Brexit and IB

[Daal]

Here it is:
https://ec.europa.eu/info/business-...ial-institutions/deposit-guarantee-schemes_en

UK and some banks like in Eire and Cyprus are covered by a different but similar protection, FSCS

I have no idea about the 25k.. and I thought any IB customer would be insured under sipc, but it's an insurance and never know when/if they pay.
Not that I see any risk in IB, but 2008 teaches a lesson.
All eggs in the same basket probably not the best idea.

The way to protect yourself is to move your assets into another broker if IB stock collapses by 60%+

 

[blink18]

As part of migration notifications is this document in Account Management: "Announcement, IBCE - multicurrency account foreign exchange restrictions"

Summary: at IBCE there won't be "speculative" FX spot trading, only FX spot conversions.

Can someone check what it says for IBIE or IBLUX? I want to know is this Hungary specific or not.

 

[Scanman]

They sent this to avoid being fined by financial regulators if they still provide services to EU citizens after Brexit. It's legal language.
—3——

could be legal language but in fact impact in the account

 

[tomatotrader]

Did proceed and fill all the forms needed. Now will wait to see how things move to IBCE. I hope i can trade and there are no freeze days or any delays.

 

[_terminus_]

Perhaps special UK/US agreements?

However this is clearly a retaliatory move by the EU, trying to remove capitals from the UK.

Sipc covers also appear on Ibkr UK website:

https://www.interactivebrokers.co.uk/en/index.php?f=39138&p=acc

 

[abc12345]

I trade just US market. What happens if I stay with IBUK?

/If I decide - is it possible to migrate to IBCE later? Let say after a year…/

 

[_terminus_]

Not possible AFAIU.

I trade just US market. What happens if I stay with IBUK?

/If I decide - is it possible to migrate to IBCE later? Let say after a year…/

 

[tomatotrader]

@abc12345 if you check the q&a they said if you decide not to migrate then you cant trade or use them in any way other than transfer them to any broker you like, IBCE or any other.
Before you make any decision though you need to spend 5 minutes, read them and understand them yourself.

 

[luisHK]

Posters who already did the migration, has it been finalized yet ?
I had once at least to move a corporate account from IB llc I think to IBHK, was pretty smooth except I had several million eur worth of cfds in european stocks and IBHK didn t accept cfds, cost me a bunch to sell cfds in 1 account and buy the underlying in the new account
Not holding cfds atm nor planning any transaction until next monday, but would apreciate to see what happens when moving the account - I was offered to move to IB Ireland btw, from memory again.
Have I understood right that IB uk account will work normally until dec 31st at least ? Than I d rather do the end of the year transactions before transfer, in case it gets complicated...
Curious to read others' experience with this new situation.

 

[george_the_second]

If you refuse the transfer it will be considered entering in a relationship with IBUK at your own initiative. There are no guarantees that they will be able to service your orders indefinitely or offer the same range of instruments. Also, you will not benefit from EU regulatory protection or EU investor compensation schemes.