IB Hong Kong based accounts transferred to newly formed IB HK

debitspread said:
You already have the "answer of this question" directly from an IB rep. If you require further "proof" you evidently don't believe or trust them, which again makes me wonder why you're continuing to do business.
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None of the IB users in any forum I saw believes what they said about HK SFC. Really none. Then you ask one by one why includes local HK forum in Chinese. There were much more discussion about this topic in local forum.
 
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Did anyone study the original IBLLC contract and the difference with with the IBHK contract?
Also, many of you may read the audit report for the listed ibkr, however, how's the performance of the ibhk account figures performing?
 
def said:
This is one of the more ridiculous comments I've read. To be clear - we have ZERO choice on this decision.

The insurance you are talking about is government insurance. If you have a beef with that, contact your legislator. I understand many are concerned about what would happen in the case of a default but all HK residents are in the same boat as long as you deal with a firm licensed or promoting their services in Hong Kong. The move of HK clients to a HK company does not take away from the fact that the IB has a long track record of profits which are released quarterly, the group is extremely strong with over $5 Billion USD in equity capital, management and staff have massive skin in the game as we own ~85% of the company. I would believe our financial strength and strict adherence to client money rules along with our real time margining system should offer great comfort.

You will rarely see me banging the drum of a regulator but calling the HK regulators incompetent is ludicrous. They run a very tight ship. Sure, I wish they offered more flexibility and would work with legco to update the SFO to incorporate US treasuries as allowable assets but financially, they are very conservative and I can make a strong case on why many of the requirements in Hong Kong are extremely conservative (I would start with 3 clearing houses that do not allow cross margining to position limits that are very low to the capital requirements needed to maintain such positions).

You say they [big gov] "ALWAYS side with big business interests" - I guess you weren't around for the Lehman mini bond saga and saw that the holders were made whole. (I also believe all obligations to MF clients were also met in Hong Kong)

Frankly, if you're afraid to put more than $20K (150K HKD) into a broker due to a fear the broker may go bust, you probably should not be trading with that firm and move somewhere too big to fail. Most of our clients understand we are financially strong and run a tight ship. There has not been a mass exodus. Most clients - including the largest of accounts - have agreed to move. If you want to kick the tires, feel free to make an appointment and visit our office - to us it's business as usual.
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That hk gov 150KHKD protection doesnt protect any non hk investment, which means IB HK provides ZERO protection for any non hk investment like US UK stock.
 
GloriaBrown said:
That hk gov 150KHKD protection doesnt protect any non hk investment, which means IB HK provides ZERO protection for any non hk investment like US UK stock.
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You say IB provides ZERO protection but
a: when you invest in US stocks, aren't your stocks at a US custodian - in this case IBLLC
b: you seem to be discounting their $6 billion in shareholder equity and consistent earnings which are retained on the balance sheet.

You're in HK, the probability of China strolling into port with an aircraft carrier is probably higher than what you're whinging about for over a year. Whoops, never mind they already did that. I would fathom you have greater things to worry about.
 
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