The Market Value section of the Account Window reflects currency positions in real time stated in terms of each individual currency not as a currency pair. The Market Value section of the Account view is the only place that traders can see FX position information reflected in real time. Traders holding multiple currency positions are not required to close them using the same pair used to open the position. For example, a trader that bought EUR. Traders should check the symbol that appears just above the Net Liquidation Value Column to ensure that a green minus sign is shown.
If there is a green plus symbol, some active positions may be concealed.
Traders can initiate closing transactions from the Market Value section by right clicking on the currency that they wish to close and choosing "close currency balance" or "close all non-base currency balances". The FX Portfolio section of the account window provides an indication of Virtual Positions and displays position information in terms of currency pairs instead of individual currencies as the Market Value section does.
This particular display format is intended to accommodate a convention which is common to institutional forex traders and can generally be disregarded by the retail or occasional forex trader. FX Portfolio position quantities do not reflect all FX activity, however, traders have the ability to modify the position quantities and average costs that appear in this section.
The ability to manipulate position and average cost information without executing a transaction may be useful for traders involved in currency trading in addition to trading non-base currency products. This will allow traders to manually segregate automated conversions which occur automatically when trading non base currency products from outright FX trading activity.
This has a tendency to cause some confusion with respect to determining actual, real time position information. In order to reduce or eliminate this confusion, traders may do one of the following;. Collapsing this section will eliminate the Virtual Position information from being displayed on all of the trading pages. Note: this will not cause the Market Value information to be displayed it will only prevent FX Portfolio information from being shown. By right clicking in the FX portfolio section of the account window, traders have the option to Adjust Position or Average Price.
Once traders have closed all non base currency positions and confirmed that the market value section reflects all non base currency positions as closed, traders can reset the Position and Average Price fields to 0.
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This will reset the position quantity reflected in the FX portfolio section and should allow traders to see a more accurate position and profit and loss information on the trading screens. Note: this is a manual process and would have to be done each time currency positions are closed out. Traders should always confirm position information in the Market Value section to ensure that transmitted orders are achieving the desired result of opening or closing a position.
We encourage traders to become familiar with FX trading in a paper trade or DEMO account prior to executing transactions in their live account. Please feel free to Contact IB for additional clarification on the above information. Equity option exchanges define position limits for designated equity options classes. These limits define position quantity limitations in terms of the equivalent number of underlying shares described below which cannot be exceeded at any time on either the bullish or bearish side of the market.
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Account positions in excess of defined position limits may be subject to trade restriction or liquidation at any time without prior notification. Position limits are defined on regulatory websites and may change periodically. Some contracts also have near-term limit requirements near-term position limits are applied to the side of the market for those contracts that are in the closest expiring month issued. Traders are responsible for monitoring their positions as well as the defined limit quantities to ensure compliance.
The following information defines how position limits are calculated;. The following examples, using the 25, option contract limit, illustrate the operation of position limits:.
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IB will send notifications to customers regarding the option position limits at the following times:. Position limits are set on the long and short side of the market separately and not netted out. Traders can use an underlying stock position as a "hedge" if they are over the limit on the long or short side index options are reviewed on a case by case basis for purposes of determining which securities constitute a hedge.
Position information is aggregated across related accounts and accounts under common control. IB considers related accounts to be any account in which an individual may be viewed as having influence over trading decisions.
This includes, but is not limited to, aggregating an advisor sub-account with the advisor's account and accounts under common control , joint accounts with individual accounts for the joint parties and organization accounts where an individual is listed as an officer or trader with other accounts for that individual. Regulations permit clients to exceed a position limit if the positions under common control are hedged positions as specified by the relevant exchange. In general the hedges permitted by the US regulators that are recognized in the IB system include outright stock position hedges, conversions, reverse conversions and box spreads.
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Currently collar and reverse collar strategies are not supported hedges in the IB system. For more detail about the permissible hedge exemptions refer to the rules of the self regulatory organization for the relevant product. OCC posts position limits defined by the option exchanges. They can be found here. This condition code indicates that the execution s in question is not subject to trade-through rules.
R6 trades are given an SEC exemption. Parties interested in reading the rule in its entirely should type "SEC Rule " into an internet search engine. This is the portion of the document that is pertinent to IB traders, in a nutshell:. Typically the trades involved are a multi-component trade involving orders for a security and a related derivative, or, in the alternative, orders for related securities, that are executed at or near the same time. The SIA Securities Industry Association notes that the economics of a contingent trade are based on the relationship between the prices of the security and the related derivative or security, and that the execution of one order is contingent upon the execution of the other order.
The bottom line is that when a trade is ruled R6 the SEC has granted a trade-through exemption. This means that these execution reports do not affect the resting orders in-between the market at the time, and the R6 execution. For example, the real market is quoting This execution was given an R6 exemption. A sell limit order at Simply stated, an "Odd Lot" is a stock order comprised of less than shares of stock. So any stock order from 1 share to 99 shares is considered to be an odd lot. Combo orders which involve a stock and an option leg are accepted natively only at ISE.
So if you would like to create a covered call position, and wish to buy the stock and sell the option simultaneously, ISE is the exchange to which these orders will be sent if, in fact, the specific options trade at the ISE. For example, an order to buy , EUR. Note: Orders may be placed in terms of any whole currency unit and there are no minimum contract or lot sizes to consider aside from the market venue minimums as specified above.
A pip is measure of change in a currency pair, which for most pairs represents the smallest change, although for others changes in fractional pips are allowed. To calculate 1 pip value in units of base currency the following formula can be applied:. FX position information is an important aspect of trading with IB that should be understood prior to executing transactions in a live account. IB's trading software reflects FX positions in two different places both of which can be seen in the account window. The Market Value section of the Account Window reflects currency positions in real time stated in terms of each individual currency not as a currency pair.
The Market Value section of the Account view is the only place that traders can see FX position information reflected in real time. Traders holding multiple currency positions are not required to close them using the same pair used to open the position. For example, a trader that bought EUR. Traders should check the symbol that appears just above the Net Liquidation Value Column to ensure that a green minus sign is shown. If there is a green plus symbol, some active positions may be concealed.
Traders can initiate closing transactions from the Market Value section by right clicking on the currency that they wish to close and choosing "close currency balance" or "close all non-base currency balances". The FX Portfolio section of the account window provides an indication of Virtual Positions and displays position information in terms of currency pairs instead of individual currencies as the Market Value section does.
This particular display format is intended to accommodate a convention which is common to institutional forex traders and can generally be disregarded by the retail or occasional forex trader. FX Portfolio position quantities do not reflect all FX activity, however, traders have the ability to modify the position quantities and average costs that appear in this section.
The ability to manipulate position and average cost information without executing a transaction may be useful for traders involved in currency trading in addition to trading non-base currency products. This will allow traders to manually segregate automated conversions which occur automatically when trading non base currency products from outright FX trading activity. This has a tendency to cause some confusion with respect to determining actual, real time position information. In order to reduce or eliminate this confusion, traders may do one of the following;. Collapsing this section will eliminate the Virtual Position information from being displayed on all of the trading pages.
Note: this will not cause the Market Value information to be displayed it will only prevent FX Portfolio information from being shown. By right clicking in the FX portfolio section of the account window, traders have the option to Adjust Position or Average Price. Once traders have closed all non base currency positions and confirmed that the market value section reflects all non base currency positions as closed, traders can reset the Position and Average Price fields to 0. This will reset the position quantity reflected in the FX portfolio section and should allow traders to see a more accurate position and profit and loss information on the trading screens.
Note: this is a manual process and would have to be done each time currency positions are closed out. Traders should always confirm position information in the Market Value section to ensure that transmitted orders are achieving the desired result of opening or closing a position. We encourage traders to become familiar with FX trading in a paper trade or DEMO account prior to executing transactions in their live account.
Please feel free to Contact IB for additional clarification on the above information. In the case of orders that have been placed, but do not appear to be acknowledged, you must contact IBKR via telephone immediately. We will need to contact the exchange in these cases. Communication through web tickets is not real time, and can not be used for issues of an urgent nature.