Who is eligible for fractional share permissions?

All individual, standalone accounts (except those who reside in Israel, Canadian RRSP/TFSA accounts and Interactive Brokers Securities Japan Inc. ("IBSJ") 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. Click the User menu (head and shoulders icon in the top right corner) followed by Settings. Under Account Settings find the section Trading and click on Trading Permissions. Scroll to "Stocks", click +Add and check the box next to "Global (Trade in Fractions)" and click on SAVE. Then click CONTINUE and follow the prompts on screen. You will then be able to trade in fractions in eligible stocks for which you have permission to trade. To trade fractions of eligible U.S. stocks, you will need to sign up to trade U.S. stocks, and to trade fractions of eligible European stocks, you will need to sign up to trade European stocks.

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?

We offer fractional share trading on eligible U.S. and European stocks and ETFs*.

A list of eligible 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

*Under EU regulations, EU retail clients generally cannot trade U.S. ETFs, in whole or fractional increments.

Can I short fractional shares?

IBKR does support short sales in fractional shares of eligible stocks as long as you have margin and approved trading permissions to trade fractional shares of stocks listed in the U.S. or in Europe.

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, where applicable) apply.

What order types can I choose for fractional trading?

IBKR will only accept certain types of orders for fractional shares (e.g., market orders, limit orders, stop orders, stop limit orders, etc.). If you choose to place an unmarketable limit order with a fractional share component, the fractional component may not execute until the order becomes marketable (and therefore may not execute at all), even if the order might have executed earlier if submitted for a whole share quantity.

How does IBKR handle fractional shares orders in European stocks?

Depending on the size and nature of the order, IBKR will direct orders in European stocks that include a fractional share component to a pool of execution venues which might be different than those utilized for other order types. You should review the applicable order execution policy for more details.

Can I transfer fractional shares to IBKR?

IBKR does not accept fractional shares through a position transfer.

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

Yes, it is possible to receive fractional shares for a reinvested dividend through the Dividend Reinvestment Program (DRIP) if the account has fractional share permissions.

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 or European 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-eligible shares, the fractional shares will be liquidated.

Will I have voting rights for fractional shares in my account?

You will not have voting rights for any of the fractional shares held in your account, you will not be able to make voluntary elections on any corporate action (including, without limitation, any tender offers or rights offerings) with respect to such fractional shares, and we cannot provide you any other shareholder documentation for any holdings of less than one share.

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.

Is fractional trading available for the API?

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

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 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.

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.

The UK Financial Conduct Authority (FCA) has equivalent requirements for UK residents.

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. U.S. clients are not impacted by PRIIPs, so the issuers of U.S. listed ETFs do not as a rule create KIDs. This means that EEA and UK Retail clients may not purchase the product. Clients nevertheless have several options:

1. Many US ETF issuers have equivalent ETFs issued by their European entities. European-issued ETFs have KIDs and are therefore freely tradable.
2. Clients can trade most large US ETFs as CFDs. The CFDs are issued by IBKRs European entities and as such meet all KID requirements.
3. Clients may be eligible for re-classification as a professional client, for whom KIDs are not required. 

CLIENT CATEGORISATION
We categorize 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.

We provide 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.
 

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。

 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。

• 中英文姓名
• 身份证件的签发国家/司法辖域
• 身份证件类型（香港身份证、相关国家/地区政府机关签发的身份证、护照、或其它任意官方的身份证明文件，如驾照）
• 身份证号码（身份证明文件号码）

• 实体名称
• 其它正式的成立文件（IBKR会尽可能使用客户开户时提供的文件）。
• 法律实体识别号码（如您没有LEI，您可在请求“互联互通”交易许可时通过IBKR申请一个。请注意，申请LEI最长可能需要三天，需向LEI签发机构缴纳申请费，之后每年还需续费）。

• 上海和深圳证券交易所
• 中国证券登记结算（香港）有限公司
• 中国大陆的监管机构和执法机关