If You are resident in Asia, You shouldn't be under IBHK rather than IBUK? As a matter of fact I am resident in Asia as well but I did not find the reason and time (perhaps till now) to switch account.
PRIIPS KID on IB
- Thread starter d08
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If You are resident in Asia, You shouldn't be under IBHK rather than IBUK? As a matter of fact I am resident in Asia as well but I did not find the reason and time (perhaps till now) to switch account.
Why not? IBHK server is a lot faster. So why switch to IB in EU to be banned from trading US ETF?
Honestly these ETF's been in existence for years. SPY was incepted in 1993, it has been in existence for 25 years on the market! Its prospectus is well-known. Its issuer isn't going to all of sudden bend over backwards to issue some superfluous 2-page summary document to satisfy some ignorant EU regulators' power trip.
Change your broker to a one that allows you to trade US ETF. Simple.
Same applies to ES futures, but CME seems to have provided the document.
Right. This only happened now in IB but it's something that was in the news for some time.
https://www.bloomberg.com/news/arti...t-to-europe-s-etfs-as-spy-no-longer-an-option
Meaning that if SPDR haven't solved the situation since then (and KID seems something easy to produce for a institution like SPDR), the only thing different today is that IBUK customers are affected as well. That's insignificant overall and not a trigger to solve things faster (if eventually is their purpose to solve it at all). I wouldn't count with these to be available any time soon.
Note that the server that our accounts are connected with are not dependent with the residency and thus IBUK or IBHK. I have requested a while ago to switch to the IBUs server and I am able using the US server since then. It took around a week and the switch happened over the week end. I agree with what You said, but IB provide global trading with the very powerful universal account. To not mention how good is their broker to move easily, fast and cheaply our funds globally. Plus IB looks very solid financially speaking to keep safe our funds. I still have an account with TS and their broker s**ks especially when You want move your funds abroad with thousands of questions and long phone calling for nonsensical things. BTW, I am thinking to move with IBHK considering I am eligible and avoid all this s***.
They were not prepared. I called to the trading desk for the first time till I am trading. It was a surreal conversation.
My position were autoliquidated while they were trying to understand the issue.
I had a long poition in Spy, which was causing a margin call, and the system didn't allow me to close the position.
In the Order Entry window didn't appear the Buy and sell buttons.
And also through the Strategy Builder window I was not able to enter a combo order involving Spy an options on Spy.
I don't understand why, as we are still allowed to trade Spy options.
When you guys talk about the prospectus, What do you mean ?
Also the IB custumer service have told me that until I recive the proepectus I won't be able to trade Spy. But I have received the SPY
prospectus in paper several times.
My position were autoliquidated while they were trying to understand the issue.
I had a long poition in Spy, which was causing a margin call, and the system didn't allow me to close the position.
In the Order Entry window didn't appear the Buy and sell buttons.
And also through the Strategy Builder window I was not able to enter a combo order involving Spy an options on Spy.
I don't understand why, as we are still allowed to trade Spy options.
When you guys talk about the prospectus, What do you mean ?
Also the IB custumer service have told me that until I recive the proepectus I won't be able to trade Spy. But I have received the SPY
prospectus in paper several times.
You should. IBHK's server is the fastest even faster than the IBUS server. And the server is independent of your IB's broker. Your account can still be with IBUK or IBUS but you can connect from IBHK server.
What your EU regulators want is a KID (Key Information Document), a 2-page summary. It's different from Prospectus, which is a detailed document of 85 pages describing the security. The prospectus has been available since 1993, the ETF's inception date. The issuer of SPY provided a 85-page document describing every single detail of the ETF but the EU regulator doesn't care all it cares about is a 2-page document and because the issuer didn't provide it so no trading for you if you live in EU and is considered a "retail" trader.
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That is CME's problem. It didn't have to. The issuer of SPY provides a 85-page prospectus document updated every few years it shouldn't have to stoop to EU regulators' stupidity and bureaucracy to provide a useless 2-page document.
Never ever surrender to stupidity and inefficiency!! We all live finite lives.