• 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. 

• SEC Notice and Fact Sheet Regarding OTC Quotations
• SEC Amendments to Rule 15c2-11 

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：

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？

*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？

*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。

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)

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）。

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.

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.