到51美元。假设情境2中期权自动行权,且XYZ在第二天的开盘价达到48美元。

账户余额 到期前

情境1 - XYZ开盘价@ $51

情境2 - XYZ开盘价@ $48
现金
$0.00 ($100,000.00) ($100,000.00)
多头股票 $0.00 $102,000.00 $96,000.00

多头期权*

$2,000.00 $0.00 $0.00
净清算权益/(不足) $2,000.00 $2,000.00 ($4,000.00)
保证金要求
$0.00 $25,500.00 $25,500.00
多余保证金/(不足) $0.00 ($23,500.00) ($29,500.00)

*多头期权无贷款价值。

为在到期日临近时防止发生这些情景,IB将假设接近实际的底层证券价格请求并评估股票交割账户风险来模拟到期影响。如果风险过高,IB保留以下权利:1)到期前清算期权;2)允许期权失效,以及/或3)允许交割并立即清算底层证券。 此外,账户不能开立新的头寸以防增加风险。

如果IB系统预测结算会导致保证金不足,那么IB也会保留在结算前的下午清算头寸的权利。为在到期日临近时防止发生这些情景,IB将假设接近实际的底层证券价格并评估结算后账户风险来模拟到期影响。例如,如果IB预测结算将导致头寸从账户中移除(如,期权将在价外到期,或现金结算期权在价内到期),那么IB系统将评估结算的保证金影响。

如果IB认为风险过高,那么IB可能会清算账户中的头寸以解决预测的保证金不足问题。账户持有人可通过TWS内的账户窗口监控与保证金风险相关的到期期权。预测超额保证金将显示在“到期后保证金”(见下方)一行,如果其为负数并以红色显示,则表明您的账户可能面临强制头寸清算。这一风险计算会在下一个到期日的前面三天进行并且每15分钟更新一次。请注意,某些分层结构账户类型(如独立交易限额账户)的这一信息只会在主账户层级显示并计算。

请注意,IB通常在收盘前2小时发起到期相关清算,但保留条件允许的情况下提前或推迟此类清算的权利。此外,清算会根据特定的账户条件(包括净清算价值、预测到期后保证金不足,以及期权行使价与底层证券价格之间的关系)进行优先排序。

实物交割期货

除了将货币作为其底层证券的某些期货合约外,IB通常不允许客户发起或接收实物结算期货或期货期权合约的底层交割。为避免交割即将到期的合约,客户必须延期合约或在合约指定的结算截止日期(我们网站中列有)前平仓头寸。

请注意,客户有义务了解结算截止日期并知晓未在指定指定时间段内结算的实物交割合约可能会在无事先通知的情况下被IB清算

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