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

 

Email

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 six cash deposit currencies, the “Allowed Deposit Currencies” are:

  • EUR, USD, GBP, HUF, CZK, 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.

常見問題解答:英國脫歐相關賬戶遷移

簡介 

盈透證券集團(以下簡稱“IB”)及其英國子公司盈透證券(英國)有限公司(以下簡稱“IBUK”)一直在為英國脫歐過渡期結束(目前定於2020年12月31日)做籌劃,致力於為我們的歐洲客戶準備替代方案。我們的重點是把相關變化和影響降到最小,確保為客戶提供的經紀服務能夠無縫銜接過渡。此事件涉及的客戶將會收到通知,通知中會說明相關的變化和時間線。下方為從IBUK到我們其它歐洲經紀公司的賬戶遷移相關常見問題及解答。

常見問題解答 

問:2021年1月1日英國脫歐開始後IBKR將採取什麼措施確保經紀服務持續運行?

答:早在2018年,IBKR便設立了盈透證券盧森堡有限公司(以下簡稱“IBLUX”),並於2019年11月獲得監管授權。此外,我們目前還在著手創建兩家位於歐盟的經紀公司:盈透證券愛爾蘭有限公司(以下簡稱“IBIE”)和盈透證券中歐有限公司(以下簡稱“IBCE”)。 

我們計劃在2020年12月31日之前將所有受英國脫歐影響的客戶遷移到這三家位於歐盟的經紀公司(以下簡稱“歐盟經紀公司”)。遷移到IBIE和IBCE還需要獲得相關國家主管機關的監管授權。 

 

問:我們的賬戶要遷移到哪家IBKR經紀公司?

答:哪些賬戶要遷移到IBLUX、IBIE和IBCE這三家經紀公司中的哪一家尚未最終確定。我們預計大多數西歐客戶會遷移到IBIE,中歐和東歐客戶則遷移到IBCE,還有部分客戶會遷移到IBLUX。這其中客戶的賬戶類型和頭寸也會納入考慮。 

在最終發送遷移請求前,我們會向所有客戶發送通知,詳細說明其將被遷入的經紀公司。

 

問:此次遷移計劃涉及哪些客戶?

答:涉及的客戶包括居住在歐盟的個人客戶和在歐盟國家成立的實體客戶。這些賬戶大部分都開立在盈透證券(英國)有限公司。

 

問:通過什麼方式徵求客戶同意?

答:我們準備好遷移賬戶後,您會收到一封郵件讓您登錄客戶端。登錄後,您會看到相關披露文件和客戶協議,您可以以電子方式在線表示同意。未對最開始的郵件作出回應的客戶將會收到一系列後續提醒郵件。

 

問:如果我不做任何操作會怎麼樣?

答:如果未能作出回應表示同意,您的賬戶最終會受到交易和轉帳限制,就如同您不同意遷移一樣。另外請注意,您的賬戶將繼續適用當前協議的條款和條件(包括費用和保證金政策),直至完成遷移到指定歐盟經紀公司、遷移到IBKR以外的其它經紀公司或關閉。

 

問:如果我不同意遷移會怎麼樣?

答:如果您不同意將賬戶遷移到指定歐盟經紀公司,您的賬戶將受到限制、無法開展新的交易或轉入更多資金和/或頭寸。該等限制不會阻止您將賬戶遷出IBKR。 

 

問:我的登錄信息會變更嗎?

答:不會。您當前賬戶的用戶名、密碼和雙因素驗證程序在遷移後仍然有效。但是,遷移的賬戶會有新的賬戶號碼。

 

問:遷移後我還可以訪問現在的交易平臺嗎?會有什麼軟件方面的變化嗎?

答:遷移不會對您用於交易和管理賬戶的軟件造成任何影響。所有的技術都不會發生改變。

 

問:所有賬戶餘額也會遷移嗎?

答:除應計項目(如利息和股息)之外的所有餘額也會一併遷移。應計項目會在實現現金後遷移。如果是利息,應計項目通常是逆向的,現金會在應計款項下一個月的第一周記入賬戶。如果是股息,應計項目是逆向的,抵消現金會在發行發支付股息的當天記入賬戶。

 

問:遷移後我當前的賬戶會怎麼樣?

答:所有應計項目都記入為現金並轉入遷移賬戶後,您當前的賬戶便會關閉。關閉後,賬戶將無法用於交易。但是,您仍可以通過客戶端的賬戶選擇器訪問此賬戶,查看或打印歷史報表。

 

問:賬戶遷移後,IBKR的傭金費用會發生變化嗎?

答:不會。IBKR的傭金和費用不會因您賬戶所在的經紀公司發生變化。

 

問:賬戶遷移後,我的交易許可會發生變化嗎?

答:您的交易許可將保持不變,但遷移到IBLUX的賬戶由於監管限制將無法進行杠杆外匯交易。儘管目前看來IBIE和IBCE的賬戶沒有類似限制,但如果政策調整,我們會在遷移前通知您。 

 

問:賬戶遷移後,未完成的定單(如取消前有效定單)會被保留下來嗎?

答:未完成的定單將被轉到新賬戶,但是,我們建議客戶在遷移後立即對定單進行檢查,確保定單符合其交易目的。

 

問:賬戶遷移後,我還受美國典型日內交易規則限制嗎?

:在IBUK開立的賬戶由於最終是被引入美國經紀公司IBL並由IBL提供底層清算,因此適用美國典型日內交易(PDT)規則。根據PDT規則,資產低於25,000美元的賬戶任意5個工作日內日內交易不得超過3筆。 

而遷移到IBLUX、IBIE和IBCE的賬戶不再是引入IBL,因此不再適用PDT規則。

 

問:年末我會收到一份合併的年度報表嗎?

答:不會。您會收到一份當前賬戶的年度報表(時間範圍為2020年1月1日至遷移日)和一份遷移後新賬戶的年度報表(時間範圍為遷移日至2020年12月31日)。

 

問:賬戶遷移後,當前賬戶內頭寸的成本基礎是否會保留到新賬戶?

答:是的。遷移不會影響您頭寸的成本基礎。

 

問:遷移後的新賬戶是否會保留當前賬戶的配置?

答:在法規允許的範圍內,遷移後的賬戶配置會與當前賬戶的配置保持一致。這包括保證金、市場數據、多個使用者和警報等屬性。在有限的情況下,賬戶會被遷移到無法支持全部產品的行政轄區。持有受限產品的客戶可以進行遷移並維持或平倉該等產品的頭寸,但無法增加新的頭寸。 

 

問:如果IBKR在2020年12月31日前未能取得遷移所必需的監管許可會怎麼樣?

答:IBLUX已經獲批,但在業務規模方面受到一定限制;因此要在2020年12月31日前完成遷移就必需要獲得IBIE或IBCE的許可。如果確定這兩家經紀公司都無法及時拿到許可,我們會聯繫客戶解釋英國脫歐過渡期結束後其賬戶的處理方案。

 

問:遷移後我還能繼續向英國申訴服務機構(FOS)提交投訴嗎?

答:IBUK的客戶可以將在IBUK未得到滿意解決的投訴提交給英國金融申訴服務機構處理。但遷移到IBLUX、IBIE或IBCE之後,英國金融申訴服務機構將不再適用,我們會為您提供新的替代服務相關信息。請注意,遷移不會影響我司內部的投訴處理流程。

 

問:遷移對數據保護有什麼影響?

答:賬戶從IBUK遷移到IBLUX、IBIE或IBCE並不會對我們根據數據保護規則對您個人信息實施保護的方式造成任何影響。IBLUX、IBIE和IBCE均會承擔數據保護責任,繼續按照我們一貫的高標準保護您的個人信息。 

 

問:我的賬戶保障會有什麼影響?

答:在歐盟,發生經紀商違約的情況下客戶的保險保障通常會不如在英國或美國。 

目前,如果滿足資格要求,IBUK的客戶在投資服務方面可享受英國金融服務補償計劃(以下簡稱“UK FSCS”)最高達50,000英鎊的保障。由於IBUK的客戶由我們的美國經紀公司IBL進行底層清算,其賬戶的證券賬戶段可以參加證券投資者保護公司(以下簡稱“SIPC”)的保險,保額最高達500,000美元(其中現金不超過250,000美元)。 

而在歐盟經紀公司,IBLUX、IBIE和IBCE的合資格索賠人最多可以申請20,000歐元的賠償。有關具體方案、保險範圍和索賠資格的更多信息會同遷移請求一併發送給您。  

鑒於盈透證券集團82.5億美元的總資本以及在集團所有經紀公司推行的審慎保證金政策(包括接受定單前的預先信用檢查以及對不滿足保證金要求的賬戶進行自動平倉清算),我們相信此次遷移並不會對客戶資產的總體安全穩健造成影響。

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搭便車(“Free Riding”)交易相關規定

在現金帳戶中,投資者必須先付清買入證券所需資金(也就是說交易必須先完成結算)才能將證券賣出。如果投資者買入一隻證券,然後在結算日前尚未全額支付款項的情況下便將其賣出,則會構成搭便車(“free riding”)違規交易。發生搭便車違規的帳戶將面臨90天的限制期,限制期內,帳戶將只能用已結算資金購買證券。

會被盈透證券視作違規的搭便車交易示例

示例A:

1) T日,帳戶有已結算現金$10,000美元

2) T日,帳戶買入$10,000美元的ABC

3) T+1日,帳戶賣出ABC並買入$10,000美元的XYZ

4) 客戶在沒有存入足夠全額支付買入XYZ所需資金的情況下賣出XYZ

 

示例B:

1) T日,帳戶有全額支付的ABC頭寸,沒有多餘現金

2) T日,帳戶賣出$10,000美元的ABC

3) T日,帳戶買入$10,000美元的XYZ

4) T+1日,帳戶在沒有存入足夠全額支付買入XYZ所需資金的情況下賣出XYZ

 

日末監控程序會將這兩種情景都視為搭便車違規交易,從而導致帳戶受到限制,90天內只能用已結算資金買入證券。IB也實施了一系列管控措施以幫助防止搭便車違規。

 

IBKR Luxembourg Account Types and Products Offerings

Interactive Brokers Luxembourg SARL (“IBKR Luxembourg”), which is a member of The Luxembourg investor compensation scheme (Système d’indemnisation des investisseurs, SIIL) and is regulated by the Commission de Surveillance du Secteur Financier (CSSF) has been established. IBKR Luxembourg clients, products and services have some unique characteristics when compared to the Interactive Brokers (“IBKR”) global account and product suite. The purpose of this document is to outline these characteristics of the IBKR Luxembourg offering.
 
Account Types
 
IBKR Luxembourg offers both cash accounts and margin accounts to all types of clients, including Individual / Joint account holders as well as trust account holders and corporate clients.
 
All eligible margin accounts employ a risk-based model to calculate margin requirements. Please click here for more details.
 
It should be noted that there are no separate Securities and Commodities segment in IBKR Luxembourg accounts. Therefore, the Excess Funds Sweep feature does not apply to the accounts.
 
IBKR Lite pricing is currently not available under IBKR Luxembourg.
 
Account Funding
 
Your account at IBKR Luxembourg can be funded via Wire transfer or SEPA transfer. You can withdraw funds out of your account at IBKR Luxembourg via Wire transfer.
 
CFD Product Offering
 
As a client of IBKR Luxembourg, provided that you have the requisite trading experience and expertise, which is outlined here, you will be able to trade all of exchange traded products available (including local and global stocks, options, futures, ETFs etc.) through IBKR’s award winning trading platform and software. In addition, you may also trade our Stock, Index and FX CFDs over the counter all within the one IBKR Luxembourg account.
 
Click here for information on IBKR Luxembourg’s CFDs.
 
FX Offering
 
As a client of IBKR Luxembourg you are allowed to hold on your account all the currencies supported at IBKR and you can convert between these currencies.
 
However, trading Forex with leverage is not supported at IBKR Luxembourg at the moment.
 
Spot Metals, Bonds
 
At the moment, Spot Metals are not supported at IBKR Luxembourg. Clients that are residents of Luxembourg are currently also restricted from trading Bonds.
 

 

IBKR Australia Account Types and Products Offerings

Interactive Brokers Australia Pty Ltd (“IBKR Australia”), which holds an Australian Financial Services License (“AFSL” No. 453554), has been established. IBKR Australia is headquartered in Sydney and has been set up to provide services to our Australian clients. IBKR Australia clients, products and services have some unique characteristics when compared to the Interactive Brokers (“IBKR”) global account and product suite. The purpose of this document is to outline these characteristics of the IBKR Australia offering.

Account Types

IBKR Australia offers both cash accounts and margin accounts to all types of clients, including Individual / Joint account holders as well as trust account holders and corporate clients.

For Self-Managed Superannuation Fund (“SMSF”) account holders, IBKR Australia only offers cash accounts.

Natural Person v Non-Natural Person

Under IBKR Australia clients will be categorised as either natural persons or non-natural persons.

A natural person client would include individuals / joint account holders, as well as trusts with at least one natural person trustee. A non-natural person client would include corporate entities as well as trusts with only non-natural person trustees.

Australian Regulatory Status

Under IBKR Australia clients will be classified as either a retail, wholesale or professional investor. All new clients of IBKR Australia default to being classified as a retail investor unless they produce the required documentary evidence to enable IBKR Australia to treat them as a wholesale or professional investor.

Refer to this link for information regarding Australian regulatory status under IBKR Australia.

Please click [Here] to download the wholesale investor booklet, and click [Here] to download the professional investor booklet.

Cash Accounts

IBKR Australia offer three different types of cash accounts:

  • Investment account
  • Trading account
  • SMSF account (only available to Self-Managed Superannuation Fund)

Investment Account: Similar to the IBLLC Cash account model, the IBKR Australia Investment account does not allow you to short securities or to borrow funds, i.e. your account cannot have a debit balance. Moreover, only a limited number of options strategies will be available. This account is not eligible for reduced intraday Futures margin.

This account is available for all clients except SMSF clients.

Trading Account: While this is also a cash account that does not permit you to have a debit balance, you will be permitted to short stock and trade any of the available option strategies in the Trading Account, provided that you have the requisite trading experience and expertise, which is outlined [Here]. Further, Trading Accounts enable you to trade with unsettled funds.

If you currently have an Investment Account, you can submit a change of account type to change to a Trading Account by logging into the Client Portal > Settings > Account Settings > under Configuration, click the Configure tool next to Account Type. This may take 2-3 business days to review.

This account is available for all clients except SMSF clients.

SMSF: This is only available to SMSF clients. This is a cash account that does not permit you to short securities or to borrow funds, i.e. your account cannot have a debit balance. Moreover, only a limited number of options strategies will be available. This account is not eligible for reduced intraday Futures margin.

The options strategies that are available in the Investment Account and the SMSF account are as follows:

  • Long Call or Put
  • Covered Calls
  • Short Put
  • Call Spread; exdate(long) >= exdate(short)
  • Put Spread; exdate(long) >= exdate(short)
  • Long / Short Butterfly
  • Iron Condor

Margin Accounts

IBKR Australia offers two types of margin accounts that will provide all clients excluding SMSF clients with the ability to create portfolios to the maximum degree of risk taking/leverage allowed by IBKR Australia. The two account types are:

  • Leveraged Trading account
    • Available for both natural persons and non-natural persons, regardless oftheir regulatory status. However, there are some important differences between the margin accounts available for retail clients and wholesale clients, as outlined below.
  • Professional account
    • Available primarily for non-natural persons that are confirmed as a professional investor.

Important characteristics of IBKR Australia margin accounts are as follows:

  • All eligible margin accounts employ a risk-based model to calculate margin requirements. Please click [here] for more details.
  • Interest rates on financing may vary depending on the type of client obtaining margin. Please click [here] for more details.
  • For all natural person clients (e.g. individuals), only cash or marketable securities may serve as collateral for the margin lending facility, and the collateral deposited must be unborrowed & otherwise free of any mortgage or lien or other encumbrance. 
  • For all natural person clients, you may only withdraw funds from the margin facility for the limited purpose of repaying another margin lending facility which was used to acquire financial products.
    • However, if you are classified as retail you will be not permitted to withdraw from the margin facility if you are already borrowing funds via that facility, i.e. if you are already negative cash, or otherwise if the withdrawal would place your account into cash deficit. 
  • All retail natural person clients must meet specific financial thresholds in order to be granted a margin account, specifically income must be greater than AUD $40,000 or Liquid net worth must be greater than AUD $100,000. In addition, IBKR Australia is obliged to verify that the information concerning the client’s financial situation that was collected during the application is accurate and complete. If the verified information concerning the client’s financial situation does not meet the thresholds stated above and/or are not comparable to the financials declared by the client during the application, the client will not be granted margin. However, if the client has a valid and recent Statement of Advice (“SOA”) from their registered financial advisor or financial planner that recommends that the client can be issued a margin lending facility and that SOA is made available to IBKR Australia, this additional verification of the client’s personal financial position will not be required.
  • In addition retail natural person clients will not be granted a margin account if their occupation is either retired or unemployed or student.
  • For all retail clients (both natural person and non-natural person clients), margin loans will be capped at a specific amount (subject to change in IBKR Australia’s sole discretion). Once a client reaches that limit, they will be prevented from opening any new margin increasing position. Closing or margin-reducing trades will be allowed. Please click [here] for more details. 
  • For the non-natural person clients that are NOT categorized as retail clients, IBKR Australia is permitted to utilize for financing purposes a portion of the loan value of the stock these customers hold with IBKR Australia. In simple terms, IBKR Australia borrows money from a third party (such as a bank or broker-dealer), using the customer's margin stock as collateral, and it lends those funds to the customer to finance the customer's margin purchases.
  • Please take particular note of how we determine natural person v non-natural person for IBKR Australia trust accounts, as detailed above. It is imperative that if you hold a trust account with IBKR Australia and there exists individuals (natural persons) that are labelled as trustees in your account, then even if you have a corporate trustee, that trust would be considered a natural person trust. The difference between a natural person and non-natural person margin account can be significant as shown above. As a result, please contact customer service if you need to modify trustees.

CFD Product Offering

As a client of IBKR Australia, provided that you have the requisite trading experience and expertise, which is outlined [Here], you will be able to trade all of exchange traded products available (including local and global stocks, options, futures, bonds, ETFs etc.) through IBKR’s award winning trading platform and software. In addition, you may also trade our Stock, Index and FX CFDs and Spot FX over the counter all within the one IBKR Australia account.

In addition, IBKR Australia issue Contracts for Difference (“CFDs”) over global shares, indices and FX. These are only available to IBKR Australia clients. For further information on IBKR Australia's products and services, please see our website.

Refer to this link for information on IBAU’s share CFDs.
Refer to this link for information on IBAU’s index CFDs.
Refer to this link for information on IBAU’s FX CFDs.

FX Offering

IBKR Australia can only support currencies in AUD, USD, EUR and GBP and you can convert between these currencies. If you have cash balances in currencies other than IBA supported currencies (AUD, USD, GBP or EUR) these will to be converted into your nominated base currency.

IBAU clients, when permissioned, can trade in any market available across the IBKR network, even those outside the 4 supported currencies above. However, upon your instruction for any market outside the 4 supported currencies, IBKR Australia will automatically execute Forex conversions to ensure non-supported cash balances be cleared.

For example, if an IBKR Australia client using a Cash account wishes to buy HKD denominated securities, as long
as the client has sufficient available funds, the trade is permitted. To settle the trade, IBKR Australia will convert the existing cash balances into HKD. Similarly at a later date, if the same client wishes to sell their HKD denominated securities, IBKR Australia would automatically convert the HKD proceeds to the base currency by day end, once again leaving no residual HKD cash balances.

If an IBKR Australia client using a margin account has any positive or negative cash balances outside of the 4 supported currencies, it will be automatically converted to base currency by day end.

ASX24

In order to ensure continued compliance with our regulatory obligations, IBKR Australia will NOT accept any other form of collateral except cash for the purposes of determining whether you can trade or hold ASX24 products. If the margin requirements of ASX24 products cannot be met using cash, your account will be subject to automated liquidation.

 

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盈透證券(英國)有限公司 – MiFID分類

簡介

歐盟《金融工具市場法規(MiFID)》及其后修訂版MiFID II要求盈透證券英國有限公司【Interactive Brokers (U.K.) Limited (IBUK)】根據客戶的知識水平、經驗和專長將客戶分為“零售客戶”、“專業客戶”或“合格對手方”這几類。 

根據英國金融行為監管局(“FCA”)的法規,IBUK將大多數客戶歸為零售客戶,為其提供較高層次的保護。
 
只有受監管的實體或由受監管的基金經理管理的基金才會被歸為專業客戶。

專業客戶與零售客戶在監管保障方面的主要區別有:

1. 組合投資的性質與風險說明:以其它服務或產品作為協議條件向零售客戶提供投資服務的公司必須:(i) 告知零售投資者組合協議的風險是否與各組成部分單獨對應的風險有所不同;并(ii) 向零售客戶提供協議不同組成部分的充分說明以及各部分相互作用改變風險的方式。上述要求不適用於專業客戶。但是,除了下方第3點的情況外,IBUK的處理方法并不會有太多不同。

2. 差價合約(”CFD“)的投資者保護措施:歐洲證券與市場管理局(”ESMA“)針對向零售客戶提供差價合約推出了干預措施。措施包括:(i) 對開倉頭寸實施新的杠杆限制,根據底層證券的波動率而定;(ii) 以單個賬戶為單位的保證金平倉規則,標准化了供應商必須平倉一個或多個未結差價合約的保證金百分比水平;(iii) 以單個賬戶為單位的負余額保護規則;
(iv) 限制交易差價合約的獎勵;以及(v) 標准化風險警示,包括披露差價合約供應商出現虧損的零售投資者賬戶的百分比。上述要求不適用於專業客戶。

3. 與客戶的溝通:公司必須確保其與所有客戶的溝通均清楚、公證、不具誤導性。但是,公司與專業客戶溝通(有關其自身、其服務與產品以及其報酬)的方式則可能會和與零售客戶溝通的方式不同。公司在信息提供的詳細程度、使用的工具以及時間選擇方面的責任都會根據客戶是零售客戶還是專業客戶而會有所不同。發送某些產品特定文件(如零售及保險投資產品組合(“PRIIP”)關鍵信息文件(“KID”)的要求不適用於專業客戶。

4. 價值減損報告:若零售客戶賬戶持有杠杆金融產品頭寸或涉及或有負債交易,則如果各產品的初始價值下降10%且之后以10%的倍數下跌,則公司必須通知零售客戶。上述要求不適用於專業客戶。

5. 合適性:在評估非咨詢(non-advised)服務的合適性時,公司須確定客戶是否具備必要的經驗和知識,能夠了解所提供或需求之產品或服務相關的風險。該等合適性評估要求應用到客戶時,公司會認為專業客戶具備必要的經驗和知識了解其被分類為專業客戶的該等特定投資服務或交易、或該等類型交易或產品相關的風險。但公司不會對零售客戶作此假設,而是必須確定零售客戶確實具備必要的經驗和知識水平。
 

IBUK提供非咨詢服務,在評估既定服務或產品的合適性時,不需要像對零售客戶那樣對專業客戶索取信息或遵守評估程序,如果不能確定某一既定服務或產品的合適性,IBUK也不需要向專業客戶發出警告。 

6. 責任免除:在FCA法規下,公司針對零售客戶免除或限制其自身責任或義務的能力比針對專業客戶時要弱。

7. 金融服務申訴機搆:英國金融申訴服務機搆對專業客戶不可用,除非其是,例如,在其自身行業、業務、技能或專業之外行動的消費者、小型企業或個人。

8. 補償:IBUK是英國金融服務補償計划的參與成員。如果IBUK不能履行對您的義務,您有權從該計划索取賠償。這取決於業務的類型以及索賠的情況;補償僅對某些類型的索賠人和某些類型的業務可用。從補償計划獲取補償的資格將根據計划適用的規則確定。
 

重新分類為專業客戶

IBUK允許其零售客戶申請重新分類為專業客戶。我們會告知客戶其客戶分類,并且客戶可隨時在賬戶管理(設置>賬戶設置>MiFID客戶類別)中進行查看。客戶也可從本頁面請求更改其MiFID分類。

在下方兩種情況下,IBUK會考慮將零售客戶重新分類為專業客戶:

1. 固有專業客戶可以通知IBUK,因至少滿足以下一項條件,其認為其自身根據FCA規則應該被分類為固有專業客戶:

(i) 被授權或受監管在金融市場運作;或

(ii) 公司層面滿足下方規模要求中任意兩項的大型事業:

(a) 資產負債表總額達20,000,000歐元;
(b) 淨營業額達40,000,000歐元;
(c) 自有資金達2,000,000歐元;

(iii) 主要活動為投資金融產品的機搆投資者。這包括致力於資產證券化或其它融資交易的實體。

2. 如果基於對客戶技能、經驗和知識的評估,IBUK有理由相信,考慮所設想之交易或服務的性質,客戶能夠自行做出投資決定并了解其中風險,則IBUK會將客戶作為選擇性專業客戶。不滿足固有專業客戶要求的客戶仍然可以申請被分類為選擇性專業客戶。

要獲得重新分類,零售客戶必須提供證據證明其至少滿足以下標准中的兩項:

1. 在過去4個季度,客戶進行大額金融產品交易的平均頻率達每季度10次。

IBUK會考慮以下條件來確定大額交易:

a. 過去4個季度內,進行了至少40筆交易;
b. 過去4個季度內每個季度至少進行了1筆交易;
c. 過去4個季度內進行的最大的40筆交易總名義價值大於200,000歐元;
d. 賬戶淨資產價值大於50,000歐元。

現貨外匯和未分配OTC金屬交易不納入計算。

2. 客戶持有的金融產品(包括現金)投資組合超過500,000歐元(或等值);

3. 客戶是個人賬戶持有人或機搆賬戶交易者,且其至少有一年在金融行業要求具備產品知識的專業崗位工作的經驗。

審核并驗證客戶提供的信息和證明資料后,如果所有相關條件均已符合,則IBUK會對客戶進行重新分類。

申請重新分類為專業客戶的零售客戶在提交相關申請前,必須閱讀并了解IBUK的警告信息。

重新分類為零售客戶專業客戶可以在上述同一賬戶管理頁面(設置>賬戶設置>MiFID客戶類別)向IBUK提出申請將其重新分類為零售客戶。

除了受監管實體或由受監管基金經理管理的基金應分類為固有專業客戶外,IBUK可接受所有此類請求。

本信息僅用於指導盈透證券全披露清算服務客戶。
注:以上信息不作為全面窮盡式指南,也不是對法規的權威性解釋,而是對IBUK對待客戶分類和重新分類政策之方法的總結。

 

 

Interactive Brokers (U.K.) 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 (U.K.) Limited (IBUK) to classify each Client according to their knowledge, experience and expertise: "Retail", "Professional" or "Eligible Counterparty". 

In accordance with the Financial Conduct Authority rules, IBUK 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, IBUK 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.

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.
 

IBUK 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 IBUK 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. Exclusion of liability: Firms’ ability to exclude or restrict any duty or liability owed to clients is narrower under the FCA rules in the case of retail clients than in respect of professional clients.

7. The Financial Services Ombudsman: The services of the Financial Ombudsman Service in the UK may not be available to professional clients, unless they are, for example, consumers, small businesses or individuals acting outside of their trade, business, craft or profession.

8. Compensation: IBUK is a member of the UK Financial Services Compensation Scheme. You may be entitled to claim compensation from that scheme if IBUK 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

IBUK 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.

IBUK will consider re-categorising Retail Clients to Professional Clients in two instances:

1. Per Se Professional Clients can notify IBUK that they consider that they should have been categorised as Per Se Professionals under the FCA 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. IBUK may treat Clients as Elective Professional Clients if, based on an assessment of the Client’s expertise, experience, and knowledge, IBUK 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 IBUK 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.

Trades in Spot FX and Unallocated OTC Metals 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, IBUK 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 IBUK before the relevant request is submitted.

Re-categorisation as Retail Client Professional Clients can request IBUK 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, IBUK 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 IBUK’S APPROACH TO CLIENT CATEGORISATION AND RE-CATEGORISATION POLICY.

 

 

Converting From an Individual to Trust Account

The process of converting from an individual account to a trust account is outlined below: 

1. As the trust account structure differs from that of the individual in terms of account holder information required, legal agreements and, in certain cases, taxpayer status, direct conversion is not supported and a new trust account application must be completed online.

The online trust application may be initiated by visiting www.ibkr.com and clicking the "Open Account" button. Be sure to request trading permissions and, if necessary, margin status, sufficient to maintain the positions currently carried in your individual account. Note that if your account is managed by a financial advisor or you are a client of an introducing broker, please contact your advisor or broker to initiate the new application (you may need to make arrangements with your advisor or broker for fees that have accrued but not yet paid when the individual account closes).

2. The trust account application requires Compliance review and approval and documentation evidencing the creation of the trust and proof of identity and address of trustees may also be required. If this is the case, notice as to the required documents and how to submit will be provided at the conclusion of the online application.

3. Once you have received an email confirming approval of the trust account application, send a request from your Message Center authorizing IB to manually transfer positions from your Individual to trust account. Prior to submitting the request you should make sure to close all open orders in the individual account to ensure that no executions take place following the transfer.

Due to the manual steps and scheduling required, you should allow a minimum of one week after trust account approval and submitting your request for the transfer to take effect.


IMPORTANT NOTES

1. Note that exchange regulations preclude ownership transfer of derivative contracts such as futures and options. If you are holding such positions you would either need to close them prior to the transfer taking place or request that they remain in your individual account.

2. Prior to processing the transfer, you should make sure to close all open orders in the individual account to ensure that no executions take place following the transfer.

3. The SMA (Special Memorandum Account) balance in your individual account will not transfer to the trust account. In certain cases this may impact your ability to open new positions in the trust account on the first day after the transfer is completed.

4. Elective options such as market data subscriptions and participation in IB's Yield Enhancement Program will not be carried over to the trust account and must be re-initiated to continue. Note that trusts are often classified as Professionals for market data subscription purposes which generally implies higher subscription rates than that for Non-Professionals.

5. The cost basis of transferred positions as reported in the activity statements will remain unchanged for tax purposes. The cost basis as reported in your trading platform (which is not used for tax reporting purposes) will not transfer over to the trust account but may be manually adjusted.

6. Once the transfer has been completed and assuming all positions have been transferred your individual account will be designated for automatic closure. Note that certain balances such as dividend accruals can’t be transferred until paid, after which they will then be transferred and your individual account closed.

7. You'll receive any applicable tax forms for the reportable activity transacted in each of your individual and trust accounts at year end. Access to Account Management for you individual account will remain after it has been closed for the purpose of reviewing and printing activity statements and tax forms.

8. IBKR does not provide tax advice or investment guidance and recommends that account holder consult with qualified professionals to determine any legal, tax or estate planning consequences associated with individual to trust transfer requests.
 

Free Riding Rule

In a cash account, an investor must pay for the purchase of a security (meaning, the trade must settle) prior to selling that security. If an investor buys a security and then sells that same security without paying for the security in full by settlement date, the investor is considered to be “free riding.” Accounts that commit free riding violations will be restricted for 90 days, during which time the account can only purchase securities using settled funds.

Free riding examples that would be considered a violation at Interactive Brokers

Example A:

1) On T, the account has settled cash of $10,000

2) On T, the account buys ABC for $10,000

3) On T+1, the account sells ABC and buys $10,000 of XYZ

4) The customer sells the XYZ shares without depositing sufficient funds to pay for the purchase of XYZ in full

 

Example B:

1) On T, the account has fully paid for stock in ABC and no excess cash

2) On T, the account sells $10,000 of ABC

3) On T, the account buys $10,000 of XYZ

4) On T+1, the account sells the XYZ shares without depositing sufficient funds to pay for the purchase of XYZ in full

 

The end of day surveillance process would consider both of these scenarios to be free riding violations, which would restrict the account to only purchase using settled funds for 90 days. IB has put certain controls in place to help prevent free riding violations.

 

常見問題- 轉換為以IBUK作為持有經紀商

 

一般問題

 
問:將發生什麼變化?

答: IB將擴大由IB UK清算和持有的客戶活動範圍,以包括某些當前由IB LLC處理的業務。目前,除實體商品(如黃金、白銀)和未在交易所掛牌的差價合約(CFD)外,IB UK通過IB LLC清算所有客戶活動。為區分由IB英國清算的和轉介給IB LLC處理的IB英國的活動,我們創建了一個稱為IBUKL的內部記賬賬戶,用於記錄IB英國的活動。該IBUKL賬戶將被用於清算和持有更廣泛的產品類型,包括股票、ETF、期權、期貨、期貨期權和外匯。

 
問:為什麼要這麼處理?

答: IB客戶群既包括美國賬戶也包括非美國賬戶,正傾向於變得更為國際化。目前很大一部分非美國客戶群的活動在美國經紀自營商IB LLC處清算、持有並託管(除CFD、實物金屬及所有通過IB印度和IB日本賬戶處理的活動),將部分活動轉移到IBUKL具有很大優勢,因規管結構更接近於客戶所在地。

這些優勢包括能將客戶的非美國商品和證券頭寸整合進同一個賬戶部分、通過頭寸對沖和應用基於風險的保證金計算方法享受更有利的保證金、通過合併當前不同項目下的現金餘額來降低借款成本/提高利息收入、以及盡可能減少美國稅務的報告義務。
 
 
問:IB UK和IBUKL有什麼區別?

答:盈透證券(英國)有限公司(“IB UK”)是一家由英國行為監管局(FCA)授權在英國運營的經紀商。相比之下,IBUKL不是法律實體,而是一種內部的記錄或標記慣例,用於指定通過IB UK交易的客戶業務子項目。目前,該活動僅包括由IB英國清算且作為對手方的場外產品,包括非交易所掛牌的CFD和實體商品(即黃金和白銀)。

 

問:貴公司計劃如何推出產品?

答:一開始,我們將向已有的IBUKL產品服務範圍添加非美國股票指數產品(即以同一種貨幣交付的期貨和期權)。這包括FTSE、CAC、恆生、日經及DAX等指數。我們將為這些產品創建一個新的“國際股票指數”許可,並向新客戶和合格原有客戶提供。合格原有客戶包括有期權權限、以及在過去12個月中持有頭寸或開展過頭寸交易的非美國賬戶。這些原有客戶將自動獲得該許可。

非美國股票指數產品轉換完成後,我們將按照以下順序擴大涵蓋產品的範圍:外匯、其他期貨及非美國股票。

 

問:開立了IBUKL賬戶的客戶是否會同時擁有IB LLC的賬戶?
答:在大多數情況下可能會。如果客戶僅交易由IBUKL賬戶清算和持有的產品,理論上他們無需開立IB LLC賬戶。有其他頭寸的客戶將保留或需開立IB LLC賬戶。

 

問:IBUKL賬戶會像IB LLC賬戶一樣有多個部分嗎?

答:不會。IB LLC賬戶下的多個部分反映了美國二元分化的監管結構,即證券產品由證券交易委員會(SEC)監管、而大宗商品則由商品期貨交易委員會(CFTC)監管。除了聯合監管的個股期貨以外,CFTC或SEC的法規對另一個監管機構管轄的賬戶中的產品的清算或保證金要求均不作規定。比如CFYC和SEC的客戶保護規則,儘管兩者的目的相似,但應用不同;此類規則旨在隔離一定金額的資產,以便償還與賬戶的證券或商品板塊相對應的權利主張,但僅以單個部分的潛在主張為限。

IB UK的主要監管方英國行為監管局(FCA)同時監管證券和商品,所有IBUKL頭寸將被放置在一個賬戶部分中。


問:IBUKL賬戶中的頭寸將適用何種保證金方法?
答:頭寸不適用美國Reg. T保證金要求,而是適用基於風險的(VAR)方法。初期,當新產品被遷移至IBUKL賬戶,本地交易所/清算方法(通常為SPAN)將被沿用,賬戶的保證金要求將是多種方法計算結果的加總。未來,IB將對整個賬戶使用統一的保證金計算方法,即基於IB當前獨有的投資組合保證金計算模型。

 

問:需要簽署額外的披露聲明或協議嗎?在哪裡可以看到?

答:對於由IBUK持有產品的IBUK客戶,新的客戶協議可在IB網站的產品與服務>表格與披露板塊找到。

 

 
問:我能否在賬戶間劃轉資金?
 
答:由於IBLLC和IB UK是獨立的法律實體,多餘資金無法自動在兩個賬戶間轉移,除非是為了滿足保證金要求。在某些情況下,IB會自動轉移所需的資金,以滿足IBLLC和IB UK賬戶的保證金要求。賬戶管理中剩餘資金劃轉選項仍將有效,但僅會影響IBLLC賬戶。

 

問:在資產轉移期間及轉移後利息怎麼計算?
 
答:在IBLLC持有現金餘額的客戶將繼續依據其在證券和商品賬戶中持有的現金餘額分別計算利息。在IB UK持有現金餘額的客戶只有一個現金餘額,利息都根據這個餘額計算。
 
 

客戶保護

 
問:IB UK賬戶能為我提供何種保護?
 
答: IB UK是英國金融服務補償計劃(“FSCS”)成員。補償標準會不斷變化,有關當前補償標準的詳情,請參考FSCS網站www.fscs.org.uk/
 
 
問:我從哪裡可以獲得有關客戶保護的更多信息?
 
答:您可參考知識庫文章KB2012了解有關客戶保護的更多信息。
 
 
問:IB UK是否提供高於行業標準的額外保護?
 
答: IB UK不提供高於FSCS標準的額外保護。
 
 
問:勞埃德(Lloyds)的保險是否也覆蓋IB UK的賬戶?
 
答:不覆蓋。倫敦勞埃德保險公司的某些保險人提供高於SIPC標準的保險範圍;但不適用於IBUK持有經紀商持有的產品。

 
問:如果變更賬戶後對我的違約保障會變差,我為什麼還要變更賬戶?
 
答:將資產託管在IB UK有多項好處。這些好處包括能將客戶的非美國商品和證券頭寸整合進同一個賬戶部分、通過頭寸對沖和應用基於風險的保證金計算方法享受更有利的保證金、通過合併當前不同項目下的現金餘額來降低借款成本/提高利息收入、以及盡可能減少美國稅務的報告義務。
 
 
問:我能否選擇繼續使用IBLLC賬戶以便享受SIPC的保護?
 
答:目前,IB想要將某些產品組遷移至IB UK,因此,所有持有相關產品組的客戶將被遷移至IB UK。將來這些產品可能可以通過IBLLC持有,但目前尚不可以。
 
 
問:IB UK破產而IBLLC不破產的情況可能發生嗎?

答:理論上可能,但我們認為這種情況不會出現。 IB LLC和IB UK都是同一家母公司盈透證券集團有限公司(Interactive Brokers Group LLC)的全資子公司。成立獨立實體主要是出於應對監管的目的,我們相信這兩者中任何一家都不會破產,母公司更不可能只讓其中一家破產。此外,由於IB約85%的股權是管理層和員工持有的,所有者出於經濟利益的考慮會極力保護其投資、不致讓這兩家實體破產。

 

 

 

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