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。
IBKR股票收益提升計劃
計劃概覽
股票收益提升計劃（Stock Yield Enhancement Program）讓客戶有機會用賬戶中全額支付的股票賺取額外收益。該計劃允許IBKR通過抵押（美國國債或現金）從您那裡借入股票，然後將股票借給希望做空股票並願意支付借券利息的交易者。有關股票收益提升計劃的更多信息，請參見此處或查看常見問題頁面。
要參加計劃，請登錄客戶端。登錄後，點擊使用者菜單（右上角的頭像圖標），然後點擊管理賬戶。在配置部分，點擊股票收益提升計劃旁邊的配置（齒輪）圖標。在下一個界面勾選複選框然後點擊繼續。您將會看到參加計劃必需的表格和披露。查看並簽署表格後，您的申請便會提交處理。需要24到48小時才會激活生效。
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股票收益提升計劃（SYEP）常見問題
股票收益提升計劃推出的目的是什麽？
股票收益提升計劃可供客戶通過允許IBKR將其賬戶內原本閑置的證券頭寸（即全額支付和超額保證金證券）出借給第三方來賺取額外收益。參與此計劃的客戶會收到用以確保股票在借貸終止時順利歸還的抵押（美國國債或現金）。
什麽是全額支付和超額保證金證券？
全額支付證券是客戶賬戶中全款付清的證券。超額保證金證券是雖然沒有全款付清但本身市場價值已超過保證金貸款餘額的140%的證券。
客戶股票收益提升計劃的借出交易收益如何計算？
客戶借出股票的收益取决于場外證券借貸市場的借貸利率。借出的股票不同，出借的日期不同，都會對借貸利率造成很大差异。通常，IBKR會按自己借出股票所得金額的大約50%向參與計劃的客戶支付利息。
借貸交易的抵押金額如何確定？
證券借貸的抵押（美國國債或現金）金額採用行業慣例確定，即用股票的收盤價乘以特定百分比（通常爲102-105%），然後向上取整到最近的美元/分。每個幣種的行業慣例不同。例如，借出100股收盤價爲$59.24美元的美元計價股票，現金抵押應爲$6,100 ($59.24 * 1.02 = $60.4248；取整到$61，再乘以100）。下表爲各個幣種的行業慣例：
| 美元 | 102%；向上取整到最近的元 |
| 加元 | 102%；向上取整到最近的元 |
| 歐元 | 105%；向上取整到最近的分 |
| 瑞士法郎 | 105%；向上取整到最近的生丁 |
| 英鎊 | 105%；向上取整到最近的便士 |
| 港幣 | 105%；向上取整到最近的分 |
更多信息，請參見KB1146。
股票收益提升計劃下的抵押如何保管以及保管在何處？
對於IBLLC的客戶，抵押將採用現金或美國國債的形式，並將轉入IBLLC的聯營公司IBKR Securities Services LLC (“IBKRSS”)進行保管。您在該計劃下借出股票的抵押會由IBKRSS以您爲受益人保管在一個賬戶中，您將享有第一優先級擔保權益。如果IBLLC違約，您將可以直接從IBKRSS取得抵押，無需經過IBLLC。請參見 此處的《證券賬戶控制協議》瞭解更多信息。對于非IBLLC的客戶，抵押將由賬戶所在實體保管。例如，IBIE的賬戶其抵押將由IBIE保管。
退出IBKR股票收益提升計劃或賣出/轉帳通過此計劃借出的股票會對利息造成什麽影響？
交易日的下一個工作日（T+1）停止計息。對於轉帳或退出計劃，利息也會在發起轉帳或退出計劃的下一個工作日停止計算。
參加IBKR股票收益提升計劃有什麽資格要求？
| 可參加股票收益提升計劃的實體* |
| 盈透證券有限公司（IB LLC） |
| 盈透證券英國有限公司（IB UK）（SIPP賬戶除外） |
| 盈透證券愛爾蘭有限公司（IB IE） |
| 盈透證券中歐有限公司（IB CE） |
| 盈透證券香港有限公司（IB HK） |
| 盈透證券加拿大有限公司（IB Canada）（RRSP/TFSA賬戶除外） |
| 盈透證券新加坡有限公司（IB Singapore） |
| 可參加股票收益提升計劃的賬戶類型 |
| 現金帳戶（申請參加時賬戶資産超過$50,000美元） |
| 保證金賬戶 |
| 財務顧問客戶賬戶* |
| 介紹經紀商客戶賬戶：全披露和非披露* |
| 介紹經紀商綜合賬戶 |
| 獨立交易限制賬戶（STL） |
*參加的賬戶必須是保證金賬戶或滿足上述現金帳戶最低資産要求的現金帳戶。
盈透證券日本、盈透證券盧森堡、盈透證券澳大利亞和盈透證券印度公司的客戶不能參加此計劃。賬戶開在IB LLC下的日本和印度客戶可以參加。
此外，滿足上方條件的財務顧問客戶賬戶、全披露介紹經紀商客戶和綜合經紀商可以參加此計劃。如果是財務顧問和全披露介紹經紀商，必須由客戶自己簽署協議。綜合經紀商由經紀商簽署協議。
IRA賬戶可以參加股票收益提升計劃嗎?
可以。
IRA賬戶由盈透證券資産管理公司（Interactive Brokers Asset Management）管理的賬戶分區可以參加股票收益提升計劃嗎？?
不是。
英國SIPP賬戶可以參加股票收益提升計劃嗎？
不是。
如果參加計劃的現金帳戶資産跌破最低資産要求$50,000美元會怎麽樣？
現金帳戶只有在申請參加計劃當時必須滿足這一最低資産要求。之後資産跌破此要求並不會對現有借貸造成任何影響，也不影響您繼續借出股票。
如何申請參加IBKR股票收益提升計劃？
要參加股票收益提升計劃，請登錄客戶端。登錄後，點擊 使用者菜單（右上角的小人圖標），然後點擊設置。然後，在賬戶設置內，尋找交易板塊並點擊股票收益提升計劃 以申請參加。您將會看到參加該計劃所需填寫的表格和披露。閱讀並簽署表格後，您的申請便會提交處理。可能需要24到48小時才能完成激活。
如何終止股票收益提升計劃？
要退出股票收益提升計劃，請登錄客戶端。登錄後，點擊使用者菜單 （右上角的小人圖標），然後點擊 設置。在賬戶 設置板塊內會找到交易，然後點擊股票 收益 提升 計劃，然後依照所需步驟。您的申請便會提交處理。 中止參加的請求通常會在當日結束時進行處理。
如果一個賬戶參加了計劃然後又退出，那麽該賬戶多久可以重新參加計劃？
退出計劃後，賬戶需要等待90天才能重新參加。
哪些證券頭寸可以出借？
| 美國市場 | 歐洲市場 | 香港市場 | 加拿大市場 |
| 普通股（交易所掛牌、粉單和OTCBB） | 普通股（交易所掛牌） | 普通股（交易所掛牌） | 普通股（交易所掛牌） |
| ETF | ETF | ETF | ETF |
| 優先股 | 優先股 | 優先股 | 優先股 |
| 公司債券* |
*市政債券不適用。
借出IPO後在二級市場交易的股票有什麽限制嗎？
沒有，只要賬戶本身沒有就相應的證券受到限制就可以。
IBKR如何確定可以借出的股票數量？
第一步是確定IBKR有保證金扣押權從而可以在沒有客戶參與的情况下通過股票收益提升計劃借出的證券的價值（如有）。根據規定，通過保證金貸款借錢給客戶購買證券的經紀商可以將該客戶的證券借出或用作抵押，金額最高不超過貸款金額的140%。例如，如果客戶現金餘額爲$50,000美元，買入市場價值爲$100,000美元的證券，則貸款金額爲$50,000美元，那麽經紀商對$70,000美元（$50,000的140%）的證券享有扣押權。客戶持有的證券超出這一金額的部分被稱爲超額保證金證券（此例子中爲$30,000），需要記在隔離賬戶，除非客戶授權IBKR通過股票收益提升計劃將其借出。
計算貸款金額首先要將所有非美元計價的現金餘額轉換成美元，然後减去股票賣空所得（轉換成美元）。如果結果爲負數，則我們最高可抵押此數目的140%。此外，商品賬戶段中持有的現金餘額和現貨金屬和差價合約相關現金不納入考慮範圍。 詳細說明請參見此處。
例1： 客戶在基礎貨幣爲美元的賬戶內持有100,000歐元，歐元兌美元匯率爲1.40。客戶買入價值$112,000美元（相當於80,000歐元）的美元計價股票。由於轉換成美元後現金餘額爲正數，所有證券被視爲全額支付。
| 項目 | 歐元 | 美元 | 基礎貨幣（美元） |
| 現金 | 100,000 | (112,000) | $28,000 |
| 多頭股票 | $112,000 | $112,000 | |
| 淨清算價值 | $140,000 |
例2： 客戶持有80,000美元、多頭持有價值$100,000美元的美元計價股票並且做空了價值$100,000美元的美元計價股票。總計$28,000美元的多頭證券被視爲保證金證券，剩餘的$72,000美元爲超額保證金證券。計算方法是用現金餘額减去賣空所得（$80,000 - $100,000），所得貸款金額再乘以140% ($20,000 * 1.4 = $28,000)
| 項目 | 基礎貨幣（美元） |
| 現金 | $80,000 |
| 多頭股票 | $100,000 |
| 空頭股票 | ($100,000) |
| 淨清算價值 | $80,000 |
IBKR會把所有符合條件的股票都借出去嗎？
不保證賬戶內所有符合條件的股票都能通過股票收益提升計劃借出去，因爲某些證券可能沒有利率有利的市場，或者IBKR無法接入有意願的借用方所在的市場，也有可能IBKR不想借出您的股票。
通過股票收益提升計劃借出股票是否都要以100爲單位？
不是。只要是整股都可以，但是借給第三方的時候我們只以100爲倍數借出。這樣，如果有第三方需要借用100股，就可能發生我們從一個客戶那裏借出75股、從另一個客戶那裏借出25股的情况。
如果可供借出的股票超過借用需求，如何在多個客戶之間分配借出份額？
如果我們股票收益提升計劃的參與者可用以借出的股票數量大於借用需求，則借出份額將按比例分配。例如，可供借出XYZ數量爲20,000股，而對於XYZ的需求只有10,000股的情况下，每個客戶可以借出其所持股數的一半。
股票是只借給其它IBKR客戶還是也會借給其它第三方？
股票可以借給IBKR客戶和第三方。
股票收益提升計劃的參與者可以自行决定哪些股票IBKR可以借出嗎？
不是。此計劃完全由IBKR管理，IBKR在確定了自己因保證金貸款扣押權可以借出的證券後，可自行决定哪些全額支付或超額保證金證券可以借出，並發起借貸。
通過股票收益提升計劃借出去的證券其賣出是否會受到限制？
借出去的股票可隨時賣出，沒有任何限制。賣出交易的結算並不需要股票及時歸還，賣出收益會按正常結算日記入客戶的賬戶。此外，借貸會於證券賣出的下一個工作日開盤終止。
客戶就通過股票收益提升計劃借出去的股票沽出持保看張期權還能享受持保看漲期權保證金待遇嗎？
可以。由於借出去的股票其盈虧風險仍然在借出方身上，借出股票不會對相關保證金要求造成任何影響。
借出去的股票由於看漲期權被行權或看跌期權行權被交付會怎麽樣？
借貸將於平倉或减倉操作（交易、被行權、行權）的T+1日終止。
借出去的股票被暫停交易會怎麽樣？
暫停交易對股票借出沒有直接影響，只要IBKR能繼續借出該等股票，則無論股票是否被暫停交易，借貸都可以繼續進行。
借貸股票的抵押可以劃至商品賬戶段沖抵保證金和/或應付行情變化嗎？
不是。股票借貸的抵押不會對保證金或融資造成任何影響。
計劃參與者發起保證金貸款或提高現有貸款金額會怎麽樣？
如果客戶有全額支付的證券通過股票收益提升計劃借出，之後又發起保證金貸款，則不屬於超額保證金證券的部分將被終止借貸。同樣，如果客戶有超額保證金證券通過此計劃借出，之後又要增加現有保證金貸款，則不屬於超額保證金證券的部分也將被終止借貸。
什麽情况下股票借貸會被終止？
發生以下情况（但不限于以下情况），股票借貸將被自動終止：
- 客戶選擇退出計劃
- 轉帳股票
- 以股票作抵押借款
- 賣出股票
- 看漲期權被行權/看跌期權行權
- 賬戶關閉
股票收益提升計劃的參與者是否會收到被借出股票的股息？
通過股票收益提升計劃借出的股票通常會在除息日前召回以獲取股息、避免股息替代支付。但是仍然有可能獲得股息替代支付。
股票收益提升計劃的參與者是否對被借出的股票保有投票權？
不是。如果登記日或投票、給予同意或採取其它行動的截止日期在貸款期內，則證券的借用者有權就證券相關事項進行投票或决斷。
股票收益提升計劃的參與者是否能就被借出的股票獲得權利、權證和分拆股份？
可以。被借出股票分配的任何權利、權證和分拆股份都將屬於證券的借出方。
股票借貸在活動報表中如何呈現？
借貸抵押、借出在外的股數、活動和收益在以下6個報表區域中反映：
1. 現金詳情 – 詳細列出了期初抵押（美國國債或現金）餘額、借貸活動導致的淨變化（如果發起新的借貸則爲正；如果股票歸還則爲負）和期末現金抵押餘額。
2. 淨股票頭寸總結 – 按股票詳細列出了在IBKR持有的總股數、借入的股數、借出的股數和淨股數（=在IBKR持有的總股數 + 借入的股數 - 借出的股數）。
3. 借出的IBKR管理證券（股票收益提升計劃） – 對通過股票收益提升計劃借出的股票按股票列出了借出的股數以及利率（%）。
3a. 在IBSS保管的IBKR管理證券的抵押（股票收益提升計劃） – IBLLC的客戶會看到其報表中多出來一欄，顯示作爲抵押的美國國債以及抵押的數量、價格和總價值。
4. IBKR管理證券借出活動 （股票收益提升計劃）– 詳細列出了各證券的借貸活動，包括歸還份額分配（即終止的借貸）；新借出份額分配（即新發起的借貸）；股數；淨利率（%）；客戶抵押金額及其利率（%）。
5. IBKR管理的證券借出活動利息詳情 （股票收益提升計劃）– 按每筆借出活動詳細列出了IBKR賺取的利率（%）；IBKR賺取的收益（爲IBKR從該筆借出活動賺取的總收益，等于{抵押金額 * 利率}/360）；客戶抵押的利率（爲IBKR從該筆借出活動賺取的收益的一半）以及支付給客戶的利息（爲客戶的現金抵押賺取的利息收入）
注：此部分只有在報表期內客戶賺取的應計利息超過1美元的情况下才會顯示。
6. 應計利息 – 此處利息收入列爲應計利息，與任何其它應計利息一樣處理（累積計算，但只有超過$1美元才會顯示並按月過帳到現金）。年末申報時，該筆利息收入將上報表格1099（美國納稅人）。
T+2結算概述
簡介
從2017年9月5日起，在美國和加拿大交易所交易的證券的標準結算時間將從3個工作日（T+3）縮短至2個工作日（T+2）。下文介紹了有關本變化、其預期影響及常見問題的背景信息。
背景
結算是一種交易後流程，即，使證券的所有權從賣方轉移至買方，同時由買方支付對價的過程。中央託管人和清算所會促進該過程完成——中央託管人負責管理證券所有權的記錄，清算所則處理資金往來，並向託管人發出指令，要求其轉移證券所有權。對於美國證券，主要託管人是存款信託公司（DTC），清算所則是全國證券清算公司（NSCC）。對於加拿大證券，則由加拿大證券存管處（CDS）發揮此類功能。目前美國和加拿大證券的結算週期都是交易日之後的3個工作日。
結算週期為何變化？
鑑於現在託管人能夠以電子形式登記證券的所有權，客戶能夠通過電子化的形式以低成本方便地轉移資金，運營效率得到了提升，這是促進結算週期縮短的關鍵因素。結算週期上一次縮短髮生在1995年，當時周期從5個工作日縮短至了3個工作日，而目前涉及交付實體單證及通過支票付款的交易仍在不斷減少。
縮短結算週期將給行業和市場參與者帶來以下好處：
- 降低金融系統的風險 –由於證券價格變動的可能性會隨時間上升，縮短結算週期能降低由於未付款或未交付證券導致的信用風險敞口。通過降低待結算義務的名義價值，能夠提高金融系統對嚴重市場衝擊帶來的潛在系統性後果的抵禦能力。
- 提高現金調用效率 –對於持“現金”賬戶的客戶，若資金結算未完成，則無法交易（即不得空買空賣/在不支付的情況下買賣證券）。實施T+2制度後，銷售證券所得的資金將比之前早一個工作日到賬，因此客戶將能更快地將資金用於後續交易。
- 提高全球結算一致性 -當前歐洲和亞洲等市場實行T+2制度，向T+2結算週期的轉變將使美國和加拿大市場更好地與其它主要國際市場接軌。
哪些產品將受此改變影響？
美國和加拿大股票、ETF、ADR、公司債券、市政債券、差價合約以及單位投資信託（UITs）。
此次變化對我的賬戶有何影響？
股息和公司行動 –證券必須在除息日之前買入方可享受股息或其它和證券相關的權利。在當前T+3的結算週期下，除息日通常比登記日早2個工作日， 在T+2制度下，除息日領先登記日的時間將縮短至1個工作日。
賣空交易 –美國證監會（SEC）的204號法規要求經紀商在結算日無法借到股票進行交付的情況下平倉賣空單。目前，平倉必須在T+4個交易日常規交易時間開市前完成。結算週期縮短至T+2後，平倉也將提早一個工作日至T+3。
T+2定單目的地 – IB目前提供定單目的地（TPLUS2），允許持保看漲期權的賣方在期權被行權時買入並交付成本基礎較有利的股票。該T+2定單能降低潛在的資本利得稅，且將被改至T+1交付，以便提供相同的好處。請知悉，該T+2定單目的地在2017年9月5日之前將被禁用，而T+1定單目的地在該日期後不久將被啟用（即，有一個過渡期，期間新的結算定單目的地不會被提供）。
期權行權 –股票交付週期及股票期權行權導致的現金支付週期將從3個工作日縮短至2個工作日。
向貸記餘額支付的利息 –利息計算基於已結算的現金餘額。如您在購買股票時有足夠的現金全額支付（即不動用保證金借貸），那麼買入該股票所需的資金目前可獲得直至T+3日被支付給清算所前的利息。在T+2制度下計息時間將縮短1個工作日。然而，當證券被賣出時，T+2制度下資金將提早1個工作日被記入您的賬戶並獲得利息。
向借記餘額收取的利息 –利息計算基於已結算的現金餘額。如您借入資金以購買股票（即動用保證金借貸），那麼在資金於T+3日被交付給清算所之前您無需對該借款支付利息。在T+2制度下貸款起始日期將提早1個工作日。然而，當證券被賣出時，T+2制度下資金也將提早1個工作日被記入您的賬戶，用於部分或全額支付貸款。
常見問題解答
買賣期權、期貨或期貨期權合約的結算規則有無變化？
無變化。此類產品當前在T+1日結算，結算週期不變。
買賣共同基金的結算規則有無變化？
無變化。IB當前提供的所有共同基金都在T+1日結算，結算週期不變。
本次改變對發起定單所需的現金或資產有無影響？
無影響。當前在所有定單提交前系統都會檢查，以確保定單執行後賬戶的合規性。對於現金賬戶中的現金，這意味著不論是T+3還是T+2結算制度，賬戶都必須有足夠的現金以滿足結算需求。同樣地，對於保證金賬戶，賬戶必須有足夠的超額淨資產以滿足保證金要求。該保護機制在T+2制度下不會變化。
本次變化對通過ACATS或ATON轉移證券的時間週期有無影響？
無影響。T+3至T+2的變化對轉賬流程沒有影響。
IBKR股票差價合約概述
下方文章對IBKR發行的股票差價合約（CFD）進行了總體介紹。
有關IBKR指數差價合約的信息，請點擊此處。有關外匯差價合約的信息，請點擊此處。
涵蓋主題如下：
I. 差價合約定義
II. 差價合約與底層股票之比較
III. 成本與保證金
IV. 范例
V. 差價合約的相關資源
VI. 常見問題
風險警告
差價合約屬於復雜金融產品，其交易存在高風險，由於杠杆的作用，可能會出現迅速虧損。
在通過IBKR（UK）交易差價合約時，有67%的零售投資者賬戶出現了虧損。
您應考慮自己是否理解差價合約的運作機制以及自己是否能夠承受虧損風險。
ESMA差價合約規定（僅限零售客戶）
歐洲證券與市場管理局（ESMA）頒布了新的差價合約規定，自2018年8月1日起生效。
新規包括：1) 開倉差價合約頭寸的杠杆限制；2) 以單個賬戶為單位的保證金平倉規則；以及3) 以單個賬戶為單位的負余額保護規則；
ESMA新規僅適用於零售客戶。專業客戶不受影響。
請參見ESMA差價合約新規推行了解更多詳細信息。
I. 股票差價合約定義
IBKR差價合約是場外交易合約，提供底層股票的收益，包括股息與公司行動（了解更多有關差價合約公司行動的信息）。
換句話說，這是買家（您）與IBKR就交易一只股票當前價值與未來價值之差額而達成的協定。如果您持有多頭頭寸，且差額為正，則IBKR會付錢給您。而如果差額為負，則您應向IBKR付錢。
IBKR股票差價合約通過您的保證金賬戶進行交易，因此您可建立多頭以及空頭杠杆頭寸。差價合約的價格即是底層股票的交易所報價。實際上，IBKR差價合約報價與股票的智能傳遞報價（可在TWS中查看）相衕，且IBKR提供直接市場接入（DMA）。與股票類似，您的非適銷（即限價）定單會使底層對沖直接呈現在其進行交易之交易所的深度定單冊中。 這也意味著您可以下單以底層買價買入差價合約或以底層賣價賣出差價合約。
要將IBKR透明的差價合約模型與市場上其他差價合約進行比較，請參見我們的差價合約市場模型概述。
IBKR目前提供約7100只股票差價合約，覆蓋美國、歐洲和亞洲的主要市場。下表所列的主要指數其成分股目前都可做IBKR股票差價合約。在許多國家，IBKR還可供交易高流動性小槃股。這些股票自由流通量調整市值至少為5億美元，每日交易量中間值至少為60萬美元。 詳情請見差價合約產品列表。不久將會增加更多國家。
| 美國 | 標普500、道瓊斯股價平均指數、納斯達克100、標普400中槃股、高流動性小槃股 |
| 英國 | 富時350 + 高流動性小槃股（包括IOB） |
| 德國 | Dax、MDax、TecDax + 高流動性小槃股 |
| 瑞士 | 斯托克歐洲600指數（48只股票）+ 高流動性小槃股 |
| 法國 | CAC大槃股、CAC中槃股 + 高流動性小槃股 |
| 荷蘭 | AEX、AMS中槃股 + 高流動性小槃 |
| 比利時 | BEL 20、BEL中槃股 + 高流動性小槃 |
| 西班牙 | IBEX 35 + 高流動性小槃股 |
| 葡萄牙 | PSI 20 |
| 瑞典 | OMX斯德哥爾摩30指數 + 高流動性小槃股 |
| 芬蘭 | OMX赫爾辛基25指數 + 高流動性小槃股 |
| 丹麥 | OMX哥本哈根30指數 + 高流動性小槃股 |
| 挪威 | OBX |
| 捷克 | PX |
| 日本 | 日經225指數 + 高流動性小槃股 |
| 香港 | 恆生指數 + 高流動性小槃股 |
| 澳大利亞 | ASX 200指數 + 高流動性小槃股 |
| 新加坡* | 海峽時報指數 + 高流動性小槃股 |
| 南非 | Top 40 + 高流動性小槃股 |
*對新加坡居民不可用
II. 差價合約與底層股票之比較
取決於您的交易目標和交易風格，差價合約相對於股票有著許多優勢，但也存在一些不足之處：
| IBKR差價合約的優勢 | IBKR差價合約的缺點 |
|---|---|
| 無印花稅和金融交易稅（英國、法國、比利時） | 無股權 |
| 佣金和保證金利率通常比股票低 | 復雜公司行動并不總能完全復制 |
| 股息享受稅務協定稅率，無需重新申請 | 收益的徵稅可能與股票有所不衕（請咨詢您的稅務顧問） |
| 不受即日交易規則限制 |
III. 成本與保證金
在歐洲股票市場，IBKR差價合約可以比IB極具競爭力的股票產品更加高效。
首先，IBKR差價合約佣金比股票低，且有著與股票一樣低的融資點差：
| 歐洲 | 差價合約 | 股票 | |
|---|---|---|---|
| 佣金 | GBP | 0.05% | 英鎊6.00 + 0.05%* |
| EUR | 0.05% | 0.10% | |
| 融資** | 基准+/- | 1.50% | 1.50% |
*每單 + 超出5萬英鎊部分的0.05%
**對於差價合約是總頭寸價值的融資；對於股票是借用金額的融資
交易量更大時，差價合約佣金會變得更低，最低至0.02%。頭寸更大時，融資利率也會降低，最低至0.5%。 詳情請參見差價合約佣金和差價合約融資利率。
其次，差價合約的保證金要求比股票低。零售客戶須滿足歐洲監管機搆ESMA規定的額外保證金要求。請參見ESMA差價合約新規推行了解詳細信息。
| 差價合約 | 股票 | ||
|---|---|---|---|
| 所有 | 標准 | 投資組合保證金 | |
| 維持保證金要求* |
10% |
25% - 50% | 15% |
*藍籌股特有保證金。零售客戶最低初始保證金要求為20%。股票標准的25%日內維持保證金，50%隔夜保證金。 顯示的投資組合保證金為維持保證金（包括隔夜）。波動較大的股票保證金要求更高
請參見CFD保證金要求了解更多詳細信息。
IV. 范例（專業客戶）
讓我們來看一下例子。聯合利華在阿姆斯特丹的掛牌股票在過去一個月（2012年5月14日前20個交易日）回報率為3.2%，您認為其會繼續有良好表現。您想建立20萬歐元的倉位，并持倉5天。您以10筆交易建倉并以10筆交易平倉。您的直接成本如下：
股票
| 差價合約 | 股票 | ||
|---|---|---|---|
| 200,000歐元頭寸 | 標准 | 投資組合保證金 | |
| 保證金要求 | 20,000 | 100,000 | 30,000 |
| 佣金（雙向） | 200.00 | 400.00 | 400.00 |
| 利率（簡化） | 1.50% | 1.50% | 1.50% |
| 融資金額 | 200,000 | 100,000 | 170,000 |
| 融資天數 | 5 | 5 | 5 |
| 利息支出（1.5%的簡化利率） | 41.67 | 20.83 | 35.42 |
| 總計直接成本（佣金+利息） | 241.67 | 420.83 | 435.42 |
| 成本差額 | 高74% | 高80% | |
注意：差價合約的利息支出根據總的合約頭寸進行計算，而股票的利息支出則是根據借用金額進行計算。股票和差價合約的適用利率相衕。
但是，假設您只有2萬歐元可用來做保證金。如果聯合利華繼續上月的表現，您的潛在盈利比較如下：
| 杠杆回報 | 差價合約 | 股票 | |
|---|---|---|---|
| 可用保證金 | 20,000 | 20,000 | 20,000 |
| 總投入 | 200,000 | 40,000 | 133,333 |
| 總收益（5天） | 1,600 | 320 | 1,066.66 |
| 佣金 | 200.00 | 80.00 | 266.67 |
| 利息支出（1.5%的簡化利率） | 41.67 | 4.17 | 23.61 |
| 總計直接成本（佣金+利息） | 241.67 | 84.17 | 290.28 |
| 淨收益（總收益減去直接成本） | 1,358.33 | 235.83 | 776.39 |
| 保證金投資金額回報 | 0.07 | 0.01 | 0.04 |
| 差額 | 收益少83% | 收益少43% | |
| 杠杆風險 | 差價合約 | 股票 | |
|---|---|---|---|
| 可用保證金 | 20,000 | 20,000 | 20,000 |
| 總投入 | 200,000 | 40,000 | 133,333 |
| 總收益（5天） | -1,600 | -320 | -1,066.66 |
| 佣金 | 200.00 | 80.00 | 266.67 |
| 利息支出（1.5%的簡化利率） | 41.67 | 4.17 | 23.61 |
| 總計直接成本（佣金+利息） | 241.67 | 84.17 | 290.28 |
| 淨收益（總收益減去直接成本） | -1,841.67 | -404.17 | -1,356.94 |
| 差額 | 損失少78% | 損失少26% | |
V. 差價合約相關資源
下方鏈接可幫助您了解更多有關IBKR差價合約產品的詳細信息：
還可參看以下視頻教程：
VI. 常見問題
什么股票可進行差價合約交易？
美國、西歐、北歐與日本的大槃和中槃股股票。許多市場上的高流動性小槃股也可以。請參見差價合約產品列表了解更多詳細信息。不久將會增加更多國家。
IB提供股票指數和外匯的差價合約嗎？
是的。請參見IBKR指數差價合約 - 事實與常見問題以及外匯差價合約 - 事實與常見問題。
IB如何確定股票差價合約報價？
IBKR差價合約報價與底層股票的智能傳遞報價相衕。IBKR不會擴大價差或與您對賭。要了解更多信息，請參見差價合約市場模型概述。
我能看到自己的限價定單反映在交易所中嗎？
是的。IBKR提供直接市場接入（DMA），這樣您的非適銷（即限價）定單會使底層對沖直接呈現在其進行交易之交易所的深度定單冊中。這也意味著您可以下單以底層買價買入差價合約或以底層賣價賣出差價合約。此外，如果其他客戶的定單以優於公開市場的價格與您的定單交叉，您還可能會獲得價格改善。
IB如何確定股票差價合約的保證金？
IBKR根據每只底層股票的曆史波動率建立了基於風險的保證金要求機制。最低保證金為10%。 大多數IBKR差價合約都應用該保證金率，這使差價合約在大多數情況下都比底層股票交易更具效率。 零售客戶須滿足歐洲監管機搆ESMA規定的額外保證金
要求。 請參見ESMA差價合約新規推行了解詳細信息。單個差價合約頭寸之間或差價合約與底層股票頭寸之間沒有投資組合抵消。集中頭寸和超大頭寸可能需要准備額外的保證金。請參見差價合約保證金要求了解更多詳細信息。
空頭股票差價合約會要強制補倉嗎？
是的。如果底層股票很難或者根本不可能借到，則空頭差價合約頭寸的持有者將需要進行補倉。
IB如何處理股息和公司行動？
IBKR通常會為差價合約持有者反映公司行動的經濟效應，就好像他們一直持有著底層證券一樣。股息會表現為現金調整，而其他行動則會通過現金或頭寸調整表現。例如，如果公司行動導致股票數量發生變化（如股票分隔和逆向股票分隔），差價合約的數量也會相應地進行調整。如果行動導致產生新的上市實體，且IBKR決定將其股票作為差價合約交易，則需要創建適當數量之新的多頭或空頭頭寸。要了解概述信息，請參見差價合約公司行動。
*請注意，某些情況下對於合并等復雜公司行動可能無法對差價合約進行准確調整。這時候，IBKR可能會在除息日前終止差價合約。
任何人都能交易IBKR差價合約嗎？
除美國、加拿大和香港的居民，其他所有客戶都能交易IBKR差價合約。新加坡居民可交易除新加坡上市之股票差價合約以外的其它IBKR差價合約。任何投資者類型都不能免於這一基於居住地的限制。
我需要做什么才可以開始在IBKR交易差價合約？
您需要在賬戶管理中設置差價合約交易許可，并衕意相關交易披露。如果您的賬戶是在IB LLC開立，則IBKR將設置一個新的賬戶板塊（即您當前的賬戶號碼加上后綴“F”）。設置確認后您便可以開始交易了。您無需單獨為F賬戶注資，資金會從您的主賬戶自動轉入以滿足差價合約保證金要求。
有什么市場數據要求嗎？
IBKR股票差價合約的市場數據便是底層股票的市場數據。因此需要具備相關交易所的市場數據許可。如果您已經為股票交易設置了交易所的市場數據許可，那么就無需再進行任何操作。如果您想在當前并無市場數據許可的交易所交易差價合約，您可以設置許可，操作與底層股票的市場數據許可設置相衕。
差價合約交易與頭寸在報表中如何反映？
如果您是在IB LLC持有賬戶，且您的差價合約頭寸持有在單獨的賬戶板塊（主賬戶號碼加后綴“F”）中。您可以選擇單獨查看F板塊的活動報表，也可以選擇與主賬戶合并查看。您可在賬戶管理的報表窗口進行選擇。對於其他賬戶，差價合約通常會與其他交易產品一起在您的賬戶報表中顯示。
我可以從其他經紀商處轉入差價合約頭寸嗎？
IBKR當前不支持差價合約頭寸轉賬。
股票差價合約可以使用圖表功能嗎？
是的。
在IBKR交易差價合約有什么賬戶保護？
差價合約以IB英國作為您的交易對方，不是在受監管的交易所進行交易，也不是在中央結算所進行結算。因IB英國是您差價合約交易的對方，您會面臨與IB英國交易相關的財務和商業風險，包括信用風險。但請注意，所有客戶資金永遠都是完全隔離的，包括對機搆客戶。IB英國是英國金融服務補償計划（“FSCS”）參與者。IB英國不是美國證券投資者保護公司（“SIPC”）成員。請參見IB英國差價合約風險披露文件了解有關差價合約交易風險的詳細信息。
在哪種類型（如個人、朋友和家庭、機搆等）的IBKR賬戶中可交易差價合約？
所有保證金賬戶均可進行差價合約交易。現金賬戶和SIPP賬戶不能。
在某一特定差價合約中我最多可持有多少頭寸？
沒有預設限制。但請注意，超大頭寸可能會有更高保證金要求。請參見CFD保證金要求了解更多詳細信息。
我能否通過電話交易差價合約？
不要。在極端情況下我們可能衕意通過電話處理平倉定單，但絕不會通過電話處理開倉定單。
差價合約屬於復雜金融產品，其交易存在高風險，由於杠杆的作用，可能會出現迅速虧損。
在通過IBKR（UK）交易差價合約時，有67%的零售投資者賬戶出現了虧損。
您應考慮自己是否理解差價合約的運作機制以及自己是否能夠承受虧損風險。
ESMA規定
歐洲證券與市場管理局（ESMA）發布臨時產品干涉措施，自2018年8月1日起生效。
ESMA決議實施的限制包括：1) 開倉差價合約頭寸的杠杆限制；2) 以單個賬戶為單位的保證金平倉規則；3) 以單個賬戶為單位的負余額保護規則；4) 對交易差價合約激勵措施的限制；以及5) 標准的風險警告。
ESMA新規僅適用於零售客戶。 專業客戶不受影響。
Allocation of Partial Fills
How are executions allocated when an order receives a partial fill because an insufficient quantity is available to complete the allocation of shares/contracts to sub-accounts?
Overview:
From time-to-time, one may experience an allocation order which is partially executed and is canceled prior to being completed (i.e. market closes, contract expires, halts due to news, prices move in an unfavorable direction, etc.). In such cases, IB determines which customers (who were originally included in the order group and/or profile) will receive the executed shares/contracts. The methodology used by IB to impartially determine who receives the shares/contacts in the event of a partial fill is described in this article.
Background:
Before placing an order CTAs and FAs are given the ability to predetermine the method by which an execution is to be allocated amongst client accounts. They can do so by first creating a group (i.e. ratio/percentage) or profile (i.e. specific amount) wherein a distinct number of shares/contracts are specified per client account (i.e. pre-trade allocation). These amounts can be prearranged based on certain account values including the clients’ Net Liquidation Total, Available Equity, etc., or indicated prior to the order execution using Ratios, Percentages, etc. Each group and/or profile is generally created with the assumption that the order will be executed in full. However, as we will see, this is not always the case. Therefore, we are providing examples that describe and demonstrate the process used to allocate partial executions with pre-defined groups and/or profiles and how the allocations are determined.
Here is the list of allocation methods with brief descriptions about how they work.
· AvailableEquity
Use sub account’ available equality value as ratio.
· NetLiq
Use subaccount’ net liquidation value as ratio
· EqualQuantity
Same ratio for each account
· PctChange1:Portion of the allocation logic is in Trader Workstation (the initial calculation of the desired quantities per account).
· Profile
The ratio is prescribed by the user
· Inline Profile
The ratio is prescribed by the user.
· Model1:
Roughly speaking, we use each account NLV in the model as the desired ratio. It is possible to dynamically add (invest) or remove (divest) accounts to/from a model, which can change allocation of the existing orders.
Basic Examples:
Details:
CTA/FA has 3-clients with a predefined profile titled “XYZ commodities” for orders of 50 contracts which (upon execution) are allocated as follows:
Account (A) = 25 contracts
Account (B) = 15 contracts
Account (C) = 10 contracts
Example #1:
CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 10 am (ET) the order begins to execute2but in very small portions and over a very long period of time. At 2 pm (ET) the order is canceled prior to being executed in full. As a result, only a portion of the order is filled (i.e., 7 of the 50 contracts are filled or 14%). For each account the system initially allocates by rounding fractional amounts down to whole numbers:
Account (A) = 14% of 25 = 3.5 rounded down to 3
Account (B) = 14% of 15 = 2.1 rounded down to 2
Account (C) = 14% of 10 = 1.4 rounded down to 1
To Summarize:
A: initially receives 3 contracts, which is 3/25 of desired (fill ratio = 0.12)
B: initially receives 2 contracts, which is 2/15 of desired (fill ratio = 0.134)
C: initially receives 1 contract, which is 1/10 of desired (fill ratio = 0.10)
The system then allocates the next (and final) contract to an account with the smallest ratio (i.e. Account C which currently has a ratio of 0.10).
A: final allocation of 3 contracts, which is 3/25 of desired (fill ratio = 0.12)
B: final allocation of 2 contracts, which is 2/15 of desired (fill ratio = 0.134)
C: final allocation of 2 contract, which is 2/10 of desired (fill ratio = 0.20)
The execution(s) received have now been allocated in full.
Example #2:
CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 11 am (ET) the order begins to be filled3 but in very small portions and over a very long period of time. At 1 pm (ET) the order is canceled prior being executed in full. As a result, only a portion of the order is executed (i.e., 5 of the 50 contracts are filled or 10%).For each account, the system initially allocates by rounding fractional amounts down to whole numbers:
Account (A) = 10% of 25 = 2.5 rounded down to 2
Account (B) = 10% of 15 = 1.5 rounded down to 1
Account (C) = 10% of 10 = 1 (no rounding necessary)
To Summarize:
A: initially receives 2 contracts, which is 2/25 of desired (fill ratio = 0.08)
B: initially receives 1 contract, which is 1/15 of desired (fill ratio = 0.067)
C: initially receives 1 contract, which is 1/10 of desired (fill ratio = 0.10)
The system then allocates the next (and final) contract to an account with the smallest ratio (i.e. to Account B which currently has a ratio of 0.067).
A: final allocation of 2 contracts, which is 2/25 of desired (fill ratio = 0.08)
B: final allocation of 2 contracts, which is 2/15 of desired (fill ratio = 0.134)
C: final allocation of 1 contract, which is 1/10 of desired (fill ratio = 0.10)
The execution(s) received have now been allocated in full.
Example #3:
CTA/FA creates a DAY order to buy 50 Sept 2016 XYZ future contracts and specifies “XYZ commodities” as the predefined allocation profile. Upon transmission at 11 am (ET) the order begins to be executed2 but in very small portions and over a very long period of time. At 12 pm (ET) the order is canceled prior to being executed in full. As a result, only a portion of the order is filled (i.e., 3 of the 50 contracts are filled or 6%). Normally the system initially allocates by rounding fractional amounts down to whole numbers, however for a fill size of less than 4 shares/contracts, IB first allocates based on the following random allocation methodology.
In this case, since the fill size is 3, we skip the rounding fractional amounts down.
For the first share/contract, all A, B and C have the same initial fill ratio and fill quantity, so we randomly pick an account and allocate this share/contract. The system randomly chose account A for allocation of the first share/contract.
To Summarize3:
A: initially receives 1 contract, which is 1/25 of desired (fill ratio = 0.04)
B: initially receives 0 contracts, which is 0/15 of desired (fill ratio = 0.00)
C: initially receives 0 contracts, which is 0/10 of desired (fill ratio = 0.00)
Next, the system will perform a random allocation amongst the remaining accounts (in this case accounts B & C, each with an equal probability) to determine who will receive the next share/contract.
The system randomly chose account B for allocation of the second share/contract.
A: 1 contract, which is 1/25 of desired (fill ratio = 0.04)
B: 1 contract, which is 1/15 of desired (fill ratio = 0.067)
C: 0 contracts, which is 0/10 of desired (fill ratio = 0.00)
The system then allocates the final [3] share/contract to an account(s) with the smallest ratio (i.e. Account C which currently has a ratio of 0.00).
A: final allocation of 1 contract, which is 1/25 of desired (fill ratio = 0.04)
B: final allocation of 1 contract, which is 1/15 of desired (fill ratio = 0.067)
C: final allocation of 1 contract, which is 1/10 of desired (fill ratio = 0.10)
The execution(s) received have now been allocated in full.
Available allocation Flags
Besides the allocation methods above, user can choose the following flags, which also influence the allocation:
· Strict per-account allocation.
For the initially submitted order if one or more subaccounts are rejected by the credit checking, we reject the whole order.
· “Close positions first”1.This is the default handling mode for all orders which close a position (whether or not they are also opening position on the other side or not). The calculation are slightly different and ensure that we do not start opening position for one account if another account still has a position to close, except in few more complex cases.
Other factor affects allocations:
1) Mutual Fund: the allocation has two steps. The first execution report is received before market open. We allocate based onMonetaryValue for buy order and MonetaryValueShares for sell order. Later, when second execution report which has the NetAssetValue comes, we do the final allocation based on first allocation report.
2) Allocate in Lot Size: if a user chooses (thru account config) to prefer whole-lot allocations for stocks, the calculations are more complex and will be described in the next version of this document.
3) Combo allocation1: we allocate combo trades as a unit, resulting in slightly different calculations.
4) Long/short split1: applied to orders for stocks, warrants or structured products. When allocating long sell orders, we only allocate to accounts which have long position: resulting in calculations being more complex.
5) For non-guaranteed smart combo: we do allocation by each leg instead of combo.
6) In case of trade bust or correction1: the allocations are adjusted using more complex logic.
7) Account exclusion1: Some subaccounts could be excluded from allocation for the following reasons, no trading permission, employee restriction, broker restriction, RejectIfOpening, prop account restrictions, dynamic size violation, MoneyMarketRules restriction for mutual fund. We do not allocate to excluded accountsand we cancel the order after other accounts are filled. In case of partial restriction (e.g. account is permitted to close but not to open, or account has enough excess liquidity only for a portion of the desired position).
Footnotes:
Overview of IBKR issued Share CFDs
The following article is intended to provide a general introduction to share-based Contracts for Differences (CFDs) issued by IBKR.
For Information on IBKR Index CFDs click here. For Forex CFDs click here. For Precious Metals click here.
Topics covered are as follows:
I. CFD Definition
II. Comparison Between CFDs and Underlying Shares
III. CFD Tax and Margin Advantage
IV. US ETFs
V. CFD Resources
VI. Frequently Asked Questions
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
61% of retail investor accounts lose money when trading CFDs with IBKR.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
ESMA Rules for CFDs (Retail Clients of IBKRs European entities, including so-called F segments)
The European Securities and Markets Authority (ESMA) has enacted new CFD rules effective 1st August 2018.
The rules include: 1) leverage limits on the opening of a CFD position; 2) a margin close out rule on a per account basis; and 3) negative balance protection on a per account basis.
The ESMA Decision is only applicable to retail clients. Professional clients are unaffected.
Please refer to the following articles for more detail:
ESMA CFD Rules Implementation at IBKR (UK) and IBKR LLC
ESMA CFD Rules Implementation at IBIE and IBCE
I. Overview
IBKR CFDs are OTC contracts which deliver the return of the underlying stock, including dividends and corporate actions (read more about CFD corporate actions).
Said differently, it is an agreement between the buyer (you) and IBKR to exchange the difference in the current value of a share, and its value at a future time. If you hold a long position and the difference is positive, IBKR pays you. If it is negative, you pay IBKR.
Our Share CFDs offer Direct Market Access (DMA). Our Share CFD quotes are identical to the Smart-routed quotes for shares that you can observe in the Trader Workstation. Similar to shares, your non-marketable (i.e. limit) orders have the underlying hedge directly represented on the deep book of those exchanges at which it trades. This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer.
To compare IBKR’s transparent CFD model to others available in the market please see our Overview of CFD Market Models.
We currently offer approximately 8500 Share CFDs covering the principal markets in the US, Europe and Asia. Eligible shares have minimum market capitalization of USD 500 million and median daily trading value of at least USD 600 thousand. Please see CFD Product Listings for more detail.
Most order types are available for CFDs, including auction orders and IBKR Algos.
CFDs on US share can also be traded during extended exchange hours and overnight. Other CFDs are traded during regular hours.
II. Comparison Between CFDs and Underlying Shares
Depending on your trading objectives and trading style, CFDs offer a number of advantages compared to stocks, but also some disadvantages:
| BENEFITS of IBKR CFDs | DRAWBACKS of IBKR CFDs |
|---|---|
| No stamp duty or financial transaction tax (UK, France, Belgium, Spain) | No ownership rights |
| Generally lower margin rates than shares* | Complex corporate actions may not always be exactly replicable |
| Tax treaty rates for dividends without need for reclaim | Taxation of gains may differ from shares (please consult your tax advisor) |
| Exemption from day trading rules | |
| US ETFs tradable as CFDs** |
*IB LLC and IB-UK accounts.
**EEA area clients cannot trade US ETFs directly, as they do not publish KIDs.
III. CFD Tax and Margin Advantage
Where stamp duty or financial transaction tax is applied, currently in the UK (0.5%), France (0.3%), Belgium (0.35%) and Spain (0.2%), it has a substantially detrimental impact on returns, particular in an active trading strategy. The taxes are levied on buy-trades, so each time you open a long, or close a short position, you will incur tax at the rates described above.
The amount of available leverage also significantly impacts returns. For European IBKR entities, margin requirements are risk-based for both stocks and CFDs, and therefore generally the same. IB-UK and IB LLC accounts however are subject to Reg T requirements, which limit available leverage to 2:1 for positions held overnight.
To illustrate, let's assume that you have 20,000 to invest and wish to leverage your investment fully. Let's also assume that you hold your positions overnight and that you trade in and out of positions 5 times in a month.
Let's finally assume that your strategy is successful and that you have earned a 5% return on your gross (fully leveraged) investment.
The table below shows the calculation in detail for a UK security. The calculations for France, Belgium and Spain are identical, except for the tax rates applied.
| UK CFD | UK Stock | UK Stock | |
|---|---|---|---|
| All Entities |
EU Account
|
IB LLC or IBUK Acct
|
|
| Tax Rate | 0% | 0.50% | 0.50% |
| Tax Basis | N/A | Buy Orders | Buy Orders |
| # of Round trips | 5 | 5 | 5 |
| Commission rate | 0.05% | 0.05% | 0.05% |
| Overnight Margin | 20% | 20% | 50% |
| Financing Rate | 1.508% | 1.508% | 1.508% |
| Days Held | 30 | 30 | 30 |
| Gross Rate of Return | 5% | 5% | 5% |
| Investment | 100,000 | 100,000 | 40,000 |
| Amount Financed | 100,000 | 80,000 | 20,000 |
| Own Capital | 20,000 | 20,000 | 20,000 |
| Tax on Purchase | 0.00 | 2,500.00 | 1,000.00 |
| Round-trip Commissions | 500.00 | 500.00 | 200.00 |
| Financing | 123.95 | 99.16 | 24.79 |
| Total Costs | 623.95 | 3099.16 | 1224.79 |
| Gross Return | 5,000 | 5,000 | 2,000 |
| Return after Costs | 4,376.05 | 1,900.84 | 775.21 |
| Difference | -57% | -82% |
The following table summarizes the reduction in return for a stock investment, by country where tax is applied, compared to a CFD investment, given the above assumptions.
| Stock Return vs cfD | Tax Rate | EU Account | IB LLC or IBUK Acct |
|---|---|---|---|
| UK | 0.50% | -57% | -82% |
| France | 0.30% | -34% | -73% |
| Belgium | 0.35% | -39% | -75% |
| Spain | 0.20% | -22% | -69% |
IV. US ETFs
EEA area residents who are retail investors must be provided with a key information document (KID) for all investment products. US ETF issuers do not generally provide KIDs, and US ETFs are therefore not available to EEA retail investors.
CFDs on such ETFs are permitted however, as they are derivatives for which KIDs are available.
Like for all share CFDs, the reference price for CFDs on ETFs is the exchange-quoted, SMART-routed price of the underlying ETF, ensuring economics that are identical to trading the underlying ETF.
V. Extended and Overnight Hours
US CFDs can be traded from 04:00 to 20:00EST, and the again overnight from 20:00 to 03:30 the following day. Trades in the overnight session are attributed to the day when the session ends, even if a trade is entered before midnight the previous day. This has implications for corporate actions and financing.
Trades entered before midnight on the day before ex-date will not have a dividend entitlement. Trades before midnight will settle as if they had been traded the following day, delaying the start of financing.
VI. CFD Resources
Below are some useful links with more detailed information on IBKR’s CFD offering:
The following video tutorial is also available:
How to Place a CFD Trade on the Trader Workstation
VII. Frequently Asked Questions
What Stocks are available as CFDs?
Large and Mid-Cap stocks in the US, Western Europe, Nordic and Japan. Liquid Small Cap stocks are also available in many markets. Please see CFD Product Listings for more detail. More countries will be added in the near future.
Do you have CFDs on other asset classes?
Yes. Please see IBKR Index CFDs - Facts and Q&A, Forex CFDs - Facts and Q&A and Metals CFDs - Facts and Q&A.
How do you determine your Share CFD quotes?
IBKR CFD quotes are identical to the Smart routed quotes for the underlying share. IBKR does not widen the spread or hold positions against you. To learn more please go to Overview of CFD Market Models.
Can I see my limit orders reflected on the exchange?
Yes. IBKR offers Direct market Access (DMA) whereby your non-marketable (i.e. limit) orders have the underlying hedges directly represented on the deep books of the exchanges on which they trade. This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer. In addition, you may also receive price improvement if another client's order crosses yours at a better price than is available on public markets.
How do you determine margins for Share CFDs?
IBKR establishes risk-based margin requirements based on the historical volatility of each underlying share. The minimum margin is 10%, making CFDs more margin-efficient than trading the underlying share in many cases. Retail investors are subject to additional margin requirements mandated by the European regulators. There are no portfolio off-sets between individual CFD positions or between CFDs and exposures to the underlying share. Concentrated positions and very large positions may be subject to additional margin. Please refer to CFD Margin Requirements for more detail.
Are short Share CFDs subject to forced buy-in?
Yes. In the event the underlying stock becomes difficult or impossible to borrow, the holder of the short CFD position may become subject to buy-in.
How do you handle dividends and corporate actions?
IBKR will generally reflect the economic effect of the corporate action for CFD holders as if they had been holding the underlying security. Dividends are reflected as cash adjustments, while other actions may be reflected through either cash or position adjustments, or both. For example, where the corporate action results in a change of the number of shares (e.g. stock-split, reverse stock split), the number of CFDs will be adjusted accordingly. Where the action results in a new entity with listed shares, and IBKR decides to offer these as CFDs, then new long or short positions will be created in the appropriate amount. For an overview please CFD Corporate Actions.
*Please note that in some cases it may not be possible to accurately adjust the CFD for a complex corporate action such as some mergers. In these cases IBKR may terminate the CFD prior to the ex-date.
Can anyone trade IBKR CFDs?
All clients can trade IBKR CFDs, except residents of the USA, Canada, Hong Kong, New Zealand and Israel. There are no exemptions based on investor type to the residency based exclusions.
What do I need to do to start trading CFDs with IBKR?
You need to set up trading permission for CFDs in Client Portal, and agree to the relevant disclosures. If your account is with IBKR (UK) or with IBKR LLC, IBKR will then set up a new account segment (identified with your existing account number plus the suffix “F”). Once the set-up is confirmed you can begin to trade. You do not need to fund the F-account separately, funds will be automatically transferred to meet CFD initial margin requirements from your main account.
If your account is with another IBKR entity, only the permission is required; an additional account segment is not necessary.
Are there any market data requirements?
The market data for IBKR Share CFDs is the market data for the underlying shares. It is therefore necessary to have market data permissions for the relevant exchanges. If you already have market data permissions for an exchange for trading the shares, you do not need to do anything. If you want to trade CFDs on an exchange for which you do not currently have market data permissions, you can set up the permissions in the same way as you would if you planned to trade the underlying shares.
How are my CFD trades and positions reflected in my statements?
If you are a client of IBKR (U.K.) or IBKR LLC, your CFD positions are held in a separate account segment identified by your primary account number with the suffix “F”. You can choose to view Activity Statements for the F-segment either separately or consolidated with your main account. You can make the choice in the statement window in Client Portal.
If you are a client of other IBKR entities, there is no separate segment. You can view your positions normally alongside your non-CFD positions.
Can I transfer in CFD positions from another broker?
IBKR does not facilitate the transfer of CFD positions at this time.
Are charts available for Share CFDs?
Yes.
In what type of IBKR accounts can I trade CFDs e.g., Individual, Friends and Family, Institutional, etc.?
All margin and cash accounts are eligible for CFD trading.
What are the maximum a positions I can have in a specific CFD?
There is no pre-set limit. Bear in mind however that very large positions may be subject to increased margin requirements. Please refer to CFD Margin Requirements for more detail.
Can I trade CFDs over the phone?
No. In exceptional cases we may agree to process closing orders over the phone, but never opening orders.
IBKR Stock Yield Enhancement Program
PROGRAM OVERVIEW
The Stock Yield Enhancement Program provides the opportunity to earn extra income on the fully-paid shares of stock held in your account by allowing IBKR to borrow shares from you in exchange for collateral (either U.S. Treasuries or cash), and then lend the shares to traders who want to sell them short and are willing to pay interest to borrow them. For additional information on the Stock Yield Enhancement Program please see here or review the Frequently Asked Questions page.
HOW TO ENROLL IN THE STOCK YIELD ENHANCEMENT PROGRAM
To enroll, please login to the Client Portal. Once logged in, click the User menu (head and shoulders icon in the top right corner) followed by Settings.
In the Trading section of the Settings page, click the link for the Stock Yield Enhancement Program. Select the checkbox on the next screen and click Continue. You will then be presented with the requisite forms and disclosures needed to enroll in the program. Once you have reviewed and signed the forms, your request will be submitted for processing. Please allow 24-48 hours for enrollment to become active.
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India Intra-Day Shorting Risk Disclosure
Interactive Brokers currently offers the ability to short sell stocks before taking delivery on an intra-day basis. In accordance with IB’s intra-day shorting rules, traders are required to deliver shares sold or close short stock positions prior to the end of the trading session.
Should traders establish a short stock position intra-day and still hold the position ten minutes prior to the end of the trading session at 15:20 IST, Interactive Brokers may, on a best efforts basis, close the position on your behalf. If the position is not closed by the end of the day and the shares are not delivered by the customer before settlement, the loss on account of auction will be borne by the customer. Please note that prices in the auction market are highly variable and typically not favorable compared to the normal market.
It is important to note, IB will not take into consideration any closing orders for short stock positions placed by the customer which may still be working. If your account holds a short position ten minutes prior to the end of the trading session and you have placed working orders to close those positions, there is the possibility your closing order will execute and that IB will act to close out your short position. In this situation you will be responsible for both executions and will need to manage your long position accordingly.
A fee of INR 2,000 will be charged for this manual processing in addition to any external penalties in the case of short stock positions resulting in auction trades. As such, we strongly urge customers to monitor their positions and take appropriate action themselves in order to avoid this.
