I pulled this off the IB website in the Q&A part. ---- Q: Is it possible for a US investor to trade single stock futures at the LIFFE through your system? A: Unfortunately, the answer for the time being is "No". Under the recent legislation authorizing trading in the U.S. of futures contracts on individual stocks, the two regulatory agencies involved -- the SEC and the CFTC -- must get together to write rules for exchanges, broker-dealers and futures commission merchants who will offer these contracts to U.S. customers. The agencies are supposed to pass rules allowing this trading by the end of this year, although it could be longer. In any event, rest assured that as soon as these products can be traded by U.S. customers, IB will offer high-speed, direct access to them at our usual low cost. - David Battan, Vice-President & General Counsel (4/24/01) ----- Looks like in the last part of the answer, IB will offer single stock futures as soon as possible.
What broker will have Stock futures ASAP. I heard LLC prop firms try to beat the competition "with the nose'. Now your from post it seems December is when they shoot for the "rules" not that any firm will have any systems and account set up - back office ready. I am mildly curious. I rather watch/trade indecies but like to know what's happening in the industry.
US futures will not be offered on the exchanges until December when the regulators allow US citizens to trade them. The day they are launched, IB should offer them.
Def, Will a new account be required to trade single-stock futures, or can existing stock accouts trade them?
it depends on the regulator. As they are commodites, I would assume you would need to open a commodity account. I'm not sure how IB will handle these accounts yet. Worst case you'll need to open a new account. However, you'll be able to swap funds back and forth between your accounts very easily.
"However, you'll be able to swap funds back and forth between your accounts very easily" I would disagree, def. It is not real-time funds transfer. It takes an e-mail and 24 hours (it's manual funds transfer) to accomplish that feat.
you do not do it via e-mail, you would do it via the web site. certain parts are automated and if I am not mistaken, for US fund xfers it could be done the same day as long as it is before a cut-off time (3 PM). In any event, very easily does not mean real time. What I mean to imply is that if you have a stock account and you want to swap excess cash between accounts, it is an easy, free, and relatively quick process. Hope that clarifies things.
I don't mean to sound harsh, def, I appreciate IB too much for that. My mildly bitter comment was based upon a couple of transfer requests which took place via the web site (one was made around cut-off time and one at 15:11:15 exactly). I was hoping for real-time completion - but it took more than 24 hours. So, I was a litle bit disapointed because I was unable to trade. Now I know how the system works...no problem.
no, you're not harsh at all. (during HK trading hours I tend to reply quick and terse) a cut-off is a cut-off because money must move from different accounts. The process is becoming increasingly automated and should become more efficient. Delays ofcourse can occur if you buy/sell stock before T+3. Adequate margin must be in the account for settlement purposes as required by Reg. T. I'll find out more about the entire process as I am sure it will come up again.