Recent content by HKIB

I am confused by the information you got from the JPM asset management HK. The wire transfer is free for the apex account with Td Ameritrade, including international wire transfer. For TD Ameritrade, the cash is deposited in two branches of TD bank, and is insured by FDIC, not SPIC, so it sounds...

I just called them, and was told that there is no problem unless you are a US citizen.

luisHK, I have just called J.P. Morgan Asset Management and found out the following information: 1. all money funds incurs no charge, either buying or selling. 2. no fee for wiring money in or out. no minimal balance requirement. no limit on number of times you switch in or out. but...

You should call them to find it out because I have not used their service for many years. I am not sure my account with them is still valid, because it has zero balance for many years.

Good idea. I plan to use TD Ameritrade to park my cash and use IB to trade. TD Ameritrade put my money automatically into two branches of the TD bank, so it provides the FDIC protection up to half a million US$. It seems that banks or brokerage firms in Hong Kong do not have the kind of...

You are right about the initial fee for other funds, but the HK$ money market fund incurs no initial fee. I just sent a check from my HK bank, they automatically put it into the HK$ money market fund.

hagen, It became "J.P. Morgan Asset Management" a few years ago. You can put money in their money market fund and wire transfer the fund to a US brokerage account without any cost.

I used to use Jardine Fleming unit trusts (it is not a bank, of course) to wire money to my US brokerage account. It is free.

Do you mean that the fund parked in CitiBank is linked to IB so that there is no need to sweep between Citi and IB manually? By the way, what is the ceiling for the account protection in CitiBank Hong Kong?

In my case it is mainly used to trade futures, so IB gives me a false sense of security. I don't understand why IB does not move the cash to a money market fund, which would be a security.

Thanks, justrading. Here is one question about IB. My IB account shows me that the excess cash stays in the security side, does that mean it will be protected as securities? Some people said that it is not the case, I am confused here.

justrading, I am sorry for those clients. What you said makes a lot of sense to me. But how do you operate it? I can imagine this: have a savings account with balance $250,000, a trading account with balance $10,000, swap fund between them according to trading positions. Is this doable?.

justtrading, What happened to the customers of MFG and PFG? Did they get all their money back?

guy990opl, Fair questions asked. I admit that IB is relatively safer. However, nothing is 100% sure in this world, given the fact that even libor can be manipulated. I just wish to spread out the risk, even if that risk might have a small chance to materialize. I started to avoid stocks...

guy990opl, thanks for your suggestion. I am very satisfied with IB, but I am very paranoid about account safety so I wish to have a second account to spread out the risk. My account size with TOS is significantly bigger than their minimum requirement, and I trade infrequently and at a size much...