Interactivebrokers & Citibank

Def - thanks for all your help on this thread.

Could you answer a simple question for me please ... for an IB account that is in 100% cash every night, what amount above $100k , if any, would be insured in the unlikely event of IB's failure?

Thanks in advance.

edit: sorry if this is off the topic of Citi's relationship to IB
 
Hello. Sorry for my English but i also a litte bit upset.

I have an IB Account in Europe and my Money is hold @Citibank / Frankfurt. But Citigroup has sold his Germanpart and so i think my money is no longer addicted from Citigroup or?
 
Quote from bali_survivor:

nah, still two other options: 1) ring up Lloyds and ask what it will cost you to insure your account against IB going under , will give you a good idea what they think about them and 2) you are only worried if you know that you cannot trade it together again. Any trader worth their salt can get it back unless they got it by a fluke.

Not worried here.

Maria
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I'm not worried either. Frankly, I think the IB account is safer than the SIPC that insures it. Not that I think the government won't back that up either if necessary.

OldTrader
 
IB_Joe:

In reference to the link you provided: Well written and informative. Gathers a bunch of data together.

I saw nothing about a delay in releasing funds to a customer while awaiting settlement. Here at ET such a delay can result in much moaning and casting of aspersions. You might consider adding a blurb to the Can IB Prevent Me from Withdrawing Money? section.

Jack
 
Insight,

The Kevin 07 Rudd guarantee of Aussie Bank deposits (which includes Citibank Australia but not Citibank NA) is unrelated to the effect of a (potential) Citigroup bankruptcy on your IB account.

If

1. Citibank continues to falter AND
2. It is not merged / bought by another bank (either WM style or WB style) AND
3. Its deposits are not guaranteed by the FDIC / US Treasury AND
4. Interactive Brokers has more than 250k USD on deposit at Citibank
(keeping in mind that IB spreads its deposits at 6 different banks) AND
5. IB's capital is insufficient to make up the loss on Citibank deposits

then you may have a problem.

For what it's worth, I don't think it will go beyond #2.


Quote from insight:

Any information on Citi for Australian customers of IB?

It appears as if deposits are with Citibank N.A in Sydney which is not covered by the Australian government's deposit insurance.

http://www.citibank.com.au/global_docs/CustomerQ_A_Deposits.pdf
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