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- 10 July 2007
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Here's an attempt to answer all the questions provided on this thread:
“Do we still have to deal with IB from OS or are they going to have an agent / office in Australia? Pain in the B... opening accounts OS, what with ID theft I am nervous about sending ID overseas.”
IB: Currently we run a Customer Service desk which alternates between US, Switzerland and Hong Kong depending on the time of day. Contact details are available here: http://www.interactivebrokers.com/en/general/contact/contact.php?ib_entity=llc
The account opening can be done online, it will take about 15 minutes. We then require two separate documents showing an identity proof and a proof of address. Passport and driving license is the easiest. But you can also submit utility bills or bank statements. This can be posted, faxed or e-mailed to us. Account approval should occur within 2 days of submitting documents.
“I wonder if can transfer my whole Commsuck ASX share portfolio across to IB without penalty? IB's home page info shows that is no problem with US trading houses, but what about AUS>US? (Looks like a call to Commsuck is in order on Monday as their website gives nothing away as far as transferring an account to another trading house!)”
IB: Yes, we can facilitate this. We haven’t posted details on the website as yet. You can contact me or the HK CS desk to arrange this.
“Can you trade CFD's with IB like we do here in Oz with IGmarkets ?”
IB: No. However, we will probably add the ASX listed CFD’s when they are launched.
“Given the above info, I take it that we can trade botx ASX and other us markets from the same account with IB.”
IB: You can trade global stocks, futures, options, ETF’s and FX through the same account – including ASX stocks, SFE futures, US stocks, US futures, and Aud/Usd and other A$ cross-rates.
“Are there any minimum amount required to open the account ? “
IB: Yes, US$5,000 or currency equivalent. Currently around A$6,000
Can you trade with or without margin (ie CFD's) and what (if) any are the LVR's of each stock. I've looked on IB website, and it doesn't really say.”
IB: Yes, initial margin is 50% (2:1), maintenance is 25% (4:1). You don’t need to use the margin if you have the cash in your account.,
Does anyone know is IB a DMA model, and what about the trading platform, is it stable.
IB: Yes, it’s DMA. You order should be at the market within milliseconds.
Does any one know whether you can trade in the opening and closing auctions? Platforms like CMC do not let you, which sucks
IB: Yes you can.
They haven't got a short list at this stage. I'll be trying to get in contact with them next week to find out if they will be offering a short list. Will let everyone know what they say
IB: We will add shorting capability before the end of July.
Trades: 0.08% or minimum $6AUD.. This works out to be about $8 on a $10,000 trade.
Account Fees: $10USD a month account fees = ~$11.91AUD
IB: Account fees are a minimum monthly fee per month. If you generate more than $10 in commission in the month then you will not be charged this fee
"Market Data" (what exactly constitutes this? anybody know, basic financial info for each company? ASX annoucements? or is this more in depth)
Australian Stock Exchange Australia AUD 37.50 (nonpro) AUD 49.50 (pro)
IB: Market data is real-time streaming quotes and shows the first 5 levels of market depth. This is an exchange cost and is passed straight through to the ASX. The 5 levels are aggregated – i.e. it the bid will show the top 5 prices, and the volume at each price, and the cumulative volume – it won’t show how many orders at a particular price – only the number of shares.
Will IB sponsor people into the CHESS system or not I wonder?
IB: No
Per fresh questions above will IB provide ASX announcements on the platform???
IB: No.
“gfresh, I think US law means you are limited under IB's sytem to only 4 "day trades" per 5 consequetive trading days, if you open a 5,000 USD account. If you forget and try to make more than the 4 limit, your account can technically be "frozen" until the 5 day day trading limit again becomes unlocked - although they say they have algorithms to warn you first!!”
IB: You are referring to the US Pattern Day Trading Rules. These do not apply to Australian stocks.
“Market scanning don't appear top be available for the ASX at this stage, although they are available for the U.S market”
IB: We will add ability to scan ASX stocks. It will be a similar set-up to that offered for US stocks, i.e. you can check for top % gainers, top volume, etc.
For news we have an integrated RSS feed, which pulls news from various online services, and can be configured to accept any newsfeed which is RSS. The TWS comes pre-configured with news from Google and Yahoo.
“There are quite a few different programs out there that integrate with IB's platform. Basically, you don't really need to use IB's platform to trade- I have 2 different charting packages that are fed with IB's data, and use a front end program to place and manage orders during the day.”
IB: There are a number of third-party programs which connect to IB. We offer an open-API which also enables users to configure connectivity from their own trading software. Many charting and other providers have programmed this interface already. For those that haven’t there are many third-party providers that have done the work already. There are 2 lists available on our website:
http://www.interactivebrokers.com/en/general/poll/ibconsultants.php?progid=11&ib_entity=llc
http://www.interactivebrokers.com/en/general/poll/ibconsultants.php?progid=12&ib_entity=llc
Hope this helps
“Do we still have to deal with IB from OS or are they going to have an agent / office in Australia? Pain in the B... opening accounts OS, what with ID theft I am nervous about sending ID overseas.”
IB: Currently we run a Customer Service desk which alternates between US, Switzerland and Hong Kong depending on the time of day. Contact details are available here: http://www.interactivebrokers.com/en/general/contact/contact.php?ib_entity=llc
The account opening can be done online, it will take about 15 minutes. We then require two separate documents showing an identity proof and a proof of address. Passport and driving license is the easiest. But you can also submit utility bills or bank statements. This can be posted, faxed or e-mailed to us. Account approval should occur within 2 days of submitting documents.
“I wonder if can transfer my whole Commsuck ASX share portfolio across to IB without penalty? IB's home page info shows that is no problem with US trading houses, but what about AUS>US? (Looks like a call to Commsuck is in order on Monday as their website gives nothing away as far as transferring an account to another trading house!)”
IB: Yes, we can facilitate this. We haven’t posted details on the website as yet. You can contact me or the HK CS desk to arrange this.
“Can you trade CFD's with IB like we do here in Oz with IGmarkets ?”
IB: No. However, we will probably add the ASX listed CFD’s when they are launched.
“Given the above info, I take it that we can trade botx ASX and other us markets from the same account with IB.”
IB: You can trade global stocks, futures, options, ETF’s and FX through the same account – including ASX stocks, SFE futures, US stocks, US futures, and Aud/Usd and other A$ cross-rates.
“Are there any minimum amount required to open the account ? “
IB: Yes, US$5,000 or currency equivalent. Currently around A$6,000
Can you trade with or without margin (ie CFD's) and what (if) any are the LVR's of each stock. I've looked on IB website, and it doesn't really say.”
IB: Yes, initial margin is 50% (2:1), maintenance is 25% (4:1). You don’t need to use the margin if you have the cash in your account.,
Does anyone know is IB a DMA model, and what about the trading platform, is it stable.
IB: Yes, it’s DMA. You order should be at the market within milliseconds.
Does any one know whether you can trade in the opening and closing auctions? Platforms like CMC do not let you, which sucks
IB: Yes you can.
They haven't got a short list at this stage. I'll be trying to get in contact with them next week to find out if they will be offering a short list. Will let everyone know what they say
IB: We will add shorting capability before the end of July.
Trades: 0.08% or minimum $6AUD.. This works out to be about $8 on a $10,000 trade.
Account Fees: $10USD a month account fees = ~$11.91AUD
IB: Account fees are a minimum monthly fee per month. If you generate more than $10 in commission in the month then you will not be charged this fee
"Market Data" (what exactly constitutes this? anybody know, basic financial info for each company? ASX annoucements? or is this more in depth)
Australian Stock Exchange Australia AUD 37.50 (nonpro) AUD 49.50 (pro)
IB: Market data is real-time streaming quotes and shows the first 5 levels of market depth. This is an exchange cost and is passed straight through to the ASX. The 5 levels are aggregated – i.e. it the bid will show the top 5 prices, and the volume at each price, and the cumulative volume – it won’t show how many orders at a particular price – only the number of shares.
Will IB sponsor people into the CHESS system or not I wonder?
IB: No
Per fresh questions above will IB provide ASX announcements on the platform???
IB: No.
“gfresh, I think US law means you are limited under IB's sytem to only 4 "day trades" per 5 consequetive trading days, if you open a 5,000 USD account. If you forget and try to make more than the 4 limit, your account can technically be "frozen" until the 5 day day trading limit again becomes unlocked - although they say they have algorithms to warn you first!!”
IB: You are referring to the US Pattern Day Trading Rules. These do not apply to Australian stocks.
“Market scanning don't appear top be available for the ASX at this stage, although they are available for the U.S market”
IB: We will add ability to scan ASX stocks. It will be a similar set-up to that offered for US stocks, i.e. you can check for top % gainers, top volume, etc.
For news we have an integrated RSS feed, which pulls news from various online services, and can be configured to accept any newsfeed which is RSS. The TWS comes pre-configured with news from Google and Yahoo.
“There are quite a few different programs out there that integrate with IB's platform. Basically, you don't really need to use IB's platform to trade- I have 2 different charting packages that are fed with IB's data, and use a front end program to place and manage orders during the day.”
IB: There are a number of third-party programs which connect to IB. We offer an open-API which also enables users to configure connectivity from their own trading software. Many charting and other providers have programmed this interface already. For those that haven’t there are many third-party providers that have done the work already. There are 2 lists available on our website:
http://www.interactivebrokers.com/en/general/poll/ibconsultants.php?progid=11&ib_entity=llc
http://www.interactivebrokers.com/en/general/poll/ibconsultants.php?progid=12&ib_entity=llc
Hope this helps
