ADR代收費用

在美國存托憑證(ADR)中持有頭寸的帳戶持有人應注意此類證券需定期繳納費用以補償代表ADR提供託管服務的代理銀行。這些服務通常包括盤存外國股票ADR以及管理所有註冊、合規與記錄服務。

以前,代理銀行只能通過扣除ADR股息收集代理費用,但是因越來越多的ADR不再定期支付股息,這些銀行便無法收集費用。因此,在2009年,美國存管信託公司(DTC)獲得美國證監會(SEC)批准,代表銀行向那些不定期支付股息的ADR收取託管費用。DTC從代客戶持有ADR的經紀商(如IB)處收取這些費用。這些費用被稱為代收費用,因為它們是由指定經紀商從客戶處收取。

如果您在支付股息的ADR中持有頭寸,這些費用將像過去一樣從股息中扣除。如果您是在不支付股息的ADR中持有頭寸,這筆代收費用將反映在登記日的月度報表中。與現金股息的處理方法相同,IB將嘗試在帳戶報表的應計部份顯示即將進行的ADR費用分配。一旦被收取,該費用將在報表的存款&取款部份顯示,費用描述為“調整—其他”,且會顯示相關聯的ADR圖標。

該費用的金額範圍通常為每股$0.01至$0.03美元,但可能因ADR的不同而不同。我們推薦您參考您的ADR招股說明獲取具體信息。可通過美國證監會的EDGAR公司搜索工具進行在綫搜索。

通過帳戶窗口監控風險費用

賬戶窗口可供客戶實時監控賬戶。監控信息包括主要餘額,如總資產和現金、投資組合信息以及保證金餘額,獲悉這些信息可供客戶確定賬戶是否符合要求以及當前的購買力。該窗口還包括最新評估的風險費用信息以及綜合當前頭寸所預測的下一筆風險費用。

打開帳戶窗口:
• 從標準模式的TWS工作空間點擊賬戶圖標,或從賬戶菜單選擇賬戶窗口(圖例1)

圖例1

 

• 從TWS魔方工作空間的菜單依次選擇賬戶、賬戶窗口(圖例2)

圖例2

 

打開窗口後,滾動鼠標至保證金要求部分並點擊右上角的+號擴展該部分。 “最後”以及“預測的下一筆”風險費用部分將按照產品類別(如股票,石油)詳細顯示費用情況。請注意,“最後”餘額代表截至上次評估日期的費用(注意,該費用根據截至收盤時持有的未平倉頭寸計算且隨後收取)。 “預測的下一筆”餘額代表今天收盤起預測的費用,該費用考慮了自上次計算以來的賬戶頭寸活動(圖例3)。

圖例3

 

想要在該部分收縮時設置默認視圖,請點擊數據行項目旁邊的複選框,如此,這些項目便會一直顯示。

 

有關通過IB風險漫遊管理並預測風險費用的更多信息請參見KB2275;有關通過定單預覽屏幕確認風險費用的更多信息請參見KB2276

定單預覽—檢查風險費用影響

IB提供讓帳戶持有人檢查定單對預測風險費用影響的功能。這一功能在提交定單前使用,可提供有關費用的預先通知,並且允許客戶在提交定單前對定單進行修改以最小化或消除費用。

可通過右鍵點擊定單行打開定單預覽窗口啟用該功能。該窗口包含一個標題為“檢查風險費用影響”的鏈接(見圖例1中的紅色加亮框)。

圖例1

 

點擊鏈接將展開窗口并顯示當前頭寸對應的風險費用,定單執行后的費用變化以及定單執行后的總費用(見圖例2中的紅色加亮框)。這些余額進一步根據費用對應的產品分類進行了細分(如股票、原油)。如果費用影響確定為超出,帳戶持有人可以不傳遞定單,直接關閉窗口。

圖例2

 

有關使用IB風險漫遊管理并預測風險費用的信息,請查看KB2275;有關通過帳戶窗口監控費用的信息,請查看KB2344

使用風險漫遊預測風險費用

IB風險漫遊提供的自定義情境功能可供客戶確定投資組合變化對風險費用的影響。下方列出了在改變現有投資組合或設立全新投資組合的基礎上創建“如果怎樣”投資組合以及確定相應費用的步驟。請注意,僅TWS 951及以上版本可使用該功能。

步驟1:打開一個新的“如果怎樣”投資組合
從標準模式TWS交易平臺選擇分析工具、風險漫遊,然後打開新的如果怎樣菜單選項(圖例1)。
 
圖例1

 

步驟2:確定初始投資組合
您將需要在彈出窗口(圖例2)中確定是要基於當前的投資組合創建一個假設的投資組合還是重新創建一個投資組合。點擊“是”按鈕將把現有頭寸下載至新的“如果怎樣”投資組合中。
 
圖例2

 
點擊“否”按鈕將打開沒有頭寸的“如果怎樣”投資組合(圖例3)。選擇您想要創建假設頭寸的產品類別對應的標籤(如股票)。
  
Exhibit 3
 
 
 
步驟3:添加頭寸
向“如果怎樣”投資組合添加頭寸,請點擊標題為“全新的”的綠色行,然後輸入底層證券代碼(圖例4),確定產品類型(圖例5)并輸入頭寸數量(圖例6)。
 
圖例4
 
 
圖例5
 
 
圖例6
 
 
步驟4:確定風險費用
查看基於您“如果怎樣”投資組合的預測風險費用,請點擊報告然後點擊風險費用菜單選項(圖例7)。之後將會出現一個彈出窗口,按產品類別列出預測風險費用細分(圖例8)。
 
圖例7
 
 
圖例8

 

 

有關通過帳戶窗口監控風險費用的信息請查看KB2344;有關通過定單預覽頁面檢查風險費用的信息請查看KB2276

Exposure Fee Monitoring via Account Window

The Account Window provides the high-level information suitable for monitoring one's account on a real-time basis. This includes key balances such as total equity and cash, the portfolio composition and margin balances for determining compliance with requirements and available buying power.  This window also includes information relating to the most recently assessed exposure fee and a projection of the next fee taking into consideration current positions.

To open the Account Window: 
• From TWS classic workspace, click on the Account icon, or from the Account menu select Account Window (Exhibit 1)
 

Exhibit 1

 

• From TWS Mosaic workspace, click on Account from the menu, and then select Account Window (Exhibit 2)

Exhibit 2

 

After opening the window, scroll down to the Margin Requirements section and click on the + sign in the upper-right hand corner to expand the section.  There, the "Last" and "Estimated Next" exposure fees will be detailed for each of the product classifications to which the fee applies (e.g., Equity, Oil).  Note that the "Last" balance represents the fee as of the date last assessed (note that fees are computed based upon open positions held as of the close of business and assessed shortly thereafter).  The "Estimated Next" balance represents the projected fee as of the current day's close taking into account position activity since the prior calculation (Exhibit 3).

Exhibit 3

 

To set the default view when the section is collapsed, click on the checkbox alongside any line item and those line items will remain displayed at all times.

 

Please see KB2275 for information regarding the use of IB's Risk Navigator for managing and projecting the Exposure Fee and KB2276 for verifying exposure fee through the Order Preview screen.

 

Important Notes

1. The Estimated Next Exposure Fee is a projection based upon readily available information.  As the fee calculation is based upon information (e.g., prices and implied volatility factors) available only after the close, the actual fee may differ from that of the projection.

2. Exposure Fee Monitoring via the Account window is only available for accounts that have been charged an exposure fee in the last 30 days

Order Preview - Check Exposure Fee Impact

IB provides a feature which allows account holders to check what impact, if any, an order will have upon the projected Exposure Fee. The feature is intended to be used prior to submitting the order to provide advance notice as to the fee and allow for changes to be made to the order prior to submission in order to minimize or eliminate the fee.

The feature is enabled by right-clicking on the order line at which point the Order Preview window will open. This window will contain a link titled "Check Exposure Fee Impact" (see red highlighted box in Exhibit I below).

Exhibit I

 

Clicking the link will expand the window and display the Exposure fee, if any, associated with the current positions, the change in the fee were the order to be executed, and the total resultant fee upon order execution (see red highlighted box in Exhibit II below).  These balances are further broken down by the product classification to which the fee applies (e.g. Equity, Oil). Account holders may simply close the window without transmitting the order if the fee impact is determined to be excessive.

Exhibit II

 

Please see KB2275 for information regarding the use of IB's Risk Navigator for managing and projecting the Exposure Fee and KB2344 for monitoring fees through the Account Window

 

Important Notes

1. The Estimated Next Exposure Fee is a projection based upon readily available information.  As the fee calculation is based upon information (e.g., prices and implied volatility factors) available only after the close, the actual fee may differ from that of the projection.

2. The Check Exposure Fee Impact is only available for accounts that have been charged an exposure fee in the last 30 days

Using Risk Navigator to Project Exposure Fees

Overview: 

IB's Risk Navigator provides a custom scenario feature which allows one to determine what effect, if any, changes to their portfolio will have to the Exposure fee. Outlined below are the steps for creating a what-ifportfolio through assumed changes to an existing portfolio or through an entirely new proposed portfolio along with determining the resultant fee.   Note that this feature is available through TWS build 971.0i and above.

Step 1: Open a new “What-if” portfolio
 
From the Classic TWS trading platform, select the Analytical Tools, Risk Navigator, and then Open New What-If menu options (Exhibit 1).
 
Exhibit 1
 
 
From the Mosaic TWS trading platform, select the New Window, Select Risk Navigator, and then Open New What-If menu options.
 
Step 2: Define starting portfolio
 
A pop-up window will appear (Exhibit 2) from which you will be prompted to define whether you would like to create a hypothetical portfolio starting from your current portfolio or a newly created portfolio.  Clicking on the "yes" button will serve to download existing positions to the new “What-If” portfolio.
 
Exhibit 2
 
Clicking on the "No" button will open up the “What-If” Portfolio with no positions. 
 
Step 3: Add Positions
 
To add a position to the what-ifportfolio, click on the green row titled "New" and then enter the underlying symbol (Exhibit 3), define the product type (Exhibit 4) and enter position quantity (Exhibit 5).
 
Exhibit 3
 
 
Exhibit 4
 
 
Exhibit 5
 
 
You can modify the positions to see how that changes the margin.  After you altered your positions you will need to click on the recalculate icon () to the right of the margin numbers in order to have them update.  Whenever that icon is present the margin numbers are not up-to-date with the content of the what-ifPortfolio.
 
Step 4: Determine Exposure Fee
 
To view the projected correlated exposure fee based upon your what-ifportfolio, click on the Report and then Exposure Fee menu options (Exhibit 6).  Once selected, a new Exposure Fee tab will be added, which will display the projected exposure fee broken down by primary risk factors (Exhibit 7).
 
Exhibit 6
 
 
Exhibit 7
 
You can modify the positions to see how that changes the Exposure Fee.  After you altered your positions you will need to click on the refresh button to the right of the Last Calculation Time.  Whenever the warning icon () is present the Exposure Fee Calculations numbers are not up-to-date with the content of the what-ifPortfolio. 
 

Please see KB2344 for information on monitoring the Exposure fee through the Account Window and KB2276 for verifying exposure fee through the Order Preview screen.

Important Note

1. The on-demand Exposure Fee check represents a projection based upon readily available information.  As the fee calculation is based upon information (e.g., prices and implied volatility factors) available only after the close, the actual fee may differ from that of the projection.

Overview of Dodd-Frank

Background
The Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd-Frank, is a U.S. law enacted in July of 2010, the purpose of which is to prevent the recurrence of events which lead to the 2008 financial crisis. Its principal goals are to:

- Promote U.S. financial stability by improving accountability and transparency within the financial system;
- Protect taxpayers from future bailouts of institutions deemed “too big to fail”; and
- Protect consumers from financial services practices considered abusive.

For additional information, please review the following sections:
- Dodd-Frank reforms
- Dodd-Frank and your IB Account

 

 

 

 

 

Dodd-Frank Reforms
To accomplish its goals, Dodd-Frank proposed the following reforms:

- Enhanced oversight and supervision of financial institutions through the creation of Financial Stability Oversight Council
- Creation of a new agency responsible for implementing and enforcing compliance with consumer financial laws (Bureau of Consumer Financial Protection)
- Implementation of more stringent regulatory capital requirements
- Changes in the regulation of over the counter derivatives including restrictions upon access to Federal credit by swaps entities, establishment of regulatory oversight and mandatory trading and clearing requirements
- Enhanced regulation of credit rating agencies intended to eliminate exemptions from liability, enhance rating agency disclosure, establish prohibited activities and impose standards for independent Board governance
- Changes to corporate governance and executive compensation practices
- Incorporation of the Volcker Rule which imposes restrictions upon the speculative proprietary trading activities of banking entities
- Mandating studies intended to reform investor protection rules
- Changes to the securitization market including requirements that mortgage bankers retain a % of risky loans.

 Return

 

 

 

 

Dodd-Frank and Your IB Account
Perhaps most visible to IB account holders of all the Dodd-Frank regulations are those relating to money transfers. Here, Section 1073 of the Act introduces consumer protections designed to increase transparency with respect to the costs, timing and the right to repudiate cross-border transactions.
For purpose of Section 1073, a cross-border transaction is defined as an electronic transfer of money from a consumer in the United States to a person or business in a foreign country. As IB LLC is a U.S. based broker, all its account holders regardless of whether they are domiciled in the U.S. or not, benefit from this protection and it covers withdrawals denominated in a currency other than the U.S. dollar as well as USD denominated withdrawals sent to a non-U.S. bank. Account holders submitting a withdrawal which is covered by this regulation will be provided with a disclosure after confirming the request within Account Management. This disclosure will include the following information:

- The name and address of the sender and recipient
- The amount to be deducted from the sender’s IB account
- The amount projected to be credited to the recipient’s bank account including an estimate of fees which the receiving bank's correspondent bank(s) may charge. Note that these correspondent bank fees are not set by nor is any part of them earned by IB.
- A disclaimer that additional fees and foreign taxes may apply.
- Notice of the sender’s right to cancel the transfer request for a full refund within 30 minutes of it being authorized.
- Regulatory contact information in the event of questions or complaints.

When estimating correspondent bank transfer fees, IB takes into consideration information collected from past customer transactions in addition to data made available by our agent banks. We encourage our customers to review and consider this information when making decisions regarding cross-border transactions.

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Information Regarding Italian Financial Transaction Tax on Derivatives

Overview: 

This document is designed to provide an overview of how the Italian Financial Transaction Tax (I-FTT) will be handled by Interactive Brokers for Italian derivatives.

Effective September 1, 2013, the tax will be implemented on the purchase and sale of Italian derivatives.

Tax Rate

The tax rate is dependent on the type of financial instrument traded, whether the instrument was traded OTC or on a regulated exchange or MTF and on the value of the contract. The tax is applied per contract.

Scope

The I-FTT will be applied to transactions on derivatives whose underlying assets are mainly I-FTT taxable shares or whole value depends mainly on I-FTT taxable shares. It will also be applied on any other financial instrument which allows the purchase or share of I-FTT taxable shares or involving a cash settlement determined with reference to I-FTT taxable shares.

Calculation Method

The I-FTT will be applied to both the purchaser and the seller of the derivative contract. As such, there is no benefit of netting as there is when trading stocks.

The rates as set for 2013 when trading on a regulated exchange or MTF are outlined below. Note that a transaction occurring OTC will be charged 5 times the rates displayed below. The values displayed below are in EUR.

 

 

Instrument

Value < 2,500

2,500 to 4,999 5,000 to 9,999 10,000 to 49,999 50,000 to 99,999 100,000 to 499,999 500,000 to 999,999 1,000,000 +
Futures, certificates, covered warrants, options on yields, measures or indices related to shares  0.00375  0.0075  0.015  0.075  0.15  0.75  1.5  3
Futures, warrants, certificates, covered warrants and options on shares  0.025  0.05  0.1  0.5  1  5 10  20
All other products not listed above  0.05 0.1 0.2 1  2  10  20  40

 

The information above is being provided on a best efforts basis only and is subject to change.

Security Device Replacement Charge

Account holders logging into their account via IBKR's Secure Login System are issued a security device, which provides an additional layer of protection to that afforded by the user name and password, and which is intended to prevent online hackers and other unauthorized individuals from accessing their account. While IBKR does not charge any fee for the use of the device, certain versions require that the account holder return the device upon account closing or incur a replacement fee.  Existing account holders are also subject to this replacement fee in the event their device is lost, stolen or damaged (note that there is no fee to replace a device returned as a result of battery failure). 

In addition, while IBKR does not assess a replacement fee unless a determination has been made that the device has been lost, stolen, damaged or not returned, a reserve equal to the fee will placed upon the account upon issuance of the device to secure its return.  This reserve will have no effect upon the equity of the account available for trading, but will act as limit to full withdrawals or transfers until such time the device is returned (i.e., cannot withdraw the reserve balance).

Outlined below are the replacement fee associated with each device.

SECURITY DEVICE REPLACEMENT FEE
Security Code Card1 $0.001
Digital Security Card + $20.00 

For instructions regarding the return of security devices, please see KB975

 

1 The Security Code Card is not required to be returned upon account closing and may be destroyed and discarded once remaining funds have been returned and the account has been fully closed. Access to Client Portal after closure for purposes of viewing and retrieving activity statements and tax documents is maintained using solely the existing user name and password combination. This type of two-factor security is no longer being issued.

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