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bellenuit

One issue I have with IB's decision to no longer offer Australian individuals margin and setting up a company structure to continue to get their great rates is IB’s actual commitment to Australia. If they are hoping to be in a position to allow margin lending in 4 or 5 months, why not let the status quo continue where you cannot increase your margin balance but do not need to pay it off in such a short time. I am overseas and will only be back in Australia a few days before the deadline, which is mighty inconvenient. After going through all the hassle with setting up a company structure, how assured can we be that they simply won't pull the plug completely in Australia and force all accounts to close. I don't know how profitable their Australian operations are, but if they lose a lot of customers because of the current issues, that might tip the balance away from continuing to operate here.

When I first opened an account with IB, there was a lot of talk about becoming part of the CHESS system, something that never seems to be mentioned anymore.

I love IB, but disliked the way they handled this, particularly the inadequacy of the notice for those abroad. I would hate to have to go thought it all again at a later stage if their commitment to Australia is not strong. Pure speculation on my behalf, but worth considering for those contemplating restructuring their trading vehicle to fit the new regime.

<blockquote data-quote="bellenuit" data-source="post: 798189" data-attributes="member: 20825">bellenuitOne issue I have with IB&#039;s decision to no longer offer Australian individuals margin and setting up a company structure to continue to get their great rates is IB’s actual commitment to Australia. If they are hoping to be in a position to allow margin lending in 4 or 5 months, why not let the status quo continue where you cannot increase your margin balance but do not need to pay it off in such a short time. I am overseas and will only be back in Australia a few days before the deadline, which is mighty inconvenient. After going through all the hassle with setting up a company structure, how assured can we be that they simply won&#039;t pull the plug completely in Australia and force all accounts to close.&nbsp; I don&#039;t know how profitable their Australian operations are, but if they lose a lot of customers because of the current issues, that might tip the balance away from continuing to operate here. When I first opened an account with IB, there was a lot of talk about becoming part of the CHESS system, something that never seems to be mentioned anymore. I love IB, but disliked the way they handled this, particularly the inadequacy of the notice for those abroad. I would hate to have to go thought it all again at a later stage if their commitment to Australia is not strong. Pure speculation on my behalf, but worth considering for those contemplating restructuring their trading vehicle to fit the new regime.</blockquote>

[QUOTE="bellenuit, post: 798189, member: 20825"] [b]bellenuit[/b] One issue I have with IB's decision to no longer offer Australian individuals margin and setting up a company structure to continue to get their great rates is IB’s actual commitment to Australia. If they are hoping to be in a position to allow margin lending in 4 or 5 months, why not let the status quo continue where you cannot increase your margin balance but do not need to pay it off in such a short time. I am overseas and will only be back in Australia a few days before the deadline, which is mighty inconvenient. After going through all the hassle with setting up a company structure, how assured can we be that they simply won't pull the plug completely in Australia and force all accounts to close. I don't know how profitable their Australian operations are, but if they lose a lot of customers because of the current issues, that might tip the balance away from continuing to operate here. When I first opened an account with IB, there was a lot of talk about becoming part of the CHESS system, something that never seems to be mentioned anymore. I love IB, but disliked the way they handled this, particularly the inadequacy of the notice for those abroad. I would hate to have to go thought it all again at a later stage if their commitment to Australia is not strong. Pure speculation on my behalf, but worth considering for those contemplating restructuring their trading vehicle to fit the new regime. [/QUOTE]

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