IB Universal Question

Discussion in 'Interactive Brokers' started by Trader5287, Oct 1, 2002.

  1. hacacare

    hacacare

    ok

    thanks
     
    #11     Oct 3, 2002
  2. I haven't been getting any data from ARCA on the TWS lately.
    Anyone else having this same problem?
     
    #12     Oct 3, 2002
  3. does anyone know if the quote speed is the same

    when using a Univeral acct to display both futures and equities

    as opposed to the other way ... for quotes

    futures acct up and running
    equity acct up and running

    I hope this is an easy to answer ...
     
    #13     Oct 3, 2002
  4. Leviathan

    Leviathan

    Help:

    I've been using IB for 2 years and really don't want to change but today I was informed that unless I become a RIA, I can't trade the accounts of a select few "clients" that I've worked with for years.

    The SEC does not require that I become a RIA since I am only interested in trading for a handfull of people as well as for my own account but IB does.

    Does anybody know of a broker who would have the type of account similar to IB that does not require RIA status?

    Thanks.
     
    #14     Oct 3, 2002
  5. Leviathan

    Leviathan

    Help:

    I've been using IB for 2 years and really don't want to change but today I was informed that unless I become a RIA, I can't trade the accounts of a select few "clients" that I've worked with for years.

    The SEC does not require that I become a RIA since I am only interested in trading for a handfull of people as well as for my own account but IB does.

    Does anybody know of a broker who would have the type of account similar to IB that does not require RIA status?

    Thanks.
     
    #15     Oct 3, 2002
  6. alanm

    alanm

    Lev: Can you elaborate on why the SEC allows you to not be registered? I was under the impression (as, apparently, is IB) that if you trade for people that are "clients", you had to be registered.
     
    #16     Oct 4, 2002
  7. hacacare

    hacacare

    Hi,

    there are some sentences what I didn't get.
    Please help me to understand.

    "All stocks bought or sold on margin require a minimum of $2,000 in equity.
    Stock bought with cash does not have a minimum equity requirement."

    Aren't this two sentences in opposite?:confused:



    what does it mean "marginable stock value" and "non-marginable stock value"?:confused:

    thanks for your help
     
    #17     Oct 4, 2002
  8. Leviathan

    Leviathan

    Alan:

    According to Paul Schwartz, Licensing chief in PA, under the 1972 act, section 102 (J) there are certain exclusions to RIA.

    What was relayed to me is that I may not advertise, hold letterhead, define myself as an advisor...etc. And I may trade for less than 5 "clients."

    Now, IB does not care about this exclusion, and I suppose I can' t blame them, but it does exist. IB currently requires anybody trading for another persons' account to be a RIA.

    I gave up my licenses in 1997 to trade for my personal account and have no intention of getting involved with the RIA requirements. I simply have a few old clients that want my help and I'd be happy to do the work.

    I have a few ideas and as soon as I get a legal beagle to check them out, I'll post the findings here if thee is still an interest.
     
    #18     Oct 4, 2002
  9. alanm

    alanm

    Levi: Thanks. Good info.
     
    #19     Oct 4, 2002
  10. Def -

    I just signed up and got approval for a Universal account. I answreed all the online forms and subscribed to the proper market data. However the TWS still shows as a stock margin acct.

    Am I correct in assuming this conversion will take place over the weekend?
     
    #20     Oct 10, 2002