通过美国经纪商交易的外国股票的保证金处理方式
作为一家在美国证监会（SEC）注册、协助客户完成证券交易的交易经纪商，IB LLC须遵守各类与授信和保证金贷款有关的法规。对于外国权益证券（即非美国发行人发行的证券），Reg.T规则允许美国经纪商向符合要求的证券提供保证金贷款，这些证券应在联邦储备委员会定期发布的“外国保证金股票”列表上，或根据美国证监会法规15c3-1或“无异议函（no-action letter）”被视为拥有“现成市场（ready market）”。
2012年11月以前，“现成市场”包含“富时环球指数（FTSE World Index）”中由外国发行人发行的权益证券。. 该定义基于美国证监会1993年的一封无异议函，且基于这样一个前提：尽管这些证券在美国没有现成的流通市场，但其可以方便地在外国市场上卖出。 2012年11月，美国证监会发布了一封后续的无异议函(www.sec.gov/divisions/marketreg/mr-noaction/2012/finra-112812.pdf)，该文件拓展了被认为有“现成市场”的外国权益证券的范围，即纳入了不在富时环球指数中、但满足以下四个条件的证券：
1. 在富时环球指数承认的国家的外国交易所上市，且该证券至少在该交易所交易了90天以上；;
2. 外国交易所的每日买价、买价和最后价通过电子报价系统持续向美国经纪商提供；
3. 在其上市交易所前20个工作日的日交易量中位数达到10万股或50万美元以上（不包括执行计算的经纪商买入的股票）；
4. 过去10个交易日股票单日的流通总市值超过5亿美元。
注：如果满足以上条件的证券之后不再满足条件，则经纪商有5个工作日的时间窗口，之后该证券将不再被视为用“现成市场”，进而不再支持保证金贷款。
不满足以上条件的外国证券不可使用保证金贷款，因此，不具备贷款价值。请注意，前述无异议函中提及的外国权益证券不包括期权。
Overview of ASIC CFD Rules Implementation at IBKR (Australia) - Retail Investors Only
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. |
The Australian Securities and Investment Commission (ASIC) enacted new rules applicable to retail clients trading CFDs, effective 29 March 2021. Wholesale or Professional Investor 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.
All clients are initially categorised as Retail Clients. IBKR may in certain circumstances agree to reclassify a Retail Client as a Wholesale or Professional Investor Client. Refer to this link for information regarding Australian regulatory status under IBKR Australia
The following sections detail how IBKR (Australia) has implemented the ASIC Decision.
1 Leverage Limits
1.1 ASIC Margins
Leverage limits were set by ASIC at different levels depending on the underlying:
- 3.33% for major currency pairs; Major currency pairs are any combination of AUD; 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 ASIC Margins, IBKR (Australia) 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 ASIC.
Details of applicable IB and ASIC 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 stock or CFD positions, or if the two largest positions have a dominant weight. We stress the portfolio by applying a 30% adverse move on the two 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
Your account must have sufficient equity to post initial margin to open a CFD position. Account equity includes cash, unsettled realized profits and unrealized profits from existing CFD and non-CFD positions.
2 Margin Close Out Rule
2.1 Maintenance Margin Calculations & Liquidations
ASIC requires IBKR to liquidate CFD positions latest when account 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.
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 AUD 2000 cash in your account and no positions. 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 equity for additional positions reduces by the initial margin requirement as your trades are filled:
| Cash | Equity* | Position | Price | Value | Unrealized P&L | IM | MM | Available Equity* | Excess Equity* | MM Violation | |
| Pre Trade | 2000 | 2000 | 2000 | 2000 | |||||||
| Post Trade 1 | 2000 | 2000 | 50 | 100 | 5000 | 0 | 1000 | 500 | 1000 | 1500 | No |
| Post Trade 2 | 2000 | 2000 | 100 | 100 | 10000 | 0 | 2000 | 1000 | 0 | 1000 | No |
*Equity equals Cash plus Unrealized P&L. Available equity is equity in excess of initial margin requirements. Excess equity is equity in excess of maintenance margin requirements.
The price increases to 110. Your equity is now 3000, and your available equity has increased correspondingly:
| Cash | Equity | Position | Price | Value | Unrealized P&L | IM | MM | Available Equity | Excess Equity | MM Violation | |
| Change | 2000 | 3000 | 100 | 110 | 11000 | 1000 | 2000 | 1000 | 1000 | 2000 | No |
The price then drops to 95. Your equity declines to 1500 and you can no longer open additional positions 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 Equity | Excess Equity | MM Violation | |
| Change | 2000 | 1500 | 100 | 95 | 9500 | (500) | 2000 | 1000 | -500 | 500 | 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 Equity | Excess Equity | MM Violation | |
| Change | 2000 | 500 | 100 | 85 | 8500 | (1500) | 2000 | 1000 | -1500 | -500 | Yes |
3 Negative Equity Protection
The ASIC Decision limits your CFD-related liability to the assets in your IBKR account, meaning all assets in your IBKR account can be liquidated to satisfy a CFD margin-deficit
Therefore assets in your account, including CFD and non-CFD assets can be used to cover losses arising from CFD trading, with your CFD positions being liqudated first, followed by your non CFD positions.
4 Incentives Offered to trade CFDs
The ASIC 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.
Related Articles
为什么需要披露我与金融机构的雇佣关系？
根据美国金融业监管局（FINRA）规则3210要求，与成员公司（雇主成员）关联的申请者在IBKR（执行成员）开户前必须先获得雇主成员的书面同意。该规则还要求开户人士告知IBKR其与雇主成员的关联关系。对IBKR来说，可能还存在其它类似的非美国法规要求。
受雇于其它经纪商或金融机构或与其它经纪商或金融机构关联的申请者需要提交一份包含其雇佣单位联系信息的文件，以便IBKR根据要求向其雇佣单位提供相关交易数据。如果申请者受雇于金融机构，但又不提交相应文件，则IBKR会联系申请者确认其是否是不适用于FINRA规则3210。
增强尽职调查（EDD）资料要求
Overview:
下方常见问题解答旨在针对近期发送给IBKR账户持有人要求其提供相关信息的通知来回答客户问题。如果还有本文未涉及的其它问题，请联系增强尽职调查（EDD）部门。
所有账户：
这是正常邮件吗？
是的；IBKR近期向客户发送了邮件，要求客户更新某些资料和证明文件。
为什么客户会收到这一通知？
IBKR在对客户进行定期审核，目的是为了确保我们掌握的信息准确有效并对来自具有较高反洗钱风险之地区或属于具有较高反洗钱风险之类型的客户进行尽职调查。作为一家受监管的金融机构，我们必须“了解客户”，此次行动正是这项工作的一部分。
必须要更新相关信息吗？
是的；所有收到通知的客户都必须提供要求的信息。
什么是财富来源？
财富来源是指客户获得财富的方式，比如工资收入、营业收入、出售房产、继承等等。客户的财富来源所有项目加起来必须等于100%。
可以接受用什么文件来证明财富来源？
我们提供的文件上有一个列表，上面列出了您可以提交用来证明财富来源的文件。每一项财富来源都必须有相应的证明文件（如工资收入对应的银行对账单、出售房产对应的卖据等）。
机构账户：
为什么要提供受益所有权信息？
根据美国法规，我们必须收集机构的受益所有权信息。这也是为了履行我们“了解客户”的义务。
什么是受益所有人？其与普通的所有人有什么区别？
受益所有人是指最终实际拥有实体的人士。其与普通的所有人不同，普通的所有人可以是其它企业、信托和托管机构等的组合。根据相关法规，任何作为账户持有人的实体都必须确认所有拥有其10%或以上所有权的自然人。然后我们需要通过身份证明文件核实该等自然人的身份并确认其财富来源。
如果我在受益所有人证明上表明实体没有所有权大于10%的所有人，我还需要填写最终受益所有人表格吗？
不需要，如果您已经声明实体没有所有权大于10%的所有人，则您不需要填写最终受益所有人表格。
CAFFIS、介绍经纪商、集合投资工具和对冲基金：
什么是Wolfsberg调查问卷？
Wolfsberg调查问卷是由Wolfsberg集团设计的反洗钱调查问卷，旨在针对金融机构的反洗钱政策与实践提供标准化的概览。
*表格必须完整填写并且日期必须在过去12个月之内。*
为什么要填写问卷？
该调查问卷旨在帮助确保我们了解金融机构实施的有关防止洗钱、恐怖主义融资和其它金融犯罪的某些标准和实践。
注意：如果是对冲基金，我们需要其基金管理人/投资顾问填写Wolfsberg调查问卷。
Wolfsberg调查问卷有链接吗？
有的，可以从账户管理（请检查文件任务）中下载空白问卷。
您也可以从此处下载问卷：
https://www.wolfsberg-principles.com/sites/default/files/wb/CBDDQ_V1.3_SC09_Final_Version _16APR2020.pdf
我被要求提供基金状态证明文件。需要提交什么文件？
请提供基金的存在证明以及基金管理人和基金行政管理员的监管状态证明。
外国银行：
为什么需要提供外国银行证明？
根据美国《爱国者法案》，任何与美国的银行或经纪商/交易商有代理行关系的外国银行都必须提供外国银行证明。
*表格必须完整填写并且日期必须在过去36个月之内。*
要求提供外国银行证明的目的是什么？
要求提供外国银行证明旨在帮助确保银行符合所有与洗钱、恐怖主义融资和其它金融犯罪相关的美国法规。
美国证监会13D和13G对申报人的修订要求
引言
下文旨在简要介绍美国证券交易委员会（“SEC”）Sections 13(d)和13(g) 的申报修订要求。下文的概述较笼统，我们建议读者详细阅读法规条款及/或咨询合规专业人士以确定申报要求是否适用于其特定的情况。
对13D申报者的修订要求
《1934年证券交易法案》（“法案”） (the "Act") 第13d-2条要求您在表格13D中的信息发生实质性变化时在2个工作日内及时修订申报的表格。“实质性变化”包括您被认为“实益拥有”的证券类别百分比的大幅上升或下降。比如，如您管理某发行人5%以上的股份，当您管理的百分比（由于交易或其它事件）上升或下降超过1%，则您必须修订13D申报。
只要您管理发行人任意类别的有投票权的股票超过5%，您就必须继续对表格13D进行必要的修订。如您持有的股份降至5%以下，那么您必须做（最后）一次修订告知美国证监会。
其它情形也可能构成实质性变化从而要求您对表格进行修订。比如，如您买入了60天内不能行权的权证，及时您管理的有投票权的股份数量尚未改变，您仍需修订表格13D来更改您对买入额外的证券或相关合约的计划的描述。
对13G申报者的修订要求
符合资格的机构投资者，包括在美国证监会或美国某个州注册的投资顾问，必须在其“实益所有权”首次超过某个类别的股票月末总股数10%后的10天内修订其表格13G。
在此之后，当符合资格的机构投资者在某类别股票中的“实益所有权”相对于前一月月末持有的数量上升或下降5%以上，此类投资者必须在上升或下降超过5%之日后的10天内修订其表格13G。
符合资格的机构投资者还必须在其不再有资格申报表格13G后的10个日历日内申报表格13D。
此外，实益拥有20%以内的股票的被动投资者必须在获得10%以上的某类别股票的受益所有权后的2个工作日内及时修订其表格13G，之后，如其增持或减持的所有权超过5%，则须在2个工作日内修订。
您还必须在您申报的表格13G发生变动（不论变动大小）后进行年度修订。修订必须在年末的45天内完成。如果您申报的信息没有变化，或只是持有的证券百分比因发行在外的股票数量变化而发生了变化，那么您无需进行修订。
重要提示
· 您应独立了解您的表格13D和13G申报义务。关于您是否必须进行申报或修订之前的申报、您必须申报（或修订）哪个表格、以及您必须在何时进行申报，存在很多事实性判断依据，您需自行了解。
· 盈透证券会尽我们最大的努力向您提供通知，但仅会在您超过了某些临界值（5%, 10%, 20%）或在您管理的股份百分比发生重大变动时通知您。可能还有其它会导致您有义务申报或修订表格13D或13G、但盈透证券未能提醒的情况。
· 您应监控您管理的账户中特定类别的股票持仓以确保履行了您的表格13D或13G申报及修订义务。
· 通知不包含（也不考虑）某些一般不通过盈透证券交易的证券，即以下主体的股票：
a. 如果不是因为在证券投资法Section 12(g)(2)(G)中被豁免，原本须注册的保险公司；
b. 根据《1940年投资公司法》注册的封闭式投资公司；或
c. 第43部分（title 43）、Section 1639c(d)(6)中定义的“土著公司”。
因此，您应独立考虑及分析您持有的此类股票仓位以满足证券交易法Section 13(d)的要求。
· 提醒完全是基于特定顾问实益所有相关证券而发出的。提醒不会考虑任何可能适用的群组加总规则，如一人或多人同意一起行动来买入，持有、处置或就某发行人的股票投票的情况。
· 发送的提醒仅会考虑盈透证券账户中的仓位，不考虑任何其它外部账户。但您在考虑是否须申报或修订表格13D或13G以及申报哪些内容时应考虑此等外部账户中的持仓。
· 发送的提醒不会考虑盈透证券启用提醒项目之日前您的表格13D或13G申报义务。
· 对于美国微型市值证券（通常为场外市场上市股票）以及在纳斯达克或纽交所上市的市值小于3亿美元且每股股价小于5美元的美股，我们就此类证券从数据供应商处获得的数据可能不总是可靠，因此我们已将这些证券从本通知项目中移除。因此，当您因持有美国微型证券快要超过或已超过产生申报义务的临界值，您不会收到表格13D/13G提醒。在确定申报义务时，您应单独考虑您的美国微型股票持仓。
其它信息
有关表格13D和13G的更多信息，请通过以下链接访问美国证监会的网站：
http://www.sec.gov/answers/sched13.htm 及
https://www.sec.gov/divisions/corpfin/guidance/reg13d-interp.htm
美国证监会Sections 13(d)和13(g)申报要求
引言
下文旨在简要介绍美国证券交易委员会（“SEC”）Sections 13(d)和13(g)的申报要求。下文的概述较笼统，我们建议读者详细阅读法规条款及/或咨询合规专业人士以确定申报要求是否适用于其特定的情况。
表格13D和13G的背景
这些法规适用于“实益拥有”证券交易法Section 12定义的证券的人士。这一般包括您拥有或管理的股份。具体地，就Section 13(d)而言，如您直接或间接拥有以下权力/权利，那么您就将被视为“实益拥有”相关证券：
• 投票权或指导证券投票的权力；
• 处置证券或指导证券处置的权力；或
• 通过期权或权证的行权，或行使可转换证券的转换权在60天内获得证券的“实益所有权”的权利。
要确定您是否“实益拥有”某一类别5%以上的股份，请用您被认为“实益拥有”的数量除以该类别发行在外的总股数。您可依据发行人向美国证监会最新申报的季报或年报（10-Q或10-K）以及之后申报的任意最新报告（表格8-K）来确定发行在外的总股数。在该计算中，您必须将60天内通过期权、权证或其它形式的转换或行权可能获得的股份计入发行在外的股数。 但您无需计入其它人持有的类似未行权或未转换的股份。
您必须申报哪些内容
您的首次表格13D申报必须在您持有的股份超过5%临界值的交易日后的10天内完成。表格13D内的披露在申报日当日必须始终为最新的。
您还有义务在发生实质性变化后的2个工作日内及时修订表格13D的申报。“实质性变化”包括买入或卖出1%或以上的报告证券或您控制发行人的意愿发生重大变化。
某些交易者可能可申报被称为“13G”而非“13D”的简化版材料。拥有20%以内的股票的被动投资者或在发行人注册股票类别前拥有5%以上股份的 豁免投资者可选择简化申报。此外，在SEC或在州内注册的顾问如果在正常经营其顾问业务的期间买入了相关证券且不是以影响发行人对公司的控制为目的或造成了此类结果的，则此类顾问可以只申报表格13G。另外，顾问必须已向其代为持有5%以上相关股票的委托账户持有人通知了其潜在的报告义务。首次及修订的表格13G申报适用非常详细的申报临界值及截止日期。
重要提示
• 请注意，您的客户及您公司的直接或间接控制人（这可能包括合伙人、股东及母公司）可能有其单独的报告义务。
• 您应独立了解您的表格13D和13G申报义务。关于您是否必须进行申报或修订之前的申报、您必须申报（或修订）哪个表格、以及您必须在何时进行申报，存在很多事实性判断依据，您需自行了解。
• 盈透证券会尽我们最大的努力向您提供通知，但仅会在您超过了某些临界值（5%, 10%, 20%）或在您管理的股份百分比发生重大变动时通知您。可能还有其它会导致您有义务申报表格13D或13G、但盈透证券未能提醒的情况。
• 盈透证券只会在您超过每个临界值时向您发送一次首次申报提醒。只有当您超过了更高一档的临界值（分为5%、10%或20%三挡）时，我们才会重新向您发送首次申报提醒 （即，如您已超过了10%的临界值，则我们不会再通知您您超过了5%的临界值）。因此，在您收到首次申报或修订通知后，请持续监控您的仓位并完成相应的申报。
• 您应监控您管理的账户中特定类别的股票持仓以确保履行了您的表格13D或13G申报及修订义务。
• 通知不包含（也不考虑）某些一般不通过盈透证券交易的证券，即以下主体的股票：
a. 如果不是因为在证券投资法Section 12(g)(2)(G)中被豁免，原本须注册的保险公司；
b. 根据《1940年投资公司法》注册的封闭式投资公司；或
c. 第43部分（title 43）、Section 1639c(d)(6)中定义的“土著公司”。
因此，您应独立考虑及分析您持有的此类股票仓位以满足证券交易法Section 13(d)的要求。
• 提醒完全是基于特定顾问实益所有相关证券而发出的。提醒不会考虑任何可能适用的群组加总规则，如一人或多人同意一起行动来买入，持有、处置或就某发行人的股票投票的情况。
• 发送的提醒仅会考虑盈透证券账户中的仓位，不考虑任何其它外部账户。但您在考虑是否须申报或修订表格13D或13G以及申报哪些内容时应考虑此等外部账户中的持仓。
• 发送的提醒不会考虑盈透证券启用提醒项目之日前您的表格13D或13G申报义务。
• 对于美国微型市值证券（通常为场外市场上市股票）以及在纳斯达克或纽交所上市的市值小于3亿美元且每股股价小于5美元的美股，我们就此类证券从数据供应商处获得的数据可能不总是可靠，因此我们已将这些证券从本通知项目中移除。因此，当您因持有美国微型证券快要超过或已超过产生申报义务的临界值，您不会收到表格13D/13G提醒。在确定申报义务时，您应单独考虑您的美国微型股票持仓。
其它信息
有关表格13D和13G的更多信息，请通过以下链接访问美国证监会的网站：
http://www.sec.gov/answers/sched13.htm及
https://www.sec.gov/divisions/corpfin/guidance/reg13d-interp.htm
Interactive Brokers Ireland Limited – MiFID Categorisation
Introduction
The European Union legislative act known as the Markets in Financial Instruments Directive, or MiFID, as amended by MiFID II, requires Interactive Brokers Ireland Limited (IBIE) to classify each Client according to their knowledge, experience and expertise: "Retail", "Professional" or "Eligible Counterparty".
In accordance with MiFID II rules, IBIE categorises most clients as Retail clients, providing them with a higher degree of protection.
Only those clients that are either regulated entities or funds managed by regulated fund managers, are categorised as Per Se Professional Clients.
The main differences in regulatory protections afforded to Professional Clients as compared with Retails Clients are:
1. Description of the nature and risks of packaged investments: A firm that offers an investment service with another service or product or as a condition of the same agreement with a retail client must: (i) inform retail clients if the risks resulting from the agreement are likely to be different from the risks associated with the components when taken separately; and (ii) provide retail clients with an adequate description of the different components of the agreement and the way in which its interaction modifies the risks. The above requirements do not apply in respect of professional clients. However, IBIE will not make such differentiation apart from the case specified under point 3 below.
2. Investor protection measures on the provision of Contracts for Differences (“CFDs”): The European Securities and Markets Authority (“ESMA”) introduced product intervention measures on the provision of CFDs to retail investors. The measures include: (i) New leverage limits on the opening of a position, which vary according to the volatility of the underlying; (ii) A margin close out rule on a per account basis that standardises the percentage of margin at which providers are required to close out one or more open CFDs; (iii) Negative balance protection on a per account basis;
(iv) A restriction on the incentives offered to trade CFDs; and (v) A standardised risk warning, including the percentage of losses on a CFD provider’s retail investor accounts. The above requirements do not apply in respect of professional clients.
(iv) A restriction on the incentives offered to trade CFDs; and (v) A standardised risk warning, including the percentage of losses on a CFD provider’s retail investor accounts. The above requirements do not apply in respect of professional clients.
3. Communication with clients: A firm must ensure that its communications with all clients are fair, clear and not misleading. However, the way in which a firm may communicate with professional clients (about itself, its services and products, and its remuneration) may be different from the way in which the firm communicates with retail clients. A firm’s obligations in respect of the level of details, medium and timing of the provision of information are different depending on whether the client is a retail or professional client. The requirements to deliver certain product-specific documents, such as Key Information Documents (“KID”) for Packaged Retail and Insurance-based Investment Products (“PRIIPs”), are not applied to professional clients.
4. Depreciation in value reporting: A firm that holds a retail client account that includes positions in leveraged financial instruments or contingent liability transactions must inform the retail client, where the initial value of each instrument depreciates by 10 per cent and thereafter at multiples of 10 per cent. The above requirements do not apply in respect of professional clients.
5. Appropriateness: When assessing appropriateness for non-advised services, a firm may be required to determine whether the client has the necessary experience and knowledge in order to understand the risks involved in relation to the product or service offered or demanded. Where such an appropriateness assessment requirement applies in respect of a client, the firm may assume that a professional client has the necessary experience and knowledge in order to understand the risks involved in relation to those particular investment services or transactions, or types of transaction or product, for which the client is classified as a professional client. A firm may not make such an assumption for a retail client and must determine that a retail client does have the necessary level of experience and knowledge.
IBIE provides non-advised services and is not required to request information or adhere to the assessment procedures for a professional client when assessing the appropriateness of a given service or product as with a retail client, and IBIE may not be required to give warnings to the professional client if it cannot determine appropriateness with respect to a given service or product.
6. The Financial Services and Pensions Ombudsman (FSPO): The services of the FSPO in Ireland may not be available to professional clients, unless they are, for example, a consumer, or a limited company, sole trader, a trust, a club, a charity or a partnership, subject to certain turnover limitations.
7. Compensation: IBIE is a member of the Irish Investor Compensation Scheme. You may be entitled to claim compensation from that scheme if IBIE cannot meet its obligations to you. This will depend on the type of business and the circumstances of the claim; compensation is only available for certain types of claimants and claims in respect of certain types of business. Eligibility for compensation from the scheme is determined under the rules applicable to the scheme.
Re-categorisation as Professional Client
IBIE allows its Retail Clients to request to be re-categorised as Professional Clients. Clients are notified of their Client Category and can check it at any time from Account Management, under Settings> Account Settings> MiFID Client Category. From this same screen, Clients can also request to change their MiFID Category.
IBIE will consider re-categorising Retail Clients to Professional Clients in two instances:
1. Per Se Professional Clients can notify IBIE that they consider that they should have been categorised as Per Se Professionals under the MiFID II rules, because at least one of the following conditions applies:
(i) authorised or regulated to operate in the financial markets; or
(ii) a large undertaking meeting two of the following size requirements on a company basis:
(a) balance sheet total of EUR 20,000,000;
(b) net turnover of EUR 40,000,000;
(c) own funds of EUR 2,000,000;
(iii) an institutional investor whose main activity is to invest in financial instruments. This includes entities dedicated to the securitisation of assets or other financing transactions.
2. IBIE may treat Clients as Elective Professional Clients if, based on an assessment of the Client’s expertise, experience, and knowledge, IBIE is reasonably assured that, in light of the nature of the transactions or services envisaged, the Client is capable of making its own investment decisions and understand the risks involved. Clients who do not meet the requirements to be categorised as Per Se Professional Clients can still request to be categorised as Elective Professional Clients.
To obtain such re-categorisation, Retail Clients must provide evidence that they satisfy at least two (2) of the following criteria:
1. Over the last four (4) quarters, the Client conducted trades in financial instruments in significant size at an average frequency of ten (10) per quarter.
To determine the significant size IBIE considers the following:
a. During the last four quarters, there were at least forty (40) trades; and
b. During each of the last four (4) quarters, there was at least one (1) trade; and
c. The total notional value of the top forty (40) trades of the last four (4) quarters is greater than EUR 200,000; and
d. The account has a net asset value greater than EUR 50,000.
b. During each of the last four (4) quarters, there was at least one (1) trade; and
c. The total notional value of the top forty (40) trades of the last four (4) quarters is greater than EUR 200,000; and
d. The account has a net asset value greater than EUR 50,000.
Trades in Spot FX are not considered for the purpose of this calculation.
2. The Client holds a portfolio of financial instruments (including cash) that exceeds EUR 500,000 (or equivalent);
3. The Client is an individual accountholder or a trader of an organisation account who works or has worked in the financial sector for at least one year in a professional position which requires knowledge of products it trades in.
Upon review and verification of the information and supporting evidence provided, IBIE will re-categorise clients if all relevant conditions are met to satisfaction.
Retail Clients requesting to be re-categorised as Professional Accounts must read and understand the warning provided by IBIE before the relevant request is submitted.
Re-categorisation as Retail Client
Professional Clients can request IBIE to be re-categorised as Retail Clients, from the same Account Management page described above (under Settings> Account Settings> MiFID Client Category).
With the sole exception of regulated entities or funds managed by regulated fund managers, which are categorised as Per Se Professional Clients, IBIE accepts all such requests.
THIS INFORMATION IS GUIDANCE FOR INTERACTIVE BROKERS FULLY DISCLOSED CLEARED CUSTOMERS ONLY.
NOTE: THE INFORMATION ABOVE IS NOT INTENDED TO BE A COMPREHENSIVE, EXHAUSTIVE NOR A DEFINITIVE INTERPRETATION OF THE REGULATION, BUT A SUMMARY OF IBIE’s APPROACH TO CLIENT CATEGORISATION AND RE-CATEGORISATION POLICY.
NOTE: THE INFORMATION ABOVE IS NOT INTENDED TO BE A COMPREHENSIVE, EXHAUSTIVE NOR A DEFINITIVE INTERPRETATION OF THE REGULATION, BUT A SUMMARY OF IBIE’s APPROACH TO CLIENT CATEGORISATION AND RE-CATEGORISATION POLICY.
Interactive Brokers Central Europe Zrt. – MiFID Categorisation
Introduction
The European Union legislative act known as the Markets in Financial Instruments Directive, or MiFID, as amended by MiFID II, requires Interactive Brokers Central Europe Zrt. (IBCE) to classify each Client according to their knowledge, experience and expertise: "Retail", "Professional" or "Eligible Counterparty".
In accordance with MiFID II rules, IBCE categorises most clients as Retail clients, providing them with a higher degree of protection.
Only those clients that are either regulated entities or funds managed by regulated fund managers, are categorised as Per Se Professional Clients.
The main differences in regulatory protections afforded to Professional Clients as compared with Retails Clients are:
1. Description of the nature and risks of packaged investments: A firm that offers an investment service with another service or product or as a condition of the same agreement with a retail client must: (i) inform retail clients if the risks resulting from the agreement are likely to be different from the risks associated with the components when taken separately; and (ii) provide retail clients with an adequate description of the different components of the agreement and the way in which its interaction modifies the risks. The above requirements do not apply in respect of professional clients. However, IBCE will not make such differentiation apart from the case specified under point 3 below.
2. Investor protection measures on the provision of Contracts for Differences (“CFDs”): The European Securities and Markets Authority (“ESMA”) introduced product intervention measures on the provision of CFDs to retail investors. The measures include: (i) New leverage limits on the opening of a position, which vary according to the volatility of the underlying; (ii) A margin close out rule on a per account basis that standardises the percentage of margin at which providers are required to close out one or more open CFDs; (iii) Negative balance protection on a per account basis;
(iv) A restriction on the incentives offered to trade CFDs; and (v) A standardised risk warning, including the percentage of losses on a CFD provider’s retail investor accounts. The above requirements do not apply in respect of professional clients.
(iv) A restriction on the incentives offered to trade CFDs; and (v) A standardised risk warning, including the percentage of losses on a CFD provider’s retail investor accounts. The above requirements do not apply in respect of professional clients.
3. Communication with clients: A firm must ensure that its communications with all clients are fair, clear and not misleading. However, the way in which a firm may communicate with professional clients (about itself, its services and products, and its remuneration) may be different from the way in which the firm communicates with retail clients. A firm’s obligations in respect of the level of details, medium and timing of the provision of information are different depending on whether the client is a retail or professional client. The requirements to deliver certain product-specific documents, such as Key Information Documents (“KID”) for Packaged Retail and Insurance-based Investment Products (“PRIIPs”), are not applied to professional clients.
4. Depreciation in value reporting: A firm that holds a retail client account that includes positions in leveraged financial instruments or contingent liability transactions must inform the retail client, where the initial value of each instrument depreciates by 10 per cent and thereafter at multiples of 10 per cent. The above requirements do not apply in respect of professional clients.
5. Appropriateness: When assessing appropriateness for non-advised services, a firm may be required to determine whether the client has the necessary experience and knowledge in order to understand the risks involved in relation to the product or service offered or demanded. Where such an appropriateness assessment requirement applies in respect of a client, the firm may assume that a professional client has the necessary experience and knowledge in order to understand the risks involved in relation to those particular investment services or transactions, or types of transaction or product, for which the client is classified as a professional client. A firm may not make such an assumption for a retail client and must determine that a retail client does have the necessary level of experience and knowledge.
IBCE provides non-advised services and is not required to request information or adhere to the assessment procedures for a professional client when assessing the appropriateness of a given service or product as with a retail client, and IBCE may not be required to give warnings to the professional client if it cannot determine appropriateness with respect to a given service or product.
6. Compensation: IBCE is a member of the Hungarian Investor Protection Funds. Retail Clients may be entitled to claim compensation from the Fund in the event that i/ the Central Bank of Hungary initiates liquidation proceedings of IBCE or ii/ a court orders the liquidation of IBCE. The compensation provided by the Fund cover claims arising from contracts entered into within the agreement with IBCE of brokerage activity, securities custody, securities account management and client account management activities performed by IBCE. Eligibility for compensation from the Fund is determined under the rules applicable to the scheme.
Re-categorisation as Professional Client
IBCE allows its Retail Clients to request to be re-categorised as Professional Clients. Clients are notified of their Client Category and can check it at any time from Account Management, under Settings> Account Settings> MiFID Client Category. From this same screen, Clients can also request to change their MiFID Category.
IBCE will consider re-categorising Retail Clients to Professional Clients in two instances:
1. Per Se Professional Clients can notify IBCE that they consider that they should have been categorised as Per Se Professionals under the MiFID II rules, because at least one of the following conditions applies:
(i) authorised or regulated to operate in the financial markets; or
(ii) a large undertaking meeting two of the following size requirements on a company basis:
(a) balance sheet total of EUR 20,000,000;
(b) net turnover of EUR 40,000,000;
(c) own funds of EUR 2,000,000;
(iii) an institutional investor whose main activity is to invest in financial instruments. This includes entities dedicated to the securitisation of assets or other financing transactions.
2. IBCE may treat Clients as Elective Professional Clients if, based on an assessment of the Client’s expertise, experience, and knowledge, IBCE is reasonably assured that, in light of the nature of the transactions or services envisaged, the Client is capable of making its own investment decisions and understand the risks involved. Clients who do not meet the requirements to be categorised as Per Se Professional Clients can still request to be categorised as Elective Professional Clients.
To obtain such re-categorisation, Retail Clients must provide evidence that they satisfy at least two (2) of the following criteria:
1. Over the last four (4) quarters, the Client conducted trades in financial instruments in significant size at an average frequency of ten (10) per quarter.
To determine the significant size IBCE considers the following:
a. During the last four quarters, there were at least forty (40) trades; and
b. During each of the last four (4) quarters, there was at least one (1) trade; and
c. The total notional value of the top forty (40) trades of the last four (4) quarters is greater than EUR 400,000; and
d. The account has a net asset value greater than EUR 50,000.
b. During each of the last four (4) quarters, there was at least one (1) trade; and
c. The total notional value of the top forty (40) trades of the last four (4) quarters is greater than EUR 400,000; and
d. The account has a net asset value greater than EUR 50,000.
Trades in Spot FX are not considered for the purpose of this calculation.
2. The Client holds a portfolio of financial instruments (including cash) that exceeds EUR 500,000 (or equivalent);
3. The Client is an individual accountholder or a trader of an organisation account who works or has worked in the financial sector for at least one year in a professional position which requires knowledge of products it trades in.
Upon review and verification of the information and supporting evidence provided, IBCE will re-categorise clients if all relevant conditions are met to satisfaction.
Retail Clients requesting to be re-categorised as Professional Accounts must read and understand the warning provided by IBCE before the relevant request is submitted.
Re-categorisation as Retail Client
Professional Clients can request IBCE to be re-categorised as Retail Clients, from the same Account Management page described above (under Settings> Account Settings> MiFID Client Category).
With the sole exception of regulated entities or funds managed by regulated fund managers, which are categorised as Per Se Professional Clients, IBCE accepts all such requests.
THIS INFORMATION IS GUIDANCE FOR INTERACTIVE BROKERS FULLY DISCLOSED CLEARED CUSTOMERS ONLY.
NOTE: THE INFORMATION ABOVE IS NOT INTENDED TO BE A COMPREHENSIVE, EXHAUSTIVE NOR A DEFINITIVE INTERPRETATION OF THE REGULATION, BUT A SUMMARY OF IBCE’s APPROACH TO CLIENT CATEGORISATION AND RE-CATEGORISATION POLICY.
NOTE: THE INFORMATION ABOVE IS NOT INTENDED TO BE A COMPREHENSIVE, EXHAUSTIVE NOR A DEFINITIVE INTERPRETATION OF THE REGULATION, BUT A SUMMARY OF IBCE’s APPROACH TO CLIENT CATEGORISATION AND RE-CATEGORISATION POLICY.
FAQs - Brexit
Answers to the most commonly asked questions relating to Brexit, including the transfer of an account to one of our European brokers and account operation following the transfer can be found through this page.
To start, select the IBKR entity below that your account will be maintained with post-Brexit.
FAQS: IBCE Brexit Account Migration
Overview:
This is an important document regarding the proposed transfer of your account from IBUK and IBLLC to IBCE that requires your attention. Please read the entirety of this document ahead of taking any action referred to in the Covering Letter sent to you via email.
Background:
Please take time to read this FAQs, which summarises some of the key changes to the regulatory framework which will be brought about by the Proposed Transfer (as described below) and provides answers to some of the more general questions that you may have. The FAQs should be read in conjunction with the Covering Letter and the documents that are attached to the Covering Letter. If you require any further information, please get in touch with us using the contact details provided in the Covering Letter. This FAQs supersedes the one previously made available to you titled “FAQs: Brexit Account Migration” (“Original FAQs”) as it reflects new information, and we ask that you read it carefully. To the extent there is any inconsistency between this FAQs and the Original FAQs, please rely on the information contained in this FAQs.
Discussion:
This FAQs is split into three parts.
- Part A sets outs key information in relation to the Proposed Transfer (as described below).
- Part B covers key legal and regulatory topics that arise as a result of the Proposed Transfer (as described below).
- Part C aims to answer any other questions that you may have and provides some further and more practical information in relation to what will and will not be changing following the Proposed Transfer (as described below).
PART A – THE PROPOSED TRANSFER
1. What is the situation currently and why do things have to change?
As you will be aware, at present, your relationship with Interactive Brokers is led by our entity based in the United Kingdom, specifically Interactive Brokers (U.K.) Limited (“IBUK”) and the services provided to you are provided by IBUK and, depending on the products you do business in, our US affiliate Interactive Brokers LLC (“IBLLC”). At present IBUK utilises what is known as a financial services passport to be able to perform its part of the service provision across continental Europe. Our working assumption is that following the end of the Brexit transitional period later this year, IBUK will lose its financial services passport and that from 1 January 2021 Interactive Brokers will need to make some changes in relation to which legal entity does business with you.
2. What are the “changes” envisaged above?
We have established a new Interactive Brokers legal entity in Hungary, namely, Interactive Brokers Central Europe Zrt. (“IBCE”). We propose to transfer the business that you currently conduct with IBUK and IBLLC to IBCE. In other words, it is our intention that all of your accounts, investments and services currently provided to you by IBUK and IBLLC will instead be singularly provided by IBCE (for convenience we will refer to this as the “Proposed Transfer”).
3. When will the Proposed Transfer occur?
We will write to you again ahead of the Proposed Transfer.
4. Who is IBCE? What sort of a firm is it?
IBCE, an investment service provider, is licensed and authorized by the Central Bank of Hungary. IBCE’s regulatory status and profile is very similar to IBUK’s. This is because both IBCE and IBUK are authorised pursuant to the second Markets in Financial Instruments Directive (Directive 2014/65/EU). This is an EU-wide piece of legislation the purpose of which is to, as much as possible, harmonise how investment firms are regulated across the EU.
This does not mean there are not some differences between the legislation that applies to your relationship with IBUK and IBLLC at present and that which will apply once your account is transferred to IBCE. We explain this in more detail in Part B of this FAQs.
5. What are IBCE’s legal details?
Interactive Brokers Central Europe Zrt. is registered as a private company limited by shares (registration number 01-10-141029) and is listed in the Register of Companies maintained by the Metropolitan Court of Registration. Its registered address is Budapest, Madách Imre út 13-14, 1075.
6. Who will regulate IBCE and what are their contact details?
The Central Bank of Hungary will be the competent regulator for IBCE (in the same way that the Financial Conduct Authority is the competent regulator for IBUK). The Central Bank of Hungary’s contact details are set out below:
Location
Central Bank of Hungary
1054 Budapest
Szabadság tér 9.
Hungary
Postal Address
Magyar Nemzeti Bank
BKKP Pf. 777
Client Service, client complaints
Address: 1013 Budapest, Krisztina krt. 39.
E-mail: ugyfelszolgalat@mnb.hu
Phone: +36 80 203 776
7. Where does IBCE fit with respect to the broader Interactive Brokers Group?
IBCE is a wholly-owned subsidiary that sits within the broader Interactive Brokers Group.
8. What does the Proposed Transfer mean for me? Will there be any material impacts?
The Proposed Transfer may have a material impact if you currently trade products that you will be restricted from trading following the transfer. It is very important that you read these FAQs carefully, and in full, and make sure that you understand what the changes are for you.
9. What do I have to do if I want to continue doing business with Interactive Brokers?
If you would like to continue to do business with Interactive Brokers, we require your cooperation and action.
Specifically, we need you to consent and agree to the Proposed Transfer and the Customer Agreement and other Documents available under the Important Information section of the Proposed Transfer process and to the regulatory matters outlined in the Covering Letter, the Important Information and Consent sections of the Proposed Transfer process. You can do this by following the instructions in the Covering Letter.
To be clear, you do not have to consent to the Proposed Transfer if you feel that you may be adversely affected by it. However, you should be aware that if you decide to decline, IBUK may not be able to keep servicing your account at the end of the Brexit transition period. If that happens, your account will be restricted from opening new transactions or transferring new assets. You always have the ability to transfer your account to another broker. If you wish to decline, please follow the instructions in the Covering Letter.
In either case, we ask that you read the entirety of this FAQs and the Covering Letter before deciding to consent to or decline the Proposed Transfer.
10. What happens next?
If you consent to the transfer, please complete all actions detailed in the Covering Letter and we will prepare your account for the Proposed Transfer. Following the Proposed Transfer, IBCE will write to you with further information about your new relationship with them.
PART B – LEGAL AND REGULATORY CHANGES THAT YOU SHOULD BE AWARE OF
1. What terms and conditions will govern my relationship with IBCE following the Proposed Transfer? Are these different to the ones that currently apply?
Trades that you conduct after the Proposed Transfer will be governed by the new Customer Agreement between you and IBCE. A copy of the new Customer Agreement is available in the Important Information section of the Proposed Transfer process. Please see the response to Question A3 above in relation to the timing for the Proposed Transfer.
2. What conduct of business rules (including best execution) will apply to my relationship with IBCE? Are there any material differences that will apply to my relationship with IBCE compared to those that apply to my existing relationship with IBUK?
There are some changes to be aware of, which we explain below.
If you do business with IBUK on a “carried” basis (in other words, you trade index options, futures and futures options and IBUK carries your account and custodies your assets) then the Financial Conduct Authority’s conduct of business rules currently apply to you. These rules are based heavily on the recast Markets in Financial Instruments Directive, the Markets in Financial Regulation and various delegated directives and regulations (collectively, “MiFID”). In relation to best execution, where it applies, IBUK must take all sufficient steps to achieve the best possible result for you when we execute your order.
If you currently do business with IBUK on an “introduced” basis (in other words, you trade products outside of those mentioned in the previous paragraph and you have a relationship with both IBUK and its US affiliate, IBLLC) a mix of conduct of business rules will currently apply to you. For instance, with respect to the introduction of your business to IBLLC, the Financial Conduct Authority’s conduct of business rules will apply (see above in relation to these). Once introduced to IBLLC, the relevant U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission rules and regulations (among others) will apply to IBLLC’s role (including its obligations in relation to best execution and custody).
Please note that it is of course possible that your business is split across these two scenarios (in other words some of your business is conducted on a “carried” basis while some of it is conducted on an “introduced” basis).
Going forward, the distinction between “carried” and “introduced” business will no longer apply and in each case set out above, Hungarian conduct of business rules will exclusively apply to your relationship with IBCE. Similar to the UK Financial Conduct Authority’s rules, the Hungarian conduct of business rules are based on MiFID and IBCE’s obligations in relation to best execution will largely mirror those that currently apply to IBUK.
In our view, while the rules that apply to our relationship will change, we do not consider such changes to be material or to result in a lesser degree of protection being afforded to you.
3. How will my investments that I custody with IBCE be held from a legal/regulatory perspective? Are there any material differences that will apply to my relationship with IBCE compared to those that apply to my existing relationship with IBUK?
The rules that currently apply depends on the sort of business that you presently have with IBUK (please see the response to Question B2 above). Where you conduct “carried” business with IBUK, the Financial Conduct Authority’s client asset (or “CASS”) rules will apply. These rules are based heavily on MiFID. Where you conduct “introduced” business with IBUK and IBLLC, the US custody rules will apply to your custody assets.
Going forward, as set out above, the distinction between “carried” and “introduced” business will no longer apply and in each case set out above, Hungarian custody rules will exclusively apply to your relationship with IBCE. Like the UK Financial Conduct Authority’s rules, the Hungarian conduct of business rules are based on MiFID.
4. How am I protected against loss? Are there any material differences that will apply to my relationship with IBCE compared to those that apply to my existing relationship with IBUK?
Currently, your eligible assets are protected from loss either under the US Securities Investor Protection Corporation at an amount of up to USD 500,000 (subject to a cash sublimit of USD 250,000) or the UK Financial Services Compensation Scheme at an amount up to £50,000 (which regime applies depends on the relevant segment of your IBUK account, as explained in the response to Question B2 above). After the Proposed Transfer, the Hungarian Investor Protection Fund according to Act CXX of 2001 on the Capital Market may protect your assets from loss, at an amount up to a maximum of EUR 100,000, should IBCE default and be unable to meet its obligations to you.
Hungary's compensation scheme is similar to the compensation scheme you have access to in the UK, The purpose of the Fund is to pay compensation to you in the event that:
- the Central Bank of Hungary initiates liquidation proceedings of IBCE , or
- a court orders the liquidation of IBCE.
IBCE is a member of the Fund.
The compensation provided by the Fund covers claims arising from contracts entered into within the agreement with IBCE of brokerage activity, securities custody, securities account management and client account management activities performed by IBCE.
You can only make a claim after a firm goes out of business and its assets have been liquidated and distributed to those who are owed money. Please check the details of the schemes for any limits that apply – not all losses will be covered as there are maximum levels of compensation. The Fund will pay you compensation for the amount you have lost up to a maximum of EUR 100,000. The amount paid by the Fund is:
- 100% up to the limit of the EUR equivalent of one million forints (EUR 2,800 on 12th December 2020),
- above one million forints: 1 million forints and 90% of the part above one million forints to a maximum of EUR 100,000.
5. How do I make a complaint to IBCE? Are there any material differences that will apply to my relationship with IBCE compared to those that apply to my existing relationship with IBUK? What if my complaint relates to something that happened while I was a customer of IBUK?
The General Business Rules of IBCE sets out how to lodge a complaint with IBCE. The complaints handling procedures are materially similar to those that apply to your existing relationship with IBUK. If the substance of your complaint relates to something that happened prior to the Proposed Transfer, then you should address your complaint to IBUK. IBUK will remain authorised as an investment firm post-Brexit. Its current contact information will stay the same should you need to contact IBUK.
6. After the Proposed Transfer, will I still have access to the Financial Ombudsman Service?
In case of complaint, investors should follow the complaints procedure as referred to in the Customer Agreement. As explained in the Original FAQs, once the Proposed Transfer has taken place, the UK Financial Ombudsman Service will cease to have jurisdiction over any complaints that you may have in respect of IBUK. However, please be aware that Hungary has a dispute resolution scheme operated by the Central Bank of Hungary in the form of the Financial Arbitration Board (“FAB”). The FAB is a free and independent statutory dispute resolution scheme for financial services. You may be eligible to make a complaint to the FAB if you are a retail customer. Details of FAB can be found on https://www.mnb.hu/en/hungarian-financial-arbitration-board
The FAB can be contacted at:
Postal Address
Financial Arbitration Board
1525 Budapest
Pf. 172
ugyfelszolgalat@mnb.hu
7. How will my personal data be processed and protected? Are there any material differences that will apply to my relationship with IBCE compared to those that apply to my existing relationship with IBUK in this context?
Please see the Original FAQs for further information. In summary there will be no material change.
PART C – OTHER PRACTICAL QUESTIONS AND NEXT STEPS
1. Who should I contact before the Proposed Transfer takes place and after the Proposed Transfer if I have any questions in the ordinary course?
Generally speaking, you should contact IBUK with any questions that you may have prior to the Proposed Transfer, and you should contact IBCE with any questions that you may have following the Proposed Transfer taking place. Regardless of who you contact at Interactive Brokers, we will ensure your query is promptly dealt with and we will help you to connect with the right person or department.
2. Will the range of products offered be the same?
IBCE and IBUK offer the same range of products for all categories except metals and forex. The differences in the offerings are as follows:
- Metals CFDs are offered by IBCE but spot and OTC metals futures are not.
- Trading securities and derivatives in all the same markets you can now but if you trade outside of the Allowed Deposit Currencies (see #7) and the transaction results in a long cash balance we will auto-convert to your base currency. If the transaction results in a short cash balance there will be no further action by IBCE as you can borrow in all available IBKR global currencies.
- Foreign exchange spot trades at IBCE must be connected to an investment service transaction and its resulting cash flows. To comply with this regulation, you will no longer be able to trade currencies on a speculative basis.
For further information please see “IBCE Multi-Currency Account Foreign Exchange Restrictions Disclosure”.
3. Will the range of services be the same?
There are two changes to the services you are currently offered:
- IBCE offers financing for securities and commodities trades but cannot support withdrawals of borrowed funds. You will be free to withdraw any free cash not needed to support your open positions. If you would like to withdraw additional funds, you can sell positions and withdraw the proceeds.
- GFIS investment research will not be available to clients of IBCE; however GFIS market data and news service offerings are unaffected.
4. I currently trade OTC derivatives with IBUK – what will happen to my open positions?
Your open positions will be transferred to IBCE and you will face IBCE rather than IBUK. You will no longer have any legal relationship with IBUK in relation to those positions. We will separately provide you with an updated Key Investor Information Document (please follow the link to the PRIIPs KID landing page in the Covering Letter).
5. What happens to any security I have granted to IBUK/IBLLC as part of a margin loan?
If you have granted security or collateral to IBUK/IBLLC, this will transfer to IBCE - upon the Proposed Transfer taking place. You will be presented with two new contracts for your existing margin loan:
- Investment Loan contract
- Securities Lending Framework contract
These will operate similarly to your existing margin loan account with the only difference being you will pay service fees to IBCE for entering into the stock borrow transaction on your behalf instead of paying interest. This may have tax consequences depending on your country of residence.
6. Will I have access to the same trading platform or be subject to any software changes following migrations?
The migration will have no impact upon the software you use to trade or administer your account. The technology will remain the same as it is today.
7. Will all account balances be transferred at the same time and what is the timing?
IBCE will support a limited number of deposit currencies. The following ten cash deposit currencies, the “Allowed Deposit Currencies” are:
- EUR, USD, GBP, CHF, DKK, NOK, SEK, HUF, CZK and PLN
You will be required to nominate a base currency from the Allowed Deposit Currencies and if you hold long cash balances in other currencies, you will be required to convert those balances to one of the Allowed Deposit Currencies before migration.
In accordance with the client asset protection rules in Hungary, client funds must be protected in the same form that they were received by the broker. This contrasts with your previous broker, IBUK and/or IBL, whose regulatory client asset rules allowed them to protect your funds in equivalent value in another currency.
Short currency balances are unaffected. You may borrow in any currency that the IBKR group offers.
All cash balances, with the exception of accruals (e.g., interest, dividends) will be transferred at the same time. Once accruals have been settled and posted to cash, they will automatically be swept to IBCE. Once all accruals have been swept, your current account at IBUK or IBLLC will be closed and inaccessible for trading purposes. You will still be able to access this closed account via the Client Portal for purposes of viewing and printing historical statements.
8. Will all security, derivative and commodity positions be transferred at the same time?
All positions will be transferred to your new account at the same time except for OTC metals futures and spot metals. You will be requested to trade out of those positions before conversion to an IBCE account.
9. What will happen to my current account following migration?
Your current account will close once all accruals have been posted to cash and transferred to the migrated account. Once closed, it will be inaccessible for trading purposes, however, it will remain accessible via an account selector from the Client Portal for purposes of viewing and printing historical statements.
10. Will IBKR’s commissions, interest and fees change when my account is migrated?
IBKR commissions and fees on trading products do not vary by the broker your account is maintained with.
There are changes to the interest and fees on cash balances. IBCE will not pay interest on credit balances as Hungarian law that governs investment service companies prohibits the payment of interest. IBCE will charge a currency handling fee for cash balances in currencies that have negative interest rates.
11. Will my trading permissions change when my account is migrated?
No. Your trading permissions will not change when your account is migrated for products that IBCE supports. As discussed in (2) above, spot metals and OTC metal futures will not be available.
12. Will open orders (e.g., Good-til-Canceled) be carried over when my account is migrated?
Open orders will not be carried over to the new account and we recommend that clients review their orders immediately following the migration to ensure that the open orders are consistent with their trading intentions.
13. Will I be subject to the U.S. Pattern Day Trading ("PDT") Rule once my account is migrated?
No. You will no longer be subject to the PDT rule.
14. Will I receive a single, combined annual activity statement reflecting the activity in both my IBUK and IBCE accounts?
No. Separate daily, monthly and annual activity statements will be provided for each of your IBUK and IBCE accounts covering activity during the period each was open. Activity statements will be posted to the Client Portal under the Reports/Tax Docs menu option and you will need to toggle between the two accounts to access their respective statements.
15. Will the current cost basis of positions be carried over when my account is migrated?
Yes, this migration will have no impact upon the cost basis of your positions.
16. Will the migrated account retain the same configuration as the current account?
The configuration of the account following migration will match that of the current account to the extent permissible by regulation. This includes attributes such as margin capability, market data, additional users, and alerts. Client’s holding restricted products (with the exception of OTC metals futures and spot metals), may migrate such positions but won’t be allowed to increase the position.
OTC metals futures and spot metals must be closed in your current IBUK account.
17. Will my login credential change?
No. Your username, password, and any 2-factor authentication process in place for your existing account will remain active following migration. You will, however, be assigned a new account ID for your migrated account.
