Ex-Ante Costs and Charges Disclosures
Overview:
What is this Disclosure?
MIFID II rules require that Interactive Brokers in Europe and the UK provide its retail clients with a reasonable estimate of the costs and charges related to products and services offered.
Retail clients of Interactive Brokers in Europe can view a per-transaction costs and charges disclosure at the time of the order entry (‘ex-ante’). The disclosure is personalized and corresponds to the conditions applicable to the client account.
While clients have the option to view the disclosure, it is not a mandatory step before the order submission.
The disclosure content and format are largely prescribed by the rules to enable retail clients to compare costs and charges across providers. This article aims to clarify the meaning of these standardized terms.
In addition to Interactive Brokers costs and charges, the disclosure must show implicit costs and costs embedded in the product price itself (and not charged by Interactive Brokers separately).
A per transaction costs and charges disclosure is required for:
- All futures and options globally, including futures options
- ETFs of all types
- Funds, including closed-end funds
- CFDs
- Warrants and structured products
A disclosure is not required for other products such as vanilla stocks and bonds.
Where to Find the Per-transaction Costs and Charges Disclosure?
Access to the disclosure is via a link embedded in the primary order-entry dialog.
TWS Classic:
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The presence of the link does not interrupt the standard order entry workflow if a client chooses not to click it. A client can click the transmit button in the usual way and skip viewing the disclosure.
Clicking the “Cost Impact” link brings up a pop-up with the ex-ante per transaction costs and charges disclosure, with the option to download it as a PDF:
Other Trading Applications:
The other order entry interfaces such as Mosaic, Client Portal and Mobile likewise include a link to the costs and charges disclosure, again without interrupting the standard workflow unless a client expressly wants to see the disclosure.
Below is an example of the order ticket in the Client Portal. Order tickets in TWS Mosaic and Mobile are similar.
The Disclosure Content and Structure
The per transaction costs and charges disclosure includes a summary-section followed by an itemized costs and charges breakdown. The various cost items are presented using headings and terms that are mandated by the regulation to make the disclosures comparable across investment service providers. The example below illustrates the statement structure and contains explanatory notes.
Ex-ante Costs and Charges Disclosure - Illustrative Example
(1) Account detail
(2) Costs and Charges Summary
Please note that the “Financial Instrument Cost” is embedded in the product, and not a cost charged by Interactive Brokers. We are required to source or estimate such costs so you could better understand all of the costs that are associated with some of your securities.
(3) Itemized Breakdown of Costs and Charges
賣空股票收入的貸方利息
Overview:
如何確定與股票借入倉位相關的貸方利息或費用
Background:
賬戶持有人賣空股票時，IBKR會代賬戶持有人借入相應數量的股票，以履行向買方交付股票的義務。根據借入股票的股票借貸協議，IBKR需向股票出借方提供現金抵押品。現金抵押品的金額基于股票價值的行業標準計算，稱爲抵押品標記。
股票出借方就現金抵押品向IBKR提供利息，利率通常會低于現金抵押存款的現行市場利率（通常與美元計價現金存款的聯邦基金有效利率挂鈎），其中的差額即作爲出借方提供此服務收取的費用。對于難以借入的股票，出借方所收取的費用會相應提高，可能會導致淨利率變爲負，IBKR反而被倒扣費用。
許多經紀商只會向機構客戶提供部分利息返還，但所有IBKR客戶其賣空股票收入超出10萬美元或等值其它貨幣的部分都可以獲得利息。當某證券可供借用的供應量高于借用需求時，賬戶持有人可就其賣空股票餘額獲得的利息利率相當于基準利率（例如，美元餘額采用聯邦基金有效隔夜利率）减去一個利差（目前介于1.25%（10萬美元檔的餘額）至0.25%（300萬美元以上的餘額）之間）。利率可能會在無事先通知的情况下發生變化。
當某特定證券的供求不平衡導致其難以借入時，借出方提供的利息返還將會减少，甚至可能導致向賬戶倒扣費用。該等利息返還或倒扣費用會以更高的借券費用的形式轉嫁給賬戶持有人，這可能會超過賣空收入所得的利息，導致賬戶最終算下來還付出了費用。由于利率因證券和日期而异，IBKR建議客戶通過客戶端/賬戶管理中的支持部分，訪問〝可供賣空股票〞工具，查看賣空的指示性利率。請注意，該等工具中反映的指示性利率對應的是IBKR向第三等級餘額支付的賣空收入利息，即賣空收入爲300萬美元或以上。對于較低的餘額，其利率將根據餘額等級和交易貨幣對應的基準利率進行調整。可使用“對賣空收益現金餘額向您支付的利息”計算器計算適用的利率。
請參閱證券融資（融券）頁面的更多範例和計算機。
重要提示
“可供賣空股票”工具和TWS中關于可供借用股票和指示性利率的信息，是在盡最大努力的基礎上提供，不保證其準確性或有效性。 “可供賣空股票”包括來自第三方的信息，不會實時更新。利率信息僅爲指示性質。在當前交易時段執行的交易通常在2個工作日內結算，實際供應和借入成本在結算日確定。交易者應注意，在交易和結算日之間，利率和供應可能會發生重大變化，尤其是交易稀少的股票、小盤股和即將發生公司行動（包括股息）的股票。詳情請參閱賣空的操作風險（Operational Risks of Short Selling） 。
有關向淨現金餘額為正的賬戶收取利息的說明
在以下情况下，儘管賬戶保持整體淨多頭或貸方現金餘額，但仍需支付利息：
1. 該賬戶持有特定幣種的空頭或借方餘額。
例如，某賬戶有相當于5,000美元的淨現金貸方餘額，這其中包括8,000美元的多頭餘額和相當于3,000美元的歐元空頭餘額，需要對歐元空頭餘額支付利息。 由于賬戶所持有的多頭美元餘額低于10,000美元的第一階梯水平，不會獲得利息，因此無法沖抵要支付的利息。
賬戶持有人應注意，如其買入的證券是以賬戶未持有的貨幣計價，則IBKR會創建相應幣種的貸款，以便與清算所結算交易。如希望避免此類貸款和相關利息費用，客戶需在進行交易前存入以該特定貨幣計價的資金，或通過Ideal Pro（餘額25,000美元或以上）或散股（餘額低于25,000美元）交易場所兌換現有的現金餘額。
2. 貸方餘額主要來自于賣空證券所得。
例如，某賬戶的淨現金餘額爲12,000美元，其中包括證券子賬戶中的6,000美元借方餘額（减去空頭股票持倉的市場價值）和18,000美元的股票空倉價值。賬戶需就第一階梯借記餘額6,000美元支付利息，同時，由于空頭股票貸記低于100,000美元的第一階梯水平，不會從空頭股票貸記中獲得利息。
3. 貸方餘額包含未結算的資金。
IBKR僅根據已結算資金决定要收取和支付利息。正如賬戶持有人在買入交易結算之前，無需對用來買入證券的借款支付利息一樣，在賣出交易結算之前（而清算所已向IBKR存入資金），賬戶持有人也不會就賣出證券所得資金獲得利息或借方餘額沖抵。
Alternative Streaming Quotes for European Equities
Alternative Streaming Quotes for EU Equities
On August 1st, 2022, clients with non-professional or non-commercial market data subscriber status will receive complimentary real-time streaming Best Bid and Offer and last sale quotes on European Equities. These quotes will be aggregated from exchanges such as Cboe Europe, Gettex, Tradegate and Turquoise. The data will display in the SMART quote line and can be used to generate a chart as well.
Eligible users will see a no charge service called 'Alternative European Equities (L1)' added to their account on or before August 1, 2022. Please note this will be a default Market Data service that cannot be removed.
Users who would like to receive the full EBBO (European Best Bid and Offer) will need to subscribe to the individual exchange subscriptions.
FAQs for February 23, 2022 messages regarding CME exchange fee credits
Why did I receive this message?
You received a message from IBKR on February 23, 2022 because your account traded spread trades on CME in (1) one or more of the following products between January 1, 2015 and late September 2021: E-Mini Equity index Futures (including Housing Index Futures); Micro E-Mini Index Futures; Micro E-Mini Index Options; and Nikkei Equity Futures, and/or (2) certain FX futures products between February 1, 2018 and mid-December 2021.
Why did I receive a credit?
As set forth in the message, certain spread trades in those products (see response #1) are subject to discounted CME exchange fees (as compared to outright trades in those products). Your account traded spread trades in one or more of those products between January 1, 2015 and late September 2021 (or FX futures between February 1, 2018 and mid-December 2021) and, as a result of an inadvertent error, overpaid associated CME exchange fees. IBKR has credited your account for the overpaid CME exchange fees.
What do I need to do?
You will need to log into your account and withdrawal the funds.
Am I owed money for other trades?
Not that we have identified.
How long do I have to withdraw the funds?
Please withdraw the funds within 30 days of the date of the message you received (by March 25, 2022).
The message I received says something about owing an outstanding debt to IBKR. What does that mean?
This means that your account owed an outstanding debt to IBKR, and the amount you received in reimbursement was credited against the outstanding debt amount. If the reimbursement amount exceeded the outstanding debt about, you received a credit and may withdraw the difference.
如何確定哪些市場數據訂閱適合某一指定證券？
IBKR爲賬戶持有人提供了市場數據助手，可幫助其選擇想要交易的證券（股票、期權或權證）所適用的訂閱服務。搜索結果會顯示産品進行交易的所有交易所、訂閱服務及其月費（專業客戶和非專業客戶）以及每種訂閱服務的市場深度數據。
要訪問市場數據助手：
- 登錄客戶端
- 點擊“幫助”菜單（右上角的問號圖標），然後點擊“支持中心”
- 向下滾動，選擇“市場數據助手”
- 輸入代碼或ISIN以及交易所
- 選擇篩選條件：專業/非專業訂戶狀態、幣種和資産
- 點擊“搜索”
- 查看搜索結果幷决定哪些訂閱最符合自己的需求。
更多信息請參見IBKR網站的市場數據選擇頁面。
遷移後向IBKR轉帳資金
如果您的賬戶是近期遷移到IBKR愛爾蘭（IBIE）或IBKR中歐（IBCE），則您在客戶端中保存的或是在銀行登記的銀行指令信息可能已經過期。賬戶遷移後，向IBKR轉帳資金時您需要在客戶端中輸入新的存款通知/銀行指令，幷更新您在銀行登記的IBKR銀行信息。
如果在向IBKR轉帳資金時您不小心使用了過期的銀行指令，導致資金轉到了別的IBKR實體，爲了您的便利，我們會嘗試將資金轉帳到正確的IBKR實體。請注意，這種轉帳第一次爲免費處理。後續每筆轉帳IBKR將收取50歐元（或等值）的手續費。您也會收到一則消息告知您有該筆轉帳幷建議您更新銀行信息。
Sending Funds to IBKR Post Migration
If your account has recently migrated to IBKR Ireland (IBIE) or IBKR Central Europe (IBCE), it is likely that you have outdated bank instructions saved in your Client Portal or with your bank. When transferring funds to IBKR after migration, you will want to enter a new deposit notification/bank instruction within Client Portal and update any saved IBKR bank information that you have with your bank.
Should you inadvertently use outdated bank instructions to send funds to IBKR and they arrive at the incorrect IBKR entity, as a courtesy we will attempt to forward the funds to the correct IBKR entity. Please note that this transfer will be done free of charge for the first instance. For subsequent transfers, IBKR will charge your account a processing fee of EUR 50 (or equivalent). You will also receive a message notifying you of the transfer and advising you to update your bank information.
期權監管費用（ORF）
期權監管費用是期權清算公司（OCC）向其清算會員（包括IBKR）收取的一種交易所費用。 其目的在於抵消因期權市場的監督管理（如日常監控、調查以及政策和規則的制定、解釋和執行活動）而産生的交易所開銷。該費用CBOE於2009年年中開始收取，BOX、ISE和PHLX於2010年1月開始收取，AMEX和ARCA於2011年5月開始收取，Nasdaq於2012年1月開始收取，C2於2012年8月開始收取，Miami於2013年1月開始收取，ISE GEMINI於2013年8月開始收取，BATS於2015年2月開始收取，Nasdaq BX於2016年2月開始收取，BATS EDGX於2017年2月開始收取，PEARL於2017年2月開始收取，MERCURY和EMERALD於2019年2月開始收取。截至2023年2月1日，客戶委托單每張 美國交易所掛牌期權合約收取$0.02905美元，每家交易所收費如下：
| 交易所 | 期權監管費用 |
| AMEX | 0.0055 |
| ARCA | 0.0055 |
| BATS | 0.0001 |
| BOX | 0.00295 |
| CBOE | 0.0017 |
| C2 | 0.0003 |
| EDGX | 0.0001 |
| EMERALD | 0.0006 |
| ISE | 0.0014 |
| GEMINI | 0.0013 |
| MERCURY | 0.0004 |
| MIAX | 0.0019 |
| NOM | 0.0016 |
| NASDAQBX | 0.0005 |
| PEARL | 0.0018 |
| PHLX | 0.0034 |
| 總計 | 0.02905 |
注意，期權監管費用 針對所有交易（買單和賣單）收取，獨立於IBKR佣金和現有的交易所費用（如消耗流動性）之外，在活動報表中顯示爲監管費用。
第三方交易費用概覽
盈透證券客戶除了標準的IBKR傭金外還需繳納印花稅和交易稅（如適用）。您可在活動報表的交易費用部分查看被收取的印花稅詳情。下方列出了各國的徵稅情況。
英國
- 相當於交易金額0.5%的印花稅。
- 對於在英國、馬恩島和海峽群島註冊之公司的股票，英國並購委員會（Panel of Takeovers and Mergers）會對所有交易金額超過1萬英鎊的委託單徵收1英鎊的稅。
愛爾蘭
- 相當於交易金額1%的印花稅。
瑞士
- 瑞士交易稅並不是由盈透證券向個人賬戶自動收取的。需要繳稅的客戶應諮詢當地稅務顧問以履行其納稅義務。
法國
- 法國金融交易稅：針對總部位於法國並且市值超過十億歐元之公司的股票，按交易金額的0.30%收取。
意大利
- 意大利金融交易稅：受監管市場和多邊交易設施中交易的股票按0.10%收取；這些市場以外其它市場上交易的股票按0.20%收取。
西班牙
- 西班牙金融交易稅：針對截至收購之日前一年12月1日市值超過十億歐元之西班牙公司的股票，按交易金額的0.20%收取。
比利時
- 證券交易所內進行之交易（TST）的比利時稅費並不是由盈透證券向個人賬戶自動收取的。需要繳稅的客戶應諮詢當地稅務顧問以履行其納稅義務。
香港
- 對於在香港聯交所（SEHK）交易的股票、權證和結構性產品：
- 政府印花稅：0.13%，對於聯交所股票向上取整到最近的整數1.00，通常只適用於股票。
- 香港證監會（SFC）的交易稅費：0.0027%，通常適用于股票，權證和牛熊證。
- 財務匯報局（FRC）的交易徵費：0.00015%，通常適用于股票，權證和牛熊證。
- 對於通過滬港通北向通和深港通交易的產品：
- 相當於賣出所得0.1%的印花稅
