我向賬戶存入資金的同時IBKR會延遲平倉清算嗎?

Overview: 

IBKR的保證金政策規定,如果一個賬戶違反保證金要求/保證金不足,則該賬戶將不能進行轉帳或其它存款。 如果違反保證金要求/保證金不足,賬戶將立即面臨平倉清算。自動平倉清算會以市價委托單的方式完成,賬戶中的任何/所有倉位都可能會被清算。某些情况下,由于特定市場行情,保證金不足最好是通過手動平倉清算解决。

從風險角度而言,存入或匯入賬戶的資金在完成相應的資金與銀行結算幷正式記入賬戶之前是不納入考慮的。平倉清算系統是完全自動的,其程序在賬戶違反保證金/保證不足時會立即執行。

主經紀客戶請注意:外部執行幷不能解决實時保證金不足問題,因爲外部交易在交易發生當天美東時間晚上9點或交易報入賬戶幷經外部確認完成匹配(取較晚發生者)之前是不納入考慮的。我們也不建議在到期日當天在外部交易期權,因爲有可能會出現晚報或誤報,從而導致保證金計算出錯或行權和被行權活動出錯。想要在到期日在IB外部的機構交易到期期權的客戶必須在美東時間下午2:50之前上傳其FTP文件,幷且應自擔風險。

如何計算期權的保證金要求?

Overview: 

期權保證金要求的計算有多種不同的公式。使用哪種公式取决于期權類型或策略。各個策略都有著衆多詳細的公式可以應用。要瞭解相關信息,請前往IBKR網站(www.interactivebrokers.com),依次選擇“交易”>“保證金”菜單選項。在保證金要求頁面,點擊“期權”。該頁面上的表格列出了所有可能的策略和每種策略對應的保證金計算公式。

Background: 

上方信息適用于股票期權和指數期權。期貨期權的保證金計算則采用完全不同的方式,即SPAN保證金系統。有關SPAN保證金系統的信息,請在該頁面搜索“SPAN”或“期貨期權保證金”。

主要的保證金相關定義

Overview: 

以下列出了一些常用的保證金術語:

含貸款價值的資産(ELV) – 用于確認客戶是否有足够的資産開立或維持證券倉位。等于現金 + 股票價值 + 債券價值 + 共同基金價值 + 歐洲和亞洲期權價值(不包括賬戶期貨部分下以市場價值計的美國證券、期貨期權和現金)。 

 
 
可用資金 (ELV – 初始保證金) – 等于含貸款價值的資産减去初始保證金要求。
 
 
剩餘流動性 (ELV – 維持保證金) – 等于含貸款價值的資産减去維持保證金要求。
 
 
初始保證金要求 - 投資者必須以現金爲新購入的證券支付的最低金額。對于美國股票,初始保證金即Reg. T保證金,目前爲50%(Reg. T初始保證金)。鑒于IB實時計算保證金且Reg. T是在日末應用的,IB會在交易之時應用初始保證金要求,但比例通常低于50%(IB 初始保證金)。  
 
 
維持保證金要求 – 要繼續持有倉位必須保有的資産金額。在美國,上市交易所的規則會規定各類證券交易的維持保證金要求且須提交給美國證監會批准。目前,交易所對股票多頭的維持保證金要求爲25%,但經紀商往往會應用高于交易所要求的“公司保證金”要求,尤其是當證券被認爲存在低估或價格波動率大時。目前交易所對股票空頭的維持保證金要求爲30%。
 
 
淨清算價值(NLV) – 對于證券賬戶,等于總現金價值 + 股票價值 + 證券期權價值 + 債券價值 + 基金價值。對于大宗商品賬戶,等于總現金價值 + 大宗商品期權價值。 
 
軟邊保證金(SEM) – 如果交易日內賬戶的含貸款價值的資産不低于維持保證金要求的90%,則對于美國股票,賬戶直到美國東部時間15:45才會面臨清算(即收市前15分鐘、清算時間結束或應用Reg.T保證金要求前15分鐘,取兩者中較早的),届時賬戶須滿足維持保證金要求。對于美股,SEM的開始時間爲美東時間09:30;對于其它産品,則爲開市時(如果在多個交易所上市,爲最晚的開市時間)或清算開始時間,取兩者中較晚的。  

 

購買力 - 在不額外存入資金的情况下您可通過您的賬戶購買的最大證券金額。對于現金帳戶,這等于含貸款價值的資産或前一日的含貸款價值的資産這兩者取較小值,然後再减去初始保證金要求。對于保證金賬戶,這等于可用資金* 4(即25%維持保證金的倒數)
 
特殊備忘錄賬戶(SMA) – 既不代表淨資産,也不代表現金,而是當Reg.T保證金賬戶中證券的市場價值上升時創造出的一種信用額度。儘管證券的市場價值相對于原始成本的上升會創造出SMA,但如果證券的價值隨後下跌,却不會影響SMA。只有當SMA被用于加倉或取現時,SMA才會下降,且對使用SMA的唯一限制是加倉或取現不影響賬戶滿足維持保證金要求。在存入現金或獲得股息的情况下,SMA也會以“一美元換一美元”的方式上升。

 

證券總持倉價值 (GPV) – 股票多頭價值的絕對值 + 股票空頭價值 + 期權多頭價值 + 期權空頭價值 + 個股期貨多頭的名義價值 + 個股期貨空頭的名義價值 + 基金價值。

 

IBKR Australia Margin Accounts

Interactive Brokers Australia Pty Ltd (“IBKR Australia”), which holds an Australian Financial Services License (“AFSL” No. 453554), has been established. IBKR Australia is headquartered in Sydney and has been set up to provide services to our Australian clients. IBKR Australia clients, products and services have some unique characteristics when compared to the Interactive Brokers (“IBKR”) global account and product suite. The purpose of this document is to outline IBKR Australia margin lending offering.

Margin Accounts

IBKR Australia offers two types of margin accounts that will provide all clients excluding SMSF clients with the ability to create portfolios to the maximum degree of risk taking/leverage allowed by IBKR Australia. The two account types are:

• Leveraged Trading account

o Available for both natural persons and non-natural persons, regardless of their regulatory status. However, there are some important differences between the margin accounts available for retail clients and wholesale clients, as outlined below.

• Professional account

o Available primarily for non-natural persons that are confirmed as a professional investor.

Refer to this link for information regarding Australian regulatory status under IBKR Australia.

Important characteristics of IBKR Australia margin accounts are as follows:

• All eligible margin accounts employ a risk-based model to calculate margin requirements. Please click [here] for more details.

• Interest rates on financing may vary depending on the type of client obtaining margin. Please click [here] for more details.

• For all natural person clients (e.g. individuals), only cash or marketable securities may serve as collateral for the margin lending facility, and the collateral deposited must be unborrowed & otherwise free of any mortgage or lien or other encumbrance.

• For all natural person clients, you may only withdraw funds from the margin facility for the limited purpose of repaying another margin lending facility which was used to acquire financial products.

o However, if you are classified as retail you will be not permitted to withdraw from the margin facility if you are already borrowing funds via that facility, i.e. if you are already negative cash, or otherwise if the withdrawal would place your account into cash deficit.

• All retail natural person clients must meet specific financial thresholds in order to be granted a margin account, specifically income must be greater than AUD $40,000 or Liquid net worth must be greater than AUD $100,000. In addition, IBKR Australia is obliged to verify that the information concerning the client’s financial situation that was collected during the application is accurate and complete. If the verified information concerning the client’s financial situation does not meet the thresholds stated above and/or are not comparable to the financials declared by the client during the application, the client will not be granted margin. However, if the client has a valid and recent Statement of Advice (“SOA”) from their registered financial advisor or financial planner that recommends that the client can be issued a margin lending facility and that SOA is made available to IBKR Australia, this additional verification of the client’s personal financial position will not be required.

• In addition retail natural person clients will not be granted a margin account if their occupation is either retired or unemployed or student.

• For all retail clients (both natural person and non-natural person clients), margin loans will be capped at a specific amount (currently set at AUD $50,000, subject to change in IBKR Australia’s sole discretion). However, how much a client can borrow depends on a number of factors, including: the value of the money or assets contributed by the client as security; which financial products the client chooses to invest in, as we lend different amounts for different products under our risk-based model; and the maintenance margin requirement for the client’s portfolio. Once a client reaches their borrowing limit they will be prevented from opening any new margin increasing position. Closing or margin-reducing trades will be allowed. Please click [here] for more details.

• For the non-natural person clients that are NOT categorized as retail clients, IBKR Australia is permitted to utilize for financing purposes a portion of the loan value of the stock these customers hold with IBKR Australia. In simple terms, IBKR Australia borrows money from a third party (such as a bank or broker-dealer), using the customer's margin stock as collateral, and it lends those funds to the customer to finance the customer's margin purchases.

• Please take particular note of how we determine natural person v non-natural person for IBKR Australia trust accounts, as detailed above. It is imperative that if you hold a trust account with IBKR Australia and there exists individuals (natural persons) that are labelled as trustees in your account, then even if you have a corporate trustee, that trust would be considered a natural person trust. The difference between a natural person and non-natural person margin account can be significant as shown above. As a result, please contact customer service if you need to modify trustees.


如何計算期貨和期貨期權的保證金要求?

Overview: 

期貨期權和期貨的保證金是由交易所根據SPAN保證金計算方法確定的。有關SPAN保證金系統及其計算邏輯,請參見芝商所(CME)網站www.cmegroup.com。在芝商所網站搜索SPAN,您會看到很多包括其計算邏輯在內的相關信息。SPAN保證金系統是一個通過分析幾乎所有市場情境下的假設情况來計算保證金要求的保證金計算系統。

Background: 

SPAN的運行邏輯大致如下:

SPAN會通過計算由衍生品和實物産品所構成的投資組合在給定時間區間(通常爲一個交易日)內的最壞情况損失來評估投資組合的整體風險。最壞情况損失通常是通過計算投資組合在不同市場行情下的盈虧情况來完成。該計算方法的核心是SPAN風險陣列,即一系列可顯示某特定合約在不同行情下的盈虧情况的數據。每種行情算作一種風險情境。每種風險情境的數值代表該特定合約在對應價格(底層證券價格)變化、波動率變化和時間衰减的特定組合下會産生的盈虧。

交易所會以特定頻率向IBKR發送SPAN保證金文件,接著,該等文件會被導入到SPAN保證金計算器當中。所有期貨期權,除非已經過期或是平倉,否則始終都需要計算風險損失情况,即使處于價外也沒有關係。所有情境都必須考慮極端市場波動情况下的變化,因此,只要倉位還在,該等期貨期權的保證金影響就還要被納入考量。 我們會將SPAN保證金要求與IBKR預定義的極端市場波動情境進行比較,取較大者作爲保證金要求。

如何確定購買力

購買力衡量的是證券賬戶在不存入額外資金的情况下可以買入證券的金額。如果是現金帳戶(現金帳戶不可以從經紀商借錢買入證券,必須全額支付),購買力等于賬戶已結算的現金數量。例如,持有10,000美元現金的賬戶最高可以買10,000美元股票。

而保證金賬戶則可以用賬戶內已經持有的現金和股票作爲抵押從而利用經紀商提供的杠杆來放大購買力。 杠杆金額取决于賬戶的類型是Reg. T保證金還是投資組合保證金。這裏,持有10,000美元現金的Reg. T保證金賬戶可以買入幷隔夜持有價值20,000美元的證券,因爲Reg. T的初始保證金要求爲50%,可以將購買力放大至兩倍。同樣,持有10,000美元現金的Reg. T賬戶可在日內買入幷持有40,000美元的證券,因爲IB的默認日內維持保證金要求爲25%,可以將購買力放大至四倍。

如果是投資組合保證金賬戶,則可以利用的杠杆更高。顧名思義,投資組合保證金賬戶的杠杆高低高度取决于其投資組合的構成。這裏,單只股票的保證金要求(初始=維持)通常從15%到30%不等,杠杆比率可達6.67 – 3.33:1。這種計算方法下,保證金每天都會變化,因爲該方法會考慮諸如每只股票的波動率和集中度之類的風險因素,從而由波動率較低的股票構成的投資組合和本身比較多元化的投資組合往往能有更優的保證金待遇(如購買力更大)。

除了上述現金例子外,保證金賬戶中持有的證券也可以獲得一定購買力,杠杆取决于證券的貸款價值和爲買入證券借用的資金金額。以持有10,000美元全額支付(即沒有保證金貸款)證券的賬戶爲例:按Reg. T初始保證金要求50%計算,該等證券的貸款價值應該是5,000 (= $10,000 * (1 - .50)),按同樣的初始保證金要求(50%),可以再買入幷隔夜持有10,000美元的證券。同樣,持有10,000美元證券幷背有1,000美元保證金貸款(即淨清算價值爲9,000美元)的賬戶,其剩餘的貸款價值爲4,000美元,可以在買入幷隔夜持有8,000美元的證券。該等規則對投資組合保證金賬戶同樣適用,當然,實際的購買力水平可能會有所差异。

儘管購買力的概念適用于股票、債券、基金和外匯等資産的買入,但對衍生品却不適用。大多數證券衍生品(如空頭期權和個股期貨)都不是資産而是或有負債,而多頭期權儘管是資産,但本身期限短,被視爲遞耗資産(wasting asset),因此通常沒有貸款價值。正因爲如此,空頭期權的保證金要求也不是按期權權利金的百分比計算,而是根據期權被行權的情况下對應的底層股票(Reg. T)或在不利的市場行情下買回期權所需成本(投資組合保證金)來確定的。

為什麼我被平倉清算了?

Overview: 

大多數平倉清算都是保證金不足導致。保證金賬戶保證金不足分兩種類型:維持保證金和Reg. T保證金。

除保證金不足外,平倉清算的發生還可能是因為到期後風險敞口或其它賬戶特定原因(可能跟賬戶類型和賬戶內特定持倉有關)。請前往IBKR網站的交易>保證金頁面瞭解風險管理算法,該等算法用以確保賬戶符合保證金要求,如保證金不足則會面臨平倉清算。

 

Background: 

1.  維持保證金不足:在賬戶中,含貸款資產價值(ELV)必須始終高於賬戶所持頭寸的當前維持保證金要求(MMR)。ELV和MMR的差額為當前剩餘流動性;因此對某些人來說,監控賬戶更簡單的方法是記住賬戶的當前剩餘流動性必須始終為正數。如果當前剩餘流動性變成負數,則表明賬戶維持保證金不足。 

2.  Reg T保證金不足:賬戶窗口的餘額部分有一個項目叫特殊備忘錄賬(SMA)。美聯儲對其規定了執行時間,即美東時間每個交易日的15:50-17:20。在這個時間窗口內,SMA餘額必須為正數。如果SMA在美東時間15:50到17:20期間變成負數,則賬戶將被視為違反Reg T保證金要求。 

保證金不足的情況下,賬戶將面臨自動平倉清算。平倉清算通過市價單完成,且賬戶內的任何/所有頭寸均可被平倉。

什麼是特殊備忘錄賬(SMA)?如何使用?

Overview: 

特殊備忘錄賬(SMA)表示的不是賬戶資金或現金,而是在Reg. T保證金賬戶內證券市場價值上升時產生的信用額度。其目的是為了維護未實現盈利對於後續交易所能提供的購買力,如果沒有這種處理,購買力只有通過取出多餘資金然後在要進行後續買入時再存入賬戶才能確定。從這個角度來說,SMA有助於維持賬戶價值穩定、盡可能減少非必要的資金轉帳。

SMA會隨著證券價值上升而增加,但如果證券價值下跌,SMA並不會減少。SMA只有在買入證券和取款時才會減少,使用SMA唯一的限制是證券買入和取款不能讓賬戶資產低於維持保證金要求。可增加SMA的項目包括現金存款、收到利息或股息(等額方式)和證券賣出(淨收入的50%)。請注意,SMA餘額表示的是開戶以來每條會造成SMA水平變化的歷史帳目的總和。考慮到時間跨度和其中包含的帳目數量,從每日活動報表中總結出當前的SMA水平雖然可行,但卻不太現實。 

要說明SMA是如何運作的,我們先假設賬戶持有人存入了$5,000美元,然後買了$10,000美元的證券,貸款50%(保證金要求等於1 – 貸款比例,也就是50%)。前後的賬戶相關數值如下:

項目
描述
事件1 - 首次存款
事件2 - 買入股票
A.
現金
$5,000
($5,000)
B.
多頭股票市場價值
$0
$10,000
C.
淨清算價值/含貸款價值* (A + B)
$5,000
$5,000
D.
初始保證金要求 (B * 50%)
$0
$5,000
E
可用資金 (C - D)
$5,000
$0
F.
SMA
$5,000
$0
G.
購買力
$10,000
$0

接下來,假設多頭股票市場價值上漲至$12,000美元。$2,000美元的漲幅可產生$1,000美元的SMA,可供賬戶持有人:1) 在無需額外存入資金的情況下再買價值$2,000美元的證券,保證金貸款比率50%;或 2) 取出$1,000美元現金,如果賬戶沒有現金,這$1,000美元將記入賬戶的貸款餘額。見下表:

項目
描述
事件2 – 買入股票
事件3 - 股票升值
A.
現金
($5,000)
($5,000)
B.
多頭股票市場價值
$10,000
$12,000
C.
淨清算價值/含貸款價值* (A + B)
$5,000
$7,000
D.
初始保證金要求 (B * 50%)
$5,000
$6,000
E
可用資金 (C - D)
$0
$1,000
F.
SMA
$0
$1,000
G.
購買力
$0
$2,000

*含貸款價值英文縮寫為EWL,在此例中,等於淨清算價值。

最後,請注意,SMA只是一個用以衡量IB LLC下證券賬戶是否符合隔夜初始保證金要求的Reg. T概念,我們並不會用SMA來決定賬戶是否符合日內或隔夜維持保證金要求,也不會用它來決定商品賬戶是否符合保證金要求。同樣,如果賬戶在隔夜或Reg.T初始保證金要求開始實施生效時(美國東部時間15:50)SMA為負值,則會面臨強制平倉清算以滿足保證金要求。

 

常見問題解答:有特殊要求的證券

近期,GME、AMC、BB、EXPR、KOSS和一小部分美國證券表現出了極端波動,使我們不得不降低了向該等證券提供的杠杆,有時甚至只允許可降低風險的交易。以下是關于近期措施的常見問題解答。

 

問:目前交易GME及其它近期波動率上升的美國證券是否有限制?

答: IBKR目前不限制客戶交易AMC、GME、BB、EXPR、KOSS或其它表現出極端市場波動的股票。這包括開倉或平倉。

和許多經紀商一樣,IBKR有段時間曾對上述部分證券的開倉交易設有限制。這些限制現已解除。

IBKR沒有限制客戶平倉現有倉位,也不打算這麽做。

 

問:我能否在IBKR使用保證金交易這些産品的股票、期權或其它衍生品?

答: IBKR已提高了交易GME及其它近期波動率巨大的美國證券的保證金要求,多頭倉位保證金要求高達100%,空頭倉位保證金要求高達300%。您在交易平臺中提交委托單前可以查看相應保證金要求。

 

問:爲什麽對于某些證券IBKR要限制我開倉?

答: IBKR采取這些措施是出于風險管理的考慮,目的是爲了保護公司和客戶在極端波動的市場環境下不因價格的大幅變動而蒙受巨額損失。

IBKR對此次非自然波動給清算所、經紀商和市場參與者帶來的影響保持謹慎擔憂。

 

問:IBKR或其關聯公司在此次被限制交易的産品中有持倉嗎?

:否。IBKR在這些證券中均沒有自營交易持倉。

 

問:IBKR實施這些交易限制的依據是什麽?

答: 根據客戶協議,IBKR有權自行决定拒絕接受任何客戶委托單。

IBKR還有權自行决定修改任何已開倉倉位或新倉位的保證金要求。畢竟,IBKR是保證金交易的資金貸出方。

 

問:這些限制是針對所有IBKR客戶的,還是僅針對部分客戶?

答: 所有限制,包括限制開倉及提高保證金,都是針對所有IBKR客戶的。限制是基于證券而非客戶實施的。

 

問:我在IBKR的資金有風險嗎?IBKR有無蒙受實質性損失?

答: IBKR未蒙受任何實質性的損失。得益于其審慎的風控措施,IBKR很好地應對了本次市場波動。實際上,盈透集團的合幷總股本逾90億美元,超過監管要求60億美元以上。

 

問:未來IBKR會怎麽做?我怎麽才能知道?

答: IBKR會繼續監控市場動態,且會根據市場情况采取行動。如需瞭解最新的信息,請持續訪問我們的網站

FAQs: Securities subject to Special Requirements

We are seeing unprecedented volatility in GME, AMC, BB, EXPR, KOSS and a small number of other U.S. securities that has forced us reduce the leverage previously offered to these securities and, at times, limit trading to risk reducing transactions. Outlined below are a series of FAQs relating to these actions.

 

Q: Are there any current restrictions on my ability to trade GME and the other US securities that have been subject to the recent heightened volatility?

A: IBKR is currently not restricting customers from trading shares of AMC, GME, BB, EXPR, KOSS or the other stocks that have been the subject of extreme market volatility. That includes orders to open new positions or close existing ones.

Like many brokers, IBKR placed limits on opening new positions in certain of these securities for a period of time. Those restrictions have since been lifted.

IBKR has not restricted customers’ ability to close existing positions and does not plan to do so.

 

Q: Can I use margin in trading stocks, options or other derivatives on these products through IBKR?

A: IBKR has increased its margin requirements for securities in GME and the other US securities subject to the recent volatility, including up to 100% margin required for long positions and 300% margin on the short side. You can see these margin requirements in your trading platform prior to submitting an order.

 

Q: Why did IBKR place these restrictions on my ability to open new positions in certain securities?

A: IBKR took these actions for risk management purposes, to protect the firm and its customers from incurring outsized losses due to wild swings in prices in a volatile and unstable marketplace.

IBKR remains concerned about the effect of this unnatural volatility on the clearinghouses, brokers and market participants.

 

Q: Does IBKR or its affiliates have positions in these products that it was protecting by placing these restrictions?

A: No. IBKR itself has no proprietary positions in any of the securities.

 

Q: What allowed IBKR to place those restrictions?

A: Pursuant to its customer agreement, IBKR may decline to accept any customer’s order at IBKR’s discretion.

IBKR also has the right to modify margin requirements for any open or new positions at any time, in its sole discretion. After all, IBKR is the one whose money is being loaned in a margin trade.

 

Q: Did those restrictions apply to all or just some of IBKR’s customers?

A: All restrictions – all limits on opening new positions and margin increases – applied to all IBKR customers. They were placed based on the security, not based on the customer.

 

Q: Is my money at IBKR at risk? Has IBKR suffered material losses?

A: IBKR did not incur substantial losses. Through its prudent risk management, IBKR has navigated this market volatility well. In any event, on a consolidated basis, IBG LLC exceeds $9 billion in equity capital, over $6 billion in excess of regulatory requirements.

 

Q: What will IBKR do going forward? How will I know?

A: IBKR will continue to monitor developments in the market, and will make decisions based on market conditions. For current information, please continue to visit our website.