Brokerage/platforms terrible in Oz

[Temjin]

temjin,

IB would like you to have a rest over the weekend, so that you`re eager to start the new week

Wow, how considerable they are!

Has anyone tried placing real time non-market orders before the weekend is over and get them excuted when their server reset? Or do they "clear" all pending orders up over the weekend?

 

[yonnie]

not sure what you mean, but all pending limit orders in place before the platform closes down for the weekend are still there on Monday.

 

[Spar]

To those that use IB for ASX trading and have not subscribed to market data. Do you see real-time P&L and market value of each stock that you hold?

I use to see this, but in the past week it has disappeared. I'm in the process of querying this with IB, but they reckon that it should not be available.

Can anyone please confirm that their's does show P&L and Market Value....

 

[yonnie]

could anybody tell me if IB charges gst in the broking fees?

 

[Seaking]

could anybody tell me if IB charges gst in the broking fees?

No they don't

 

[chops_a_must]

Christ, how long does it take this mob to organise the transfer of securities? It's becoming a total joke. Couldn't organise a piss up in a brewery.

Obviously, they aren't really wanting people's business.

 

[Steve-IB]

Christ, how long does it take this mob to organise the transfer of securities? It's becoming a total joke. Couldn't organise a piss up in a brewery.

Obviously, they aren't really wanting people's business.

Should only take a couple of days - unless it's from ET. Send me the details and I'll check.

 

[RichKid]

Some questions for Steve:

1) Is options greeks data available for Aussie eto's? I assume iv, hv and payoff diagrammes are availble for US eto's but is this the case for Aussie eto's too, if not, when do you plan to introduce this data for Aussie eto's?

2) To open an account, (instead of an initial 5000USD cash deposit) we are able to transfer current stock holdings (to the market value of 5000USD minimum) from our current CHESS sponsor to IB's CHESS sponsor (Fortis Clearing House)- I'm led to believe that this takes about seven calendar days once IB receives a completed Asian Asset Transfer form. Is this correct Steve?

Thanks in advance for your help.

 

[bvbfan]

For identification, is a citizenship certificate sufficient or do you require passport?

 

[Steve-IB]

For identification, is a citizenship certificate sufficient or do you require passport?

Passport or drivers license is best.

 

[halfwheel]

Interactive Brokers Question.

Hi

Im interested in joining up with IB and I read somewhere that they dont offer Chess Sponsorship. If this is the case and I buy shares through them can someone please tell me how this affects the purchase and ownership of Shares. Also it would be good to find out if I can open an account with Citibank in Aussie to prevent having to have a foreign account.


Thank you

 

[yonnie]

Re: Interactive Brokers Question.

halfwheel,

nothing really changes and you can do all the things that you normally do with CHESS.

a problem could be what happens with the shares if IB
goes bankrupt. you cant prove that those shares are yours,
but IB got insurance to cover that happening to a certain amount. cant remember how high that is.
only hope they paid the premium this year!

no, you got to deposit your money in IB bank account with Citibank. IB wont take the money out of your account with Citibank each time you buy shares.

 

[halfwheel]

So are the shares actually registered in my name or is it under IB and I get a statement. Im currently with Commsec and I get a chess holding statement. I dont want to rely on IB going belly up. That happens on a daily basis in the US

 

[apra143]

So are the shares actually registered in my name or is it under IB and I get a statement. Im currently with Commsec and I get a chess holding statement. I dont want to rely on IB going belly up. That happens on a daily basis in the US

When I called; I was asking how does the whole CHESS business fit into everything. Apparently there is no need to worry about CHESS sponsoring since IB own the shares that you buy.

I forgot to ask what happens to dividends? Voting Rights? and other things that come with share ownership...

 

[yonnie]

apra,

it would be better if the IB shares were Chess sponsored.

now they`re in IB`s name and IF they go belly-up IB or the care-taker could sell those shares
and if they dont put the money into your account, there is nothing you could do about it

 

[halfwheel]

Yes I agree. On that basis alone I dont think I would use them. Id rather pay a little more brokerage and stay at commsec and be Chess Sponsored

 

[RichKid]

apra,

it would be better if the IB shares were Chess sponsored.

now they`re in IB`s name and IF they go belly-up IB or the care-taker could sell those shares
and if they dont put the money into your account, there is nothing you could do about it

I believe that IB clients will be CHESS sponsored by Fortis Clearing House and that the stock paid for by the client (ie bought by client via IB) will be legally owned by the client and be registered on CHESS via Fortis. It's a HUGE risk if IB owns the stock and we have nothing to show for it after paying for it- I don't recall any terms which state that IB retain legal title to shares which are merely registered by Fortis. It's one thing to lose $$$'s deposited in the Citibank ac but quite another to lose stock that you own and should be guaranteed under the CHESS sponsorship system. Worth querying with IB, ASIC and the ASX.

Here is some info on CHESS: http://www.asx.com.au/about/pdf/CHESSIntro.pdf

My view was that the IB-Fortis arrangement is similar to the current arrangement with most local brokers except that the stockbroker here (IB) is not a ASX Settlement and Transfer Corp participant (unlike Commsec for eg which buys and sells shares for clients as a broker and is a CHESS sponsor itself). I believe that stocks I buy via Commsec are owned by me and my CHESS sponsor is bound to follow my instructions, why shouldn't it be the same for IB?

btw, Commsec is not guaranteed by CBA, so eventhough your cash trading accounts are with the CBA the rest of your assets are with CommSec. I hope I have understood matters clearly here.

This is probably an issue worth clarifying openly, in writing, here on ASF, maybe Steve-IB would care to comment?

 

[apra143]

it would be better if the IB shares were Chess sponsored.

Just remember that when I made the call, I had to explain to the operator what "CHESS" was about, to which she had to seek clarification then came back with the response that IB own the equity and CHESS sponsorship doesn't apply.

Perhaps Steve-IB or someone who has already signed up to IB can explain it a whole lot better.

 

[RichKid]

Just remember that when I made the call, I had to explain to the operator what "CHESS" was about, to which she had to seek clarification then came back with the response that IB own the equity and CHESS sponsorship doesn't apply.

Perhaps Steve-IB or someone who has already signed up to IB can explain it a whole lot better.

Sounds like they haven't quite got the staff training for Aussie matters down pat yet, another reason to hold off from joining, especially with this apparent CHESS issue up in the air. I certainly don't want to be suing a US co in the US to assert my rights or to recover lost funds or assets. Eitherway, it's better to have something in writing or we will continue to speculate.

I'm glad that Steve-IB appears to be proactive in answering questions here, so far anyway.....

btw hash/apra143, you only have to sign off as 'hash' or 'john' or 'jill' in your msgs and people will call you that.

 

[yonnie]

hi Steve,

dont know how long this is going on, but I noticed this morning when I placed an order at 8.45 am Sydney time that IB doesn`t do the full pre-open anymore and my order is just sitting there.

any reason for that?