That's IB. This is how they are. They charge cheap commissions but everything they do is cheap. For those of you who are affected by this KID stuff, change your broker to a US broker that is based in US. That's your only option.
You are not even able to open order row to set attributes, but I'm still holding it, seems options are still available so I may close it via deep ITM PUT option, or futures as a hedge as now it's around JUN expiry date so it is eq ~ july future. On IB chat they require you to call and said they are trying to find a way to close it ?!!?. I'm not sure they were prepared for this at all...
I believe this is not up to IB. If SPDR doesn't create KIDs then their hands are tied. IB has created KIDs for instruments they market (CFDs) and the futures exchanges have done so as well. SPDR apparently just doesn't give a damn.
Yeah but IB should've given more communication to traders who are all of sudden forced to deal with this disruptive situation. This is what I meant by "doing thing cheaply". Honestly from an issuer's point of view, they have already created detailed Prospectuses, why should they bother to create a 2-page summary just to satisfy some clueless "regulators" who have no idea what those securities are and don't even care.
Don't attempt to find logic in the world of bureaucrats. The fact is, they will lose some business over this and that's why they should've just complied. It might not affect their bottom line significantly but it doesn't seem very smart.
It will have to depend on SPY's issuer whether they are willing to and how fast they provide the KID to the EU regulators. If they are not willing and/or take their sweet little time, then no, it won't be re-introduced for trading soon. SPY is just like any other ETF's that are being banned to retail investors, no exceptions.
One interesting side-effect of this, is that a rather common strategy is no longer possible: Buy-Write on SPY, or Covered-Call on SPY (popular method to generate 'income' on holding the ETF). Granted there is an EU domiciled version of SPY, but I do not believe the options market for that instrument is liquid enough to be worth using. Given that MIIFID kicked in at the beginning of the year, and there is no KID on SPY, it may be prudent to plan that such a document is not forthcoming anytime soon.