We are seeing unprecedented volatility in GME, AMC, BB, EXPR, KOSS and a small number of other U.S. securities that has forced us reduce the leverage previously offered to these securities and, at times, limit trading to risk reducing transactions. Outlined below are a series of FAQs relating to these actions.

Q: Are there any current restrictions on my ability to trade GME and the other US securities that have been subject to the recent heightened volatility?

A: IBKR is currently not restricting customers from trading shares of AMC, GME, BB, EXPR, KOSS or the other stocks that have been the subject of extreme market volatility. That includes orders to open new positions or close existing ones.

Like many brokers, IBKR placed limits on opening new positions in certain of these securities for a period of time. Those restrictions have since been lifted.

IBKR has not restricted customers’ ability to close existing positions and does not plan to do so.

Q: Can I use margin in trading stocks, options or other derivatives on these products through IBKR?

A: IBKR has increased its margin requirements for securities in GME and the other US securities subject to the recent volatility, including up to 100% margin required for long positions and 300% margin on the short side. You can see these margin requirements in your trading platform prior to submitting an order.

Q: Why did IBKR place these restrictions on my ability to open new positions in certain securities?

A: IBKR took these actions for risk management purposes, to protect the firm and its customers from incurring outsized losses due to wild swings in prices in a volatile and unstable marketplace.

IBKR remains concerned about the effect of this unnatural volatility on the clearinghouses, brokers and market participants.

Q: Does IBKR or its affiliates have positions in these products that it was protecting by placing these restrictions?

A: No. IBKR itself has no proprietary positions in any of the securities.

Q: What allowed IBKR to place those restrictions?

A: Pursuant to its customer agreement, IBKR may decline to accept any customer’s order at IBKR’s discretion.

IBKR also has the right to modify margin requirements for any open or new positions at any time, in its sole discretion. After all, IBKR is the one whose money is being loaned in a margin trade.

Q: Did those restrictions apply to all or just some of IBKR’s customers?

A: All restrictions – all limits on opening new positions and margin increases – applied to all IBKR customers. They were placed based on the security, not based on the customer.

Q: Is my money at IBKR at risk? Has IBKR suffered material losses?

A: IBKR did not incur substantial losses. Through its prudent risk management, IBKR has navigated this market volatility well. In any event, on a consolidated basis, IBG LLC exceeds $9 billion in equity capital, over $6 billion in excess of regulatory requirements.

Q: What will IBKR do going forward? How will I know?

A: IBKR will continue to monitor developments in the market, and will make decisions based on market conditions. For current information, please continue to visit our website.

IB用以在每日收盤時對美國掛牌證券期權進行標記的價格來自期權清算公司（OCC）。作為該等期權產品的唯一清算機構，OCC會為每只期權合約生成收盤價，以計算由其代為清算交易之成員公司（如IB）的保證金要求，同時為承轉投資組合保證金賬戶的經紀商提供風險陣列。

需要注意的是，OCC生成的價格經過編輯，因此可能無法反映其參與交易所實際發佈的收盤價。之所以會對價格進行編輯，主要是因為期權沒有綜合報價，大多數期權在多個交易所均有掛牌，且可以在所有7個交易所之中任意切換（即每天有7個不同的價格可供選擇）。因此，OCC會在收盤時生成一個單一價格，這個價格理論上在所有交易所都一樣，並且經過檢查確保不會有跨行使價或時間的套利條件。  

生成價格時，OCC會先取所有掛牌交易所最高買價和最低賣價的中間值，確定隱含波動率，然後再通過撫平隱含波動率曲線（針對指定期權級別、類型和到期日）反過來調整期權標記價格。對於某些深度價內和深度價外的期權，也設置的相應規則限制其波動率。最後得出的價格可精確到小數點後6位。由於計算整個期權系列的價格會導致較高的運營開支，每天只在收盤時計算一次。

如果股票期權的底層發生並購，且底層證券2007年12月31日後已轉換為100%現金，則期權清算公司（OCC）會加速期權到期。該等期權新的到期日將提前至最近的標準到期日，除非現金轉換發生在到期周的週二之後，這種情況下所有當周未到期的合約其到期日將被推遲到下一個月的到期日。

注意，這種加速並不會影響到自動行權門檻（至少以$0.01的價內程度處理價內的期權將被OCC自動行權），也不會影響到現金結算（T+2日行權剩餘部分）的日期。

此外，請注意，這種加速也不會影響到在2007年12月31日或之前轉換成現金的期權，這類期權將保持有效，直至達到最初的到期日。