How is multi-currency and FX handled on an ISK?

Once you close a security position which is denominated in a currency other than your Base Currency, the proceeds will remain in that non-Base Currency and subject to exchange rate risk until such time you either perform a currency conversion…

Interactive Brokers will automatically convert currencies when trading non-GBP denominated securities. To do this, Interactive Brokers will engage in “spot” currency transactions on your behalf in order to settle your buy orders or convert the proceeds of a sell order. For opening orders Interactive Brokers will base the exchange rate off the spot exchange rate at the time of trade plus our 0.03% fee. For closing orders any non GBP balances will be closed at the end of the trading day at the closing exchange rate of the day plus our 0.03% fee…

If the proceeds of a sale are paid in foreign currency, we must convert the amount to be reported into US dollars. Generally, we convert the foreign currency on the payment date at the spot rate or by following a reasonable spot rate convention, for example a month-end spot rate or monthly average spot rate. Your Activity Statements reflect the spot rate at the end of the applicable month or year depending upon the statement you are viewing. Interest or dividend payments are converted at the spot rate on day of payment for purposes of Form 1099 reporting…

Interactive Brokers will automatically convert currencies when trading non-GBP denominated securities. To do this, Interactive Brokers will engage in “spot” currency transactions on your behalf in order to settle your buy orders or convert the proceed of a sell order. Interactive Brokers will base the exchange rate off the spot exchange rate at the time of trade 0.03% fee…