 |
comintel
Registered: Jun 2008
Posts: 1117 |
07-13-12 06:12 AM
You have one million dollars insurance on an account opened with IB Canada, or any Canadian broker who is a member of the national insurance fund.
This insurance applies even to foreigners' accounts.
However, IB Canada, and most other Canadian brokers, as a matter of their own policy, will not open an account for residents of countries that restrict or regulate foreign brokers.
This applies to U.S. residents, since the U.S. imposes restrictions on foreign brokers seeking to serve its residents.
I do not know if IB Canada will open an account for a HK resident but I doubt it, since IB has a HK branch and has likely agreed to operate solely within the HK regulatory scheme with respect to HK residents.
|
| |
|
Edit/Delete • Quote • Complain |
luisHK
Registered: Sep 2010
Posts: 1028 |
07-13-12 10:50 AM
Thanks both for your constructive replies.
I'll have a closer look at Kirkx links and will definetely contact IB canada to see if it's possible to open with them.
Comintel
"since IB has a HK branch and has likely agreed to operate solely within the HK regulatory scheme with respect to HK residents"
I'm not sure what relation IB's office has with HK regulatory scheme, as what they offer there are accounts with IB llc (ie US )
http://www.interactivebrokers.com.hk/en/main.php
At the bottom of the page there shows only IB llc US, IB UK and IB Canada, I don't think there is any IB Ltd HK company - which still doesn't mean IB Canada would accept HK residents.
|
| |
|
Edit/Delete • Quote • Complain |
Kirkx
Registered: Nov 2010
Posts: 66 |
07-15-12 06:04 AM
For the record, here is the latest update about accounts held at Canadian division of PFG:
"In the case of Peregrine, it doesn’t look like the CIPF will be needed at all – the funds managed by Peregrine’s Canadian unit were well segregated from the failed U.S. parent, and another brokerage house, R.J. O’Brien & Associates Canada Inc., has already agreed to take all the Canadian accounts."
m.theglobeandmail.com/globe-investo...?service=mobile
|
| |
|
Edit/Delete • Quote • Complain |
comintel
Registered: Jun 2008
Posts: 1117 |
07-15-12 08:55 AM
Quote from luisHK:
"since IB has a HK branch and has likely agreed to operate solely within the HK regulatory scheme with respect to HK residents"
I'm not sure what relation IB's office has with HK regulatory scheme, as what they offer there are accounts with IB llc (ie US )
Since they have a physical presence in HK that solicits HK customers,
http://www.hktdc.com/sourcing/hk_co...panyid=1X028AAW
they would be subject to HK regulation.
What company they open the accounts with would not change this.
Would you think that an Asian broker could open an office in New York and solicit American accounts without being subject to U.S. regulation? No chance.
I would be amazed if they would defy the HK authorities' regulations with respect to HK customers but by all means please post if I prove to be wrong on this.
|
| |
|
Edit/Delete • Quote • Complain |
luisHK
Registered: Sep 2010
Posts: 1028 |
07-15-12 11:14 AM
As IB website doesn't mention a HK company and I'm more familiar with HK ltd that Llc, I thought more of their HK office as a registered Hong Hong office of the US company.
http://www.by-cpa.com/hk/biz/hk_osco.html
As they open account with IB US (at least that waht I thought I opened there ?!?) I'd suppose that account to be insured following the US regulations.
But it wouldn't be the first time I get the wrong idea.
Note as well that when I went to the HK HSBC office to transfer some HK shares from my HSBC account to the new IB account, I had to call IB's office as the HSBC clerk couldn't find Interactive Brokers in his list (of HK registered brokers ?). They were actually to be transferred to Timber Hill (HK ?). With US stocks, are the shares held on the name of IB or Timber Hill ?
|
| |
|
Edit/Delete • Quote • Complain |
| Receive
an email whenever a new post is added to this thread by subscribing
to it. |
|
|
|
|
