Account Management Release Notes - October 2014
Week Ending October 31, 2014
The enhancements and modifications below are available as of October 31, 2014.
Three-Level Fully Disclosed Broker Accounts
Beginning with this release, fully disclosed brokers can now add Advisor, Proprietary Trading Group STL and Multiple Hedge Fund accounts to the broker account structure. Once added to the fully disclosed broker account, these institution accounts can add their own client, sub or fund accounts, effectively creating a three-level account structure.
In Account Management, a fully disclosed broker can add these accounts on the Manage Clients > Accounts > Create > New page by sending an electronic invitation to an Advisor, STL or Hedge Fund Manager, who will complete an account application.
For more information, refer to the Account Management Users' Guide.
For detailed rules governing these new three-level accounts, see Rules for Three-level Fully Disclosed Broker Accounts.
Expanded Advisor and Broker Client Account Templates
Advisors and Fully Disclosed Brokers who create client account templates in Account Management to save and re-use application information for new client accounts can now enter additional information in a client account template, including:
- Funding Type - this indicates the type of funding deposit to be used by clients whose applications are associated with a specific client account template.
- Trading Objectives, Investment Experience and Financial Information
For more information, refer to the Account Management Users' Guide.
Broker Client Downloads
Brokers with 750 or more clients can now download client account information to Microsoft Excel on the Manage Clients > Accounts > View > Summary page in Account Management. Previously, only brokers with less than 750 clients could access this feature.
Week Ending October 17, 2014
The enhancements and modifications below are available as of October 17, 2014.
New Trading Permission - T+2 Settlement Program
Beginning with this release, a new trading permission - United States (T+2 Settlement Program) - is available on the Trading Permissions page in Account Management. IB LLC, IB UK and IB CA customers who write covered calls can now purchase new shares to satisfy their delivery obligations, rather than incur a higher tax liability by using existing shares.
Once you sign up for this new trading permission, you will be able to select TPLUS2 as the order destination for a stock purchase in Trader Workstation.
Expanded Traders' Marketplace Menus
The Traders' Marketplace > Search Services menu lets IB customers search for service providers within Account Management. This menu has been expanded to include the following new marketplaces:
- Advisor Marketplace - Click Traders' Marketplace > Search Services > Investing > Advisors to search for and connect with Professional Registered Investment Advisors (RIAs).
- Broker Marketplace - Click Traders' Marketplace > Search Services > Investing > Brokers to search for and connect with Fully Disclosed Brokers.
- News and Research - Click Traders' Marketplace > Search Services > Research > News and Research to search for and access news wires and analyst research feeds for Trader Workstation.
- Advertising Firms- Click Traders' Marketplace > Search Services > Business Development > Advertising to search for and connect with third-party providers of advertising and marketing services.
- Business Analysts - Click Traders' Marketplace > Search Services > Business Development > Business Analysts to search for and connect with third-party business analysts.
- Financing Firms - Hedge Funds can click Traders' Marketplace > Search Services > Business Development > Financing Firms to search for and connect with venture capital firms and third-party financing services.
- Jobs - Click Traders' Marketplace > Search Services > Business Development > Jobs to search for open positions or job-seekers.
The Traders' Marketplace > Advertise Services menu lets IB customers apply to advertise their services to other IB customers within Account Management and to IB customers and non-customers in the Traders' Marketplace on our website. This menu has been expanded to include the following new marketplaces:
- Advisor Marketplace - Advisors click Traders' Marketplace > Advertise Services > Investing > Advisors to join this marketplace. Once an advisor is listed, he or she can upload contact and other information about themselves and their services, as well as written articles for potential clients. Advisors can also review contact requests from potential clients, select whether or not to accept new clients, and approve new client requests.
- Broker Marketplace - Fully Disclosed Brokers click Traders' Marketplace > Advertise Services > Investing > Brokers to join this marketplace. Once a broker is listed, he or she can upload contact and other information about themselves and their services, as well as written articles for potential clients. Brokers can also review contact requests from potential clients, select whether or not to accept new clients, and approve new client requests.
- Advertising - IB customers who want to offer third-party advertising and marketing services can join this marketplace by clicking Traders' Marketplace > Advertise Services > Business Development > Advertising.
- Business Analysts - IB customers who want to offer third-party business analysis services can join this marketplace by clicking Traders' Marketplace > Advertise Services > Business Development > Business Analysts.
- Financing Firms - IB customers who want to offer third-party financing services to Hedge Funds can join this marketplace by clicking Traders' Marketplace > Advertise Services > Business Development > Advertising.
- Jobs - Advisors, Brokers, Proprietary Trading Group Master Users and Hedge Fund Investment Managers can post jobs by clicking Traders' Marketplace > Advertise Services > Business Development > Jobs. IB customers looking for employment can post resumes on the same page.
Proprietary Accounts for Broker-Dealers
We have modified the account structures for Fully Disclosed and Non-Disclosed Brokers to include a new Proprietary Account for Broker-Dealers. In the modified account structure, Fully Disclosed and Non-Disclosed Brokers have two accounts in their name:
- The master account, whose Account ID begins with an "I" prefix. Non-Disclosed Brokers fund this account for the purpose of transferring funds to client accounts and to pay for market data and research subscriptions for the broker's own trading. Fully Disclosed Brokers use the master account to add client accounts or link existing accounts and to pay for market data and research subscriptions for the broker's own trading.
- A Proprietary Account for Broker-Dealers, which is used for the broker's own proprietary trading, as well as the collection of client fees, commissions and interest owed to the broker, and credits to clients (money owed to the broker is first passed to the master account and then swept to the Proprietary Account for Broker-Dealers on a nightly basis). The Account ID for this account begins with a "U" prefix.
Funding Rules for the Modified Account Structure
- Fully Disclosed and Non-Disclosed Brokers can transfer funds between your master account (I account) and Proprietary Account for Broker-Dealers (U account).
- Fully Disclosed Brokers can transfer funds from the master account to client accounts.
- Non-Disclosed Brokers can transfer funds between the master account and client accounts in either directions.
- Funds cannot be transferred from the Proprietary Account for Broker-Dealers to client accounts.
When Will the New Account Structure Affect Your Broker Account?
All new Fully Disclosed and Non-Disclosed Broker accounts use the new account structure.
Beginning this month, existing Fully Disclosed and Non-Disclosed Broker accounts will be migrated to the new account structure. We anticipate this migration to be completed in a few months.
Contact Customer Service for more information.
Week Ending October 10, 2014
The enhancements and modifications below are available as of October 9, 2014.
Funding Added to Mobile Account Management
Beginning with this release, you can perform a variety of funding tasks on Mobile Account Management.
You can launch Mobile Account Management from you cell phone in one of two ways:
- From mobileTWS on the Configuration screen or by tapping Manage from the Account screen.
- Visit www.interactivebrokers.com in your mobile phone, and then tap Mobile Apps, and mobileAM.
Login to Mobile Account Management, and then tap More, then Funding to:
- View your account transaction history for the past 30 days. This includes deposits, withdrawals, postion transfers and internal transfers. To cancel a pending transaction, tap the transaction to view more details, then tap Cancel Transaction.
- Deposit funds - Use a bank information file that you previously created and saved in desktop Account Management or create a one-time deposit. Note that most deposit types are only notifications and do not actually move money to your IB account.
- ACH By Bank - Available in USD.
- ACH By Us - Available in USD. Requires saved bank information.
- Bill Payment - Available in USD and CAD
- EFT – IB Canada - Available in USD and CAD
- Check - Available in USD
- Wire
- Withdraw funds - Use a bank information file that you previously created and saved in desktop Account Management or request a one-time withdrawal.
- ACH By Us - Available for USD. You must be an IB LLC or IB UK customer. Requires saved bank information.
- EFT – IB Canada - Available in CAD. Requires saved bank information.
- SEPA By Us - Available in EUR. You must be an IB LLC or IB UK customer. Requires saved bank information.
- Check - Available in USD. You must be an IB LLC customer and reside in the USA.
- Wire - Requires saved bank information.
- Access online help by tapping More, then Help.
You can also view your account balances, positions, and generate an activity statement from Mobile Account Management.
Activity Download Updates
The Activity Downloads page has been renamed. It is now called Third-Party Downloads and is accessible by clicking Reports > Activity > Third-Party Downloads in Account Management. For more details, see the Reporting Release Notes.
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