股票收益提升计划(SYEP)常见问题

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)。

 

常见问题解答:对某些证券的特殊要求

近期,GME、AMC、BB、EXPR、KOSS及其它少数几只美国证券表现出了极端波动,我们已被迫降低了之前向这些证券提供的杠杆,有时甚至只允许降低风险的交易。以下是关于近期措施的常见问题解答。

 

问:目前交易GME及其它近期波动率上升的美国证券是否有限制?

答:IBKR目前不限制客户交易AMC、GME、BB、EXPR、KOSS或其它表现出了极端市场波动的公司的股票。这包括开仓或平仓。

和许多经纪商一样,对于某些近期市场波动巨大的股票期权,IBKR曾在一段时间内仅允许平仓。这些限制现已解除。

IBKR未限制客户平仓已有的头寸,也不计划这么做。

 

问:我能否使用保证金通过IBKR交易这些产品的股票、期权或其它衍生品?

答:IBKR已提高了交易GME及其它近期波动率巨大的美国证券的保证金要求,包括对多头头寸应用高达100%的保证金要求,对空头头寸应用300%的保证金要求。您可在提交定单前在交易平台中查看这些保证金要求。

 

问:IBKR为什么要限制我开仓某些证券的新头寸?

答:IBKR采取这些措施是出于风险管理的考虑,为了保护公司及客户在极端波动及不稳定的市场环境下不因价格的大幅变动而蒙受巨额损失。

IBKR对此次非自然波动给清算所、经纪商和市场参与者带来的影响保持谨慎担忧。

 

问:IBKR或其关联公司在此次被限制交易的产品中有头寸吗?

答:否。IBKR在这些证券中均没有自营头寸。

 

问:IBKR实施这些交易限制的依据是什么?

答:根据客户协议,IBKR有权自行决定拒绝接受任意客户定单。

IBKR还有权单方面修改任意已开仓头寸或新头寸的保证金要求。毕竟,IBKR是保证金交易的资金贷出方。

 

问:这些限制是针对所有IBKR客户的,还是仅针对部分客户?

答:所有限制,包括限制开仓及提高保证金,都是针对所有IBKR客户的。限制是基于证券而非客户实施的。

 

问:我在IBKR的资金有风险吗?IBKR有无蒙受实质性损失?

答:IBKR未蒙受任何实质性的损失。得益于其审慎的风控措施,IBKR很好地应对了本次市场波动。实际上,盈透集团的合并总股本逾90亿美元,超过监管要求60亿美元以上。

 

问:未来IBKR会怎么做?我怎么才能知道?

答:IBKR会继续监控市场动态,且会根据市场情况采取行动。如需了解最新的信息,请持续访问我们的网站。

FAQs: Securities subject to Special Requirements

We are seeing unprecedented volatility in GME, AMC, BB, EXPR, KOSS and a small number of other U.S. securities that has forced us reduce the leverage previously offered to these securities and, at times, limit trading to risk reducing transactions. Outlined below are a series of FAQs relating to these actions.

 

Q: Are there any current restrictions on my ability to trade GME and the other US securities that have been subject to the recent heightened volatility?

A: IBKR is currently not restricting customers from trading shares of AMC, GME, BB, EXPR, KOSS or the other stocks that have been the subject of extreme market volatility. That includes orders to open new positions or close existing ones.

Like many brokers, IBKR placed limits on opening new positions in certain of these securities for a period of time. Those restrictions have since been lifted.

IBKR has not restricted customers’ ability to close existing positions and does not plan to do so.

 

Q: Can I use margin in trading stocks, options or other derivatives on these products through IBKR?

A: IBKR has increased its margin requirements for securities in GME and the other US securities subject to the recent volatility, including up to 100% margin required for long positions and 300% margin on the short side. You can see these margin requirements in your trading platform prior to submitting an order.

 

Q: Why did IBKR place these restrictions on my ability to open new positions in certain securities?

A: IBKR took these actions for risk management purposes, to protect the firm and its customers from incurring outsized losses due to wild swings in prices in a volatile and unstable marketplace.

IBKR remains concerned about the effect of this unnatural volatility on the clearinghouses, brokers and market participants.

 

Q: Does IBKR or its affiliates have positions in these products that it was protecting by placing these restrictions?

A: No. IBKR itself has no proprietary positions in any of the securities.

 

Q: What allowed IBKR to place those restrictions?

A: Pursuant to its customer agreement, IBKR may decline to accept any customer’s order at IBKR’s discretion.

IBKR also has the right to modify margin requirements for any open or new positions at any time, in its sole discretion. After all, IBKR is the one whose money is being loaned in a margin trade.

 

Q: Did those restrictions apply to all or just some of IBKR’s customers?

A: All restrictions – all limits on opening new positions and margin increases – applied to all IBKR customers. They were placed based on the security, not based on the customer.

 

Q: Is my money at IBKR at risk? Has IBKR suffered material losses?

A: IBKR did not incur substantial losses. Through its prudent risk management, IBKR has navigated this market volatility well. In any event, on a consolidated basis, IBG LLC exceeds $9 billion in equity capital, over $6 billion in excess of regulatory requirements.

 

Q: What will IBKR do going forward? How will I know?

A: IBKR will continue to monitor developments in the market, and will make decisions based on market conditions. For current information, please continue to visit our website.

Disclosure Regarding Interactive Brokers Price Cap Notices

Regulators expect brokerage firms to maintain controls designed to prevent the firm from submitting orders to market centers that create a risk of disruptive trading (e.g., the risk of sudden, transient price moves).

To comply with these expectations, Interactive Brokers implements various price filters on customer orders. Those price filters may, in certain circumstances, price cap customer orders in order to avoid market disruption, and those Price Caps will generally be in a % range from a reference price range calculated by IB. (The range of the Price Cap varies depending on the type of instrument and the current price.)

Although the price caps are intended to balance the objectives of trade certainty and minimized price risk, a trade may be delayed or may not take place as a result of price capping. More information is available in Interactive Broker’s Order Routing and Payment for Order Flow Disclosure.

If a customer’s order(s) are price capped by IB’s systems, that customer will either receive (i) real-time notification of those price cap(s) in Trader Workstation or via the API or FIX tag 58 (for FIX users); and/or (ii) a daily FYI message containing a digest of the first 10 order(s) that were price capped the prior day, the initial price cap(s) for those order(s) (if applicable), and the Price Cap Range(s) for further Price Cap(s) of those order(s). 

Customers may opt out from receiving future FYI Messages by clicking the relevant opt-out link within an FYI Message. By opting out from receiving these future FYI Messages, a customer: 

  • Agrees to waive any further notifications from Interactive Brokers about the application of the firm’s Price Caps to that customer’s order(s); and
  • Acknowledges that he or she understands that his or her orders may be price-capped in the future, but that the customer does not wish to be notified again about the application of any Price Caps to any of his or her orders.

     

Fractional Share Trading

Overview: 

Trading fractional shares allows you to invest in companies which you may not be able to afford the full share price. It also makes it easier for you to diversify your portfolio by allowing you to purchase fractional amounts in multiple companies when you otherwise may have only been able to purchase whole shares in one or two companies.

If you enable your account to trade in fractions, we will buy or sell a fraction of a share based on the amount of cash you specify. For example, if you want to spend $500 but one share of the stock you want to buy is currently $1000 you would end up with 0.5 shares.

Who is eligible for fractional share permissions?

All individual, standalone accounts including Lite customers (except those who reside in Israel, Canadian RRSP/TFSA accounts and Interactive Brokers Luxembourg SARL (IBEU) entity accounts) are eligible for fractional share permissions.

Financial Advisors, Money Managers, and Introducing Brokers may enable their clients on an all-or-none basis.

How do I enable fractional shares?

If you are eligible then you can enable fractional share trading in Client Portal/Account Management. Select Settings followed by Account Settings and click on the Configure (gear) icon next to Trading Experience & Permissions. Scroll down to "Stocks", check the box for "United States (Trade in Fractions)", click CONTINUE and follow the prompts on screen.

Please note, TWS Build Version 979 or later is required to trade fractional shares. This feature currently supports most order types.

What products can I trade in fractions?

U.S. stocks listed on NYSE, AMEX, NASDAQ, ARCA, or BATS, as well as OTC Pink U.S. penny stocks with average daily volume above $10 million and market cap above $400 million are available for fractional shares trading. Non-U.S. stocks are not available for fractional shares trading at this time.

A list of stocks that can be traded in fractional shares is available via the following link. Please note, this list is subject to change without notice:

http://www.ibkr.com/download/fracshare_stk.csv

Can I short fractional shares?

IBKR does support short sales in fractional shares of eligible U.S. stocks as long as you have margin and approved trading permissions for "United States (Trade in Fractions)"/"Stocks".

What are the fees associated with fractional shares?

There is no additional fee to use fractional share trading. Standard commission rates (both IBKR Lite and IBKR Pro) apply.

Can I transfer fractional shares to IBKR?

IBKR does not accept fractional shares through a position transfer.

Do I receive dividends on my fractional shares?

Your fractional shares positions are eligible to receive dividends in the same manner as your full positions on the same stocks.

Are fractional shares eligible for the Dividend Reinvestment Program (DRIP)?

It is not possible to receive fractional shares for a reinvested dividend through the Dividend Reinvestment Program (DRIP) at this time. We hope to offer this in the future.

Please note the above does not apply in the event of mutual fund dividends, which can be re-invested and may result in holding fractional shares of the fund.

Will I receive a fractional share position from a corporate action?

If your account has been approved for trading fractions and a US corporate action issues fractional shares, the fractional shares will remain in your account. However, if your account does not have permissions to trade in fractions or the corporate action is issuing non-US shares or non-eligible US shares, the fractional shares will be liquidated.

Is fractional trading available for the API?

Fractional trading is not supported via API or FIX/CTCI at this time.
 

PRIIP概述

背景
2018年,一项欧盟新规生效,该新规旨在对“零售”客户进行保护,确保其在买入某种产品时能够获得充分的披露信息。该法规被称为零售及保险投资产品组合法规(MiFID II指令2014/65/EU)或PRIIP,其覆盖了所有应付给客户的金额会受参考值或一种或多种并非由该等零售投资者直接买入之资产的业绩表现影响而波动的投资。常见列子包括期权、期货、差价合约、ETF、ETN和其它结构性产品。

值得注意的是,经纪商不得允许零售客户购买PRIIP覆盖的产品,除非该产品的发行机构已经备好了要求的披露文件让经纪商提供给客户。这种披露文件被称为关键信息文件(“KID”),包括产品描述、成本、风险回报情况及可能的业绩情境等信息。美国客户不受PRIIP影响,因此,某些美国挂牌ETF的发行机构通常不会创建关键信息文件。这就意味着,欧洲经济区(“EEA”)的零售客户可能无法购买此类产品。

客户分类
IBKR默认将所有个人客户分类为“零售”客户,因为这样可以给与客户MiFID提供的最广泛的保护。被分类为“专业”客户的客户无法享受“零售”客户级别的保护,但同时也不需要受KID文件要求的限制。根据MiFID II的定义,“专业”客户包括受监管的实体、大型客户和要求被重新分类为“选择性专业客户”并且在知识、经验和财务实力方面满足MiFID II要求的个人。

IB提供了线上程序可供“零售”客户申请将其分类更改为“专业”。重新分类的资格要求以及申请重新分类的步骤,请参见KB3298,如果要直接申请更改分类,可通过客户端/账户管理中的相关问卷进行。
 

PRIIPs Overview

BACKGROUND
In 2018, an EU regulation, intended to protect “Retail” clients by ensuring that they are provided with adequate disclosure when purchasing certain products took effect. This regulation is known as the Packaged Retail and Insurance-based Investment Product Regulation (MiFID II, Directive 2014/65/EU), or PRIIPs, and it covers any investment where the amount payable to the client fluctuates because of exposure to reference values or to the performance of one or more assets not directly purchased by such retail investor. Common examples of such products include options, futures, CFDs, ETFs, ETNs and other structured products.

It’s important to note that a broker cannot allow a Retail client to purchase a product covered by PRIIPs unless the issuer of that product has prepared the required disclosure document for the broker to provide to the client. This disclosure document is referred to as a Key Information Document, or KID, and it contains information such as product description, cost, risk-reward profile and possible performance scenarios. U.S. clients are not impacted by PRIIPs, so the issuers of some of the more popular U.S. listed ETFs often elect not to create a KID. This means that EEA Retail client may not purchase the product.

CLIENT CATEGORISATION
IBKR categorises all individual clients as “Retail” by default as this affords clients the broadest level of protection afforded by MiFID. Client who are categorised as “Professional” do not receive the same level of protection as “Retail” but are not subject to the KIDs requirement. As defined under MiFID II rules, “Professional” clients include regulated entities, large clients and individuals who have asked to be re-categorised as “elective professional clients” and meet the MiFID II requirements based on their knowledge, experience and financial capability.

IB provides an online step-by-step process that allows “Retail” to request that their categorisation be changed to “Professional". The qualifications for re-categorisation along with the steps for requesting that one’s categorisation be considered are outlined in KB3298 or, to directly apply for a change in categorisation, the questionnaire, is available in the Client Portal/Account Management.
 

VXX与VXZ到期相关信息

简介

2019年1月30日,iPath S&P 500 VIX短期期货(VXX)和中期期货(VXZ)交易所交易票据(ETN)即将到期。考虑到VXX和VXZ即将到期,其发行机构巴克莱银行发行了iPath“B系列”的S&P 500 VIX短期期货(VXXB)和中期期货(VXZB)交易所交易票据,于2018年1月开始交易,并将于2048年到期。

持有与即将到期的ETN及/或其衍生产品相关之头寸的客户应熟悉事件的时间安排、可做的选择以及相关风险和保证金影响。请注意,如不采取相应行动,或采取行动时不考虑保证金影响,可能会将您的账户置于不符合保证金要求的境地,从而导致强制清算

下方常见问题提供了与该事件相关的背景信息。

 

常见问题解答

问:VXX和VXZ交易所交易票据何时到期?答:VXX和VXZ将在2019年1月30日开盘时到期并摘牌。问:VXX和VXZ的最后交易日是哪天?

答:2019年1月29日将会是该等即将到期之ETN的最后交易日和最后估值日。

 

问:到期后VXX和VXZ会如何处理?

答:发行机构为VXX和VXZ的持有者提供了选择,即赎回票据兑换现金或以1:1的比例兑换对应的“B系列”票据。或者,该等票据持有者还可选择在2019年1月30日前平仓并将头寸替换成二级市场上对应的“B系列”票据。

 

问:如果赎回兑现该等即将到期的票据,可以获得多少现金?

答:如选择兑现票据,您每张票据可获得的现金将等于2019年1月29日(即最后估值日)所适用的收盘指示性价值。

 

问:赎回交易何时会记入我的账户?

答:赎回交易,无论是兑现还是兑换“B系列”票据,都会在2019年1月29日收盘后处理,并会于2019年1月30日开盘前记入您的账户。

 

问:如何将我的赎回决定告知IBKR?

答:我们会通过消息中心和电子邮箱向多头持有即将到期之头寸的客户发送通知,届时会开放选择窗口。通知会详细说明如何通过客户端/账户管理内的自愿公司行动工具提交选择。

 

问:是否可以选择提早赎回?

答:客户可以在到期前提早赎回票据兑换“B系列”票据或现金(即提前赎回),但需付$500.00美元费用。到期赎回没有费用。

 

问:选择决定是否可以撤销?

答:提前赎回选择不可撤销。到期赎回选择在选择窗口关闭前均可撤销。

 

问:IBKR是否支持现金和“B系列”票据结合的方式赎回?答:不支持。客户只可在全现金和全“B系列”票据之间选择一个。问:如果在选择窗口关闭前没有提供选择决定会怎么样?

答:如果您决定不采取行动或未能在截止时间前采取行动,到期头寸将兑换为现金。

 

问:如果在最后交易日前持有即将到期票据的空头头寸会怎么样?

答:如果在最后交易日前持有即将到期票据的空头头寸,出借方有权平仓您的空头头寸,强制您交付现金或对应的“B系列”票据。如果您没有足够数量的“B系列”票据多头头寸可供交付,则您会被分配一个空头头寸,如果无法借到该ETN,您将面临强制平仓。

 

问:如果在最后交易日后持有即将到期票据的空头头寸会怎么样?

答:如果在最后交易日后持有即将到期票据的空头头寸,则您必须交付现金。

 

问:与该事件相关的保证金影响有哪些?

答:在投资组合保证金账户中持有即将到期ETN的客户需要特别注意票据到期和赎回选择对其保证金要求的影响。尽管VXX、VXZ及其相关衍生品列入了美国货币监理署(OCC)的客户投资组合保证金文件,IB对这些产品提供投资组合保证金交易,但其对应的“B系列”票据并没有列入OCC的投资组合保证金文件,因此IBKR不会对该等产品提供投资组合保证金交易。这些“B系列”ETN和衍生品将根据Reg.T规定计算保证金要求。

因此,在当前投资组合保证金框架下支持的VXX和其它短期波动率产品(如VIXY、VIIX、UVXY、TVIX和SVXY)之间的保证金对销将不会适用于VXXB。同样,当前支持的VXZ和其它中期波动率产品(如VIXM和ZIV)之间的保证金对销也不会适用于VXZB。此外,由于Reg. T只对一部分期权策略提供保证金减免,Reg.T保证金框架下持有包含VXXB或VXZB的复合期权头寸的客户其保证金要求可能会高于投资组合保证金框架下对应VXX或VXZ头寸的保证金要求。

客户可通过在风险漫游中创建“What-if“投资组合来模拟VXX和VXZ到期的影响以及相关赎回选择。

 

注:如果赎回即将到期的ETN将其兑换成对应的“B系列”票据会导致账户保证金不足,IBKR有权禁止该等赎回,并强制进行现金赎回。

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。
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