在确定借用股票头寸所需存入的现金抵押金额时,通用的行业惯例是用股票前一个交易日**的收盘价乘以102%,向上取整到最近的美元,然后再乘以所借股数。由于借股费用根据现金抵押金额确定,这一惯例直接影响到维持空头头寸的成本,尤其是对那些股价不高但难以借到的股票。注意,不是以美元计价的股票,计算会有所不同。下表为各个币种对应的行业惯例:
币种 | 计算方法 |
USD | 102%;向上取整到最近的元 |
CAD | 102%;向上取整到最近的元 |
EUR | 105%;向上取整到最近的分 |
CHF | 105%;向上取整到最近的生丁 |
GBP | 105%;向上取整到最近的便士 |
HKD | 105%;向上取整到最近的分 |
账户持有人可在每日账户报表的“非直接难以借用股票详情(Non-Direct Hard to Borrow Details)”部分查看借股价格。下方通过举例说明了现金抵押金额的计算及其对借股费用的影响。
例 1
以$1.50美元的价格卖空100,000股ABC
卖空所得 = $150,000.00美元
假设ABC股价跌至$0.25美元,股票借贷费率为50%
卖空股票抵押金额计算
价格 = 0.25 x 102% = 0.255; 向上取整至$1.00美元
总金额 = 100,000股 x $1.00 = $100,000.00美元
借股费用 = $100,000 x 50% / 360天 = $138.89美元/天
假设账户持有人的现金余额中没有任何其它卖空交易所得,由于余额没有超过可以开始计息的最低门槛要求$100,000美元,将不会有任何卖空收益的利息收入可用于冲抵此借股费用。
例 2(以欧元计价的股票)
以1.50欧元的价格卖空100,000股ABC
假设前一个交易日收盘价为1.55欧元,股票借贷费率为50%
卖空股票抵押金额计算
价格 = 1.55欧元 x 105% = 1.6275; 向上取整至1.63欧元
总金额 = 100,000股 x 1.63 = 163,000.00欧元
借股费用 = 163,000欧元 x 50% / 360天 = 226.38欧元/天
** 请注意,周六和周天与周五一样将采用周四的收盘价计算抵押金额。
股票收益提升计划推出的目的是什么?
股票收益提升计划可供客户通过允许IBKR将其账户内原本闲置的证券头寸(即全额支付和超额保证金证券)出借给第三方来赚取额外收益。参与此计划的客户会收到用以确保股票在借贷终止时顺利归还的现金抵押,并且在股票借出的每一天都能就现金抵押获取利息。
什么是全额支付和超额保证金证券?
全额支付证券是客户账户中全款付清的证券。超额保证金证券是虽然没有全款付清但本身市场价值已超过保证金贷款余额的140%的证券。
客户股票收益提升计划的借出交易收益如何计算?
客户借出股票的收益取决于场外证券借贷市场的借贷利率。借出的股票不同,出借的日期不同,都会对借贷利率造成很大差异。通常,IBKR会按自己借出股票所得金额的大约50%向参与计划的客户支付现金抵押利息。例如,假设IBKR借出$10,000美元股票,年化收益15%,向借出客户的账户存入了$10,000美元的现金抵押。则IBKR对现金抵押支付的日利息通常会是$2.08美元。
借贷交易的现金抵押金额如何确定?
证券借贷的现金抵押金额采用行业惯例确定,即用股票的收盘价乘以特定百分比(通常为102-105%),然后向上取整到最近的美元/分。每个币种的行业惯例不同。例如,借出100股收盘价为$59.24美元的美元计价股票,现金抵押应为$6,100 ($59.24 * 1.02 = $60.4248;取整到$61,再乘以100)。下表为各个币种的行业惯例:
USD | 102%;向上取整到最近的元 |
CAD | 102%;向上取整到最近的元 |
EUR | 105%;向上取整到最近的分 |
CHF | 105%;向上取整到最近的生丁 |
GBP | 105%;向上取整到最近的便士 |
HKD | 105%;向上取整到最近的分 |
更多信息,请参见KB1146。
退出IBKR股票收益提升计划或卖出/转账通过此计划借出的股票会对利息造成什么影响?
交易日的下一个工作日(T+1)停止计息。对于转账或退出计划,利息也会在发起转账或退出计划的下一个工作日停止计算。
参加IBKR股票收益提升计划有什么资格要求?
可参加股票收益提升计划的实体 |
盈透证券有限公司(IB LLC) |
盈透证券英国有限公司(IB UK)(SIPP账户除外) |
盈透证券爱尔兰有限公司(IB IE) |
盈透证券中欧有限公司(IB CE) |
盈透证券香港有限公司(IB HK) |
盈透证券加拿大有限公司(IB Canada)(RRSP/TFSA账户除外) |
可参加股票收益提升计划的账户类型 |
现金账户(申请参加时账户资产超过$50,000美元) |
保证金账户 |
财务顾问客户账户* |
介绍经纪商客户账户:全披露和非披露* |
介绍经纪商综合账户 |
独立交易限制账户(STL) |
*参加的账户必须是保证金账户或满足上述现金账户最低资产要求的现金账户。
盈透证券日本、盈透证券卢森堡、盈透证券澳大利亚和盈透证券印度公司的客户不能参加此计划。账户开在IB LLC下的日本和印度客户可以参加。
此外,满足上方条件的财务顾问客户账户、全披露介绍经纪商客户和综合经纪商可以参加此计划。如果是财务顾问和全披露介绍经纪商,必须由客户自己签署协议。综合经纪商由经纪商签署协议。
IRA账户可以参加股票收益提升计划吗?
可以。
IRA账户由盈透证券资产管理公司(Interactive Brokers Asset Management)管理的账户分区可以参加股票收益提升计划吗?
不能。
英国SIPP账户可以参加股票收益提升计划吗?
不能。
如何申请参加IBKR股票收益提升计划?
符合条件并且想参加股票收益提升计划的客户可以选择设置>账户设置。点击“交易许可”旁的齿轮图标。勾选页面顶部“交易计划”下的“股票收益提升”复选框。点击“继续”,然后根据要求填写协议/披露。
如果参加计划的现金账户资产跌破最低资产要求$50,000美元会怎么样?
现金账户只有在申请参加计划当时必须满足这一最低资产要求。之后资产跌破此要求并不会对现有借贷造成任何影响,也不影响您继续借出股票。
如何终止股票收益提升计划?
想退出股票收益提升计划的客户可以登录账户管理,选择设置>账户设置。点击“交易许可”旁的齿轮图标。取消勾选“交易计划”下的“股票收益提升”复选框。点击“继续”,然后根据要求填写协议/披露。退出申请通常会在当天日末处理。
如果一个账户参加了计划然后又退出,那么该账户多久可以重新参加计划?
退出计划后,账户需要等待90天才能重新参加。
哪些证券头寸可以出借?
美国市场 | 欧洲市场 | 香港市场 | 加拿大市场 |
普通股(交易所挂牌、粉单和OTCBB) | 普通股(交易所挂牌) | 普通股(交易所挂牌) | 普通股(交易所挂牌) |
ETF | ETF | ETF | ETF |
优先股 | 优先股 | 优先股 | 优先股 |
公司债券* |
*市政债券不适用。
借出IPO后在二级市场交易的股票有什么限制吗?
只要IBKR没有参与此证券的承销就没有限制。
IBKR如何确定可以借出的股票数量?
第一步是确定IBKR有保证金扣押权从而可以在没有客户参与的情况下通过股票收益提升计划借出的证券的价值(如有)。根据规定,通过保证金贷款借钱给客户购买证券的经纪商可以将该客户的证券借出或用作抵押,金额最高不超过贷款金额的140%。例如,如果客户现金余额为$50,000美元,买入市场价值为$100,000美元的证券,则贷款金额为$50,000美元,那么经纪商对$70,000美元($50,000的140%)的证券享有扣押权。客户持有的证券超出这一金额的部分被称为超额保证金证券(此例子中为$30,000),需要记在隔离账户,除非客户授权IBKR通过股票收益提升计划将其借出。
计算贷款金额首先要将所有非美元计价的现金余额转换成美元,然后减去股票卖空所得(转换成美元)。如果结果为负数,则我们最高可抵押此数目的140%。此外,商品账户段中持有的现金余额和现货金属和差价合约相关现金不纳入考虑范围。
例1:客户在基础货币为美元的账户内持有100,000欧元,欧元兑美元汇率为1.40。客户买入价值$112,000美元(相当于80,000欧元)的美元计价股票。由于转换成美元后现金余额为正数,所有证券被视为全额支付。
项目 | 欧元 | 美元 | 基础货币(美元) |
现金 | 100,000 | (112,000) | $28,000 |
多头股票 | $112,000 | $112,000 | |
净清算价值 | $140,000 |
例2:客户持有80,000美元、多头持有价值$100,000美元的美元计价股票并且做空了价值$100,000美元的美元计价股票。总计$28,000美元的多头证券被视为保证金证券,剩余的$72,000美元为超额保证金证券。计算方法是用现金余额减去卖空所得($80,000 - $100,000),所得贷款金额再乘以140% ($20,000 * 1.4 = $28,000)
项目 | 基础货币(美元) |
现金 | $80,000 |
多头股票 | $100,000 |
空头股票 | ($100,000) |
净清算价值 | $80,000 |
IBKR会把所有符合条件的股票都借出去吗?
不保证账户内所有符合条件的股票都能通过股票收益提升计划借出去,因为某些证券可能没有利率有利的市场,或者IBKR无法接入有意愿的借用方所在的市场,也有可能IBKR不想借出您的股票。
通过股票收益提升计划借出股票是否都要以100为单位?
不是。只要是整股都可以,但是借给第三方的时候我们只以100为倍数借出。这样,如果有第三方需要借用100股,就可能发生我们从一个客户那里借出75股、从另一个客户那里借出25股的情况。
如果可供借出的股票超过借用需求,如何在多个客户之间分配借出份额?
如果我们股票收益提升计划的参与者可用以借出的股票数量大于借用需求,则借出份额将按比例分配(如,可供借出的数量为20,000,需求只有10,000的情况下,每个客户可以借出其所持股数的一半)
股票是只借给其它IBKR客户还是也会借给其它第三方?
股票可以借给任何对手方,并不仅限于其他IBKR客户。
股票收益提升计划的参与者可以自行决定哪些股票IBKR可以借出吗?
不能。此计划完全由IBKR管理,IBKR在确定了自己因保证金贷款扣押权可以借出的证券后,可自行决定哪些全额支付或超额保证金证券可以借出,并发起借贷。
通过股票收益提升计划借出去的证券其卖出是否会受到限制?
借出去的股票可随时卖出,没有任何限制。卖出交易的结算并不需要股票及时归还,卖出收益会按正常结算日记入客户的账户。此外,借贷会于证券卖出的下一个工作日开盘终止。
客户就通过股票收益提升计划借出去的股票沽出持保看张期权还能享受持保看涨期权保证金待遇吗?
可以。由于借出去的股票其盈亏风险仍然在借出方身上,借出股票不会对相关保证金要求造成任何影响。
借出去的股票由于看涨期权被行权或看跌期权行权被交付会怎么样?
借贷将于平仓或减仓操作(交易、被行权、行权)的T+1日终止。
借出去的股票被暂停交易会怎么样?
暂停交易对股票借出没有直接影响,只要IBKR能继续借出该等股票,则无论股票是否被暂停交易,借贷都可以继续进行。
借贷股票的现金抵押可以划至商品账户段冲抵保证金和/或应付行情变化吗?
不能。股票借贷的现金抵押不会对保证金或融资造成任何影响。
计划参与者发起保证金贷款或提高现有贷款金额会怎么样?
如果客户有全额支付的证券通过股票收益提升计划借出,之后又发起保证金贷款,则不属于超额保证金证券的部分将被终止借贷。同样,如果客户有超额保证金证券通过此计划借出,之后又要增加现有保证金贷款,则不属于超额保证金证券的部分也将被终止借贷。
什么情况下股票借贷会被终止?
发生以下情况,股票借贷将被自动终止:
- 客户选择退出计划
- 转账股票
- 以股票作抵押借款
- 卖出股票
- 看涨期权被行权/看跌期权行权
- 账户关闭
股票收益提升计划的参与者是否会收到被借出股票的股息?
通过股票收益提升计划借出的股票通常会在除息日前召回以获取股息、避免股息替代支付。
股票收益提升计划的参与者是否对被借出的股票保有投票权?
不是。如果登记日或投票、给予同意或采取其它行动的截止日期在贷款期内,则证券的借用者有权就证券相关事项进行投票或决断。
股票收益提升计划的参与者是否能就被借出的股票获得权利、权证和分拆股份?
可以。被借出股票分配的任何权利、权证和分拆股份都将属于证券的借出方。
股票借贷在活动报表中如何呈现?
借贷抵押、借出在外的股数、活动和收益在以下6个报表区域中反映:
1. 现金详情 – 详细列出了期初现金抵押余额、借贷活动导致的净变化(如果发起新的借贷则为正;如果股票归还则为负)和期末现金抵押余额。
2. 净股票头寸总结 – 按股票详细列出了在IBKR持有的总股数、借入的股数、借出的股数和净股数(=在IBKR持有的总股数 + 借入的股数 - 借出的股数)。
3. IB管理的证券借出 – 对通过股票收益提升计划借出的股票按股票列出了借出的股数以及利率(%)。
4. IB管理的证券借出活动 – 详细列出了各证券的借贷活动,包括归还份额分配(即终止的借贷);新借出份额分配(即新发起的借贷);股数;净利率(%);客户抵押金额及其利率(%)。
5. IB管理的证券借出活动利息详情 – 按每笔借出活动详细列出了IBKR赚取的利率(%);IBKR赚取的收益(为IBKR从该笔借出活动赚取的总收益,等于{抵押金额 * 利率}/360);客户抵押的利率(为IBKR从该笔借出活动赚取的收益的一半)以及支付给客户的利息(为客户的现金抵押赚取的利息收入)
注:此部分只有在报表期内客户赚取的应计利息超过1美元的情况下才会显示。
6. 应计利息 – 此处利息收入列为应计利息,与任何其它应计利息一样处理(累积计算,但只有超过$1美元才会显示并按月过账到现金)。年末申报时,该笔利息收入将上报表格1099(美国纳税人)。
Interactive Brokers clients have the ability to gain direct exposure to US Treasuries on both the short and long side of the market.
Order Entry
Orders can be entered via TWS or through IBKR’s Bond Desk.
Cost to Borrow
The borrow fee to short US Treasuries is based on IBKR’s borrow cost and is subject to daily change. If the Treasury is borrowed by Interactive Brokers at the General Collateral rate, the customer does not incur a borrow fee.
Interest Income
Customers earn Short Credit Interest on their short US Treasury positions based on IBKR’s standard tiered rates.
Margin Requirements
Margin1 requirements on Short US Treasury positions are the same as Long US Treasury positions. The requirement is between 1% and 9%, depending on time to maturity. The proceeds of the short sale are not available for withdrawal. The amount available for withdrawal is generally Equity with Loan Value – Initial Margin.
Additional information on fixed income margin requirements can be found here.
Commissions
Selling short US Treasuries incurs the same commission cost as buying US Treasuries. IBKR’s commission schedule can be found here.
Trading Policy
Minimum short position size is $5M face value per CUSIP due to limitations of the US Treasury borrow market. Once the minimum position size is met, the minimum order increment is $1M for both short sales and buy to covers (as long as the resulting short position remains higher than the $5M face value minimum).
Short Sale Order Examples
Existing US Treasury Short Position Face Value in Account (per CUSIP) | Face Value of Short Sale Order | Face Value of Resulting Position | Order Accepted? | Reason |
Flat | $5,000,000 | $5,000,000 | Yes | Face Value of Resulting position is => $5M |
Flat | $4,000,000 | $4,000,000 | No | Face Value of Resulting position is < $5M |
$5,000,000 | $900,000 | $5,900,000 | No | Order increment < $1M |
$5,000,000 | $1,000,000 | $6,000,000 | Yes | Order increment => $1M |
Buy-to-cover orders that will result in a short US Treasury position of less than $5M face value will not be accepted.
Buy to Cover Order Examples
Existing US Treasury Short Position Face Value in Account (per CUSIP) | Face Value of Buy to Cover Order | Face Value of Resulting Position | Order Accepted? | Reason |
$10,000,000 | $5,000,000 | $5,000,000 | Yes | Face Value of resulting position is => $5M |
$10,000,000 | $6,000,000 | $4,000,000 | No | Face Value of resulting position is < $5M |
$10,000,000 | $10,000,000 | Flat | Yes | Order increment => $1M |
Payment in Lieu
When a short US Treasury position is held over the record date of an interest payment, the borrower’s account will be debited a payment-in-lieu of interest equal to the interest payment owed to the lender.
Eligible US Treasuries for Shorting
US Treasuries with an outstanding value greater than $14 Billion can be sold short.
US TIPs, STRIPs, TF (Floating Rate Notes) and WITFs (When-Issued Floating Rate Notes) are not available for shorting. Non-US sovereign debt is also not available for shorting.
1Trading on margin is only for sophisticated investors with high risk tolerance. You may lose more than your initial investment.
For more information regarding margin loan rates, see ibkr.com/interest
As a US registered broker-dealer, Interactive Brokers LLC (“IBKR”) is subject to Regulation SHO, a collection of US Securities & Exchange Commission rules relating to short-selling of equity securities. Rule 204 of Regulation SHO places certain requirements on clearing brokers in the event that they fail to deliver securities on settlement date in connection with a sale of those securities. This can happen for a variety of commonplace operational reasons, and does not indicate a problem at the clearing broker. In certain circumstances, Rule 204 may require a clearing broker to not permit shorting a security for a certain period of time (unless sufficient shares of that security are pre-borrowed to cover the order marked as a short sale).
Rule 204(a) requires that a clearing broker, if it fails to deliver on a sale trade on the settlement date, must closeout its fail by buying or borrowing the relevant security a specified number of trading days later (depending on whether the sale was long or short), prior to the opening of the regular trading session on that day.
Rule 204(b) provides that if the clearing broker does not closeout its fail in accordance with Rule 204(a), the broker may not accept short sale orders from its customers in the relevant stock (the stock in which the unclosed-out fail has occurred), or place such orders for its own account, unless it has first borrowed the shares of the relevant stock to cover the new short sale order. This is colloquially known in the securities industry as being in the “penalty box” for the relevant security. This restriction exists until the clearing broker has purchased shares in the amount of the unclosed-out fail, and that purchase has settled.
Any broker that executes trades through that clearing broker, and clears and settles those trades through that clearing broker, is subject to the same Rule 204(b) restriction, as is any broker that executes away from that clearing broker, but intends to clear and settle those trades through the clearing broker.
Rule 204(c) requires clearing brokers to notify brokers from whom they receive trades for clearance and settlement of when they become subject to a short-sale restriction under Rule 204(b), and when that restriction ends. This is so that the notified brokers can avoid executing trades away from the clearing broker that are not permitted under the clearing broker’s short-sale restriction. If you have received a notice from IBKR regarding Rule 204(c), it generally means that IBKR's books and records show that you are an introducing broker or dealer that clears and settles trades through IBKR, and that also has the capability (or your client has such capability) of executing trades at away brokers or dealers for settlement through IBKR. You should not execute any short-sale order at an away broker-dealer in a security which we have notified you is shortsale restricted, unless you have first arranged to pre-borrow sufficient shares of that security through IBKR. For more information on pre-borrowing, please click here or contact us.
The above is a general description of Rule 204 of Regulation SHO, to aid our broker-dealer clients in understanding IBKR's obligations and why certain stocks may become unshortable at certain times irrespective of their availability to be borrowed. It is not legal advice and should not be used as such.
Rate Risk
Day | Short Sale | Buy to Cover | Settled Short Position | Borrow Fee Charged? | |
Monday | OCC reports short call assignment to IBKR after market hours. | -100 XYZ stock Trade Date (T) |
Flat | No | |
Tuesday | Call assignment and stock sale is reflected in IBKR customer’s account | T+1 | +100 XYZ stock Trade Date (T) |
Flat | No |
Wednesday | T+2 Settlement Date | T+1 | -100 | Yes | |
Thursday | T+2 Settlement Date | Flat | No |
Introduction
While account holders are always at risk of having a short security position closed out if IB is unable to borrow shares at settlement of the initial trade or bought in if the trade settles and the shares are recalled by the lender thereafter, certain securities have characteristics which may increase the likelihood of these events occurring. Two examples are leveraged Exchange Traded Funds (ETF) and Exchange Traded Notes (ETN), where the supply of shares available to borrow can be influenced by a number of factors not found with shares of common stock. An overview of these securities and these factors is provided below.
Overview
As background, an ETF is a security organized as a pooled investment vehicle that can offer diversified exposure or track a particular index by investing in stocks, bonds, commodities, currencies, options or a blend of assets. An ETF is similar to a mutual fund in that each share of an ETF represents an undivided interest in the underlying assets of the fund. However, unlike a mutual fund in which orders are only processed at a price determined at the end of the day, ETF shares are repriced and trade throughout the day on an exchange. To balance the supply and demand of shares and ensure that secondary market prices approximate the market value of the underlying assets, ETF issuers allow Authorized Participants (typically large broker-dealers) to create and redeem ETF shares in large blocks, typically 50,000 to 100,000 shares. While many ETFs invest solely in securities, others use debt or derivatives to track and/or magnify exposure to an index. The ProShares Ultra VIX Short-Term Futures ETF ( symbol: UVXY) is one example of a widely traded leveraged ETF.
ETNs are also securities that are repriced and trade throughout the day on an exchange and are designed to provide investors with a return that corresponds to an index. Unlike ETFs, however, ETNs are unsecured debt instruments and do not represent an interest in an underlying pool of assets. They do not pay interest like traditional debit instruments, but rather a promise to pay a specific return that typically corresponds to an index or benchmark. The Barclays iPath® S&P 500 VIX Short-Term Futures™ ETN (symbol: VXX) is one example of a widely traded ETN.
The supply of shares available to borrow in order to initiate or maintain a short sale position may be less stable for certain leveraged ETFs and ETNs, including UVXY and VXX, due to the following factors:
- Limited Authorized Participants: The number of Authorized Participants willing to issue ETFs, particularly those that invest in derivatives (e.g., futures contracts, swap agreements and forward contracts) rather than securities and seek performance equal to a multiple (i.e., 2x) or an inverse multiple (i.e., -2x) of a benchmark may be limited. Moreover, Authorized Participants have no legal obligation to create shares and may elect not to do so to minimize their exposure as a dealer.
- No Authorized Participants: As ETN shares represent credit instruments, the supply of such shares is determined solely by the issuing financial institution and Authorized Participants are not involved with the creation or redemption of shares. The ETN issuer typically reserves the right to limit, restrict or stop selling additional shares at any time.
- Limited Holding Period: Certain leveraged ETFs and ETNs seek to match the performance of a benchmark index for a single day rather than an extended period. They are principally used by institutional investors and other traders looking to obtain short-term exposure to an asset class, hedge other investments in a portfolio or invest as a way to gain interim exposure to a particular market while gradually investing directly in that market. These factors can result in a higher rate of turnover and less stability of share inventory available to lend for short sales.
- Margin Considerations: Shares made available for lending to short sellers often originate from brokers who maintain a lien on the shares as they’ve financed the purchase of the shares on behalf of clients via margin loans. Clients purchasing shares using borrowed funds are subject to regulatory margin requirements, compliance to which depends in part upon the value of the shares supporting the loan. As certain leveraged ETFs/ETNs are designed to provide returns in multiples of their benchmark, the inherent volatility of these products may diminish clients’ ability to maintain the position and, in turn, the broker’s ability to lend the shares.
重要注意事项:
* 客户需注意,在被平仓的当天,客户须为被平仓之股票的净买入者,买入数量(其在公司所有账户总计)至少为其被平仓之股票的数量。在被平仓之交易日剩下的时间里,其将不能 (i) 卖空其被平仓的股票; (ii) 沽出其被平仓之股票的价内看涨期权;或 (iii) 行使其被平仓之股票的看跌期权(“交易限制”)。如果客户未能买入其被平仓之股票的规定股数(客户在公司所有账户总计)成为净买入者(例如,由于先前沽出的看涨期权被行权),公司将会在下一个交易日再进行一次平仓,平仓股数为在平仓当天客户距离成为该股票净买入者还需要再买入的股票数量,而客户也再次需要买入规定数额股票成为净买入者,并且在当日剩下的时间还会受到交易限制。
* 客户需注意,根据IB需要执行平仓和第三方可执行补仓的方式,可能会导致交易执行的价格和前一日收盘价之间出现巨大差距。对于流动性差的证券,这种差距会尤为明显。客户需随时注意这类风险,并对投资组合进行相应的管理。
Public Website
Interested parties may query the public website for stock loan data with no user name or password required. To start, click here and select the country in which the stock is listed. If the number of available issues exceeds that which can be reasonably presented on a single page, results will be organized by symbol in groups, with hypertext links allowing further drill-down. A quick search box allowing direct query for a given symbol is also provided. Query results include the product description, currency of denomination and a link titled “Check Availability” which displays the quantity of shares available to borrow.
Public FTP
The public FTP site also requires no user name or password to access and provides stock borrow data in bulk form via a pipe delimited text file. The URL necessary to request files varies by browser type as outlined below:
1. Mozilla Firefox
ftp://shortstock: @ftp3.interactivebrokers.com (Note there is a space between shortstock: and @ which represents the password).
You will get a message stating that you are about to connect to a website that does not require authentication. Select "Yes"
2. Internet Explorer
ftp://shortstock: @ftp3.interactivebrokers.com (Note there is a space between shortstock: and @ which represents the password).
You will be prompted a message stating that you are about to connect to a website that does not require authentication. Select "Yes"
3. Google Chrome
ftp://ftp3.interactivebrokers.com
Username:shortstock
Password: blank (n/a)
Within the site, individual files will be organized by country of listing with checkboxes provided to specify those desired which can then be downloaded into a single file by selecting the Submit button.
Outlined below is a snapshot of the sample file output which includes the stock symbol, currency of denomination, name, contract identifiers (IB’s and the ISIN), rebate & fee rates and shares available. This file may be also imported into applications such as Excel for sorting, filtering and analytical purposes.
Short Stock Availability (SLB) Tool
The SLB tool is made available to IB account holders through Account Management. Login and select the Support section followed by Short Stock (SLB) Availability. This tool allows one to query information on a single stock as well as at a bulk level. Single stock searches can be performed by symbol/exchange, ISIN or CUSIP numbers. At the single security level, query results include the quantity available, number of lenders and indicative rebate rate (which if negative, infers a borrowing cost expressed as an annual percentage rate and, if positive, the interest rebate paid on cash proceeds securing the loan in excess of the minimum threshold). Information regarding the quantity of shares available to borrow throughout the day for the most current and past half hour increments is also made available.
In addition, borrowers interested in the trend of rates over the prior 10 day period can view the minimum, maximum and mean rates for each day.
This tool also allows one to upload a text file (with symbol/exchange or ISIN detail) and search for availability of multiple stocks in bulk within a single query. These bulk requests will then generate a .CSV file similar to the sample file output made available through the public FTP site.
IB provides a variety of methods to assist account holders engaged in short selling with monitoring inventory levels and borrow costs/rebates. The level of detail available, the time frame covered and the manner in which the information is accessed vary by method and a brief overview of each is provided below.
本文是对香港证券及期货事务监察委员会(“SFC”)有关特定香港挂牌证券的卖空及大量空头持仓的相关规则条例的总结。盈透提供下列信息是为方便客户,不担保信息的绝对准确或完整。这些规则可能会有后续更改,持有大量空头头寸的投资人应直接访问SFC网站查看SFC规定。
http://www.sfc.hk/sfc/html/EN/research/short-position-reporting/specifie...
https://portal.sfc.hk/dsp/gateway/welcome?data=J5ndmByBws8SeLRb0wX5rJfrB...
带有法规链接的SFC公告
空头头寸表格、准则、参考资料及指定股票列表
订阅SFC警报服务(选择空头头寸申报相关事宜)
法规与规则
要了解更多详情,请访问SFC网站:http://sc.sfc.hk/gb/www.sfc.hk/sfc/html/TC/及/或将特定问题通过电邮提交到shortpositions@sfc.hk
http://www.sfc.hk/sfc/html/EN/research/short-position-reporting/specified-shares.html
https://portal.sfc.hk/dsp/gateway/welcome?locale=en
SFC announcement with links to legislation
Short position forms, guidelines, reference material and list of specified shares
Link to subscribe to SFC alert service (choose Short Position Reporting Related Matters)
For further details, please refer to the SFC website: www.sfc.hk and/or contact them via email with specific questions at shortpositions@sfc.hk