美國微型市值股票限制

簡介
爲遵守非注册證券賣出相關法規、最小化非公開報價證券交易過程中的人工處理,IBKR對美國微型市值股票實施了一定限制。下方列出了該等限制以及與此話題相關的其它常見問題。 

微型市值股票限制

  • IBKR將接受來自符合條件之客戶的美國微型市值股票轉帳。符合條件的客戶包括:(1) 資産(轉帳前或轉帳後)不低于500萬美元的賬戶,或資産規模不低于2000萬美元的財務顧問的客戶;幷且(2) 美國微型市值股票投資占比不到其賬戶資産的一半。
  • IBKR將只接受符合條件的客戶能够確認股票系從公開市場買入或已在美國證監會(SEC)進行過注册的美國微型市值股票的大宗轉帳1
  • IBKR不接受客戶被OTC標記爲“買者自負”或“灰色市場”的美國微型市值股票轉帳1或開倉委托單。持有該等股票倉位的客戶可以進行平倉;
  • IBKR不接受爲了回補在IBKR的空頭倉位而進行的美國微型市值股票轉帳;
  • 僅執行客戶(即只通過IBKR執行交易,但在別處清算)不能在其IBKR賬戶中交易美國微型市值股票。(IBKR可對在美國注册的經紀商例外對待);


微型市值股票常見問題

什麽是美國微型市值股票?
“微型市值股票”是指市值介于5000萬美元到3億美元之間幷且價格低于5美元一股的(1) 場外交易股票或(2) Nasdaq和NYSE American挂牌股票。就該政策而言,微型市值股票包括市值等于或低于5000萬美元的美國上市公司股票,這種股票有時也被稱爲納級股或者是在與微型市值股票相關的市場上交易。

爲避免股價短期小幅波動導致股票被反復重新分類,所有被分類爲美國微型市值股的股票只有在其市值和股價連續30天均分別超過5億美元和5美元的情况下才會重新分類。

微型市值股票通常股價很低,常常被稱爲仙股。IBKR也可設置例外,包括對股價低但近期市值上漲的股票。此外,IBKR不會將非美國公司的ADR視作微型市值股票。

微型市值股票在哪裏交易?
微型市值股票通常在OTC市場而非全國性證券交易所交易。其通常由做市商在OTC系統(如OTCBB)和OTC Markets Group管理的市場(如OTCQX、OTCQB和Pink)以電子方式報價。該類別下還包含非公開報價的股票和被指定爲“買者自負”、其它OTC或“灰色市場”的股票。

此外,美國監管部門也將在Nasdaq和NYSE American挂牌、價格等于或低于5美元一股且市值等于或低于3億美元的股票視爲微型市值股票。


如果IBKR收到來自符合條件之客戶的轉倉,其中一個或多個倉位是微型市值股票,會怎麽樣?
如果IBKR收到包含微型市值股票的轉倉,IBKR有權限制其中任何微型市值股票倉位的賣出,除非符合條件的客戶能够提供適當的文件證明該等股票系在公開市場買入(即通過其它經紀商在交易所買入)或者該等股票已經根據S-1或類似股票注册聲明表在美國證監會進行過注册。

符合條件的客戶可以通過提供經紀商給出的能够反映股票買入交易的經紀報表或交易確認來證明股票確實是在公開市場上買入。符合條件的客戶也可以通過提供其股票在美國證監會(Edgar系統)進行注册的備案號(以及任何可證明股票就是注册聲明上所列股票的文件)來證明股票已經過注册。

注意:所有客戶隨時都可轉出我們對其實施了限制的股票。

IBKR對主經紀賬戶有什麽限制?
活動包含主經紀服務的客戶在IBKR同意接受的來自其執行經紀商的交易方面被視爲符合條件的客戶。然而,儘管主經紀賬戶可以在IBKR清算美國微型市值股票,但在IBKR確認股票根據上述程序可以賣出之前,相關股票將受到限制。要爲在公開市場上買入的股票移除限制,請提供執行經紀商出具的正式賬戶報表或交易確認,或者讓執行經紀商提供有公司抬頭的顯示IBKR賬戶名稱和賬戶號碼的簽字函件,函件應說明股票系從公開市場買入幷應提供交易執行的詳細信息(日期、時間、數量、代碼、價格和交易所)。如果股票是通過發行取得,則函件必須提供相關注册聲明文件或鏈接幷說明該等股票是發行股票的一部分。

總結:如果多頭倉位不再受到限制則可以接受賣出多頭交易。賣出空頭交易可以接受。買入多頭交易可以接受,但倉位將被限制,直到向合規部門提供足够資料將限制移除。不接受買入補倉交易和日內軋平交易。


如果您買入的股票被重新分類爲“灰色市場”或“買者自負”股票怎麽辦?

如果您在IBKR賬戶中買入的股票之後被分類爲“買者自負”或“灰色市場”股票,您將可以繼續持有倉位、平倉或轉倉,但無法增加持倉。


我賬戶中微型市值股票交易受到限制的原因是什麽?
您被限制交易微型市值股票的主要原因有兩個:

  • 與發行方存在潜在關聯:美國證監會規則144對發行人的關聯方交易股票(包括微型市值股票)有一定限制。如果IBKR發現微型市值股票交易活動或持倉接近規則144規定的交易量閾值(“規則144閾值”),則IBKR會限制客戶交易該微型市值股票,直到完成合規審查。
  • 微型市值股票轉倉:如果客戶近期將微型市值股票轉入其IBKR賬戶,IBKR會限制客戶交易該證券,直到完成合規審查。

如果符合其中一種情况,相關證券交易會受到限制,客戶會在賬戶管理的消息中心下收到相應通知。該通知將說明限制的原因以及客戶爲了解除限制必須采取的措施。


爲什麽IBKR將我視爲微型市值股票發行方的潜在關聯方?
“關聯方”是與發行方存在控制關係的人士,如執行官、董事或大股東。

規則144適用于包括微型市值股票在內的所有證券。但是,鑒于交易微型市值股票涉及高風險,如果客戶的微型市值股交易和/或持倉接近規則144閾值,IBKR將限制客戶交易該微型市值股票。該等限制在合規對客戶的潜在關聯方身份進行審核幷作出决定之前將保持生效。

對于潜在關聯方審核,爲什麽我需要要求每兩周進行一次新的審核?
客戶的關聯方身份可能會在IBKR完成上述潜在關聯方審核後很快發生變化。因此,IBKR認爲如果客戶的的微型市值股交易和/或持倉仍然接近規則144閾值,每兩周刷新一下潜在關聯方審核較爲合適。

哪裏可以查看IBKR指定爲美國微型市值股的股票列表?
請打開以下鏈接:www.ibkr.com/download/us_microcaps.csv

請注意,此列表每日更新。

哪裏可以瞭解更多有關微型市值股票的信息?
有關微型市值股票的更多信息,包括其相關風險,請參見美國證監會網站:https://www.sec.gov/reportspubs/investor-publications/investorpubsmicrocapstockhtm.html
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1包括任何方式的轉帳(如ACATS、DWAC、FOP)、通過“南向(Southbound)”轉帳將加拿大挂牌股票轉成美國股票的轉換、爲回補空頭倉位進行的轉帳、在其它經紀商執行但在IBKR清算的IB主經紀服務客戶等。

 

Locating your account number for ACATS transfers

In order for your ACAT or ATON transfer to be completed successfully, your broker must validate the account number provided on the request. If the account number is invalid, your broker will reject the request. IBKR recommends that clients review a copy of their brokerage statement to confirm their account number and has provided statement samples below from some of the more common brokers highlighting where this information can be found.

 

Charles Schwab - Broker #0164.  Account Number convention is 8 characters, all numeric.

 

Fidelity Investments - Delivers through National Financial Services, Broker #0226.  Account Number convention is 9 characters, first 3 alpha-numeric and last 6 numeric.

 

 

Merrill Edge - Broker #0671.  Account Number convention is 8 characters, combination of alpha and numeric.

   

TD Ameritrade - Broker #0188. Account Number convention is 9 characters, all numeric.

 

Vanguard- Broker #0062. Account Number convention is 8 characters, all numeric.

 

Note: This article contains images of sample broker statements which are for illustrative purposes only and which may contain logos that remain the property of each of those brokers.

U.S. Microcap Stock Restrictions

Introduction
To comply with regulations regarding the sale of unregistered securities and to minimize the manual processing associated with trading shares that are not publicly quoted, IBKR imposes certain restrictions on U.S. Microcap Stocks. A list of those restrictions, along with other FAQs relating to this topic are provided below. 

Microcap Restrictions

  • IBKR will only accept transfers of blocks of U.S. Microcap stocks from Eligible Clients. Eligible Clients include accounts that: (1) maintain equity (pre or post-transfer) of at least $5 million or, clients of financial advisors with aggregate assets under management of at least $20 million; and (2) have less than half of their equity in U.S. Microcap Stocks.
  • IBKR will only accept transfers1 of blocks of U.S. Microcap Stocks where the Eligible Client can confirm the shares were purchased on the open market or registered with the SEC;
  • IBKR will not accept transfers1 of or opening orders for U.S. Microcap Stocks designated by OTC as Caveat Emptor or Grey Market from any client. Clients with existing positions in these stocks may close the positions;
  • IBKR will not accept transfers of U.S. Microcap Stocks to cover a short position established at IBKR;
  • Execution-only clients (i.e., execute trades through IBKR, but clear those trades elsewhere) may not trade U.S. Microcap Stocks within their IBKR account. (IBKR may make exceptions for U.S.-registered brokers);


Microcap FAQs

What is a U.S. Microcap Stock?
The term “Microcap Stock” refers to shares (1) traded over the counter or (2) that are listed on Nasdaq and NYSE American that have a market capitalization of between $50 million to $300 million and are trading at or below $5. For purposes of this policy, the term Microcap Stock will include the shares of U.S. public companies which have a market capitalization at or below $50 million, which are sometimes referred to as nanocap stocks or trade on a market generally associated with Microcap Stocks.

To avoid situations where minor, short-term fluctuations in a stock price cause repeated reclassification, any stock classified as U.S. Microcap will remain in that classification until both its market capitalization and share price exceed $300 million and $5, respectively, for a 30 consecutive calendar day period.

As Microcap Stocks are often low-priced, they are commonly referred to as penny stocks. IBKR may make exceptions, including for stocks traded at low prices that recently had a greater market cap. In addition, IBKR will not consider ADRs on non-US companies to be Micro-Cap stocks.

Where do Microcap Stocks trade?
Microcap Stocks typically trade in the OTC market, rather than on a national securities exchange. They are often electronically quoted by market makers on OTC systems such as the OTC Bulletin Board (OTCBB) and the markets administered by the OTC Markets Group (e.g., OTCQX, OTCQB & Pink). Also included in this category are stocks which may not be publicly quoted and which are designated as Caveat Emptor, Other OTC or Grey Market.
In addition, U.S. regulators also consider stocks listed on Nasdaq or NYSE American trading at or below $5 with a market capitalization at or less than $300 million to be Microcap Stocks.

What happens if IBKR receives a transfer from an Eligible Client where one or more of the positions transferred is a Microcap Stock?
If IBKR receives a transfer containing a block of a Microcap stock, IBKR reserves the right to restrict the sale of any Microcap position(s) included in the transfer unless the Eligible Client provides appropriate documentation establishing that the shares were either purchased on the open market (i.e., on a public exchange through another broker) or were registered with the SEC pursuant to an S-1 or similar registration statement.

Eligible Clients can prove that shares were purchased on the open market by providing a brokerage statement or trade confirm from a reputable broker reflecting the purchase of the shares on a public exchange. Eligible Clients can establish that the shares are registered by providing the SEC (Edgar system) File number under which their shares were registered by the company (and any documents necessary to confirm the shares are the ones listed in the registration statement).

NOTE: All customers are free to transfer out any shares we have restricted at any time.

What restrictions will IBKR apply to Prime accounts?
Clients whose activities include Prime services are considered Eligible Clients solely for the purposes of those trades which IBKR has agreed to accept from its executing brokers. However, while Prime accounts may clear U.S. Microcap Stocks at IBKR, those shares will be restricted until such time IBKR confirms that the shares are eligible for re-sale under the procedures discussed above.  To remove the restriction for shares purchased on the open market, please provide an official Account Statement or Trade Confirmation from the executing broker or have the executing broker provide a signed letter, on company letterhead, showing the IBKR account name and number, stating that the shares were purchased in the open market, along with the details of the executions (date, time, quantity, symbol, price, and exchange).  Or if the shares were acquired through an offering the letter must provide documents or links to the relevant registration statement and state that the shares were part of it.

To summarize: Sell Long trades will be accepted if the long position is no longer restricted.  Sell Short trades will be accepted.  Buy Long trades will be accepted and the position will be restricted until Compliance is provided with sufficient information to remove the restriction.  Buy Cover trades and intraday round trip trades will not be accepted.


What happens if a stock you purchase gets reclassified as Grey Market or Caveat Emptor?

If you purchase a stock in your IBKR account that at a later date becomes classified as a Caveat Emptor or Grey Market stock, you will be allowed to maintain, close or transfer the position but will not be able to increase your position.


What are some of the reasons why Microcap Stock trading may be restricted in my account?
There are two primary reasons why you might be restricted from trading in a Microcap Stock:

  • Potential Affiliation to Issuer: U.S. Securities and Exchange Commission (“SEC”) Rule 144 places certain limitations on trading of stocks (including Microcap Stocks) by an “affiliate” of the issuer. If IBKR observes trading activity or holdings in a Microcap Stock that are close to the trading volume thresholds under Rule 144 (“Rule 144 Thresholds”), IBKR may restrict the customer from trading the Microcap Stock until a compliance review is completed.
  • Transfer of Microcap Stock: If the customer has recently transferred a Microcap Stock into their IBKR account, IBKR may restrict the customer from trading in that security until a compliance review is completed.

If one of the above reasons apply, trading will be restricted in the security and a notification will be sent to the customer’s message center in Account Management. This notification will describe the reason for the restriction and the steps the customer must take before IBKR will consider lifting the restriction.


Why does IBKR consider me to be a potential affiliate of a Microcap Stock issuer?
An “affiliate” is a person, such as an executive officer, a director or large shareholder, in a relationship of control with the issuer.

Rule 144 applies to all securities, including Microcap Stocks. However, given the heightened risks associated with trading Microcap Stocks, if a customer’s trading and/or holdings in a Microcap Stock are close to the Rule 144 Thresholds, IBKR will restrict the customer’s trading in the Microcap Stock.  This restriction will remain in effect pending a compliance review into the customer’s potential affiliate status.

For the Potential Affiliate review, why do I need to ask for a new review every two weeks?
A customer’s affiliate status may change soon after IBKR completes the above-referenced Potential Affiliate review. As such, IBKR believes it is appropriate to refresh a Potential Affiliate review every two weeks if a customer’s trading activity and/or holdings in the Microcap Stock remain close to the Rule 144 Thresholds.

Where can I find a list of stocks that IBKR has designated as U.S. Microcaps?
A list of stocks designated as U.S. Microcaps by IBKR is available via the following link: www.ibkr.com/download/us_microcaps.csv

Note that this list is updated daily.

Where can I find additional information on Microcap Stocks?
Additional information on Microcap Stocks, including risks associated with such stocks may be found on the SEC website: https://www.sec.gov/reportspubs/investor-publications/investorpubsmicrocapstockhtm.html
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1This includes transfers by any method (e.g., ACATS, DWAC, FOP), conversion of Canadian listings to their U.S. equivalent via “Southbound” transfer, transfers to cover existing short positions, IB Prime customers executing with other brokers and clearing to IBKR, etc.

 

ACATS Transfer Guide (US brokerage account transfers)

ACATS Transfer Guide

Introduction

ACATS Transfer Benefits

Navigating The Process

Incoming Or Outgoing

Initiating Your Transfer

What To Expect

Who To Contact For Help

 

Introduction

Understanding the basic facts about transferring accounts between US brokerage firms can be help to avoid delays.  Through this article and other Knowledge Database resources, Interactive Brokers seeks to assist with your incoming and outgoing ACATS requests.

US brokerage firms utilize a standardized system to transfer customer accounts from one firm to another.  Known as the Automated Customer Account Transfer Service or ACATS, the process allows assets to move seamlessly between  brokerage firms in a unified time frame.   ACATS transfers are facilitated by a third party, the National Securities Clearing Corporation (NSCC), to assist participating members with timely asset transfers.

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ACATS Transfer Benefits

The majority of assets may be transferred between US brokerage firms and some banks through ACATS.  This standardized system includes stocks, US corporate bonds, listed options, unit investment trusts, mutual funds, and cash.  Information on assets eligible for transfer is provided at "Assets Eligible..."  Though impacted by multiple factors and time constraints, the accepted or rejected transfers finalize within 10 business days in most cases.

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Navigating The Process

4 simple steps of the ACATS process will help you understand the flow and minimize delays.  Familiarizing yourself with the transfer process helps to ensure a successful transition.

1.  Incoming or Outgoing

2.  Initiating Your Transfer

3.  What to Expect

4.  Who to Contact For Help 

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 1. Incoming or Outgoing

 

Incoming ACATS Transfers

The financial institution that is receiving your assets and account transfer is known as the "receiving firm."  Investors always work with and through the "receiving firm" to move full or partial account assets into a new broker. 

Contact the "receiving firm" (Interactive Brokers) to review the firm's trading policies and requirements.  You should verify that your assets are eligible for trading at the "receiving firm" before initiating the transfer request.   Not all ACATS transferable assets are acceptable for trading at every brokerage firm.

Outgoing ACATS Transfers

All outgoing ACATS transfers, full or partial, must be approved by the "delivering firm."  Investors, however, should work with and through the "receiving firm" in order to begin the the transfer process or to status the progress of the request.      

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2. Initiating Your Transfer

Investors must always begin the ACATS transfer with the "receiving firm."  An ACATS transfer form or Transfer Initiation Form (TIF) must be submitted.  The "receiving firm" takes your reqeust and communicates with the "delivering firm" via ACATS.  The process begins with this request for transfer of the account. 

For your Interactive Brokers Account, the transfer is usually submitted online.  Video instruction on submitting the transfer is provided at "How to deposit funds via a full ACATS/ATON Transfer."  or through Step-by-step instructions.

Note: Outgoing account transfers from your IB account should be directed to the other broker.  Your request will be submitted to IB from the other broker through the ACATS electronically.

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3. What to Expect

Your Account

Brokers ensure the safety and security of transfer requests by only authorizing requests between open accounts that meet the following criteria:

  • Same Account Title
  • Same Tax ID Number
  • Same Account Type

Transfer Approval

Ultimately responsible for validating the transfer,  the "delivering firm" may accept  information from the "receiving firm" correcting data originally entered.  Approved or validated requests result in the delivery of positions to the "receiving firm" for their acceptance.   Assets may not be accepted by the "receiving firm" for the following:

  • Non-marginable or Margin (credit) violation
  • Not Tradable
  • DTC Chill

Note: The most common reasons for ACATS rejections are outlined by clicking here.

Processing Time-frame

The processing time for each transfer request is fixed.  In general, approved transfers complete within 4 to 8 business days.  Almost all transfers complete within 10 business days.  Each firm is required to perform certain steps at specific intervals in the process.  Feel free to review the Full ACATS transfer process flow.

 

Fees

While Interactive Brokers does not charge a fee to transfer your account via ACATS, some brokers do apply a fee for full and partial transfers. Prior to initiating your transfer, you should contact the "delivering firm" to verify any charge.

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4.  Who To Contact For Help

Interactive Brokers Customer Service stands poised to assist with your incoming ACATS transfer reqeust.  Click here for Customer Service contact resources.

Note:  Outgoing or ACATS transfers sending accounts to another broker should be directed to the "receiving firm."  Their Account Transfer Group will work with Interactive Brokers directly to complete your outgoing request.

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Free of Payment (FOP) Transfers

Overview: 

Free of Payment (FOP) is term used by IB to refer to a process of transferring long US securities between IB and another financial institution (e.g. bank, broker or transfer agent) through the Depository Trust Company (DTC).

The FOP transfer method is often used when:

1. The delivering form is not a DTC ACAT (Automated Customer Account Transfer) Participant.

2. The customer would like to expedite the delivery of their securities.   The processing time frame for securities transferred via FOP may, in certain instances, be less than that associated with an ACATS transfer.

The following steps are to be followed in order to create a FOP notice:

1. Log into Account Management.

2. Select Funding or Funds Management and then Position Transfers.

3. From the drop-down list, select the Transfer Method: Free of Payment.

4. Select the applicable transaction Type: Deposit or Withdraw.

5. In the case of a FOP Withdrawal, the steps are as follows:

    - Select the Destination to whom the securities are being transferred.

    - Enter your account number of the Third Party Broker Acount Information.

    - Specify the security (Stock, Warrants or US Bonds).

    - Enter the Symbol, Shares and the Exchange (optional) and click Add.

    - Provide your electronic signature authorizing the transfer request and clicking on the Continue button.

    - Verify your identity by entering your password and clicking on the Confirm Request button;

    - If your account is enrolled in the Secure Transaction Program (STP), the processing of your request   will take place once you enter your confirmation code and click on the Confirm Request button.  If not STP enrolled, your request will be subject to security verification, requiring that you contact our Customer Service Center to validate your identity and request.

6. In the case of a FOP Deposit, the steps are as follows:

    - Select the Source to whom the securities are being transferred.

    - Enter your account number of the Third Party Broker Acount Information.

    - Specify the security (Stocks, Warrants or US Bonds).

    - Enter the Symbol, Shares and the Exchange (optional) and click Add.

    - Provide your electronic signature authorizing the transfer request and clicking on the Continue button.

    - A printable version of the FOP request is made available should your transferring firm require an authorization form.

7. Transfer requests are typically completed within five business days.

 
IMPORTANT NOTE:

While IB does not assess a fee to process FOP transfers, other firms may and we therefore recommend that you confirm with the contra-firm their policies in this regard prior to submitting a request.  In the event a contra-firm does charge a fee to IB, the fee will be passed to the IB account holder.

 

Glossary terms: 

Assets eligible to be transferred through ACATS

Instruments handled by the ACATS system include the following asset classes: equities, options, corporate bonds, municipal bonds, mutual funds and cash. It should be noted; however, that ACATS eligibility does not guarantee that any given security will transfer as each receiving broker maintains its own requirements as to which asset classes as well as securities within a particular asset class it will accept.

Account holders are encouraged to use the Contract Search link on IB’s homepage to assess transfer eligibility prior to initiating a full account transfer request.  In the case of mutual funds, please click here for a list of fund families and funds offered by IB.

How do I transfer my US securities positions from my current broker to IB?

Overview: 

Broker to broker transfers for US securities are conducted via a process known as the Automated Customer Account Transfer Service or ACATS.  This process generally takes between 4 to 8 business days to complete in order to accommodate the verification of the transferring account and positions. The request is always initiated via the receiving broker (IB in this case) and can be prompted by following the steps below.

1.      Log into Account Management and select the Transfer & Pay and then Transfer Positions menu options.

2.      From the Transaction Type drop-down list select 'Inbound Position'

3.      From the Method drop-down list select 'ACATS'.

4.      Enter the sending Broker Information in the fields provided, and click CONTINUE

5.      In the Transaction Information section, indicate whether or not you wish to transfer all assets and select Yes to the authorization option. 

a.       Note that a "transfer all assets" election does not require that you specify any assets as an attempt will be made to transfer your account in its entirety.  Account holders should note, however, that certain positions may not be on the list of securities eligible to trade at IB and others, while transferable, may be subject to a house margin requirement higher than that of the delivering broker.  In the event IB receives an asset list from the delivering broker which includes ineligible positions or the aggregate of the positions transferred are such that a margin deficit would exist were the transfer to occur, IB will attempt to contact you to remedy the situation within the allocated time frame after which an automatic reject of the full transfer would take effect.  Account holders may wish to minimize potential delays or problems associated with a ‘Full’ transfer request by verifying security eligibility and margin requirements via the Contract Search link located at the upper right hand corner of the IB homepage prior to initiating the transfer.

b.      If you elect to not "transfer all assets", the system will require that you specify the positions you wish to transfer. Click Add Asset to add the positions you wish to transfer. Fill out the Asset Search and Transaction Information sections and click Continue.

6.      On the page that appears, type your signature in the Signature field, and then click CONTINUE.
Click BACK to modify the transfer request.

Please note that brokers generally freeze the account during the transfer period to ensure an accurate snapshot of assets to transfer and may restrict the transfer of option positions during the week prior to expiration. You may wish to check with the delivering broker to verify their policy in this regard. In addition, please note if your IB account is currently maintaining positions on margin, any cash withdrawals or adverse market moves could increase the likelihood that your account falls out of margin compliance during the transfer period which may delay or prevent completion of the transfer. 

 

IMPORTANT NOTICE

Applicants may meet the initial account funding requirement through the transfer of securities positions and/or cash via the ACATS system.

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