IB keeps getting better... ----------------------------------------------------------------------------- Interactive Brokers Communiqué September 21,2001 IB Now Offers Multi-Currency Accounts IB now provides you with the unique ability to fund in a base currency and trade securities denominated in multiple currencies around the world from one account. In addition, we also will give you the ability to trade the major currencies. In order to take advantage of these new features, you must upgrade your account from a Single Currency account to a Multi-Currency account. Because Multi-Currency accounts require margin, those customers with Stock Cash Accounts must also first upgrade their account to a Stock Margin Account. Very shortly, we will add the ability to trade US Options in Multi-Currency Accounts, for those customers with Stock Option Level II Accounts. For more information on Multi-Currency Accounts click here, and for more information on upgrading your account click here. TWS Provides News, Charts and More Recent enhancements to the TWS include, CBS MarketWatch news, charts for securities, basket order trading, the ability to view positions and P&L from the Trading screen, and a redesigned Account window that will help you quickly understand the status of your account. For more information on these new TWS enhancements, click here. IB Introduces Options Interactive Analytics (IA) IB will be launching its new option analytics add-on, IA. IA uses a combination of market data, parametric values, and implied volatilities to calculate option prices and volatilities. In addition, IA will produce the standard "greeks" for risk analysis. Look for IA in the October 1st release of the TWS. For more detailed information on IA, please see the IB Users Guide. Customers May Trade Options in IRAs IB has recently enhanced its IRA services enabling its customers to upgrade their IRA Cash Only Accounts to Stock Options Level I Accounts. Now, in addition to long stock positions, clients can purchase covered calls in an IRA account. To begin trading options in your IRA account, you must upgrade your Stock Cash Account to a Stock Options Level I Account. Upgrading Your Account Is Now Easier Customers may now upgrade their Account Type at any time through the "Account Upgrade" menu item reachable from "Account Access" on the IB home page. For example, you may upgrade from a Cash Account to a Margin Account. You also may upgrade from a Single Currency Account to a Multi-Currency Account through "Account Upgrade". Please keep in mind that Account Types may not be downgraded. For more information on account upgrades, click here. New European Telephone Numbers Effective October 1, 2001, IB will be changing its toll-free Customer Service numbers in Europe. For more information on these new numbers, please visit our IB Contact Page on our website. Interactive Brokers Group Donates $1 Million to The September 11th Fund IBG's $1 million contribution to the September 11th Fund, established by the United Way and The New York Community Trust, will be used to mobilize resources to respond to the urgent needs of victims and their families affected by the recent terrorist attacks. See http://national.unitedway.org/index.cfm Attention IB Options Customers As you probably already know, the US option exchanges have recently enacted a number of rules regarding electronic option trading. Many of you will not be affected by these rule changes. However, we are required to provide you with periodic notice to ensure that you are aware of these rules and will conduct your trading accordingly. By maintaining an IB account and using the IB system, you represent that you will conduct your trading in compliance with all option exchange rules. For an overview of US Option Exchange Rules,click here. To review Regulatory Circulars from the Chicago Board Options Exchange explaining these rules, click here.
Thanks IB. I got a little nasty in a previous post about slow executions but I know IB really does a great job overall. Other than some of the customer service reps, (live--email is great) I think they really do have our best interests in mind and I really appreciate having a broker like that. Keep up the great work. I can't wait to try out the charts.
Def, Any idea when the new TWS is gonna be available in the standalone version? I tried to update my software and it looks like it's not yet available. Thanks, 99
I don't know if they are getting better...Not convinced... This announcement was for vaporware, ie nothing is available, standalone version can't be found. And this multicurrency accounts...!!! You can't even open a future account on multicurrency and for stocks you can either trade US or UK (but where is the choice for Germany and Switzerland as advertised on their website?) Of course they don't offer Euronext access but they offer MATIF/MONEP in France which are part of Euronext...I just don't understand... On the multicurrency margin examples, the GBP transaction made me laughed. It seems they charge 8% per transaction (I guess it is 8% per year but the example is just wrong!) They refer to US margin rules...But which ones ? The new 4:1 leverage or the old 2:1 leverage ? By the way all the margin pages are still advertising 2000 $ for opening a margin account...Don't they know what happened on the 28th of August ?
concerning the margin accounts: you can still open a margin account with $2K - also after august 28th. nobody says that every margin account is a "pattern day trader" account which would require $25K.
Regarding trading options in an IB IRA account (Level I), does anyone know what the term "restricted" means ? TIA. :eek: ------------------------------------------------------------------------------ Stock Options Level I Same abilities as granted under Stock Cash Account plus covered call writing (covered shares are restricted), buying calls (funds equal to the aggregate exercise value of the long calls are restricted), and buying puts (shares subject to exercise are restricted). Cash from the sale of options settles in one business day. http://www.interactivebrokers.com/index.html?html/retailAccount/account_type.html~top.body ------------------------------------------------------------------------------
Where did you find this example, they cannot possibly charge you 8% of the total amount! What kind of exchange rate do you get? What's their "ideal currency trading network " can you really trade spot currencies now or what?
i've been quite busy these past days and haven't had much time to give any detailed responses. 1. I have passed the info regarding the thread on order speed to programming who can look into it. i haven't experienced any problems in Asia and thus suspect there are lingering effects from the nimda virus clogging up ISP's and data issues the WTC disaster. In addition, I read that two transatlantic cables between Asia and the states where cut on friday by fishing vessels apparantly creating serious issues with connectivity to the states with a few ISP's. Not sure if any of this has to do with the speed of order entry but as mentioned I will pass along. 2. I have had a beta for quite some time of the option analytics and the other upgrades - stand alone version. I'm sure it will be made available from the site any day (i'll request it as well). 3. soros: multicurrency on futures are coming - one step at a time. Additional connectivity to europe is coming as well. All the markets are available for institutional accounts and should be made available shortly. 4. naturally it is no excuse for typo's or errors making it past the description of fees, etc. I'll point it out and you could have as well with a simple mail to the mgmt or help desk. the writers of the manuals can easily make a mistake. I do know that the idea behind the currency conversion is to provide a fair and hopefully superior rate than you can get a bank. Thus don't be alarmed. 5. sorry but, don't get too excited about the graphs/charts. they are links to other services.
def - do you know what "restricted" means with regard to IB Level I option account ? Please see my previous post on this thread. Thanks.
yes i saw it and forgot to respond earlier. I'm not 100% but I believe it means if you sell a covered call in an IRA account (the only type allowed in an IRA), your stock will become "restricted" until you purchase the call back, you get assigned or it expire worthless. (if it expires in the money you will get assigned and end up with a flat position.