常見問題解答:針對某些證券的特殊要求

近期,GME、AMC、BB、EXPR、KOSS及其它少數幾隻美國證券表現出了極端波動,我們已被迫降低了之前向這些證券提供的杠杆,有時甚至只允許降低風險的交易。以下是關于近期措施的常見問題解答。

 

問:目前交易GME及其它近期波動率上升的美國證券是否有限制?

答:IBKR目前不限制客戶交易AMC、GME、BB、EXPR、KOSS或其它表現出了極端市場波動的公司的股票。這包括開倉或平倉。

和許多經紀商一樣,對于某些近期市場波動巨大的股票期權,IBKR曾在一段時間內僅允許平倉。這些限制現已解除。

IBKR未限制客戶平倉已有的頭寸,也不計劃這麽做。

 

問:我能否使用保證金通過IBKR交易這些産品的股票、期權或其它衍生品?

答:IBKR已提高了交易GME及其它近期波動率巨大的美國證券的保證金要求,包括對多頭頭寸應用高達100%的保證金要求,對空頭頭寸應用300%的保證金要求。您可在提交定單前在交易平臺中查看這些保證金要求。

 

問:IBKR爲什麽要限制我開倉某些證券的新頭寸?

答:IBKR采取這些措施是出于風險管理的考慮,爲了保護公司及客戶在極端波動及不穩定的市場環境下不因價格的大幅變動而蒙受巨額損失。

IBKR對此次非自然波動給清算所、經紀商和市場參與者帶來的影響保持謹慎擔憂。

 

問:IBKR或其關聯公司在此次被限制交易的産品中有頭寸嗎?

答:否。IBKR在這些證券中均沒有自營頭寸。

 

問:IBKR實施這些交易限制的依據是什麽?

答:根據客戶協議,IBKR有權自行决定拒絕接受任意客戶定單。

IBKR還有權單方面修改任意已開倉頭寸或新頭寸的保證金要求。畢竟,IBKR是保證金交易的資金貸出方。

 

問:這些限制是針對所有IBKR客戶的,還是僅針對部分客戶?

答:所有限制,包括限制開倉及提高保證金,都是針對所有IBKR客戶的。限制是基于證券而非客戶實施的。

 

問:我在IBKR的資金有風險嗎?IBKR有無蒙受實質性損失?

答:IBKR未蒙受任何實質性的損失。得益于其審慎的風控措施,IBKR很好地應對了本次市場波動。實際上,盈透集團的合幷總股本逾90億美元,超過監管要求60億美元以上。

 

問:未來IBKR會怎麽做?我怎麽才能知道?

答:IBKR會繼續監控市場動態,且會根據市場情况采取行動。如需瞭解最新的信息,請持續訪問我們的網站。

FAQs: Securities subject to Special Requirements

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.

Disclosure Regarding Interactive Brokers Price Cap Notices

Regulators expect brokerage firms to maintain controls designed to prevent the firm from submitting orders to market centers that create a risk of disruptive trading (e.g., the risk of sudden, transient price moves).

To comply with these expectations, Interactive Brokers implements various price filters on customer orders. Those price filters may, in certain circumstances, price cap customer orders in order to avoid market disruption, and those Price Caps will generally be in a % range from a reference price range calculated by IB. (The range of the Price Cap varies depending on the type of instrument and the current price.)

Although the price caps are intended to balance the objectives of trade certainty and minimized price risk, a trade may be delayed or may not take place as a result of price capping. More information is available in Interactive Broker’s Order Routing and Payment for Order Flow Disclosure.

If a customer’s order(s) are price capped by IB’s systems, that customer will either receive (i) real-time notification of those price cap(s) in Trader Workstation or via the API or FIX tag 58 (for FIX users); and/or (ii) a daily FYI message containing a digest of the first 10 order(s) that were price capped the prior day, the initial price cap(s) for those order(s) (if applicable), and the Price Cap Range(s) for further Price Cap(s) of those order(s). 

Customers may opt out from receiving future FYI Messages by clicking the relevant opt-out link within an FYI Message. By opting out from receiving these future FYI Messages, a customer: 

  • Agrees to waive any further notifications from Interactive Brokers about the application of the firm’s Price Caps to that customer’s order(s); and
  • Acknowledges that he or she understands that his or her orders may be price-capped in the future, but that the customer does not wish to be notified again about the application of any Price Caps to any of his or her orders.

     

Fractional Share Trading

Overview: 

Trading fractional shares allows you to invest in companies which you may not be able to afford the full share price. It also makes it easier for you to diversify your portfolio by allowing you to purchase fractional amounts in multiple companies when you otherwise may have only been able to purchase whole shares in one or two companies.

If you enable your account to trade in fractions, we will buy or sell a fraction of a share based on the amount of cash you specify. For example, if you want to spend $500 but one share of the stock you want to buy is currently $1000 you would end up with 0.5 shares.

Who is eligible for fractional share permissions?

All individual, standalone accounts including Lite customers (except those who reside in Israel, Canadian RRSP/TFSA accounts and Interactive Brokers Luxembourg SARL (IBEU) entity accounts) are eligible for fractional share permissions.

Financial Advisors, Money Managers, and Introducing Brokers may enable their clients on an all-or-none basis.

How do I enable fractional shares?

If you are eligible then you can enable fractional share trading in Client Portal/Account Management. Select Settings followed by Account Settings and click on the Configure (gear) icon next to Trading Experience & Permissions. Scroll down to "Stocks", check the box for "United States (Trade in Fractions)", click CONTINUE and follow the prompts on screen.

Please note, TWS Build Version 979 or later is required to trade fractional shares. This feature currently supports most order types.

What products can I trade in fractions?

U.S. stocks listed on NYSE, AMEX, NASDAQ, ARCA, or BATS, as well as OTC Pink U.S. penny stocks with average daily volume above $10 million and market cap above $400 million are available for fractional shares trading. Non-U.S. stocks are not available for fractional shares trading at this time.

A list of stocks that can be traded in fractional shares is available via the following link. Please note, this list is subject to change without notice:

http://www.ibkr.com/download/fracshare_stk.csv

Can I short fractional shares?

IBKR does support short sales in fractional shares of eligible U.S. stocks as long as you have margin and approved trading permissions for "United States (Trade in Fractions)"/"Stocks".

What are the fees associated with fractional shares?

There is no additional fee to use fractional share trading. Standard commission rates (both IBKR Lite and IBKR Pro) apply.

Can I transfer fractional shares to IBKR?

IBKR does not accept fractional shares through a position transfer.

Do I receive dividends on my fractional shares?

Your fractional shares positions are eligible to receive dividends in the same manner as your full positions on the same stocks.

Are fractional shares eligible for the Dividend Reinvestment Program (DRIP)?

It is not possible to receive fractional shares for a reinvested dividend through the Dividend Reinvestment Program (DRIP) at this time. We hope to offer this in the future.

Please note the above does not apply in the event of mutual fund dividends, which can be re-invested and may result in holding fractional shares of the fund.

Will I receive a fractional share position from a corporate action?

If your account has been approved for trading fractions and a US corporate action issues fractional shares, the fractional shares will remain in your account. However, if your account does not have permissions to trade in fractions or the corporate action is issuing non-US shares or non-eligible US shares, the fractional shares will be liquidated.

Is fractional trading available for the API?

Fractional trading is not supported via API or FIX/CTCI at this time.
 

PRIIP概述

背景
2018年,一項歐盟新規生效,該新規旨在對“零售”客戶進行保護,確保其在買入某種產品時能夠獲得充分的披露信息。該法規被稱為零售及保險投資產品組合法規(MiFID II指令2014/65/EU)或PRIIP,其覆蓋了所有應付給客戶的金額會受參考值或一種或多種并非由該等零售投資者直接買入之資產的業績表現影響而波動的投資。常見列子包括期權、期貨、差價合約、ETF、ETN和其它結搆性產品。

值得注意的是,經紀商不得允許零售客戶購買PRIIP覆蓋的產品,除非該產品的發行機搆已經備好了要求的披露文件讓經紀商提供給客戶。這種披露文件被稱為關鍵信息文件(“KID”),包括產品描述、成本、風險回報情況及可能的業績情境等信息。美國客戶不受PRIIP影響,因此,某些美國掛牌ETF的發行機搆通常不會創建關鍵信息文件。這就意味著,歐洲經濟區(“EEA”)的零售客戶可能無法購買此類產品。

客戶分類
IBKR默認將所有個人客戶分類為“零售”客戶,因為這樣可以給與客戶MiFID提供的最廣泛的保護。被分類為“專業”客戶的客戶無法享受“零售”客戶級別的保護,但同時也不需要受KID文件要求的限制。根據MiFID II的定義,“專業”客戶包括受監管的實體、大型客戶和要求被重新分類為“選擇性專業客戶”并且在知識、經驗和財務實力方面滿足MiFID II要求的個人。

IB提供了線上程序可供“零售”客戶申請將其分類更改為“專業”。重新分類的資格要求以及申請重新分類的步驟,請參見KB3298,如果要直接申請更改分類,可通過客戶端/賬戶管理中的相關問卷進行。
 

PRIIPs Overview

BACKGROUND
In 2018, an EU regulation, intended to protect “Retail” clients by ensuring that they are provided with adequate disclosure when purchasing certain products took effect. This regulation is known as the Packaged Retail and Insurance-based Investment Product Regulation (MiFID II, Directive 2014/65/EU), or PRIIPs, and it covers any investment where the amount payable to the client fluctuates because of exposure to reference values or to the performance of one or more assets not directly purchased by such retail investor. Common examples of such products include options, futures, CFDs, ETFs, ETNs and other structured products.

It’s important to note that a broker cannot allow a Retail client to purchase a product covered by PRIIPs unless the issuer of that product has prepared the required disclosure document for the broker to provide to the client. This disclosure document is referred to as a Key Information Document, or KID, and it contains information such as product description, cost, risk-reward profile and possible performance scenarios. U.S. clients are not impacted by PRIIPs, so the issuers of some of the more popular U.S. listed ETFs often elect not to create a KID. This means that EEA Retail client may not purchase the product.

CLIENT CATEGORISATION
IBKR categorises all individual clients as “Retail” by default as this affords clients the broadest level of protection afforded by MiFID. Client who are categorised as “Professional” do not receive the same level of protection as “Retail” but are not subject to the KIDs requirement. As defined under MiFID II rules, “Professional” clients include regulated entities, large clients and individuals who have asked to be re-categorised as “elective professional clients” and meet the MiFID II requirements based on their knowledge, experience and financial capability.

IB provides an online step-by-step process that allows “Retail” to request that their categorisation be changed to “Professional". The qualifications for re-categorisation along with the steps for requesting that one’s categorisation be considered are outlined in KB3298 or, to directly apply for a change in categorisation, the questionnaire, is available in the Client Portal/Account Management.
 

VXX与VXZ到期相關信息

簡介

2019年1月30日,iPath S&P 500 VIX短期期貨(VXX)和中期期貨(VXZ)交易所交易票據(ETN)即將到期。考慮到VXX和VXZ即將到期,其發行機搆巴克萊銀行發行了iPath“B系列”的S&P 500 VIX短期期貨(VXXB)和中期期貨(VXZB)交易所交易票據,於2018年1月開始交易,并將於2048年到期。

持有與即將到期的ETN及/或其衍生產品相關之頭寸的客戶應熟悉事件的時間安排、可做的選擇以及相關風險和保證金影響。請注意,如不釆取相應行動,或釆取行動時不考慮保證金影響,可能會將您的賬戶置於不符合保證金要求的境地,從而導致強制清算

下方常見問題提供了與該事件相關的背景信息。

 

常見問題解答

問:VXX和VXZ交易所交易票據何時到期?答:VXX和VXZ將在2019年1月30日開槃時到期并摘牌。問:VXX和VXZ的最后交易日是哪天?

答:2019年1月29日將會是該等即將到期之ETN的最后交易日和最后估值日。

 

問:到期后VXX和VXZ會如何處理?

答:發行機搆為VXX和VXZ的持有者提供了選擇,即贖回票據兌換現金或以1:1的比例兌換對應的“B系列”票據。或者,該等票據持有者還可選擇在2019年1月30日前平倉并將頭寸替換成二級市場上對應的“B系列”票據。

 

問:如果贖回兌現該等即將到期的票據,可以獲得多少現金?

答:如選擇兌現票據,您每張票據可獲得的現金將等於2019年1月29日(即最后估值日)所適用的收槃指示性價值。

 

問:贖回交易何時會記入我的賬戶?

答:贖回交易,無論是兌現還是兌換“B系列”票據,都會在2019年1月29日收槃后處理,并會於2019年1月30日開槃前記入您的賬戶。

 

問:如何將我的贖回決定告知IBKR?

答:我們會通過消息中心和電子郵箱向多頭持有即將到期之頭寸的客戶發送通知,屆時會開放選擇窗口。通知會詳細說明如何通過客戶端/賬戶管理內的自願公司行動工具提交選擇。

 

問:是否可以選擇提早贖回?

答:客戶可以在到期前提早贖回票據兌換“B系列”票據或現金(即提前贖回),但需付$500.00美元費用。到期贖回沒有費用。

 

問:選擇決定是否可以撤銷?

答:提前贖回選擇不可撤銷。到期贖回選擇在選擇窗口關閉前均可撤銷。

 

問:IBKR是否支持現金和“B系列”票據結合的方式贖回?答:不支持。客戶只可在全現金和全“B系列”票據之間選擇一個。問:如果在選擇窗口關閉前沒有提供選擇決定會怎么樣?

答:如果您決定不釆取行動或未能在截止時間前釆取行動,到期頭寸將兌換為現金。

 

問:如果在最后交易日前持有即將到期票據的空頭頭寸會怎么樣?

答:如果在最后交易日前持有即將到期票據的空頭頭寸,出借方有權平倉您的空頭頭寸,強制您交付現金或對應的“B系列”票據。如果您沒有足夠數量的“B系列”票據多頭頭寸可供交付,則您會被分配一個空頭頭寸,如果無法借到該ETN,您將面臨強制平倉。

 

問:如果在最后交易日后持有即將到期票據的空頭頭寸會怎么樣?

答:如果在最后交易日后持有即將到期票據的空頭頭寸,則您必須交付現金。

 

問:與該事件相關的保證金影響有哪些?

答:在投資組合保證金賬戶中持有即將到期ETN的客戶需要特別注意票據到期和贖回選擇對其保證金要求的影響。盡管VXX、VXZ及其相關衍生品列入了美國貨幣監理署(OCC)的客戶投資組合保證金文件,IB對這些產品提供投資組合保證金交易,但其對應的“B系列”票據并沒有列入OCC的投資組合保證金文件,因此IBKR不會對該等產品提供投資組合保證金交易。這些“B系列”ETN和衍生品將根據Reg.T規定計算保證金要求。

因此,在當前投資組合保證金框架下支持的VXX和其它短期波動率產品(如VIXY、VIIX、UVXY、TVIX和SVXY)之間的保證金對銷將不會適用於VXXB。同樣,當前支持的VXZ和其它中期波動率產品(如VIXM和ZIV)之間的保證金對銷也不會適用於VXZB。此外,由於Reg. T只對一部分期權策略提供保證金減免,Reg.T保證金框架下持有包含VXXB或VXZB的復合期權頭寸的客戶其保證金要求可能會高於投資組合保證金框架下對應VXX或VXZ頭寸的保證金要求。

客戶可通過在風險漫游中創建“What-if“投資組合來模擬VXX和VXZ到期的影響以及相關贖回選擇。

 

注:如果贖回即將到期的ETN將其兌換成對應的“B系列”票據會導致賬戶保證金不足,IBKR有權禁止該等贖回,并強制進行現金贖回。

針對大麻類證券的清算所限制

斯圖加特交易所(Boerse Stuttgart)和明訊銀行(Clearstream Banking)宣布其將不再對主營業務與大麻及其它毒品直接或間接相關的證券提供服務。 因此,該等證券將不會再於斯圖加特(SWB)或法蘭克福(FWB)證券交易所交易。自2018年9月19日收槃開始,IBKR將釆取以下行動:

  1. 對於客戶未釆取行動平倉,但也不能轉至美國掛牌市場的受影響頭寸,進行強制平倉;
  2. 對於客戶未釆取行動平倉,但能夠轉至美國掛牌市場的受影響頭寸,將股票轉至其美國掛牌市場。

下方表格列出了斯圖加特交易所和明訊銀行截至2018年8月7日公布的受影響證券。該表格還標記了受影響證券是否能夠轉至美國掛牌市場。注意,清算所已聲明該列表可能尚不完整,建議客戶檢查其各自網站了解最新信息。

ISIN 名稱 交易所 是否可轉至美國? 美國代碼
CA00258G1037

ABATTIS BIOCEUTICALS CORP

FWB2

ATTBF

CA05156X1087

AURORA CANNABIS INC

FWB2, SWB2

ACBFF

CA37956B1013

GLOBAL CANNABIS APPLICATIONS

FWB2

FUAPF

US3988451072

GROOVE BOTANICALS INC

FWB

GRVE

US45408X3089

INDIA GLOBALIZATION CAPITAL

FWB2, SWB2

ICG

CA4576371062

INMED PHARMACEUTICALS INC

FWB2

IMLFF

CA53224Y1043

LIFESTYLE DELIVERY SYSTEMS I

FWB2, SWB2

LDSYF

CA56575M1086

MARAPHARM VENTURES INC

FWB2, SWB2

MRPHF

CA5768081096

MATICA ENTERPRISES INC

FWB2, SWB2

MQPXF

CA62987D1087

NAMASTE TECHNOLOGIES INC

FWB2, SWB2

NXTTF

CA63902L1004

NATURALLY SPLENDID ENT LTD

FWB2, SWB2

NSPDF

CA88166Y1007

TETRA BIO-PHARMA INC

FWB2

TBPMF

CA92347A1066

VERITAS PHARMA INC

FWB2

VRTHF

CA1377991023

CANNTAB THERAPEUTICS LTD

FWB2  
CA74737N1042

QUADRON CANNATECH CORP

FWB2  
CA84730M1023

SPEAKEASY CANNABIS CLUB LTD

FWB2, SWB2  
CA86860J1066

SUPREME CANNABIS CO INC/THE

FWB2  
CA92858L2021

VODIS PHARMACEUTICALS INC

FWB2  

 重要注意事項:

  • 請注意,美國掛牌證券通常為場外交易(PINK),且以美元(而非歐元)計價, 因此,除市場風險外,您還將面對匯率風險。
  • 持有粉單(PINK Sheet)證券的賬戶持有人需要有美國(仙股) 交易許可才能下達開倉定單。
  • 擁有美國(仙股) 交易許可之賬戶的所有使用者均須使用雙因素驗證登錄賬戶。

Clearinghouse Restrictions on Cannabis Securities

Boerse Stuttgart and Clearstream Banking have announced that they will no longer provide services for issues whose main business is connected directly or indirectly to cannabis and other narcotics products.  Consequently, those securities will no longer trade on the Stuttgart (SWB) or Frankfurt (FWB) stock exchanges. Effective as of the 19 September 2018 close, IBKR will take the following actions:

  1. Force close any impacted positions which clients have not acted to close and that are not eligible for transfer to a U.S. listing; and
  2. Force transfer to a U.S. listing any impacted positions which clients have not acted to close and that are eligible for such transfer.

Outlined in the table below are impacted issues as announced by the Boerse Stuttgart and Clearstream Banking  as of 7 August 2018. This table includes a notation as to whether the impacted issue is eligible for transfer to a U.S. listing. Note that the clearinghouses have indicated that this list may not yet be complete and clients are advised to review their respective websites for the most current information.

ISIN NAME EXCHANGE U.S. TRANSFER ELIGIBLE? U.S. SYMBOL
CA00258G1037

ABATTIS BIOCEUTICALS CORP

FWB2 YES

ATTBF

CA05156X1087

AURORA CANNABIS INC

FWB2, SWB2 YES

ACBFF

CA37956B1013

GLOBAL CANNABIS APPLICATIONS

FWB2 YES

FUAPF

US3988451072

GROOVE BOTANICALS INC

FWB YES

GRVE

US45408X3089

INDIA GLOBALIZATION CAPITAL

FWB2, SWB2 YES

ICG

CA4576371062

INMED PHARMACEUTICALS INC

FWB2 YES

IMLFF

CA53224Y1043

LIFESTYLE DELIVERY SYSTEMS I

FWB2, SWB2 YES

LDSYF

CA56575M1086

MARAPHARM VENTURES INC

FWB2, SWB2 YES

MRPHF

CA5768081096

MATICA ENTERPRISES INC

FWB2, SWB2 YES

MQPXF

CA62987D1087

NAMASTE TECHNOLOGIES INC

FWB2, SWB2 YES

NXTTF

CA63902L1004

NATURALLY SPLENDID ENT LTD

FWB2, SWB2 YES

NSPDF

CA88166Y1007

TETRA BIO-PHARMA INC

FWB2 YES

TBPMF

CA92347A1066

VERITAS PHARMA INC

FWB2 YES

VRTHF

CA1377991023

CANNTAB THERAPEUTICS LTD

FWB2 NO  
CA74737N1042

QUADRON CANNATECH CORP

FWB2 NO  
CA84730M1023

SPEAKEASY CANNABIS CLUB LTD

FWB2, SWB2 NO  
CA86860J1066

SUPREME CANNABIS CO INC/THE

FWB2 NO  
CA92858L2021

VODIS PHARMACEUTICALS INC

FWB2 NO  

 IMPORTANT NOTES:

  • Note that the U.S. listings generally trade over-the-counter (PINK) and are denominated in USD not EUR thereby exposing you to exchange rate risk in addition to market risk.
  • Account holders maintaining PINK Sheet securities require United States (Penny Stocks) trading permissions in order to enter opening orders.
  • All users on accounts maintaining United States (Penny Stocks) trading permissions are required use 2 Factor login protection when logging into the account.
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