Australian (ASX) Stock Market Forum

Interactive Brokers

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Out in Japan spending my profits and some of my overseas mates are in the broking business

It could be the beer but he said they are pulling out of OZ?
 
bellenuit said:
TD Ameritrade and other brokerages’ shares tank after Interactive Brokers unveils service offering commission-free stock trades
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That would be very good news indeed. Does anybody have any more information on this ? Can't seem to find anywhere as to whether this apply to accounts that have been moved to IB Australia.
 
Anyone tried to roll options using the rollover tool. It seems there is no longer market makers for options as there are so many and of course dangerous to go in at market but putting a price in does not get any MM
 
brisman said:
IB margin lending is back! They've sent emails. Now to check the fine print...
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mentioned this in another thread - for retail investors it looks like that margin is capped at $25K which is practically nothing - the small print's down the bottom of this link. no mention of whether this applies individual entities, corporate entities, or both though. i got the notification for my IB corporate trust account today as well, but that made no mention of a $25K cap. i'll definitely be dropping them a line on the live chat when the market opens monday to clarify.

https://www.interactivebrokers.com.au/de/index.php?f=6438&p=overview1

alphaman said:
For a time I thought IB was giving up on Australia.
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cynical me suspects the regulators have been pushing extra tough impositions upon them, to protect the ripoff local brokers, who simply can't compete with IB's product offerings and brokerage rates.
 
freebird54 said:
Anyone tried to roll options using the rollover tool. It seems there is no longer market makers for options as there are so many and of course dangerous to go in at market but putting a price in does not get any MM
Click to expand...

i just do my rolls as normal combo orders. don't know exactly how the rollover tool works and prefer to see exactly what's going on, which i can with combo orders. don't usually have any issues getting a reasonable fill, sure there's the odd occasion where they refuse to bite and end up making you cross most of the combined spread, but you get that sometimes with single option trades anyway, and most of the time they've been filled within a couple of ticks of the mid.

ignore the spreads being shown to the market by the MMs - i think they're being opportunistic to try and catch out people who are either desperate for a fill or don't know any better, and simply hit the bid or offer. if you start at your end of the spread and work it in a tick or two every few seconds, you can usually (but not always) get filled a couple of ticks their side of the mid at worst. this is for options on the highly liquid stocks (top 20) though - i rarely (if ever) venture outside that, so i can't comment on how the less liquid names act.

the last time i rolled a position or did any sort of combo order was a few months ago however. i imagine it could be quite difficult to get a good fill in today's environment, though i sold some covered calls on BHP the other day and got filled right at the mid, so maybe it's not that bad (either that or the BHP IVs are very underpriced and i got taken for a ride - will find out soon enough i guess).
 
I just got an email from IB regarding the final steps I need to take to qualify for margin on my personal account. It requires you to consent to Equifax acquiring your financial information. I gave my consent but then it listed out all banks and asked me to chose which ones I had accounts with. After I made the selection, it then asked me in regards to the first bank I selected - to give them my account number with the bank and my login password.

IMO this is completely unacceptable no matter how strong IB/Equifax security is. I think you will likely get in trouble with your banks if any fraudulent transactions are made on your account even if due to something completely unrelated. I remember having had a fraudulent transaction once and the bank asked me if I ever had disclosed my account information to anyone. I said no, and eventually was reimbursed by the bank. I don't know what would be the case if you answer yes, that you had given you account information to a third party. It certainly breaks all the guidelines that the banks publish in their booklets on online banking and would probably give them an out from reimbursing fraudulent transactions.

I've decided to not bother on my personal account particularly as the max is just $25K. I have also applied for margin on my Family Trust account and I haven't heard back on that yet. It didn't mention consent to Equifax intrusion (or alternatively a recommendation from your financial planner) when I did that application, so hopefully it can go through without this nonsense.
 
bellenuit said:
I just got an email from IB regarding the final steps I need to take to qualify for margin on my personal account. It requires you to consent to Equifax acquiring your financial information. I gave my consent but then it listed out all banks and asked me to chose which ones I had accounts with. After I made the selection, it then asked me in regards to the first bank I selected - to give them my account number with the bank and my login password.

IMO this is completely unacceptable no matter how strong IB/Equifax security is. I think you will likely get in trouble with your banks if any fraudulent transactions are made on your account even if due to something completely unrelated. I remember having had a fraudulent transaction once and the bank asked me if I ever had disclosed my account information to anyone. I said no, and eventually was reimbursed by the bank. I don't know what would be the case if you answer yes, that you had given you account information to a third party. It certainly breaks all the guidelines that the banks publish in their booklets on online banking and would probably give them an out from reimbursing fraudulent transactions.

I've decided to not bother on my personal account particularly as the max is just $25K. I have also applied for margin on my Family Trust account and I haven't heard back on that yet. It didn't mention consent to Equifax intrusion (or alternatively a recommendation from your financial planner) when I did that application, so hopefully it can go through without this nonsense.
Click to expand...

I think this deserves a ticket - totally unacceptable.
 
Seems like only 25k margin facility for Corporate Trustee account too. Anyone had success in getting more? And if not, where is your margin at? Looking at opening Nabtrade instead and migrating across to start buying.
 
dryath said:
Seems like only 25k margin facility for Corporate Trustee account too. Anyone had success in getting more? And if not, where is your margin at? Looking at opening Nabtrade instead and migrating across to start buying.
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Did you get any message or email confirming you can now trade using margin on your Corporate Trustee account. I thought during the application process that they said it would be confirmed by email, but I have heard nothing back yet. However, when I check my account settings for my Corporate Trust account, it does give the account type as "Leveraged Trading Account". I can't see where the limit is specified though.
 
Should we be worried?
1. Someone said when IB reaches these levels on the chart be wary.
2. They want our bank passwords.
3. Their latest warning just out for margin clients - no warning instant liquidation.? So this means all your cash positions first any currency then do they cherry pick what stocks they sell up at any price (and who owns them then?) can’t blame them of course but what is this crash doing to them.
4. Remember the BBY debacle where all your cash and positions were shown on your account but they would not discuss them with you - they just referred you to the liquidators. That was many years ago and still nothing has happened.
 
Of course they will apply the fee - they even took it for the years the IB BBY account was closed - Cash just under 100.000 and bank shares producing dividends - I have seen nothing and KPMG just fob you off. Funny thing was I could still access the a/c but not to take my cash out but I did sell the bank shares.

The SEGC did not want to know - overseas broker!
 
freebird54 said:
Of course they will apply the fee - they even took it for the years the IB BBY account was closed - Cash just under 100.000 and bank shares producing dividends - I have seen nothing and KPMG just fob you off. Funny thing was I could still access the a/c but not to take my cash out but I did sell the bank shares.

The SEGC did not want to know - overseas broker!
Click to expand...
incidentally you may like to look at the halifax liquidation - nothing happened yet.....
"extract"
The majority of the client funds lie with Interactive Brokers - with $110 million on the platform in Australia and a further $44 million in the platform in New Zealand.

Both the MT4 and MT5 platforms had "A" books for large bets and "B" books for smaller ones. Halifax only hedged the larger bets, Ferrier Hodgson partner Stewart McCallum told the recent meeting of creditors in Sydney.
 

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