So Commsec offers it for free. What about Westpac?
How much does Interactive Brokers charge for the live dynamic data?
Interactive Brokers
- Thread starter MrMarcus
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So Commsec offers it for free. What about Westpac?
How much does Interactive Brokers charge for the live dynamic data?
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I don't know about Westpac as I don't use them, but nabtrade is also for free. I don't know what IB charge, but it should be on their website somewhere.
There seems to be some confusion about terms as well as rather naîve notions about competition.
So Commsec of all people offer live dynamic data for free while the other banks and all brokers charge you a monthly fee for it?
20-minute-delayed data is offered for free from practically everybody.
Live data (click to update and no charts) may be free as well with most brokers and the banks.
Live DYNAMIC data means something like Web-IRESS. This is provided for a monthly fee that is waived if you make enough trades that month - typically >10-15 or ~$350 brokerage.
Commsec $ 82.50
ANZ Etrade $ 79.95
Westpac $ 79
Nabtrade $ 59.95
It can indeed all be looked up on their websites.
tech/a
No Ordinary Duck
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That's NOT free.
I cant believe people pay that much brokerage!
Ill pay IBs monthly fee thanks!
And $6 round turn
For Australian data on the IB site it's under:
Login > Account Management > Manage Account > Trade Configuration > Market Data
Level 1(NBBO)
Australian (Chi-X) Equities 15.00 AUD
Level II (Deep Book)
ASX24 Commodities and Futures 75.00 AUD
Australian (ASX Total) Equities and Options 75.00 AUD
I believe Level 1 is just live Buy/Sell prices and Level 2 is depth for Buy/Sell so it's $75/month for what Comsec and a bunch of other brokers include.
Those fees are for professionals, e.g. companies. For “non-professionals” it’s $25 for ASX, Free for Chi-X and $65 for Futures.
$25 for ASX is OK, but $65 for the SPI is ridiculous. Why trade the SPI when US futures are $10US pm (or free if > $30 in commissions are generated), Eurex is 8 Euros pm and Nikkei via SGX is one Singapore dollar pm
https://www.interactivebrokers.com.au/en/index.php?f=marketData&p=mdata
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ASX most expensive market data cost in the Asia Pacific region.
Were they not talking of being a leading stock trading exchange in this region?
Probably they meant, the leader of the most expensive market data cost in the region.
We need more competitors in the Australian market, like Chi-X.
Just like the telecommunications and now the supermarket industry.
Were they not talking of being a leading stock trading exchange in this region?
Probably they meant, the leader of the most expensive market data cost in the region.
We need more competitors in the Australian market, like Chi-X.
Just like the telecommunications and now the supermarket industry.
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Has anyone bought US stocks through IB since they put restrictions on FX trading.
I'm particularly interested in those who have a negative USD balance in their margin a/c (companies, trusts etc.) or individual Cash accounts where there was sufficient AUD to fund the purchase, but not sufficient USD.
Were there any problems related to purchasing the US shares. For cash accounts, were you able to buy USD to fund the share purchase or was that taken care of by IB, as their letter suggested would happen. In the latter case, was their exchange rate good?
I'm particularly interested in those who have a negative USD balance in their margin a/c (companies, trusts etc.) or individual Cash accounts where there was sufficient AUD to fund the purchase, but not sufficient USD.
Were there any problems related to purchasing the US shares. For cash accounts, were you able to buy USD to fund the share purchase or was that taken care of by IB, as their letter suggested would happen. In the latter case, was their exchange rate good?
I haven't done so yet but as I understand it from them for cash accounts in AUD base you specify the qty of US stock you require with any of the previous requirements (e.g. preferred exchange, limit price, etc.) and they will fill it "within milliseconds." -if they can't fill it they will quickly reject it.
The two questions I have are (1) will the FX price be tight and (2) will they reject the order on FX variation risk grounds. In relation to (1) they have always given me super accurate/tight spreads at 'mkt' so I'm inclined to trust them still on that. In relation to (2) in the past they have limited at market trades to 95% of the cash value of your account to take into account surprise volatility (so they are not left holding some of a position) and they indicate that they may still do something like that. [BTW surely that is further evidence to ASIC that they aren't a Market Maker in FX!]
Subsequent sale of e.g. US stock will sit as USD proceeds in your account for further US stock purchases or until you want to convert (at 'mkt') to base currency again (presumably 95% of value again).
I have purchased US stocks on an AUD cash account since the restrictions came into effect. I can't sell AUD to buy USD beforehand. What I did was to enter a buy order for the shares, and when the purchase goes through there is also a subsequent liquidation notice to cover the resulting negative USD balance. That is, they automatically sell the AUD cash in my account to cover this negative USD balance. The good is that the exchange rates are based on their IDEAL FX rates. The bad is that I can't choose when to convert and also the USD 2 commission for each conversion, as opposed to buying all the USD in advance with a single USD 2 commission before restrictions.
All my purchases were well covered by the AUD cash balance. Interestingly, in at least in one instance the liquidation of AUD to USD did not happen on the same day of share purchase! I was curious what would have happened if the exchange rate changed so much that the AUD wasn't enough to cover the negative USD when they decided to sell it.
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You convert yourself, it stay as USD.
Yes, any USD balance over 5 stays as is. While I have not myself done so since the restrictions, my understanding is that you can exchange it to AUD if needed. Why this is not against the ASIC FX ban I don't quite understand completely. Perhaps someone here can clarify why IB can do this conversion for us?
All good got it sorted.
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I tried purchasing US stocks with AUD last week. The transaction was accepted and stocks were purchased, although when I sold the stock the currency was returned to AUD.
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I am on my 4th accountant in 33 years and all the recent ones have problems with the IB FY accounts
anyone like to suggest a simpler way?
Latest one needs the following and I think I know where to look [I am a trader] he does not want to look through all the pages - just needs a summary
Pages could be different for you of course............
Share trading profit/loss $xxx (this is the Realized performance summary in Base on page 5)
Option trading profit/loss xxxx (this is the Realized performance summary in Base on page 7)
Forex profit/loss [If required] xxxxxx(this is the Cash FX gain/loss in the Cash Report on page 8)
Opening stocks on hand = $xxxxxx in AUD (page 1)
Closing stocks on hand $xxxxx (page 1)
Cost of salesxxxxxx (this is Commissions in the Cash Report on page 8)
Gross profit/loss – Mark to Market page 1 = -xxxxxx
anyone like to suggest a simpler way?
Latest one needs the following and I think I know where to look [I am a trader] he does not want to look through all the pages - just needs a summary
Pages could be different for you of course............
Share trading profit/loss $xxx (this is the Realized performance summary in Base on page 5)
Option trading profit/loss xxxx (this is the Realized performance summary in Base on page 7)
Forex profit/loss [If required] xxxxxx(this is the Cash FX gain/loss in the Cash Report on page 8)
Opening stocks on hand = $xxxxxx in AUD (page 1)
Closing stocks on hand $xxxxx (page 1)
Cost of salesxxxxxx (this is Commissions in the Cash Report on page 8)
Gross profit/loss – Mark to Market page 1 = -xxxxxx
Regarding the Forex restrictions for Australian clients of Interactive brokers... I found a way to get around it. Here is what I did to convert my AUD to USD (I have a cash account, no margin):
1) Transfered AUD into my account using BPay
2) Brought some US stock, in my case AMZN at around $US530
3) I ended up with my AUD still there and a negative USD balance
4) About 12 minutes later IB automatically sold my AUD to fix my negative USD balance
5) I then sold those shares and in my case made $US50!
6) As I have a cash account it took 3 days for settlement and for the USD to appear in my account
The tricky bit is there are a couple of variables to take into account. You don't know what exchange rate you will get. I was expecting IB to to do the AUD-USD conversion immediately after I brought the US shares. For me it took 12 minutes for it to happen and I got lucky the Aussie dollar improved from 0.74 to 0.7415. The share price fluctuates between buying and selling, again I got lucky and made a small profit. You have to chose a stock that has higher enough price to keep your commissions down and you have to buy enough so it uses all your USD and however much AUD you want convert. Also for cash accounts you'll have to wait 3 days before you can start buying again.
I checked with online chat at IB before doing this and they confirmed the above scenario for me. Do wait until the AUD-USD conversion takes place before selling the stock otherwise you will nullify your negative USD balance and no AUD-USD conversion will take place.
Prior to doing this I was going to use OzForex to transfer USD to my IB account but I found out that IB don't accept funds that come from an account that is not in your name. I really didn't want to use my bank as their exchange rates are lousy: 3 to 4 cents lower than OzForex or IB's wholesale rates.
I hope this is useful information and IB can restore forex trading for Australian customers.
1) Transfered AUD into my account using BPay
2) Brought some US stock, in my case AMZN at around $US530
3) I ended up with my AUD still there and a negative USD balance
4) About 12 minutes later IB automatically sold my AUD to fix my negative USD balance
5) I then sold those shares and in my case made $US50!
6) As I have a cash account it took 3 days for settlement and for the USD to appear in my account
The tricky bit is there are a couple of variables to take into account. You don't know what exchange rate you will get. I was expecting IB to to do the AUD-USD conversion immediately after I brought the US shares. For me it took 12 minutes for it to happen and I got lucky the Aussie dollar improved from 0.74 to 0.7415. The share price fluctuates between buying and selling, again I got lucky and made a small profit. You have to chose a stock that has higher enough price to keep your commissions down and you have to buy enough so it uses all your USD and however much AUD you want convert. Also for cash accounts you'll have to wait 3 days before you can start buying again.
I checked with online chat at IB before doing this and they confirmed the above scenario for me. Do wait until the AUD-USD conversion takes place before selling the stock otherwise you will nullify your negative USD balance and no AUD-USD conversion will take place.
Prior to doing this I was going to use OzForex to transfer USD to my IB account but I found out that IB don't accept funds that come from an account that is not in your name. I really didn't want to use my bank as their exchange rates are lousy: 3 to 4 cents lower than OzForex or IB's wholesale rates.
I hope this is useful information and IB can restore forex trading for Australian customers.
