The two like-named Watchlists will not be merged nor will one replace the other. Both Watchlists will be saved with the same name and each will retain its unique list of instruments.
What happens if I have two Watchlists on two different platforms that use the same name?
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How is the free withdrawal per month applied for multiple accounts?
Can securities in one Interactive Brokers account be used as collateral for linked accounts?
What happens if I have two uniquely-named Watchlists on two different platforms that have identical lists of instruments?
How can I view different positions for the same ticker in TWS?