IBUK to IBIE - what's going on?

beachbumlove said:
I just found this was happening today from reading the info, I have not had an email about it.

It says you get EUR100K protection if you are moved to Hungry IBCE: https://ibkr.info/article/3587 Part B, Section 4.

So, do you get to choose where you go? EUR100k is much more than EUR20k. I note someone said that only applies to bank accounts in Germany, but the account would be based in Hungry.

Does anyone know if we can keep the UK account? I was hoping that brexit would mean we will soon be able to trade US ETFs without Professional Status.
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Is your home residence in UK or in EU? I thought 'EU' people go to ireland, and UK people stay in UK.

The ETF restriction is EU. So technically, UK might not need to do it? But UK adopted those rules I suspect, so it might be a while before they change it?
 
Thanks Happy Trader,
OK understood, I thought they were making everyone with a UK account move. I am UK, so hopefully there is no issue. I voted to stay in the EU and respect others decisions, but the one specific benefit I see in the short run was being able to trade US ETFs. So I sincerely hope they didn't trade that away in the deal. It's such a daft rule.
 
beachbumlove said:
Thanks Happy Trader,
OK understood, I thought they were making everyone with a UK account move. I am UK, so hopefully there is no issue. I voted to stay in the EU and respect others decisions, but the one specific benefit I see in the short run was being able to trade US ETFs. So I sincerely hope they didn't trade that away in the deal. It's such a daft rule.
More...
Slightly off topic, but if you classify yourself as a professional trader, you should be able to trade those ETFs.
 
Hello everyone.
I am brand new in ET.

My IB account was also transferred to IBIE and I have been experiencing several problems.

FX Conversion orders are being rejected in my Real Account and Futures Orders are also being rejected in Paper Account.

I have contacted Support through 2 different tickets but no answer so far.

This is really bad, I am sitting in my hands since last week and not being able to trade in Real Account nor running tests on Paper Account.

Anyone with similar problems here?
 
HappyTrader said:
Slightly off topic, but if you classify yourself as a professional trader, you should be able to trade those ETFs.
More...

Nope. That wouldn't make any difference. In order to be allowed to trade US ETFs in the EU you would need to be designated an 'elective' professional client as defined by MiFID, which means that you must satisfy at least two of the following quantitative criteria:

- You have carried out trade transactions, in significant size (at least €50,000), on the relevant market at an average frequency of 10 per quarter over the previous four quarters;
-The size of your financial instrument portfolio, defined as including cash deposits and financial instruments, exceeds €500,000;
- You work or have worked in the financial sector for at least one year in a professional position which requires knowledge of the transactions or services envisaged.
 
beachbumlove said:
I just found this was happening today from reading the info, I have not had an email about it.

It says you get EUR100K protection if you are moved to Hungry IBCE: https://ibkr.info/article/3587 Part B, Section 4.

So, do you get to choose where you go? EUR100k is much more than EUR20k. I note someone said that only applies to bank accounts in Germany, but the account would be based in Hungry.

Does anyone know if we can keep the UK account? I was hoping that brexit would mean we will soon be able to trade US ETFs without Professional Status.
More...

I wouldn't count on 100K EUR protection in Hungary.
 
beachbumlove said:
Thanks Happy Trader,
OK understood, I thought they were making everyone with a UK account move. I am UK, so hopefully there is no issue. I voted to stay in the EU and respect others decisions, but the one specific benefit I see in the short run was being able to trade US ETFs. So I sincerely hope they didn't trade that away in the deal. It's such a daft rule.
More...
Are you able to trade usa ETF now?
I am also in the UK with ib, the first few days of the year, I suddendly had permission to trade USA ETF, not anymore... Back to option assignment to be able to get some in. I hoped that this Brexit disaster would at least remove this silly EU regulation.
 
cesfx said:
Are you able to trade usa ETF now?
I am also in the UK with ib, the first few days of the year, I suddendly had permission to trade USA ETF, not anymore... Back to option assignment to be able to get some in. I hoped that this Brexit disaster would at least remove this silly EU regulation.
More...

cesfx, no I'm not able to due to the EU rule but looking at the rules again, I think I am eligible soon based on number of trades and professional experience but perhaps they are looking at removing the rule? I did not try the option assignment method, but I'm mostly trading so it would be too complex. I need to look at the downside of professional Status on Tax etc - any knowledge on that front?
 
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