跳轉至指定主題；

• 外匯報價
• 創建報價行
• 下單
• 點值
• 頭寸（交易後）報告

 

外匯報價

貨幣對即外匯市場上一種貨幣單位相對於另一種貨幣單位的相對價值的報價。用以作為參考的貨幣被稱為報價貨幣，而參考該貨幣給出報價的貨幣則被稱為基礎貨幣。在TWS中，每個貨幣對有一個交易代碼。您可以使用外匯交易者（FXTrader）調換報價方向。交易者買入或賣出基礎貨幣的同時在賣出或買入報價貨幣。例如，EUR/USD貨幣對的代碼為：

EUR.USD

其中：

• EUR為基礎貨幣
• USD為報價貨幣

上方貨幣對的價格表示需要多少單位的USD（報價貨幣）能交易一個單位的EUR（基礎貨幣）。也就是說，1 EUR是在按USD報價。

EUR.USD的買單表示買入EUR並賣出同等金額的USD，具體取決於交易價格。

 

創建報價行

 

在TWS添加外匯報價行具體步驟如下：

1.  輸入交易貨幣（如EUR），然後按回車鍵（enter）。

2.  選擇產品類型——外匯   

3.  選擇結算貨幣（如USD），然後選擇外匯交易場所。

 

 

注：

IDEALFX對於超過其最低數量要求（通常為25,000美元）的定單可直接接入銀行間外匯報價。傳遞到IDEALFX但未達到其最低數量要求的定單基本會被自動傳遞到小額定單交易場所進行外匯轉換。點擊此處瞭解IDEALFX的最低數量要求和最高數量限制相關信息。 

外匯交易商會按特定方向對外匯貨幣對進行報價。因此，交易者需通過調整輸入的貨幣代碼來查找想要的貨幣對。例如，如果輸入貨幣代碼CAD，交易者會發現合約選擇窗口中沒有結算貨幣USD。這是因為，該貨幣對是按USD.CAD報價的，只能先輸入底層代碼USD，然後再選擇貨幣對。

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下單

 

具體取決於顯示的欄標頭，貨幣對將顯示如下：
合約（Contract）和描述（Description）欄將按交易貨幣.結算貨幣的形式顯示貨幣對（如EUR.USD）。底層代碼（Underlying）欄則只顯示交易貨幣。

點擊此處瞭解如何更改更改顯示的數據欄標頭。

 

1.  要輸入定單，左鍵點擊買價（下賣單）或賣價（下買單).

2.  指定想要買入或賣出的交易貨幣的數量。定單的數量按基礎貨幣（即貨幣對中的前一種貨幣）顯示。

盈透證券在外匯交易上沒有代表固定金額基礎貨幣的合約的概念，您的交易尺寸便是所需交易的基礎貨幣金額。

例如，100,000單位EUR.USD的買單會買入100,000單位EUR，並根據顯示的匯率賣出等值USD。

3.  指定想使用的定單類型、匯率（價格），然後傳遞定單。

注：下達的定單必須是完整的貨幣單位，除上述交易場所最低數量要求外，沒有最低合約或手數要求。

常見問題：如何使用外匯交易者（FX Trader）下單？

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點值

點（pip）是貨幣對變化的衡量單位，對於大多數貨幣對來說其代表最小變化，但有時也允許存在非整點的變化。

例如，在EUR.USD中，1個點是0.0001，而在USD.JPY中，1個點事0.01。

要計算報價貨幣1個點的點值，可採用以下公式：

(名義金額) x (1個點)

例如：

• 代碼 = EUR.USD
• 金額 = 100,000 EUR
• 1個點 = 0.0001

1個點點值 = 100’000 x 0.0001= 10 USD

• 代碼 = USD.JPY
• 金額 = 100’000 USD
• 1個點 = 0.01

1個點點值 = 100’000 x (0.01)= JPY 1000

要計算基礎貨幣1個點的點值，可採用以下公式：

(名義金額) x (1個點/匯率)

例如：

• 代碼 = EUR.USD
• 金額 = 100’000 EUR
• 1個點 = 0.0001
• 匯率 = 1.3884

1個點點值 = 100’000 x (0.0001/1.3884)= 7.20 EUR

• 代碼 = USD.JPY
• 金額 = 100’000 USD
• 1個點 = 0.01
• 匯率 = 101.63

1個點點值 = 100’000 x (0.01/101.63)= 9.84 USD

 

頭寸（交易後）報告

 

外匯頭寸信息是在IB進行交易的一個重要方面，在真實賬戶中開始交易之前需對其進行充分瞭解。IB的交易軟件在兩個不同的地方反映了外匯頭寸，二者均可在賬戶窗口查看。

 

1. 市場價值

賬戶窗口的市場價值部分反映的是實時貨幣頭寸，按貨幣（而非貨幣對）顯示。 

賬戶窗口的市場價值部分是唯一一個可供交易者查看實時外匯頭寸信息的地方。持有多種貨幣頭寸的交易者不一定要使用開倉時用的貨幣對來平倉。例如，買了EUR.USD（買EUR賣USD）還買了USD.JPY（買USD賣JPY）的交易者也可以通過交易EUR.JPY（賣EUR買JPY）來平倉頭寸。

注：

市場價值部分可展開/收起。交易者應點擊淨清算價值欄上方的符號確保顯示出綠色“減號”。如果是綠色“加號“，某些頭寸可能被隱藏。

 

交易者可以從市場價值部分發起平倉交易：右鍵點擊想要平倉的貨幣，選擇”平倉貨幣餘額“或”平倉所有非基礎貨幣餘額“。

 

 2. 外匯投資組合

賬戶窗口的外匯投資組合部分展示的是虛擬頭寸，以貨幣對的形式顯示頭寸信息，這與市場價值部分按貨幣顯示不同。這種特定的顯示形式是為了考慮機構外匯交易者的常用慣例，零售或非頻繁外匯交易者基本上可以無視該部分信息。外匯投資組合的頭寸數量並不反映所有外匯活動，但是，交易者可以對此部分顯示的頭寸數量和平均成本進行修改。這一無需執行交易便可隨意調整頭寸和平均成本信息的功能對於除交易非基礎貨幣產品外還參與其它貨幣交易的交易者可能會有幫助。其可讓交易者手動將自動貨幣轉換（交易非基礎貨幣產品時會自動發生）與單純的外匯交易活動分隔開來。 

外匯投資組合部分的外匯頭寸和盈虧信息均來自所有其它交易窗口顯示的信息。這在確定真實的實時頭寸信息時可能會造成一定困惑。為減少或消除此類困惑，交易者可以選擇以下操作：

 

a. 收起外匯投資組合部分

點擊外匯投資組合（FX Portfolio）文字左邊的箭頭可收起外匯投資組合部分。收起該部分後，虛擬頭寸信息便不再在各交易頁面顯示。（注：這並不會讓市場價值信息顯示出來，其只會阻止外匯投資組合信息顯示。）

 

 

b. 調整頭寸或平均價格

右鍵點擊賬戶窗口的外匯投資組合部分，交易者可以選擇調整頭寸或平均價格。交易者平倉掉所有非基礎貨幣頭寸並確定市場價值部分反映了被平倉的所有非基礎貨幣頭寸後，便可將頭寸和平均價格區域重置為0。此操作會重置外匯投資組合部分的頭寸數量，可讓交易者在交易界面看到更加準確的頭寸和盈虧信息。（注：這是手動操作，每次貨幣頭寸平倉後都需進行一次）。交易者應隨時對市場價值部分的頭寸信息進行確認，確保傳遞的定單達到開倉或平倉頭寸想要的結果）

 

我們鼓勵交易者在真實賬戶中開始交易前，先在模擬交易或演示賬戶中熟悉一下外匯交易。如關於以上信息仍有任何疑問，請聯繫IB。

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其它常見問題：

 

 

 

When an intermarket sweep order is being executed, only the inside quote (NBBO) at each available exchange is "protected".  This means that orders resting on an exchange at prices that are inferior to the best bid or ask prices at the time of the intermarket sweep print are not considered to be "protected" and may be traded through.

Example:

• An order is submitted in the pre market to sell at a price of 40.80 and is sent to exchange A.
• The best offer price on exchagne A is 40.63.
• Exchange B receives an intermarket sweep order to buy 800 shares of the stock at a limit price of 40.88.
• The best offer price on exchange B is 40.88

The trader that enters the intermarket sweep order would be required to fulfill their Regulation NMS requirement by executing the maximum available quantity on exchange A at 40.63 and then may execute the balance of the order on exchange B at 40.88 even though it is at a price that is inferior to the 40.80 order resting in the book on exchagne A.  The 40.80 price is not the inside quote and is therefore not "protected" in terms of the balance of the sweep order executing at exchange B at a price of 40.88.

 

A wealth of information is available on the web regarding intermarket sweep orders and SEC regulation NMS.  The following are some links that may be useful in terms of providing additional information on these topics;

• SEC Regulation NMS Rule June 29, 2005
• Google

Each exchange has rules that define how intermarket sweep orders are handled.  The following are reference links to the rulebooks of the primary exchanges where traders can find more informaiton on intermarket sweep order handling;

• NYSE
• NASDAQ
• ARCA
• AMEX
• CBSX

 

Position limits are defined on regulatory websites and may change periodically.  Some contracts also have near-term limit requirements (near-term position limits are applied to the side of the market for those contracts that are in the closest expiring month issued).  Traders are responsible for monitoring their positions as well as the defined limit quantities to ensure compliance.  The following information defines how position limits are calculated;

 

Option position limits are determined as follows:

• Bullish market direction -- long call & short put positions are aggregated and quantified in terms of equivalent shares of stock.

• Bearish market direction -- long put & short call positions are aggregated and quantified in terms of equivalent shares of stock.

The following examples, using the 25,000 option contract limit, illustrate the operation of position limits:

• Customer A, who is long 25,000 XYZ calls, may at the same time be short 25,000 XYZ calls, since long and short positions in the same class of options (i.e., in calls only or in puts only) are on opposite sides of the market and are not aggregated
• Customer B, who is long 25,000 XYZ calls, may at the same time be long 25,000 XYZ puts. Rule 4.11 does not require the aggregation of long call and long put (or short call and short put) positions, since they are on opposite sides of the market.
• Customer C, who is long 20,000 XYZ calls, may not at the same time be short more than 5,000 XYZ puts, since the 25,000 contract limit applies to the aggregate position of long calls and short puts in options covering the same underlying security. Similarly, if Customer C is also short 20,000 XYZ calls, he may not at the same time have a long position of more than 5,000 XYZ puts, since the 25,000 contract limit applies separately to the aggregation of short call and long put positions in options covering the same underlying security.

 

Notifications and restrictions:

 

IB will send notifications to customers regarding the option position limits at the following times:

• When a client exceeds 85% of the allowed limit IB will send a notification indicating this threshold has been exceeded
• When a client exceeds 95% of the allowed limit IB will place the account in closing only. This state will be maintained until the account falls below 85% of the allowed limit. New orders placed that would increase the position will be rejected.

 

Notes:

Position limits are set on the long and short side of the market separately (and not netted out).
Traders can use an underlying stock position as a "hedge" if they are over the limit on the long or short side (index options are reviewed on a case by case basis for purposes of determining which securities constitute a hedge).
Position information is aggregated across related accounts and accounts under common control.

 

Definition of related accounts:

IB considers related accounts to be any account in which an individual may be viewed as having influence over trading decisions. This includes, but is not limited to, aggregating an advisor sub-account with the advisor's account (and accounts under common control), joint accounts with individual accounts for the joint parties and organization accounts (where an individual is listed as an officer or trader) with other accounts for that individual.

 

Position limit exceptions:

Regulations permit clients to exceed a position limit if the positions under common control are hedged positions as specified by the relevant exchange. In general the hedges permitted by the US regulators that are recognized in the IB system include outright stock position hedges, conversions, reverse conversions and box spreads. Currently collar and reverse collar strategies are not supported hedges in the IB system. For more detail about the permissible hedge exemptions refer to the rules of the self regulatory organization for the relevant product.

OCC posts position limits defined by the option exchanges.   They can be found here.
http://www.optionsclearing.com/webapps/position-limits

This is the pertinent information traders should know about odd lot orders:

• An odd lot is a number of shares less than 100 (1-99)
• A "Round Lot" is 100 shares of stock
• Any number of shares that is a multiple of 100 is a round lot (i.e. 100, 600, 1,600, etc)
• An order for a number of shares greater than 100, but not a multiple of 100 (i.e. 142, 373, 1,948, etc) is a "Mixed Lot" (AKA PRL, or partial round lot, order)
• Odd-Lot orders are not posted to the bid/ask data on exchanges
• Odd-Lot orders are taken into the order book at the exchange they are routed to.  When the exchange is able to match an order from the other side of the book with the odd-lot, it will be filled.  This could lead to delay on execution of an odd-lot. 
• There are numerous guidelines for the routing of odd-lot orders:  Odd-Lot orders to initiate positions will not be routed to primary exchanges; Odd-Lot orders can be routed to primary exchanges, but only if the order in question is to close out a preexisting position; IB will not direct-route odd-lot orders which initiate positions to primary exchanges, therefore these type of orders should be Smart Routed so that IB's routing system can send the order to an ECN for execution.  The exception is that odd lots can be routed to NYSE/ARCA/AMEX, but only as part of a basket order or as a market-on-close (MOC) order.
• A mixed lot or PRL (i.e. 257 shares) direct-routed to NYSE/AMEX will be submitted in whole to the exchange (applies to both market and limit orders).  If the order is direct-routed to NYSE/ARCA, only the round lot portion of the order will be submitted and, if it is executed, the IB system will cancel the remaining odd-lot portion of the order.  If the order is routed via IB Smart Routing, all market centers are eligible to receive the order according to the Smart Routing logic (including NYSE/ARCA, but only for the round lot portion of the order).
• IB will not route odd-lot orders for HOLDRS.  The odd-lot portion of a PRL order for HOLDRS will be rejected by the IB system after the round lot portion of the order is executed.
• Individual exchanges may impose certain restrictions on odd lot orders, in addition to any of the restrictions mentioned above