Interactive Brokers

[skyQuake]

I did a AUD.USD trade so I could withdraw some funds.

It now shows as an open position and therefore has p&l which alter my balances.

Can I close or delete this

In TWS, if u click acct, the Portfolio section allows u to right click 'Adjust Position or average price'
Set position to 0 and you're done!

 

[fiftyeight]

Cheers skyQuake

 

[Viking]

Interactive Brokers market internal: TICK-ASX and TICK-IBIS

Hi guys

Anyone using the market internals from IB called TICK-ASX on a daily basis?

I am using it and got some problems with it -some days it doesnt work at all and other days my readings feel a little off... I have traded Snp 500 a lot using NYSE TICK and I know that the TICK indicator is a very subtle indicator but it would be very interesting to hear other traders experiances?

I have the same problem with TICK-IBIS that I use trading DAX which leads me to suspect other problems like computer and internet connection...

All input very welcome

Cheers

 

[village idiot]

After recently completing form W8BEN online for my SMSF as requested by IB, they have now requested a new form as it appears someone has decided an SMSF must be a "prima facie foreign financial institution".

I am wondering;
has anyone else with an SMSF account with IB recd the same request?
Is it correct or has someone just fired it off without thinking?
If correct , any idea which of the types of institution they want you to certify it is?

thanks

here is their email;

Form W-8IMY Required


As you may be aware, a new US tax regime known as the Foreign Account Tax Compliance Act (FATCA) came into effect. FATCA requires Interactive Brokers to update and collect new US tax forms from its existing customers. Interactive Brokers is required to collect a new IRS W-8IMY from any customer considered “prima facie foreign financial institutions” under those rules.

A review of Interactive Brokers’ records indicates you are a “prima facie foreign financial institution”. To avoid a 30% FATCA withholding tax, please fill out and execute the attached W-8IMY and any required schedules, scan and email it to Interactive Brokers at documents@interactivebrokers.com by December 31, 2014. Please be sure to include your IB account number and "IRS FATCA' in the email subject line.

As failure to return this form may result in 30% FATCA withholding tax on income in your Interactive Brokers account, we will also be providing this message to you upon your next log in attempt to Account Management. We appreciate your prompt response to this matter.



Interactive Brokers Customer Service

 

[thoran]

Does anyone reading this have losses associated with use of the margin which has been provided by IB illegally?

 

[tech/a]

Does anyone reading this have losses associated with use of the margin which has been provided by IB illegally?

Why?

 

[So_Cynical]

Does anyone reading this have losses associated with use of the margin which has been provided by IB illegally?

Don't blame the bookie if you lose money.

 

[merlinnn]

Re: Interactive Brokers restrictions for Australian residents?

Does anyone reading this have losses associated with use of the margin which has been provided by IB illegally?

Why are you looking to start a class action? Don't blame the broker..

 

[waterbottle]

Re: Interactive Brokers restrictions for Australian residents?

Is it just me or does anyone else experience a data outage with IB when trading forex?
It happens pretty frequently from 3:55 pm AEDST and last for ~30 min.

What gives?

 

[avion]

Re: Interactive Brokers restrictions for Australian residents?

Is it just me or does anyone else experience a data outage with IB when trading forex?
It happens pretty frequently from 3:55 pm AEDST and last for ~30 min.

What gives?

Yeah, i am the same! And not just FX... Was thinking it was local related with internet access or something. Cost me money on few occasions. I am in Brisbane, where are you based?

I have not approached IB about it but i may now.

 

[SuperGlue]

Re: Interactive Brokers restrictions for Australian residents?

Is it just me or does anyone else experience a data outage with IB when trading forex?
It happens pretty frequently from 3:55 pm AEDST and last for ~30 min.

What gives?

Its got to do with resetting their computer system.

System Availability
IB operates three main computing centers around the globe; one in the U.S, one in Europe and one in Hong Kong. New customers are automatically assigned to one of these server facilities based upon their location and/or trading preferences.
Trading is available 24 hours a day, 7 days a week with the exception of system reset times described in the table below.

Server Reset Times North America Europe Asia
Saturday - Thursday 23:45 - 00:45 ET 1 05:45 - 06:45 CET 1 17:30 -17:45 ET 1
Friday 23:45 - 00:30 ET 2 23:45 - 00:30 ET 2 23:45 - 00:30 ET 2



The reset period describes the duration during which your account may be unavailable for a few seconds. It does not indicate that the entire system will be unavailable for the full reset period. During a reset period, there may be an interruption in the ability to log in or manage orders. Existing orders (native types) will operate normally although execution reports and simulated orders will be delayed until the reset is complete.

During the Friday evening reset period, all services will be unavailable in all regions for the duration of the reset.


https://www.interactivebrokers.com/en/index.php?f=en/software/systemStatus.php

 

[waterbottle]

This makes sense. Thanks SuperGlue

 

[avion]

Thanks.

Still, it's a problem.

 

[tech/a]

IB made a statement about the sudden CHF Movement the other day.



More than everything I noticed the word SEVERAL

Does small fish in a big sea ring true to anyone else??

 

[barney]

Does small fish in a big sea ring true to anyone else??

Its puts me at about "Earth" size relative to VY Canis Majoris

 

[dclayw]

After recently completing form W8BEN online for my SMSF as requested by IB, they have now requested a new form as it appears someone has decided an SMSF must be a "prima facie foreign financial institution".

I am wondering;
has anyone else with an SMSF account with IB recd the same request?
Is it correct or has someone just fired it off without thinking?
If correct , any idea which of the types of institution they want you to certify it is?

thanks

I received this also. I did some googling to see if this is actually required for SMSFs and how it should be filled out. I don't have any of the links now but I pretty much convinced myself that this new form W-8IMY is required for SMSFs. This all comes under the changes they made to FATCA rules in the US. In my research I came across a few examples of how the form should be filled out for an SMSF (I think Commsec had one from memory).

Most of the form is self explanatory but in Part1 Sec4 I ticked Nonwitholding foreign grantor trust and Part1 Sec5 I ticked Exempt retirement plans. I did this based on the example completed forms I found for SMSFs.

I sent this away just before xmas. The form is still marked as in progress in my IB account. I'm pretty sure I've filled it out correctly. What I'm half expecting is that while this new W-8IMY covers the SMSF trust, I may have to fill out a separate form for each of the SMSF members (beneficiaries), probably a W8BEN for each person. I'll only do that if they request it.

 

[dclayw]

Share the frustration here also...... I am considering switching from a cash account to a margin account for SMSF to get around this T3 clearing issue; however I am concerned with the customer agreement where we need to pledge assets which contravenes the SIS act. That saying, the default cash account customer agreement also states that you need to pledge your assets. Note - the intention of switching is not to trade on margin!

The above post is a little old now but I don't see that this issue of contravening section 13.14 of the SIS act (charge on assets) has been answered here. Clause 15 of IB's customer agreement places a charge over the SMSF assets that are held by IB, so trading in the name of an SMSF with IB definitely contravenes the SIS act.

For all those that have SMSFs with IB, have you done anything to address this. Maybe that Clause 15 is just for Reg T margin type accounts, which is what I have with my SMSF, but I have a feeling it is in any agreement that IB puts out.

There was a user on here, jorgon, who has done some work on this, it's mentioned in a few threads including this one: https://www.aussiestockforums.com/forums/showthread.php?t=25202

Has anyone contacted IB and asked them to remove clause 15 of the agreement and replace with something along the lines of what jorgon is suggesting. I think I'm gonna go down that path. If you're generating a bit of cash in your SMSF with IB, don't want to get hit with 45% tax rate, or worse.

I think Esuperfund used to have IB as one of their comulsory brokers, I don't think they are with IB anymore. Maybe they stopped because of this charge on assets issue.

 

[sinic]

DIY Super and IB.

I have operated a CASH IB account for a number of years for my superfund. The T+3 settlement problems make it useless for ASX share trading so I ONLY use it for futures trading where settlement lag is not a problem. I make sure the exposure through futures does not exceed the allowable limits based on the nett value of the superfund. I have this backed by fixed interest cash NOT at IB. I trade SPI , AUD, ES and ESTX50 futures (short and long) but as per investment derivative strategy do not take out more contracts that would result in a leveraged position.

I assume clause 14 of their agreement does not apply to CASH accounts but I might be wrong.

I have also cancelled Personal accounts with them which used to be used in MARGIN mode because I got sick of the trying to use them with ASX trading and the endless promises about margin trading again for Australia - real soon now for the last year or so.

 

[dclayw]

DIY Super and IB.
I assume clause 14 of their agreement does not apply to CASH accounts but I might be wrong.

If clause 14 (IB's Right to Loan/Pledge Customer Assets) is in your agreement with IB, why would it not apply?

Just out of interest, does your cash a/c agreement with IB have a clause 15 titled "Security Interest"? If so, then that would also apply, and that is the clause that most definitely contravenes SIS Reg 13.14 (charge over assets).

Edit: In the IB customer agreements, when they talk about "assets" I'm wondering if they mean stocks and the like and NOT cash. In clause 15 it does say "assets of any kind", so I assume they also mean cash. I might ask them about this because if they don't include cash as an asset than none of this would contravene SIS regs.

 

[sinic]

The Pledge stuff I thought refers to stock which they can lend out etc in the case of margin type accounts. In cash accounts they cannot do that. There is confusion between margin accounts for stock and the margins required to hold futures positions in a cash account.
In general there is a lot of confusion, I have had different comments in various chat sessions about these matters.