美國微型市值股票限制

簡介
爲遵守非注册證券賣出相關法規、最小化非公開報價證券交易過程中的人工處理,IBKR對美國微型市值股票實施了一定限制。下方列出了該等限制以及與此話題相關的其它常見問題。 

微型市值股票限制

  • IBKR將接受來自符合條件之客戶的美國微型市值股票轉帳。符合條件的客戶包括:(1) 資産(轉帳前或轉帳後)不低于500萬美元的賬戶,或資産規模不低于2000萬美元的財務顧問的客戶;幷且(2) 美國微型市值股票投資占比不到其賬戶資産的一半。
  • IBKR將只接受符合條件的客戶能够確認股票系從公開市場買入或已在美國證監會(SEC)進行過注册的美國微型市值股票的大宗轉帳1
  • IBKR不接受客戶被OTC標記爲“買者自負”或“灰色市場”的美國微型市值股票轉帳1或開倉委托單。持有該等股票倉位的客戶可以進行平倉;
  • IBKR不接受爲了回補在IBKR的空頭倉位而進行的美國微型市值股票轉帳;
  • 僅執行客戶(即只通過IBKR執行交易,但在別處清算)不能在其IBKR賬戶中交易美國微型市值股票。(IBKR可對在美國注册的經紀商例外對待);


微型市值股票常見問題

什麽是美國微型市值股票?
“微型市值股票”是指市值介于5000萬美元到3億美元之間幷且價格低于5美元一股的(1) 場外交易股票或(2) Nasdaq和NYSE American挂牌股票。就該政策而言,微型市值股票包括市值等于或低于5000萬美元的美國上市公司股票,這種股票有時也被稱爲納級股或者是在與微型市值股票相關的市場上交易。

爲避免股價短期小幅波動導致股票被反復重新分類,所有被分類爲美國微型市值股的股票只有在其市值和股價連續30天均分別超過5億美元和5美元的情况下才會重新分類。

微型市值股票通常股價很低,常常被稱爲仙股。IBKR也可設置例外,包括對股價低但近期市值上漲的股票。此外,IBKR不會將非美國公司的ADR視作微型市值股票。

微型市值股票在哪裏交易?
微型市值股票通常在OTC市場而非全國性證券交易所交易。其通常由做市商在OTC系統(如OTCBB)和OTC Markets Group管理的市場(如OTCQX、OTCQB和Pink)以電子方式報價。該類別下還包含非公開報價的股票和被指定爲“買者自負”、其它OTC或“灰色市場”的股票。

此外,美國監管部門也將在Nasdaq和NYSE American挂牌、價格等于或低于5美元一股且市值等于或低于3億美元的股票視爲微型市值股票。


如果IBKR收到來自符合條件之客戶的轉倉,其中一個或多個倉位是微型市值股票,會怎麽樣?
如果IBKR收到包含微型市值股票的轉倉,IBKR有權限制其中任何微型市值股票倉位的賣出,除非符合條件的客戶能够提供適當的文件證明該等股票系在公開市場買入(即通過其它經紀商在交易所買入)或者該等股票已經根據S-1或類似股票注册聲明表在美國證監會進行過注册。

符合條件的客戶可以通過提供經紀商給出的能够反映股票買入交易的經紀報表或交易確認來證明股票確實是在公開市場上買入。符合條件的客戶也可以通過提供其股票在美國證監會(Edgar系統)進行注册的備案號(以及任何可證明股票就是注册聲明上所列股票的文件)來證明股票已經過注册。

注意:所有客戶隨時都可轉出我們對其實施了限制的股票。

IBKR對主經紀賬戶有什麽限制?
活動包含主經紀服務的客戶在IBKR同意接受的來自其執行經紀商的交易方面被視爲符合條件的客戶。然而,儘管主經紀賬戶可以在IBKR清算美國微型市值股票,但在IBKR確認股票根據上述程序可以賣出之前,相關股票將受到限制。要爲在公開市場上買入的股票移除限制,請提供執行經紀商出具的正式賬戶報表或交易確認,或者讓執行經紀商提供有公司抬頭的顯示IBKR賬戶名稱和賬戶號碼的簽字函件,函件應說明股票系從公開市場買入幷應提供交易執行的詳細信息(日期、時間、數量、代碼、價格和交易所)。如果股票是通過發行取得,則函件必須提供相關注册聲明文件或鏈接幷說明該等股票是發行股票的一部分。

總結:如果多頭倉位不再受到限制則可以接受賣出多頭交易。賣出空頭交易可以接受。買入多頭交易可以接受,但倉位將被限制,直到向合規部門提供足够資料將限制移除。不接受買入補倉交易和日內軋平交易。


如果您買入的股票被重新分類爲“灰色市場”或“買者自負”股票怎麽辦?

如果您在IBKR賬戶中買入的股票之後被分類爲“買者自負”或“灰色市場”股票,您將可以繼續持有倉位、平倉或轉倉,但無法增加持倉。


我賬戶中微型市值股票交易受到限制的原因是什麽?
您被限制交易微型市值股票的主要原因有兩個:

  • 與發行方存在潜在關聯:美國證監會規則144對發行人的關聯方交易股票(包括微型市值股票)有一定限制。如果IBKR發現微型市值股票交易活動或持倉接近規則144規定的交易量閾值(“規則144閾值”),則IBKR會限制客戶交易該微型市值股票,直到完成合規審查。
  • 微型市值股票轉倉:如果客戶近期將微型市值股票轉入其IBKR賬戶,IBKR會限制客戶交易該證券,直到完成合規審查。

如果符合其中一種情况,相關證券交易會受到限制,客戶會在賬戶管理的消息中心下收到相應通知。該通知將說明限制的原因以及客戶爲了解除限制必須采取的措施。


爲什麽IBKR將我視爲微型市值股票發行方的潜在關聯方?
“關聯方”是與發行方存在控制關係的人士,如執行官、董事或大股東。

規則144適用于包括微型市值股票在內的所有證券。但是,鑒于交易微型市值股票涉及高風險,如果客戶的微型市值股交易和/或持倉接近規則144閾值,IBKR將限制客戶交易該微型市值股票。該等限制在合規對客戶的潜在關聯方身份進行審核幷作出决定之前將保持生效。

對于潜在關聯方審核,爲什麽我需要要求每兩周進行一次新的審核?
客戶的關聯方身份可能會在IBKR完成上述潜在關聯方審核後很快發生變化。因此,IBKR認爲如果客戶的的微型市值股交易和/或持倉仍然接近規則144閾值,每兩周刷新一下潜在關聯方審核較爲合適。

哪裏可以查看IBKR指定爲美國微型市值股的股票列表?
請打開以下鏈接:www.ibkr.com/download/us_microcaps.csv

請注意,此列表每日更新。

哪裏可以瞭解更多有關微型市值股票的信息?
有關微型市值股票的更多信息,包括其相關風險,請參見美國證監會網站:https://www.sec.gov/reportspubs/investor-publications/investorpubsmicrocapstockhtm.html
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1包括任何方式的轉帳(如ACATS、DWAC、FOP)、通過“南向(Southbound)”轉帳將加拿大挂牌股票轉成美國股票的轉換、爲回補空頭倉位進行的轉帳、在其它經紀商執行但在IBKR清算的IB主經紀服務客戶等。

 

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

 

如何參加股票收益提升計劃

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。

 

 

For enrollment via Classic Account Management, please click on the below buttons in the order specified.

 

 

OTC Market (Microcap Stock) – Changes to SEC Rule 15c2-11

INTRODUCTION
 
On September 28, 2021, amendments to Exchange Act Rule 15c2-11 became effective. These regulatory changes prohibit broker-dealers such as IBKR from displaying or submitting quotes (i.e., bids or offers) for securities of issuers that have not met public reporting requirements. The amendments to the Rule effectively eliminate the ability of market makers to quote in OTC securities of issuers that fail to keep certain information current and make that information publicly available. We expect that this will result in a significant reduction in the liquidity of these products. Additionally, certain securities will be reclassified to the OTC “Grey Market” tier. Broker-dealers are prohibited from publishing quotes for Grey Market securities and these securities may become completely illiquid as a result.
 
We provide additional information in the FAQs below.
 
FAQs
 
Q: Why is the SEC mandating these changes?
 
A: The SEC believes that retail investors are the primary participants in the OTC market. While many issuers of quoted OTC securities publicly disclose current information, other issuers publish limited or stale information or do not publish required information at all. The SEC has indicated that a lack of current, publicly available information about these issuers may disadvantage retail investors and the SEC is addressing the issue by eliminating displayed quotes on the affected issuers.
 
Q: How will the amendments to Rule 15c2-11 change the OTC market?
 
A: Effective September 28, 2021, the Rule requires that current information about an issuer be publicly available for a security to become quoted initially and remain quoted on an ongoing basis, subject to certain limited exceptions. Quotations submitted on an “unsolicited” basis will still be permitted under the amended Rule for securities in certain OTC Markets tiers, but insiders and affiliates will be subject to additional limitations discussed below.
 
Q: How are the OTC Markets tiers changing?
 
A: OTC Markets is reclassifying certain issuers in its various market tiers in accordance with the Rule.
  • No change is anticipated for securities that remain classified in the OTCQX, OTCQB, or Pink Current market tiers.
  • Many stocks are being moved to the Pink Limited and Expert Tier and designated by OTC Markets as “unsolicited quotes only.” Clients can close these positions by placing orders online. Opening orders in these positions cannot be accepted online or by phone. 
  • No public quotations are permitted for securities classified in the Grey market tier. 
 
Q: How can I determine if the security I want to trade is "unsolicited quotes only?"
 
A: OTC Markets publishes a daily list of "unsolicited quotes only" stocks at the bottom of their 15c2-11 resource page
 
Q: What if I am holding a security that has been classified to the Grey Market?
 
A:  If you purchased a stock in your IBKR account that becomes “Grey Market” classified, you will be allowed to maintain or transfer the position.  OTC Markets will not publish quotations for securities classified as Grey Market after September 28th and you may be unable either to exit or increase your position online. 
 
Q: How are orders for stocks that are subject to the Rule routed and filled?
 
A: If the order is for a stock designated as “unsolicited quotes only,” the order will not be displayed to the public and will be filled against the best available bid or offer on the market center.  Also, there will be limited liquidity for “unsolicited quotes only” stocks because Interactive Brokers participates in fewer market centers for these stocks.
 
Q: Where can I find relevant information? 
 
A: Please refer to the following links for additional information:
 

什麼是特殊備忘錄賬(SMA)?如何使用?

Overview: 

特殊備忘錄賬(SMA)表示的不是賬戶資金或現金,而是在Reg. T保證金賬戶內證券市場價值上升時產生的信用額度。其目的是為了維護未實現盈利對於後續交易所能提供的購買力,如果沒有這種處理,購買力只有通過取出多餘資金然後在要進行後續買入時再存入賬戶才能確定。從這個角度來說,SMA有助於維持賬戶價值穩定、盡可能減少非必要的資金轉帳。

SMA會隨著證券價值上升而增加,但如果證券價值下跌,SMA並不會減少。SMA只有在買入證券和取款時才會減少,使用SMA唯一的限制是證券買入和取款不能讓賬戶資產低於維持保證金要求。可增加SMA的項目包括現金存款、收到利息或股息(等額方式)和證券賣出(淨收入的50%)。請注意,SMA餘額表示的是開戶以來每條會造成SMA水平變化的歷史帳目的總和。考慮到時間跨度和其中包含的帳目數量,從每日活動報表中總結出當前的SMA水平雖然可行,但卻不太現實。 

要說明SMA是如何運作的,我們先假設賬戶持有人存入了$5,000美元,然後買了$10,000美元的證券,貸款50%(保證金要求等於1 – 貸款比例,也就是50%)。前後的賬戶相關數值如下:

項目
描述
事件1 - 首次存款
事件2 - 買入股票
A.
現金
$5,000
($5,000)
B.
多頭股票市場價值
$0
$10,000
C.
淨清算價值/含貸款價值* (A + B)
$5,000
$5,000
D.
初始保證金要求 (B * 50%)
$0
$5,000
E
可用資金 (C - D)
$5,000
$0
F.
SMA
$5,000
$0
G.
購買力
$10,000
$0

接下來,假設多頭股票市場價值上漲至$12,000美元。$2,000美元的漲幅可產生$1,000美元的SMA,可供賬戶持有人:1) 在無需額外存入資金的情況下再買價值$2,000美元的證券,保證金貸款比率50%;或 2) 取出$1,000美元現金,如果賬戶沒有現金,這$1,000美元將記入賬戶的貸款餘額。見下表:

項目
描述
事件2 – 買入股票
事件3 - 股票升值
A.
現金
($5,000)
($5,000)
B.
多頭股票市場價值
$10,000
$12,000
C.
淨清算價值/含貸款價值* (A + B)
$5,000
$7,000
D.
初始保證金要求 (B * 50%)
$5,000
$6,000
E
可用資金 (C - D)
$0
$1,000
F.
SMA
$0
$1,000
G.
購買力
$0
$2,000

*含貸款價值英文縮寫為EWL,在此例中,等於淨清算價值。

最後,請注意,SMA只是一個用以衡量IB LLC下證券賬戶是否符合隔夜初始保證金要求的Reg. T概念,我們並不會用SMA來決定賬戶是否符合日內或隔夜維持保證金要求,也不會用它來決定商品賬戶是否符合保證金要求。同樣,如果賬戶在隔夜或Reg.T初始保證金要求開始實施生效時(美國東部時間15:50)SMA為負值,則會面臨強制平倉清算以滿足保證金要求。

 

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麼?
股票收益提升計劃可供客戶通過允許IBKR將其賬戶內原本閒置的證券頭寸(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現金抵押,並且在股票借出的每一天都能就現金抵押獲取利息。

 

什麼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決於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異。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現金抵押利息。例如,假設IBKR借出$10,000美元股票,年化收益15%,向借出客戶的賬戶存入了$10,000美元的現金抵押。則IBKR對現金抵押支付的日利息通常會是$2.08美元。

 

借貸交易的現金抵押金額如何確定?
證券借貸的現金抵押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(通常為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股收盤價為$59.24美元的美元計價股票,現金抵押應為$6,100 ($59.24 * 1.02 = $60.4248;取整到$61,再乘以100)。下表為各個幣種的行業慣例:

USD 102%;向上取整到最近的元
CAD 102%;向上取整到最近的元
EUR 105%;向上取整到最近的分
CHF 105%;向上取整到最近的生丁
GBP 105%;向上取整到最近的便士
HKD 105%;向上取整到最近的分

更多信息,請參見KB1146

 

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麼影響?

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麼資格要求?

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)

 

可參加股票收益提升計劃的賬戶類型
現金帳戶(申請參加時賬戶資產超過$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產要求的現金帳戶。

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賬戶由盈透證券資產管理公司(Interactive Brokers Asset Management)管理的賬戶分區可以參加股票收益提升計劃嗎?
不能。

 

英國SIPP賬戶可以參加股票收益提升計劃嗎?
不能。

 

如何申請參加IBKR股票收益提升計劃? 
符合條件並且想參加股票收益提升計劃的客戶可以選擇設置>賬戶設置。點擊“交易許可”旁的齒輪圖標。勾選頁面頂部“交易計劃”下的“股票收益提升”複選框。點擊“繼續”,然後根據要求填寫協議/披露。

 

如果參加計劃的現金帳戶資產跌破最低資產要求$50,000美元會怎麼樣?
現金帳戶只有在申請參加計劃當時必須滿足這一最低資產要求。之後資產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。

 

如何終止股票收益提升計劃?

想退出股票收益提升計劃的客戶可以登錄賬戶管理,選擇設置>賬戶設置。點擊“交易許可”旁的齒輪圖標。取消勾選“交易計劃”下的“股票收益提升”複選框。點擊“繼續”,然後根據要求填寫協議/披露。退出申請通常會在當天日末處理。

 

如果一個賬戶參加了計劃然後又退出,那麼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麼限制嗎?
只要IBKR沒有參與此證券的承銷就沒有限制。

 

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況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,如果客戶現金餘額為$50,000美元,買入市場價值為$100,000美元的證券,則貸款金額為$50,000美元,那麼經紀商對$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為超額保證金證券(此例子中為$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,然後減去股票賣空所得(轉換成美元)。如果結果為負數,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。

例1:客戶在基礎貨幣為美元的賬戶內持有100,000歐元,歐元兌美元匯率為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為正數,所有證券被視為全額支付。

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為保證金證券,剩餘的$72,000美元為超額保證金證券。計算方法是用現金餘額減去賣空所得($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,因為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為單位?
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為倍數借出。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裡借出75股、從另一個客戶那裡借出25股的情況。

 

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(如,可供借出的數量為20,000,需求只有10,000的情況下,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?
股票可以借給任何對手方,並不僅限於其他IBKR客戶。

 

股票收益提升計劃的參與者可以自行決定哪些股票IBKR可以借出嗎?
不能。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,可自行決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麼樣?
借貸將于平倉或減倉操作(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麼樣?
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。

 

借貸股票的現金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?
不能。股票借貸的現金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麼樣?
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。

 

什麼情況下股票借貸會被終止?
發生以下情況,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。

 

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決斷。

 

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 – 詳細列出了期初現金抵押餘額、借貸活動導致的淨變化(如果發起新的借貸則為正;如果股票歸還則為負)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. IB管理的證券借出 – 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(%)。 

 

4. IB管理的證券借出活動 – 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. IB管理的證券借出活動利息詳情 – 按每筆借出活動詳細列出了IBKR賺取的利率(%);IBKR賺取的收益(為IBKR從該筆借出活動賺取的總收益,等於{抵押金額 * 利率}/360);客戶抵押的利率(為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(為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美元的情況下才會顯示。   

 

6. 應計利息 – 此處利息收入列為應計利息,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)。

 

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 Securities Japan Inc. ("IBSJ") 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.
 

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