Interactive Brokers

[ASFASF]

2) Brought some US stock, in my case AMZN at around $US530

Were you only allowed to purchase 95% of your cash holdings? [Perhaps due to the high unit price you couldn't see that.]

 

[hawamahal]

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

It didn't happen with me i.e. automatically conversion of negative USD balance and reduction in positive AUD balance. My account still shows negative USD balance and +ve AUD balance.

 

[C0ncrete]

So I wanted to purchase/convert $50k AUD to USD but found out last night IB has restrictions due to the regulations.

Anyone got any ideas on how or where I can get USD?

 

[Gringotts Bank]

Hi guys,

I want to be able to enter a number of contingent orders into TWS automatically. Amibroker's plug-in does not allow this (only alllows for standard orders and auto-trading which I don't need).

I want to be able to do it with one click and I'm thinking a macro software could be an option. I'm after a simple solution, nothing convoluted.

Thanks in advance.

 

[Roller_1]

So I wanted to purchase/convert $50k AUD to USD but found out last night IB has restrictions due to the regulations.

Anyone got any ideas on how or where I can get USD?

you can still buy US stock with AUD, IB will just do the conversion for you if thats what you want USD's for..

 

[Gringotts Bank]

When I enter a stock code into the 'contract' box, TWS gives you a drop down menu with different exchanges and similar codes.

If I'm only interested in ASX stocks, how do I type in the code for Australia's BHP (stock)? Is there some sort of suffix? I don't want to have to choose the correct exchange from the drop down menu.

Thanks.

 

[blue0810]

When I enter a stock code into the 'contract' box, TWS gives you a drop down menu with different exchanges and similar codes.

If I'm only interested in ASX stocks, how do I type in the code for Australia's BHP (stock)? Is there some sort of suffix? I don't want to have to choose the correct exchange from the drop down menu.

Thanks.

try
BHP|ASX

 

[Gringotts Bank]

try
BHP|ASX

Thanks very much!

 

[CanOz]

Any New Information on the margin facility?

 

[elbee]

I want to be able to enter a number of contingent orders into TWS automatically.......

Have a look at something like Auto Trader (reasonably simple) or NinjaTrader (much more comprehensive).

 

[Gringotts Bank]

Have a look at something like Auto Trader (reasonably simple) or NinjaTrader (much more comprehensive).

Thanks elbee. I can't find anything on AutoTrader. Is it a broker platform or software?

edit: found it. TT's AutoTrader

 

[elbee]

found it. TT's AutoTrader

No, I was referring to https://sites.google.com/site/autotradersoftware/

 

[Gringotts Bank]

No, I was referring to https://sites.google.com/site/autotradersoftware/

Cheers.

 

[Gringotts Bank]

Can someone please give me the run down on safety of funds held with IB?

All I know is that no >5% of total client monies are held in any one bank account. And IB is a listed company, so company financials can be monitored this way. What else should I know or need to know?

Thanks.

 

[skyQuake]

Can someone please give me the run down on safety of funds held with IB?

All I know is that no >5% of total client monies are held in any one bank account. And IB is a listed company, so company financials can be monitored this way. What else should I know or need to know?

Thanks.

After you do your due diligence, I'd also recommend setting a price alert eg. IBKR US < $20

MFGlobal stock price went pear shaped many days before they halted withdrawals.

 

[Gringotts Bank]

After you do your due diligence, I'd also recommend setting a price alert eg. IBKR US < $20

MFGlobal stock price went pear shaped many days before they halted withdrawals.

Good idea, thanks.

 

[i4ever]

What happens to the shares we own if (heaven forbid!!) IB went bust?

 

[Gringotts Bank]

What happens to the shares we own if (heaven forbid!!) IB went bust?

Securities accounts with no borrowing of cash or securities
Securities customer money is protected as follows:

A portion is deposited at 14 large U.S. banks in special reserve accounts for the exclusive benefit of IBLLC's customers. These deposits are distributed across a number of banks with investment-grade ratings so that we can avoid a concentration risk with any single institution. No single bank holds more than 5% of total customer funds held by IBLLC.
A portion may be invested in U.S. Treasury securities, including direct investments in short-term Treasury bills and reverse repurchase agreements, where the collateral received is in the form of U.S. Treasury securities. These transactions are conducted with third parties and guaranteed through a central counterparty clearing house (Fixed Income Clearing Corp., or “FICC”). The collateral remains in the possession of IBLLC and held at a custody bank in a segregated Special Custody Account for the exclusive benefit of customers. U.S. Treasury securities may also be pledged to a clearing house to support customer margin requirements on securities options positions.
Customer cash is maintained on a net basis in the reserve accounts, which reflects the net credit balances of customers in excess of customer debit balances. To the extent any one customer maintains a margin loan with IBLLC, that loan will be fully secured by stock valued at up to 200% of the loan.
Current SEC regulations require broker-dealers to perform a detailed reconciliation of customer money and securities (known as the “reserve computation”) at least weekly to ensure that customer monies are properly segregated from the broker-dealer's own funds.

Customer-owned, fully-paid securities are protected in accounts at depositories and custodians that are specifically identified for the exclusive benefit of customers. IBLLC reconciles positions in securities owned by customers daily to ensure that these securities have been received at the depositories and custodians

 

[Gringotts Bank]

I'll post some stuff I'm reading just in case others are interested.

"Interactive Brokers said yesterday they would be hit for $120m loss on the CHF moves and a statement said that the debts would be no more than 2.5% of its net worth. Shares today traded down around 7% but are currently down just under 5% at $26.85"

http://news.forexlive.com/!/interac...ss-oanda-and-others-add-to-the-all-c-20150116

That would seem like a pretty good test. What's others' thoughts on this?

Would be interesting to know what happened with CFD providers during this time when CHF did some unusual things. Anyone know how well IG coped?

 

[CanOz]

I'll post some stuff I'm reading just in case others are interested.

"Interactive Brokers said yesterday they would be hit for $120m loss on the CHF moves and a statement said that the debts would be no more than 2.5% of its net worth. Shares today traded down around 7% but are currently down just under 5% at $26.85"

http://news.forexlive.com/!/interac...ss-oanda-and-others-add-to-the-all-c-20150116

That would seem like a pretty good test. What's others' thoughts on this?

Would be interesting to know what happened with CFD providers during this time when CHF did some unusual things. Anyone know how well IG coped?

There was allot of press during that time GB, i think it was FXCM that got hit the hardest of the larger FX brokers. IG did ok but they got hit....

Industry Impact: Swiss Black Swan Storms through Currency Markets