Forex Trading Hours Cst Suspension

Commodities: Silver Silver é o metal mais branco, mais maleável e mais condutor disponível. Ele tem uma variedade de usos ao longo da história, principalmente como uma forma de dinheiro e jóias. A primeira evidência de seu uso como moeda remonta a cerca de 700 B. C.E. No que agora Silver tem adornado túmulos da Caldéia à China. E foi um dos principais motores da história europeia após a descoberta da prata enquanto a prata é menos rara do que o ouro, tem desempenhado um papel significativo ao afetar as moedas e mudou-se consistentemente em conjunto com os preços do ouro. A libra britânica deriva seu nome diretamente do fato de que uma libra britânica já foi considerada uma pena de uma libra de prata esterlina. Mais de 14 idiomas usam termos sinônimo de prata e dinheiro. Na verdade, o dólar americano antes da Guerra Civil também foi apoiado pela prata. (Esse método pode parecer arcano, mas muitas estratégias bem estabelecidas dependem disso. Saiba mais em Trading The Gold-Silver Ratio.) Afastou-se do padrão-ouro, tornando-se efetivamente uma moeda fiat. Isso levou a um aumento no valor do ouro e também a uma corrida significativa no valor da prata. Pela primeira vez, o estado da prata e do ouro como metais preciosos foi estabelecido em todo o mundo, assim como a inter-relação de seu movimento de preços. Em 1973, os irmãos Hunt usaram sua enorme fortuna, junto com a alavancagem bancária, para tentar encurralar o mercado de prata. Através de suas ações e da natureza especulativa do mercado de metais na época, a prata atingiu mais de 50 por onça em 1980, com a maioria desse aumento (41) ocorrendo nos últimos seis meses de 1979. Uma amostra de contrato de futuros de commodities para prata É mostrado na tabela a seguir. Prata Especificações do contrato NYMEX. 5 centavos por onça troy (25 por contrato) eCBOT. 1 centavos por onça troy (5 por contrato) Limite de preço diário (Não aplicável nos mercados eletrônicos) 1. Movimentar 10 cêntimos acima ou abaixo da liquidação de dias anteriores para o primeiro e segundo mês listados. Uma vez que o contrato com o maior interesse aberto atinge esse limite , Uma suspensão é desencadeada 3. O novo limite é de 10 centavos acima ou abaixo do preço no qual a suspensão foi desencadeada Compreendendo contratos de prata Como qualquer mercadoria. A prata tem seu próprio símbolo do ticker, o valor do contrato e os requisitos de margem. Para negociar com sucesso uma mercadoria, você deve estar ciente desses componentes-chave e entender como usá-los para calcular seus lucros e perdas potenciais. Por exemplo, se você comprar ou vender um contrato de futuros de prata, você verá um identificador de fita ticker que se parece com isto: Isto é como dizer Silver (SI) 2008 (8) May (K) em 17.94ounce (1794.0). Um comerciante irá comprar ou vender um contrato de prata de acordo com este tipo de cotação. Dependendo do preço cotado, o valor de um contrato de commodities é baseado no preço atual do mercado multiplicado pelo valor real do próprio contrato. Neste caso, o contrato de prata equivale ao equivalente a 5.000 onças troy multiplicado por nosso preço hipotético de 1.794, como em: 17.94 x 5.000 onças troy 89.700 As commodities são negociadas com base na margem. E as mudanças de margem com base na volatilidade do mercado e no valor nominal atual do contrato. Para trocar um contrato de prata na NYMEX requer uma margem de 7,763, que é aproximadamente 9 do valor nominal. Para negociar um contrato de prata no eCBOT requer uma margem de 10,125, que é aproximadamente 11 do valor nominal. Cálculo de uma mudança de preço Uma vez que os contratos de commodities são personalizados, cada movimento de preços tem seu próprio valor distinto. Em um contrato de prata, um movimento de um centavo é igual a 50. Ao determinar os valores de lucro e perda de prata NYMEXs, você calcula a diferença entre o preço do contrato e o preço de saída e, em seguida, multiplique o resultado em 50. Por exemplo, se os preços Mude de 1.794,0 para 1.750,0, você multiplica a diferença, que é de 44, em 50 para ceder uma mudança no valor do contrato de 2.200. Silver Contract Price (1 cent move 50) 44 centavos ou 2.200 Trocas de Prata O contrato de futuros para prata é negociado na New York Mercantile Exchange (NYMEX) através da divisão Commodity Exchange (COMEX) via open-tocry. Também é negociado eletronicamente através do Chicago Board of Trade (eCBOT), da Bolsa Nacional de Mercadorias e Derivados da Índia (NCDEX), Dubai Gold e Commodities Exchange (DGCX), Multi Commodity Exchange (MCX) e Tokyo Commodity Exchange (TOCOM). Fatos sobre a produção Como metal raro e precioso, a prata deriva seu preço de sua disponibilidade no mercado aberto, de modo que os números de produção mundial são uma estatística importante a considerar. Cerca de 7,6 bilhões de onças de prata foram extraídas durante os 4.400 anos que antecederam a descoberta do período de aproximadamente 440 anos desde então, a produção aumentou para 15 bilhões de onças. A partir de 2006, metade da produção cumulativa mundial de quase 45 bilhões de onças foi extraída nos últimos 60 anos. A produção de prata, especialmente pelas maiores empresas de mineração, parece ter achatado (se não declinado), o que poderia determinar a direção dos preços nos próximos anos. Um ponto importante a ter em mente é que as técnicas de produção mais antigas, onde a prata é extraída de veias já em operação, serão desligadas à medida que a produção diminui, o que também pode afetar a direção do preço à medida que novas fontes de produção incertas são procuradas. (Saiba como a maior tentativa especulativa de encurralar o mercado foi errada na quinta-feira de prata: como dois comerciantes ricos encurralaram o mercado.) Fatores que influenciam o preço de prata O preço da prata é influenciado pelos seguintes fatores: a prata é tipicamente extraída de minério, Geralmente de cobre, ouro e zinco. O cobre, que por si só representa 26 de todas as minas de prata, é uma mercadoria que é fortemente dependente da demanda do mercado imobiliário. Como o cobre é usado na construção de casas novas, qualquer mudança no mercado imobiliário pode afetar sua demanda, o que pode sinalizar um giro indireto para o fornecimento de prata e, portanto, seus preços. A fotografia cinematográfica, apesar do advento da imagem digital, ainda representa uma aplicação importante para a prata e, assim, torna um jogador crítico como um padrão de alta qualidade e de baixo custo. A condutividade de Silvers faz parte integrante da indústria eletrônica, onde é usada para circuitos e switches. Os painéis solares usam pasta de prata para conduzir eletricidade a partir das células fotovoltaicas de silício e estão se tornando mais comuns como fonte de energia econômica. A prata tende a rastrear o preço do ouro. Embora a correlação entre os dois metais não seja difícil e rápida, os gráficos de preços certamente mostram que, à medida que o ouro aumenta e cai, a prata também. A prata representa outro método que os investidores usam para proteger o risco de câmbio através de metais preciosos à medida que o dólar enfraquece. 13 Conclusão A prata é um dos metais mais versáteis disponíveis. Usado como um metal industrial e um recurso difícil. Ele desempenha duplo dever no mercado de commodities. Negociá-lo e prever seu preço é um ato de equilíbrio cuidadoso entre o que os consumidores precisam e o que o mercado de moeda exige. Produtos básicos: Soja. Quais formas de trocar prata usando ETFs ou estoques à medida que ele se aproxima de uma região de suporte principal. Saiba mais sobre o iShares Silver Trust, um fundo negociado em bolsa que investe principalmente em prata e é afetado por riscos exclusivos das commodities. Como o espaço do metal precioso desistiu de muitos ganhos na sequência de um fortalecimento da economia global, a prata continua sendo um valor. O lado industrial dos metais ajudará a impulsioná-lo mais alto no próximo. Os preços do ouro e da prata estão a ver uma grande divergência de desempenho em 2016. Por isso, aqui. Aprenda os nomes dos quatro maiores ETFs de prata por tamanho de ativos. Descubra alguns fatos básicos sobre cada um desses ETFs e o que os diferencia uns dos outros. Descubra os melhores ETFs que acompanham o setor de prata, como o iShares Silver Trust ETF, ETFS Physical Silver Shares ETF e ProShares Ultra Silver ETF. Depois de uma perda deslumbrante na terça-feira, a prata está vendo uma recuperação na moderação da força do dólar dos EUA. Os gráficos de ativos de prata sugerem que os preços estão indo mais alto. Como você está negociando o movimento Descubra as cinco principais empresas que pagam dividendos no setor de mineração de prata, o que os investidores podem considerar adicionar às suas carteiras para 2016. Verifique os cinco principais fundos negociados em bolsa para 2016 que oferecem aos investidores exposição direta ao mercado de prata No setor de metais e mineração. Perguntas freqüentes A depreciação pode ser usada como uma despesa dedutível de impostos para reduzir os custos tributários, reforçando o fluxo de caixa. Saiba como Warren Buffett se tornou tão bem sucedido através da participação em múltiplas escolas de prestígio e suas experiências do mundo real. O Instituto CFA permite a um indivíduo uma quantidade ilimitada de tentativas em cada exame. Embora você possa tentar o exame. Conheça os salários médios dos analistas do mercado de ações nos EUA e diferentes fatores que afetam salários e níveis globais. Perguntas freqüentes A depreciação pode ser usada como uma despesa dedutível de impostos para reduzir os custos tributários, reforçando o fluxo de caixa. Saiba como Warren Buffett se tornou tão bem sucedido através da participação em múltiplas escolas de prestígio e suas experiências do mundo real. O Instituto CFA permite a um indivíduo uma quantidade ilimitada de tentativas em cada exame. Embora você possa tentar o exame. Saiba mais sobre os salários médios dos analistas do mercado de ações nos EUA e diferentes fatores que afetam os salários e os níveis globais. Adquira: Taxa do Fed aumenta entre quatro desafios fundamentais Por Bluford Putnam 01 de fevereiro de 2017 Assista CME Group Chief Economist Blu Putnam discute no Futures Institute as quatro chaves Desafios para o ouro, incluindo os avanços altamente qualificados da Feds. Will Fed Alterar sua Política de Reinvestimento Por Bluford Putnam 31 de janeiro de 2017 Com cerca de um ano no trabalho, os Feds Janet Yellen manterão com a tradição de entregar uma ardósia limpa reduzindo seu poderoso balanço. Ações: 2017 será o Ano do risco do setor Por Bluford Putnam 26 de janeiro de 2017 Esqueça os mercados de touro ou urso, ou sobre o estoque de colheita. 2017 poderia ser o Ano do Risco do Setor, pois as políticas da Trump beneficiam mais algumas empresas do que outras. Opções de Futuro TradingIt é seguro para usar thinkorswim reg Compartilhamento Ao projetar o sistema de compartilhamento thinkorswim, estávamos muito conscientes das preocupações de segurança que alguns usuários podem ter, então fizemos várias medidas para garantir que seus dados estejam protegidos. A tecnologia para compartilhamento foi incorporada no thinkorswim desde o início de 2013, realizamos uma revisão de segurança interna e todos os dados necessários para criar os links de compartilhamento são tratados pela nossa tecnologia através dos nossos servidores backend seguros, não em seu computador local ou na Internet pública . Somente os dados que são válidamente compartilhados de dentro do aplicativo thinkorswim podem ser comunicados através dos links compartilhados. Quando um usuário clica em um link compartilhado, a única informação que é passada do navegador para o aplicativo thinkorswim é o ponteiro do link de compartilhamento, todos os outros dados são entregues pelos nossos servidores seguros diretamente para o aplicativo thinkorswim. Isso garante que apenas os dados válidos sejam recuperados e compartilhados. Sua conta e outras informações pessoais não são compartilhadas, mas se você tiver um perfil público do MyTrade, esse nome de exibição público será usado. MyTrade é um serviço da myTrade, Inc., uma empresa separada, mas afiliada. A TD Ameritrade não é responsável pelos serviços do MyTrade, nem pelo conteúdo compartilhado pelo serviço. Como faço para excluir um link de compartilhamento do thinkorswim reg Todos os links de compartilhamento do thinkorswim não podem ser redirecionados ou excluídos. Se você gostaria de remover um link da sua plataforma thinkorswim, vá para os itens compartilhados gt de Ferramentas e pode clicar no X ao lado do link que deseja remover. LsquoRemovingrsquo significa que você não encontrará mais o link de compartilhamento do thinkorswim na vista It's Items compartilhados. Ainda poderei usar Quicken uma vez que a conversão está completa Sim, mas não irá suportar futuros ou downloads FX. O ganho ou perda de negociação de futuros é fornecido no futuro 1099, que é separado da conta de títulos 1099. Se houvesse mais de um 1099 emitido (esse pode ser o caso para 2010 e 2011), você precisará combinar os totais de cada um Declaração para o ganho ou perda do final do ano. TD Ameritrade não se reporta ao IRS para negociação de Forex e você deve falar com seu profissional de imposto sobre como isso deve ser incluído em seus registros. Os resumos comerciais podem ser gerados no software thinkorswim sob as declarações do MonitorgtFX. Certifique-se de escolher a data de 1231 do ano anterior e de 11 para o ano seguinte. Por exemplo, se você estiver puxando informações para o ano de 2011, você entraria nas datas 12312010 ndash 112012, pois isso abrangerá qualquer perda ou perda comercial ou não interrompida que foi aberta ou ocorreu durante a transição do Ano Novo. Como faço para salvar as configurações da minha plataforma Existem várias formas de salvar diferentes configurações, ou seja, desenhos, gráficos, estilos, etc. Estes são guardados no lado do servidor, o que significa que eles serão persistentes, independentemente do computador com o qual você faça o login. Para salvar suas configurações atualizadas, clique em ldquoSetuprdquo no canto superior direito da plataforma e, em seguida, ldquoSave Workspace ashelliprdquo, designe um nome para o espaço de trabalho e pressione OK. Estes são guardados localmente no seu computador, para que eles não estejam disponíveis se você efetuar o login usando um computador diferente. Como faço para mover minhas configurações de um computador para outro. Puxe todas as configurações que você gostaria de transferir do primeiro computador (separe suas grades, gráficos, negociações analisadas, etc.) e clique em SetupgtSave Workspace As e dê-lhe um nome . Isso criará um arquivo no diretório thinkorswimreg (c: program filesthinkorswim) com um nome chamado workspace. whatevername. xml. Basicamente, qualquer coisa que seja exibida na tela quando o espaço de trabalho é salvo será transferida. Se você tiver várias redes, abra cada uma delas e separe-as para que elas sejam exibidas na tela antes de salvar o espaço de trabalho. Em seguida, vá para o diretório thinkorswimreg: saia do software thinkorswimreg Clique com o botão direito no ícone thinkorswimreg Clique com o botão esquerdo em PROPRIEDADES Clique com o botão direito do mouse em FIND TARGET (Windows VISTA7: selecione a guia SHORTCUT e clique com o botão esquerdo do mouse OPEN FILE LOCATION) Na pasta thinkorswimreg você verá uma pasta Chamado Backup (esta pasta pode não existir), bem como arquivos denominados workspace..xml. Mova tudo para a nova máquina. Você poderá então puxar essas configurações ao efetuar o login com o espaço de trabalho salvo que você transferiu. Uma vez que os gráficos destacados carregam, você pode salvar todas as configurações necessárias para o seu outro computador de acordo. Exporte a lista de vigilância clicando no ícone da impressora na parte superior da lista de observação e selecione lsquoExportrsquo. Em seguida, guarde esse arquivo no formato CSV para o seu computador. Você deve poder importar esta mesma lista de observação para a plataforma no novo computador assim que você tiver transferido este arquivo também. Uma vez conectado à plataforma, clique no botão de engrenagem pequena no topo da lista de observação em seus gadgets ou em MarketWatchgtQuote e selecione lsquoCreate New Watch List. rsquo Em seguida, clique em lsquoImportrsquo e selecione o arquivo (você pode ter que editar este arquivo antes de importar E remova qualquer coisa que não seja um símbolo). Como adiciono para remover um gadget na barra lateral Para adicionar outro aparelho, clique no botão de chave oval na parte superior da barra lateral esquerda. Isso irá adicionar um ícone a cada um dos gadgets existentes na barra lateral. Ao clicar no símbolo verde mais, você pode criar outro gadget ou excluir um existente clicando na barra vermelha. Para alterar o gadget para um tipo diferente, clique no botão quotGadgetsquot no canto superior esquerdo. Para remover o ícone do gadget addremove, basta clicar novamente no botão de chaveira oval. Como faço para alternar entre contas No painel ldquoACCOUNT INFOquo e na parte superior da barra lateral há um painel que diz LdquoActive Accountrdquo. Usando o menu suspenso lá, você pode alternar entre qualquer conta ligada ao seu nome de usuário atual ou a uma vista de conta total que liga todas as contas para esse usuário. Como ocultar informações da conta Se você estiver em uma localização semi-pública, ou mostrando a plataforma para um amigo, você tem a opção de ocultar seus dados financeiros pessoais enquanto ainda está usando a plataforma. Para ativar esse recurso, clique no botão do círculo azul à esquerda do seu ldquoNet Liq amp Day Tradesrdquo no painel ldquoACCOUNT INFOrdquo. Na tela que aparece, há uma caixa de seleção que diz ldquoPRIVACYrdquo. Marque esta caixa e todos os seus dados específicos da conta serão escondidos em toda a plataforma. Desmarque a mesma caixa para ver esses detalhes novamente. Como eu importocreatedeleteedit watchlists As listas de vigilância que você criou em qualquer outra plataforma TD Ameritrade devem ser visíveis dentro da plataforma de negociação thinkorswim. Por exemplo, se você criou uma lista de vigilância no site, ele deve aparecer na seção ldquoPersonalrdquo de suas listas de vigilância. Para criar uma nova lista de observação, clique na guia MarketWatch e clique em ldquoquotes. quot Clique com o botão direito do mouse na barra de sub-cabeçalho abaixo ldquoquotesrdquo e selecione a opção para criar nova lista de seguimento. Na próxima janela, você será solicitado a inserir um nome para sua lista de vigilância. Você pode adicionar os símbolos do ticker que você deseja monitorar manualmente digitando o símbolo na caixa em branco, cole símbolos da área de transferência ou você pode carregar um arquivo. CSV ou Excel. Em seguida, clique em importar. Clique no botão ldquoimportrdquo. Você pode, ao clicar com o botão direito na mesma barra de subtítulos que você usou para Criar Nova Lista de Observação, você pode personalizar colunas, editar, criar ou excluir uma lista de observação. Como ordenar ou desistenciar listas de vigilância Você pode clicar e arrastar qualquer segurança para onde desejar na lista de vigia. Para ordenar a lista em ordem ascendente (A-Z), clique com o botão esquerdo no subtítulo rdquosymbolrdquo diretamente abaixo do cabeçalho ldquoquotesrdquo. Para desmarcar a lista, clique com o botão esquerdo na guia ldquosymbolrdquo novamente. Se a lista for ordenada em ordem crescente, uma seta cinza sombreada na aba ldquosymbolrdquo estará apontando para cima. A seta apontará se a lista for ordenada em ordem decrescente (Z-A). Posso me livrar da barra lateral esquerda ou recuperá-la Certamente. No canto superior esquerdo da tela, imediatamente à direita do botão ldquoHomerdquo, há uma seta azul apontando para baixo. Clique nesta flecha e sua barra lateral será minimizada até que esta seta seja clicada novamente. Onde encontro as mensagens que surgiram (mensagens de rejeição, alertas da sala de chat, etc.) Para encontrar as mensagens anteriores, clique no botão circular no canto superior esquerdo da tela. Este botão é marcado por um ponto de exclamação no meio do botão. Como faço para adicionar dinheiro ou redefinir minha conta do PaperMoney Para redefinir a sua conta do PaperMoney de volta aos seus valores padrão, vá para a guia Monitoramento e atividades do Monitor gt na sua conta do PaperMoney. No canto superior direito da declaração de posição há um botão, ldquoReset All Positionsrdquo. Clique neste botão e confirme, e todas as suas posições serão redefinidas para zero e o valor da liquidação líquida da sua conta será ajustado de volta para 100.000. Se você quiser simplesmente adicionar ou remover dinheiro na conta, clique com o botão direito do mouse em uma das suas posições na conta paperMoney e você verá uma opção para ldquoAdjust Cashrdquo ou ldquoAdjust Forex Cashrdquo no menu suspenso contextual. Para remover uma única posição da sua conta do PaperMoney, clique com o botão direito do mouse nessa posição na Declaração de posição e selecione quotAdjust Positionquot no menu suspenso. Clique neste e, no menu que aparece, insira o número de contratos de ações que deseja remover e o custo por unidade que você deseja pagar. Clique em quotOKquot e você está completo. Como posso alterar a cor do fundo e o tamanho da fonte Para personalizar a aplicação Olhar o amplificador Sinta preferências, como o esquema de cores ou o tamanho da fonte: 1. Pressione Configuração no canto superior direito da janela e escolha Configurações da aplicação. Do menu. Clique em Procurar e sentir no painel esquerdo. 2. Escolha um dos esquemas de cores disponíveis: TOS escuros, brilhantes ou da velha escola. Os dois primeiros também estão disponíveis em alto contraste. 3. Escolha um dos tamanhos de fonte disponíveis: de pequeno a muito grande. 4. Clique em Aplicar configurações. Minha plataforma parece lenta, como posso acelerá-lo. O primeiro a tentar é ajustar as configurações da memória Java na plataforma no menu ldquoConfigurehelliprdquo no canto inferior esquerdo da tela de login da plataforma. Por padrão, estes são definidos como um mínimo de 32MB e máximo de 512MB. Configurar estes maiores pode melhorar o desempenho da plataforma se o seu sistema tiver a RAM disponível. Nós NÃO recomendamos configurar tanto o mínimo como o máximo para o mesmo tamanho no entanto, pois isso pode impedir Java de realizar coleta de lixo (limpar dados irrelevantes) que podem realmente degradar o desempenho da plataforma. Um grande número de janelas de gráficos e estudos desses gráficos usam recursos significativos em seu computador, especialmente se o seu computador estiver executando vários monitores. Se você notar lentidão nessas circunstâncias, limitar o número de gráficos e estudos usados ​​ao mesmo tempo pode aliviá-lo. Se o problema persistir, entre em contato com nosso departamento de Suporte Técnico. Solução de problemas gerais para anomalias do gráfico No Windows Machine: Sair do software thinkorswim Clique com o botão direito do mouse no ícone thinkorswim Clique com o botão direito do mouse em PROPRIEDADES Clique com o botão direito do mouse em FIND TARGET (Windows Visa7: selecione a guia SHORTCUT e clique com o botão esquerdo do mouse OPEN FILE LOCATION) Clique com o botão direito do mouse na pasta USERGUI Clique com o botão esquerdo no botão DELETE Reiniciar thinkorswim. Sair do software thinkorswim Clique duas vezes em Macintosh HD Clique duas vezes em APLICATIVOS Clique duas vezes em THINKORSWIM Arraste a pasta USERGUI para o lixo da maçã e esvazie o lixo. Reinicie thinkorswim Ao excluir a pasta USERGUI, você está basicamente esclarecendo quaisquer erros ou falhas que possam surgir Enquanto usa o software. Recomendamos fechar a plataforma diariamente e, se necessário, seguindo este procedimento como ponto de partida sempre que você encontrar problemas técnicos. Como faço para configurar o TOS para trabalhar com o meu servidor proxy Se você estiver usando um servidor proxy para acessar a internet, é provável que sua plataforma não seja atualizada automaticamente na primeira vez que você tentar iniciá-lo. Na janela de atualização automática, há um botão ldquoproxyrdquo, que abrirá uma janela para inserir o endereço do seu servidor proxy quando estiver clicado. Se você não tem certeza se você estiver usando um servidor proxy, é improvável que você seja, mas se sua plataforma não for além de ldquochecking para updatesrdquo no lançamento, nossa equipe de Suporte Técnico pode ajudá-lo a solucionar isso. Quais recursos você oferece para me ajudar a aprender a plataforma? Nós oferecemos uma variedade de recursos, todos localizados na guia HELP da plataforma. Dependendo de como você gosta de receber informações, uma ou uma combinação do seguinte deve oferecer a informação que você precisa para maximizar o poder desta plataforma premiada: Manual do Usuário - o Manual do Usuário é um documento de 50 páginas que o guiará por todos os Prós e contras da plataforma. Saiba como negociar, monitorar, analisar, encontrar oportunidades de negociação e personalizar sua experiência comercial. Tutoriais FAQsquos - Yoursquore lendo-os Eventos arquivados Thinkscript Manual Como financiar minha conta Você pode financiar sua conta através de uma ACH eletrônica, fio, cheque, transferência ACAT, transferência interna ou depositando títulos. Para começar, faça login em sua conta em tdameritrade e navegue até AccountsgtDepositWithdraw. Dependendo do método que você escolher para financiar a conta, as instruções apropriadas serão fornecidas de acordo com você. Como faço para definir uma conta padrão na plataforma Se você tiver várias contas sob um nome de usuário específico e quiser mudar a conta padrão, vá para o canto superior direito da plataforma e selecione ConfiguraçãoGtApplication SettingsgtGeneral e clique na caixa suspensa ao lado de LsquoDefault accountrsquo para fazer sua seleção. Quando terminar, clique em lsquoOKrsquo. Você quer então ter certeza e salvar seu espaço de trabalho para que essas configurações sejam mantidas. Vá para SetupgtSave Workspace Como salvar um novo espaço de trabalho ou restaurar um espaço de trabalho existente. Onde posso verificar as exigências de margem de horários de negociação para Futuros Você pode visualizar requisitos de margem, horários de negociação e outras especificações de produtos de futuros, iniciando sessão em Tdameritrade e navegando para TradegtFutures. Como faço para vincular minhas contas Você poderia fazer isso através do site da TD Ameritrade. Faça login na conta e siga as contas do homegtlink para enviar uma solicitação de link. Uma vez que entrou a pessoa que obteve o pedido de link teria que fazer login e seguir os mesmos passos para aprovar qualquer solicitação de ligação pendente de revisão. Como altero o apelido da minha conta Para mudar os apelidos, faça o login no tdameritrade gt navegue até Início gt Meu Perfil gt Link Accounts gt selecione ldquoEditrdquo ao lado da conta que você gostaria de mudar, digite o novo nome e salve. Minha plataforma wonrsquot load Você tem alguma solução de solução de problemas. Tente estas etapas abaixo: Para máquinas do Windows: 1. Saia do software thinkorswim 2. Clique com o botão direito do mouse no ícone thinkorswim 3. Clique com o botão direito do mouse em PROPRIEDADES 4. Clique com o botão direito do mouse em ENCONTRAR TARGET ( Windows Visa7: selecione a guia SHORTCUT e clique com o botão esquerdo do mouse OPEN FILE LOCATION) 5. Na janela resultante, clique com o botão direito do mouse na pasta USERGUI 6. Clique com o botão direito do mouse em DELETE 7. Reinicie thinkorswim. Para máquinas MAC: 1. Saia do software thinkorswim 2. Clique duas vezes em Macintosh HD 3. Faça duplo clique em APLICAÇÕES 4. Clique duas vezes em THINKORSWIM 5. Arraste a pasta USERGUI para o lixo da maçã e esvazie o lixo 6. Reinicie thinkorswim Ao excluir o Arquivo USERGUI, você basicamente está esclarecendo quaisquer erros ou falhas que possam surgir ao usar o software. Recomendamos fazer este procedimento como ponto de partida sempre que você encontrar problemas técnicos. Como posso ver rapidamente os requisitos de margem e marcar valores para futuros. Por favor, clique na seta azul e dupla ao lado da caixa de entrada de símbolo. A partir daqui, clique na guia Futuras e você pode ver os produtos que oferecemos, os requisitos de margem, os tamanhos de marca e os valores de marca. Em OnDemand, como posso mostrar mais greves na cadeia de opções. Infelizmente, devido a limitações de dados, nós exibimos apenas 12 ataques na cadeia de opções. No entanto, você pode modificar os preços de exercício se você abrir um pedido na janela de entrada da ordem e clicar na caixa suspensa abaixo da coluna de acerto para ajustar manualmente. Você verá todas as greves disponíveis para essa opção específica. Onde posso baixar a plataforma Faça o download da plataforma, iniciando sessão na sua conta no tdameritrade e clique em Trading Toolsgtthinkorswim e baixe a plataforma do link nesta página. Como faço para adicionar ou remover a tela inicial Clique em SetupgtApplication Settings e na guia Geral, existe uma opção para ldquoShow Home Screen em cada start-up. rdquo Como eu altero meu apelido nas salas de chat Por favor, clique em SetupgtApplication Settings e on A guia Geral, o canto inferior direito tem seu apelido que você pode editar quando quiser. Quando SwimLessons transmite o SwimLessons air todos os dias da semana das 10:30 da manhã a CST até 1:30 da tarde. Como vejo SwimLessons Você pode assistir SwimLessons em Live Trading, bem como paperMoney. Para assistir, clique no botão ldquoSupportChatrdquo no canto superior esquerdo e navegue até a guia Salas de Chat, onde você pode selecionar o bate-papo das Lições de Swim. Então, acesse ldquoWatchrdquo e você pode ouvir a transmissão ao vivo. O que a PDT representa para PDT significa lsquopattern day traderrsquo. Se você fizer mais de 3 dias de negociação em qualquer período de 5 dias úteis, você será marcado como comerciante do dia do padrão. Enquanto você manter um valor liquido líquido acima de 25.000, não haverá nenhum efeito adverso para sua conta. O que é Net Liq Net Liq, ou Net Liquidating Value, representa o valor de sua conta se todas as posições foram liquidadas no meio do ponto entre a oferta e a pergunta. O que é Nível II Nível II exibe os melhores preços para cada uma das bolsas que fazem mercados em ações e opções. O que é Time and Sales Time e Sales exibe um registro para cada troca que aconteceu para o produto especificado intraday, incluindo um registro de tempo, preço e volume de cada transação. O que é Margem de Carteira Um tipo específico de contagem que baseia os requisitos mínimos do rendimento e o poder de compra disponível sobre o risco de posição geral na conta. Para saber mais sobre a margem da carteira, consulte o vídeo do tutorial abaixo: tlc. thinkorswimcentervideovideosPortfolio-Margem O marketing do portfólio envolve muito mais risco do que as contas de caixa e não é adequado para todos os investidores. Entre em contato com a TD Ameritrade no 800-669-3900 para obter mais detalhes O que é MMM MMM, ou Market Maker Move, mede a magnitude esperada do movimento de preços com base na volatilidade do mercado. Ele mede o movimento implícito com base no diferencial de volatilidade entre o mês da frente e do atraso. O MMM ajuda a identificar a movimentação implícita devido a um evento entre agora e a expiração do mês da frente (se um evento existir). O que é volatilidade implícita A volatilidade implícita é uma estimativa da volatilidade do estoque subjacente que é derivado do valor de mercado de uma opção. A volatilidade implícita é o número de volatilidade que, se conectado a um modelo de preços teórico, juntamente com todos os outros insumos, renderia um valor teórico de uma opção igual ao preço de mercado da mesma opção. O que é Futures Intraday Margining Futures Intraday Margining é o requisito de participação reduzida, em comparação com o requisito de margem inicial ou overnight para negociação de futuros disponível intraday. A taxa é geralmente 25 do requisito de margem para um produto específico, mas pode mudar a qualquer momento sem aviso prévio. O valor mínimo de liquidação líquida de 15.000 é exigido para ser elegível. A margem intradía aplica-se entre as horas das 8:30 da manhã da CT e as 3 p. m. CT. O que é a Curva de profundidade do produto A Curva de profundidade do produto é uma representação gráfica do preço de mercado de cada mês de contrato para qualquer produto futuro. Mostramos isso como preço durante o mês de validade do produto. Isso permite que você visualize facilmente as curvas invertidas e normais no produto futuro que você escolher. O que são mini opções As mini opções são classes de opções que representam 10 partes do subjacente em vez de 100 partes com uma opção padrão. Eles têm o mesmo prazo de validade que as opções padrão e também estão disponíveis no vencimento semanal. Os preços de exercício, bem como o bidask, serão o mesmo nível que as opções padrão. Quais são as comissões de mini-opções As comissões de mini-opções são as mesmas que as opções regulares. Onde posso encontrar o número da minha conta Você pode encontrar o número da sua conta no canto superior esquerdo da plataforma ao lado de lsquoActive Accountrsquo. Deve ter 9 dígitos. Em papermoney, começará com D-. Quais são os tipos de produtos que o thinkswim tem pelo TD Ameritrade, o suporte da TD Ameritrade oferece suporte a todas as ações negociadas em bolsa dos EUA, bem como produtos futuros e de Forex. Você pode ver nossa oferta completa de produtos no link abaixo: tdameritradeinvestment-products. page Por que meu comércio foi rejeitado Você deve primeiro olhar para o aviso de rejeição do comércio no centro de mensagens ou na seção MonitorgtActivity e PositionsgtCancelled Orders da plataforma. Isso deve explicar por que o comércio foi rejeitado em sua conta. Você pode dar a nossa mesa de comércio um pedido de assistência imediata no 866.839.1100 ou envie um email para supportthinkorswim para maiores esclarecimentos, conforme necessário. Onde posso ajustar ou aplicar para um nível de aprovação de opção mais alta Faça o login com seu nome de usuário e senha no tdameritrade e navegue para HomegtMy ProfilegtGeneralgtElections amp RoutinggtOption trading. Você pode ver o nível de aprovação da opção atual aqui e aplicar para um nível mais alto conforme necessário. Onde posso solicitar margem Faça login com seu nome de usuário e senha no tdameritrade e navegue até HomegtMy ProfilegtGeneralgtElections amp RoutinggtMargin trading. Você pode ativar a negociação de margem para sua conta a partir daqui, conforme necessário. Esqueci minha senha, como posso fazer login na plataforma. Você pode redefinir seu nome de usuário e senha na página de login do cliente tdameritrade. Se você tiver problemas, ligue para 1-800-669-3900 ou 1-866-839-1100 e um representante estará disponível para ajudá-lo. Como a ação corporativa do Google afetou o meu gráfico thinkorswim Google Reorganization on thinkorswim Gráficos. Em 30 de janeiro, a Google, Inc. (NASDAQ: GOOG) anunciou que seu Conselho de Administração aprovou a distribuição de ações da Classe C aos seus acionistas. O Conselho de Administração da Google aprovou uma distribuição de ações do capital social da Classe C como dividendo aos acionistas com data de registro de dividendos de 27 de março de 2014 e uma data de pagamento de dividendos de 2 de abril de 2014. Os dois tipos de ações são cotados Sob os símbolos GOOG (ações Classe C) e GOOGL (ações Classe A.) GOOGL (ações Classe A) As ações originais da classe A da Googlersquos passaram por uma distribuição que reduz o preço dessas ações da Classe A pelo preço distribuído das ações da Google Class C . Os dados históricos de preço e volume das ações originais da classe A com o símbolo GOOG mapearam o símbolo GOOGL. The price data was adjusted for the distribution of the Class C shares. This adjustment was made to historical prices prior to the listing of the ex-date Class A Shares, GOOGL. The formula for the adjusted price data of the Class A shares prior to April 3, 2014 is: i (G ndash C) G Where: i Unadjusted OHLC Data for GOOG on or before April 2, 2014 G NASDAQ close price of GOOG on April 2, 2014 C NASDAQ close price of GOOCV (Class C Shares) on April 2, 2014 Historical Volume data has not been ratio adjusted due to the nature of the distribution. GOOG (Class C shares) In order to maintain a consistent experience after this unique reorganization we have applied the same logic to provide historical data on the Class C shares. This adjustment was made for historical prices prior to the listing of the ldquowhen issuedrdquo Class C Shares, GOOCV. The price and volume data from March 27, 2014 to April 2, 2014 were derived directly from the unadjusted GOOCV prices. The formula for the adjusted price data of the Class C shares prior to March 27, 2014 is: i (G ndash A) G Where: i Unadjusted OHLC Data for GOOG on or before March 26, 2014 G NASDAQ close price of GOOG on April 2, 2014 A NASDAQ close price of GOOAV (Class A Shares) on April 2, 2014 Historical Volume was copied over from the original Class A shares and has not been ratio adjusted. Please note that all of this price data prior to April 3rd 2014 for the Class C Shares is a synthetic representation based on the reorganization described above. The volume data prior to April 3rd 2014 is the volume of the data for the original Google Class A shares. TD Ameritrade reserves the right at any time and from time to time to modify or discontinue, temporarily or permanently, this data with or without notice. TD Ameritrade will not be liable to you or to any third party for any modification, suspension or discontinuance of this data. A volatilidade do mercado, o volume e a disponibilidade do sistema podem atrasar o acesso à conta e as execuções comerciais. O desempenho passado de uma segurança ou estratégia não é garantia de resultados futuros ou investimento de sucesso. Negociar ações, opções, futuros e contratos de divisas envolvem especulação, e o risco de perda pode ser substancial. Os clientes devem considerar todos os fatores de risco relevantes, incluindo sua própria situação financeira pessoal, antes da negociação. A troca de câmbio na margem traz um alto nível de risco, bem como seus próprios fatores de risco exclusivos. Os investimentos em Forex estão sujeitos a risco de contraparte, uma vez que não existe uma organização central de compensação para essas transações. Leia a seguinte divulgação de risco antes de considerar a negociação deste produto: Divulgação de riscos Forex. Spreads, Straddles e outras estratégias de opções de várias pernas podem implicar custos substanciais de transação, incluindo várias comissões, que podem afetar qualquer retorno potencial. As opções não são adequadas para todos os investidores, pois os riscos especiais inerentes à negociação de opções podem expor os investidores a perdas potencialmente rápidas e substanciais. Antes de opções de negociação, você deve ler atentamente as Características e Riscos das Opções Padronizadas. O acesso aos dados de mercado em tempo real está condicionado à aceitação dos acordos de câmbio. O acesso profissional difere e as taxas de inscrição podem ser aplicadas. Para obter detalhes, consulte nossas tarifas de ampliação de tarifas profissionais. A documentação de suporte para quaisquer reivindicações, comparações, estatísticas ou outros dados técnicos será fornecida mediante solicitação. A TD Ameritrade não faz recomendações ou determina a adequação de qualquer segurança, estratégia ou curso de ação para você através do uso de nossas ferramentas de negociação. Qualquer decisão de investimento que você fizer na sua conta auto-dirigida é de sua exclusiva responsabilidade. TD Ameritrade, Inc. member FINRA SIPC . TD Ameritrade é uma marca registrada de propriedade conjunta da TD Ameritrade IP Company, Inc. e The Toronto-Dominion Bank. Copie 2015 TD Ameritrade IP Company, Inc. Todos os direitos reservados. Usado com permissão. Powered by Magnolia - Simple Open-Source Content ManagementSemi-Annual Disclosures FURTHER INFORMATION PROVIDED BY INTERACTIVE BROKERS: A. Overview: Interactive Brokers Multi-Currency enabled accounts allow IB Customers to trade investment products denominated in different currencies using a single IB account denominated in a base currency of the customers choosing. IB Customers can also use their Multi-Currency enabled accounts to conduct foreign exchange transactions in order to manage credits or debits generated by foreign securities, options or futures trading, to convert such credits or debits back into the Customers base currency, or to hedge or speculate. IB foreign exchange transactions offered to retail customers are forex spot transactions. B. Nature of Your Account and Whether SIPC Covers Foreign Currency: Foreign currency trading at Interactive Brokers takes place in a securities account. Your IB securities account is governed by rules of the U. S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority. In addition, IB observes the rules of the National Futures Association in connection with foreign currency trading. Interactive Brokers LLC is a member of the Securities Investor Protection Corporation (SIPC). SIPC protects cash and securities held with Interactive Brokers as specified in the Securities Investor Protection Act. SIPC protects cash, including US dollars and foreign currency, to the extent that the cash was deposited with Interactive Brokers for the purpose of purchasing securities. Whether foreign currency in your IB account would be protected by SIPC would depend in part on whether the cash was considered to be deposited with Interactive Brokers for the purpose of purchasing securities. Interactive Brokers expects that at least one factor in deciding this would be whether and the extent to which the customer engages in securities trading in addition to or in conjunction with forex trading, but, as discussed in section 3 above, funds deposited specifically for forex trading have no regulatory protections under NFA rules or CFTC regulations. For further information, you must contact your own legal counsel or SIPC. Customer money held in the securities account is subject to Securities Exchange Act Rule 15c3-3 governing customer reserve requirements. Although relevant regulations only require computation of the 15c3-3 reserve requirement and associated segregation of customer funds to be performed weekly, IB performs such calculations and segregation on a daily basis. C. General Risk: Customer understands and acknowledges that buying and selling securities, options, futures and other financial products that are denominated in foreign currencies or traded on foreign markets is inherently risky and requires substantial knowledge and expertise. Customers applying for Interactive Brokers Multi-Currency enabled accounts represent that they are aware of and understand the risks involved in trading foreign securities, options, futures and currencies and that they have sufficient financial resources to bear such risks. D. Customer Responsibility for Investment Decisions: Customer acknowledges that IB representatives are not authorized to provide investment, trading or tax advice and therefore will not provide advice or guidance on trading or hedging strategies in the Multi-Currency enabled account. Customers must evaluate carefully whether any particular transaction is appropriate for them in light of their investment experience, financial objectives and needs, financial resources, and other relevant circumstances and whether they have the operational resources in place to monitor the associated risks and contractual obligations over the term of the transaction. In making these assessments, IB strongly recommends that Customers obtain independent business, legal, and accounting advice before entering into any transactions. E. Exchange Rate Risk: Exchange rates between foreign currencies can change rapidly due to a wide range of economic, political and other conditions, exposing the Customer to risk of exchange rate losses in addition to the inherent risk of loss from trading the underlying financial product. If a Customer deposits funds in a currency to trade products denominated in a different currency, Customers gains or losses on the underlying investment therefore may be affected by changes in the exchange rate between the currencies. If Customer is trading on margin, the impact of currency fluctuation on Customers gains or losses may be even greater. F. Currency Fluctuation: When Customer uses the foreign exchange facility provided by IB to purchase or sell foreign currency, fluctuation in currency exchange rates between the foreign currency and the base currency could cause substantial losses to the Customer, including losses when the Customer converts the foreign currency back into the base currency. G. Nature of Foreign Currency Exchange Transactions Between Customer and IB: When Customer enters into a foreign exchange transaction with IB, IB, as the counterparty to Customers trade, may effectuate that transaction by entering into an offsetting transaction with one of IBs affiliates, with another customer that enters quotes into IBs system, or with a third party bank (IBs Forex Providers). In such transactions, the Forex Provider is not acting in the capacity of a financial adviser or fiduciary to Customer or to IB, but rather, is taking the other side of IBs offsetting trade in an arms length contractual transaction. Customer should be aware that the Forex Provider may from time to time have substantial positions in, and may make a market in or otherwise buy or sell instruments similar or economically related to, foreign currency transactions entered into by Customer. IBs Forex Providers may also undertake proprietary trading activities, including hedging transactions related to the initiation or termination of foreign exchange transactions with IB, which may adversely affect the market price or other factors underlying the foreign currency transaction entered into by Customer and consequently, the value of such transaction. H. Prices on the IB Forex Platforms: The prices quoted by IB to Customers for foreign exchange transactions on IBs IdealPro platform will be determined based on Forex Provider quotes and are not determined by a competitive auction as on an exchange market. Prices quoted by IB for foreign currency exchange transactions therefore may not be the most competitive prices available. For purposes of maintaining adequate scale and competitive spreads, a minimum size is imposed on all IdealPro orders (USD 25,000 as of June 2016 but this is subject to change at any time). Orders below the minimum size are considered odd lots and limit prices for these odd lot-sized orders are not displayed through IdealPro. Retail leveraged forex orders for odd lot-sized orders are generally executed within 1 pip of the best bid and best offer of the Interbank spread (NBBO). However, if the best quote for such orders is more than 1 pip outside of the NBBO, IB will generally route the order to execute against a bank or dealer bid or offer regardless of the order size in order to get an improved price. Customers may also enter a Request for Quote (RFQ) on the system. IB will charge transaction fees as specified by IB for foreign currency exchange transactions. IBs Forex Providers will try to earn a spread profit on transactions with IB (differential between the bid and ask prices quoted for various currencies). I. Price Slippage Order Cancellation and Adjustment: Prices quoted on IBs system generally reflect the prices at which IBs Forex Providers are willing to trade. Prices quoted on IBs system reflect changing market conditions and therefore quotes can and do change rapidly. As such, when a Customer order is received and processed by IBs system, the quote on IBs platform may be different from the quote displayed when the order was sent by Customer. This change in price is commonly referred to as slippage. IB generally will not execute a Customer order at a certain price unless IB is able to trade at that price against one of IBs Forex Providers. If Customer sends an order for a forex transaction to IBs system but Customers requested price is no longer available and therefore the order is non-marketable, IB will not execute the order then but will place it in IBs limit order book in accordance with Customers time-in-force instructions. Other customers can then trade against this order when it becomes the National Best Bid and Offer (NBBO) or IB may execute the order if it becomes marketable based on prices received from IBs Forex Providers. If Customer sends an order for a forex transaction to IBs system and the current price is more favorable for Customer than what Customer requested in the order, the order will generally be executed at the available better price. Although IB attempts to obtain the best price for Customer orders on forex transactions, because of the inherent possibility of transmission delays between and among Customers, IB and Forex Providers, or other technical issues, execution prices may be worse than the quotes displayed on the IB platform. To execute your order, Interactive Brokers engages in back-to-back transactions with one or more counterparties. These counterparties on occasion may cancel or adjust forex trades with us in the event of market or technical problems. In these cases we may have to cancel or adjust forex trades that you have executed. J. Other Risks: There are other risks that relate to trading foreign investment products and trading foreign currencies that cannot be described in detail in this document. Generally, however, foreign securities, options, futures and currency transactions involve exposure to a combination of the following risk factors: market risk, credit risk, settlement risk, liquidity risk, operational risk and legal risk. Por exemplo, pode haver graves interrupções do mercado se eventos econômicos ou políticos ou outros eventos imprevistos locais ou estrangeiros afetarem o mercado. Also, the settlement date of foreign exchange trades can vary due to time zone differences and bank holidays. Ao negociar entre os mercados de câmbio, isso pode exigir empréstimos para financiar operações de câmbio. A taxa de juros em fundos emprestados deve ser considerada ao calcular o custo de negócios em vários mercados. In addition to these types of risk there may be other factors such as accounting and tax treatment issues that Customers should consider. (1)Information regarding the performance of Interactive Brokers retail forex customers for the past 5 years is available upon request. CFTC RISK DISCLOSURE STATEMENT RULE 1.55(b) RISK DISCLOSURE STATEMENT The risk of loss in trading commodity futures contracts can be substantial. Você deve, portanto, considerar cuidadosamente se essa negociação é adequada para você à luz de suas circunstâncias e recursos financeiros. You should be aware of the following points: You may sustain a total loss of the funds that you deposit with your broker to establish or maintain a position in the commodity futures market, and you may incur losses beyond these amounts. If the market moves against your position, you may be called upon by your broker to deposit a substantial amount of additional margin funds, on short notice, in order to maintain your position. Se você não fornecer os fundos necessários dentro do prazo exigido pelo seu corretor, sua posição poderá ser liquidada com prejuízo e você será responsável por qualquer déficit resultante em sua conta. The funds you deposit with a futures commission merchant for trading futures positions are not protected by insurance in the event of the bankruptcy or insolvency of the futures commission merchant, or in the event your funds are misappropriated. The funds you deposit with a futures commission merchant for trading futures positions are not protected by the Securities Investor Protection Corporation even if the futures commission merchant is registered with the Securities and Exchange Commission as a broker or dealer. The funds you deposit with a futures commission merchant are generally not guaranteed or insured by a derivatives clearing organization in the event of the bankruptcy or insolvency of the futures commission merchant, or if the futures commission merchant is otherwise unable to refund your funds. Certain derivatives clearing organizations, however, may have programs that provide limited insurance to customers. You should inquire of your futures commission merchant whether your funds will be insured by a derivatives clearing organization and you should understand the benefits and limitations of such insurance programs. The funds you deposit with a futures commission merchant are not held by the futures commission merchant in a separate account for your individual benefit. Futures commission merchants commingle the funds received from customers in one or more accounts and you may be exposed to losses incurred by other customers if the futures commission merchant does not have sufficient capital to cover such other customers trading losses. The funds you deposit with a futures commission merchant may be invested by the futures commission merchant in certain types of financial instruments that have been approved by the Commission for the purpose of such investments. Permitted investments are listed in Commission Regulation 1.25 and include: U. S. government securities municipal securities money market mutual funds and certain corporate notes and bonds. The futures commission merchant may retain the interest and other earnings realized from its investment of customer funds. You should be familiar with the types of financial instruments that a futures commission merchant may invest customer funds in. Futures commission merchants are permitted to deposit customer funds with affiliated entities, such as affiliated banks, securities brokers or dealers, or foreign brokers. You should inquire as to whether your futures commission merchant deposits funds with affiliates and assess whether such deposits by the futures commission merchant with its affiliates increases the risks to your funds. You should consult your futures commission merchant concerning the nature of the protections available to safeguard funds or property deposited for your account. Under certain market conditions, you may find it difficult or impossible to liquidate a position. Isso pode ocorrer, por exemplo, quando o mercado atinge um limite diário de flutuação de preços (movimento de limite). All futures positions involve risk, and a spread position may not be less risky than an outright long or short position. The high degree of leverage (gearing) that is often obtainable in futures trading because of the small margin requirements can work against you as well as for you. A alavancagem (engrenagem) pode levar a grandes perdas e ganhos. (12) In addition to the risks noted in the paragraphs enumerated above, you should be familiar with the futures commission merchant you select to entrust your funds for trading futures positions. The Commodity Futures Trading Commission requires each futures commission merchant to make publicly available on its Web site firm specific disclosures and financial information to assist you with your assessment and selection of a futures commission merchant. Information regarding this futures commission merchant may be obtained by visiting our Web site, interactivebrokers. TODOS OS PONTOS OBSERVADOS ACIMA SE APLICAM A TODOS OS FUTUROS COMERCIAIS SEJA ESTRANGEIROS OU DOMÉSTICOS. IN ADDITION, IF YOU ARE CONTEMPLATING TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS, YOU SHOULD BE AWARE OF THE FOLLOWING ADDITIONAL RISKS: Foreign futures transactions involve executing and clearing trades on a foreign exchange. Este é o caso mesmo se a divisa for formalmente vinculada a uma troca doméstica, pelo que uma operação executada em uma troca liquida ou estabelece uma posição na outra bolsa. No domestic organization regulates the activities of a foreign exchange, including the execution, delivery, and clearing of transactions on such an exchange, and no domestic regulator has the power to compel enforcement of the rules of the foreign exchange or the laws of the foreign country. Além disso, tais leis ou regulamentos variam de acordo com o país estrangeiro em que a transação ocorre. For these reasons, customers who trade on foreign exchanges may not be afforded certain of the protections which apply to domestic transactions, including the right to use domestic alternative dispute resolution procedures. In particular, funds received from customers to margin foreign futures transactions may not be provided the same protections as funds received to margin futures transactions on domestic exchanges. Antes de trocar, você deve se familiarizar com as regras estrangeiras que se aplicam à sua transação específica. Finally, you should be aware that the price of any foreign futures or option contract and, therefore, the potential profit and loss resulting therefrom, may be affected by any fluctuation in the foreign exchange rate between the time the order is placed and the foreign futures contract is liquidated or the foreign option contract is liquidated or exercised. THIS BRIEF STATEMENT CANNOT, OF COURSE, DISCLOSE ALL THE RISKS AND OTHER ASPECTS OF THE COMMODITY MARKETS. CFTC RISK DISCLOSURE STATEMENT APPENDIX A TO RULE 1.55 APPENDIX A TO CFTC RULE 1.55(c) - GENERIC RISK DISCLOSURE STATEMENT Risk Disclosure Statement for Futures and Options This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. A negociação de futuros e opções não é adequada para muitos membros do público. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances. Effect of Leverage or Gearing Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract so that transactions are leveraged or geared. Um movimento de mercado relativamente pequeno terá um impacto proporcionalmente maior nos fundos que você depositou ou terá que depositar: isso pode funcionar contra você, bem como para você. Você pode sustentar uma perda total de fundos de margem inicial e quaisquer fundos adicionais depositados na empresa para manter sua posição. Se o mercado se mover contra a sua posição ou os níveis de margem forem aumentados, você pode ser chamado a pagar fundos adicionais substanciais em curto prazo para manter sua posição. Se você não cumprir um pedido de fundos adicionais dentro do prazo prescrito, sua posição poderá ser liquidada com prejuízo e você será responsável por qualquer déficit resultante. Risk-reducing orders or strategies The placing of certain orders (e. g. stop-loss orders, where permitted under local law, or stop-limit orders) which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as spread and straddle positions may be as risky as taking simple long or short positions. Variable degree of risk Transactions in options carry a high degree of risk. Os compradores e os vendedores de opções devem se familiarizar com o tipo de opção (ou seja, colocar ou chamar) que eles contemplam a negociação e os riscos associados. Você deve calcular a medida em que o valor das opções deve aumentar para que sua posição se torne rentável, levando em consideração os custos premium e todos os custos de transação. O comprador de opções pode compensar ou exercer as opções ou permitir que as opções expirem. O exercício de uma opção resulta em uma liquidação em dinheiro ou no comprador que adquire ou entregue o interesse subjacente. If the option is on a future, the purchaser will acquire a futures position with associated liabilities for margin (see the section on Futures above). Se as opções compradas expiram sem valor, você sofrerá uma perda total do seu investimento, que consistirá no preço da opção mais os custos de transação. If you are contemplating purchasing deep-out-of-the-money options, you should be aware that the chance of such options becoming profitable ordinarily is remote. Selling (writing or granting) an option generally entails considerably greater risk than purchasing options. Embora o prêmio recebido pelo vendedor seja resolvido, o vendedor pode sofrer uma perda bem superior a esse valor. O vendedor será responsável por margem adicional para manter a posição se o mercado se mover desfavoravelmente. O vendedor também estará exposto ao risco de o comprador exercer a opção e o vendedor será obrigado a liquidar a opção em dinheiro ou a adquirir ou entregar o interesse subjacente. Se a opção estiver em um futuro, o vendedor adquire uma posição no futuro com passivos associados à margem (veja a seção sobre Futuros acima). If the option is covered by the seller holding a corresponding position in the underlying interest or a future or another option, the risk may be reduced. Se a opção não for coberta, o risco de perda pode ser ilimitado. Certas trocas em algumas jurisdições permitem o pagamento diferido do prêmio da opção, expondo o comprador ao passivo por pagamentos de margem que não excedam o valor do prêmio. O comprador ainda está sujeito ao risco de perder o prémio e os custos de transação. Quando a opção é exercida ou expira, o comprador é responsável por qualquer prêmio não pago pendente nesse momento. ADDITIONAL RISKS COMMON TO FUTURES AND OPTIONS Terms and conditions of contracts You should ask the firm with which you deal about the terms and conditions of the specific futures or options which you are trading and associated obligations (e. g. the circumstances under which you may become obligated to make or take delivery of the underlying interest of a futures contract and, in respect of options, expiration dates and restrictions on the time for exercise). Em determinadas circunstâncias, as especificações dos contratos pendentes (incluindo o preço de exercício de uma opção) podem ser modificadas pela câmbio ou pelo centro de compensação para refletir as mudanças no interesse subjacente. Suspension or restriction of trading and pricing relationships Market conditions (e. g. illiquidity) andor the operation of the rules of certain markets (e. g. the suspension of trading in any contract or contract month because of price limits or circuit breakers) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidateoffset positions. If you have sold options, this may increase the risk of loss. Further, normal pricing relationships between the underlying interest and the future, and the underlying interest and the option may not exist. Isso pode ocorrer quando, por exemplo, o contrato de futuros subjacente à opção está sujeito a limites de preços, enquanto a opção não é. A ausência de um preço de referência subjacente pode tornar difícil avaliar o valor justo. DEPOSITED CASH AND PROPERTY You should familiarize yourself with the protections accorded money or other property you deposit for domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. A medida em que você pode recuperar seu dinheiro ou propriedade pode ser regida por legislação específica ou regras locais. In some jurisdictions, property which had been specifically identifiable as your own will be pro-rated in the same manner as cash for purposes or distribution in the event of a shortfall. COMMISSION AND OTHER CHARGES Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss. TRANSACTIONS IN OTHER JURISDICTIONS Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Tais mercados podem estar sujeitos a uma regulamentação que pode oferecer uma proteção de investidor diferente ou menor. Before you trade you should enquire about any rules relevant to your particular transactions. Sua autoridade reguladora local não poderá compelir a aplicação das regras das autoridades reguladoras ou dos mercados em outras jurisdições em que suas transações tenham sido efetuadas. Você deve perguntar à empresa com a qual você lida com detalhes sobre os tipos de reparação disponíveis na sua jurisdição residencial e em outras jurisdições relevantes antes de começar a negociar. The profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency. Most open-outcry and electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. Tal como acontece com todas as instalações e sistemas, eles são vulneráveis ​​a interrupções temporárias ou falhas. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house andor member firms. Such limits may vary: you should ask the firm with which you deal for details in this respect. Trading on an electronic trading system may differ not only from trading in an open-outcry market but also from trading on other electronic trading systems. Se você realizar transações em um sistema de comércio eletrônico, você estará exposto a riscos associados ao sistema, incluindo a falha de hardware e software. O resultado de qualquer falha do sistema pode ser que seu pedido não seja executado de acordo com suas instruções ou não seja executado de forma alguma. In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. A empresa com a qual você lida pode estar agindo como sua contraparte na transação. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. As operações fora de câmbio podem ser menos regulamentadas ou sujeitas a um regime regulamentar separado. Antes de realizar tais transações, você deve se familiarizar com as regras aplicáveis ​​e os riscos associados. CFTC RULE 15.05 NOTICE TO NON-U. S. TRADERS In accordance with Rules 15.05 and 21.03 of the Commodity Futures Trading Commission (CFTC), 17 C. F.R. 15.05 and 21.03, Interactive Brokers is required to notify you that we are considered to be your agent for purposes of accepting delivery and service of communications from or on behalf of the CFTC regarding any commodity futures contracts or commodity option contracts which are or have been maintained in your account(s) with us. In the event that you are acting as agent or broker for any other person(s), we are also considered to be their agent, and the agent of any person(s) for whom they may be acting as agent or broker, for purposes of accepting delivery and service of such communications. Service or delivery to us of any communication issued by or on behalf of the CFTC (including any summons, complaint, order, subpoena, special call, request for information, notice, correspondence or other written document) will be considered valid and effective service or delivery upon you or any person for whom you may be acting, directly or indirectly, as agent or broker. You should be aware that Rule 15.05 also provides that you may designate an agent other than Interactive Brokers. Any such alternative designation of agency must be evidenced by a written agency agreement which you must furnish to us and which we, in turn, must forward to the CFTC. If you wish to designate an agent other than us, please contact us in writing. You should consult 17 C. FR. 15.05 for a more complete explanation of the foregoing. Upon a determination by the CFTC that information concerning your account(s) with us may be relevant in enabling the CFTC to determine whether the threat of a market manipulation, corner, squeeze, or other market disorder exists, the CFTC may issue a call for specific information from us or from you. In the event that the CFTC directs a call for information to us, we must provide the information requested within the time specified by the CFTC. If the CFTC directs a call for information to you through us as your agent, we must promptly transmit the call to you, and you must provide the information requested within the time specified by the CFTC. If any call by the CFTC for information regarding your account(s) with us is not met, the CFTC has authority to restrict such account(s) to trading for liquidation only. You have the right to a hearing before the CFTC to contest any call for information concerning your account(s) with us, but your request for a hearing will not suspend the CFTCs call for information unless the CFTC modifies or withdraws the call. Please consult 17 C. F.R. 21.03 for a more complete description of the foregoing (including the type of information you may be required to provide). Certain additional regulations may affect you. Part 17 of the CFTC Regulations, 17 C. F.R. Part 17, requires each futures commission merchant and foreign broker to submit a report to the CFTC with respect to each account carried by such futures commission merchant or foreign broker which contains a reportable futures position. (Specific reportable position levels for all futures contracts traded on U. S. exchanges are established in Rule 15.03.) In addition, Part 18 of the CFTC Regulations, 17 C. F.R. Part 18, requires all traders (including foreign traders) who own or control a reportable futures or options position and who have received a special call from the CFTC to file certain reports with the CFTC, including, but not limited to, a Statement of Reporting Trader (Form 40). Please consult 17 C. F.R. Parts 17 and 18 for more complete information with respect to the foregoing. DAY TRADING RISK DISCLOSURE STATEMENT This Day Trading Risk Disclosure Statement is being provided to you in the event your Interactive Brokers (IB) margin account becomes, or already is, classified as a Pattern Day Trader account. As required by current SEC and SRO rules and regulations, IB will classify an account that effects three (3) day trades within a five (5) day period as a Pattern Day Trader account. (A day trade is a buy and sell of the same security on the same day). The regulations prohibit IB from permitting a Pattern Day Trader account from effecting any transactions unless such account maintains a Minimum Equity Requirement of at least 25,000. You should consider the following points before engaging in a day-trading strategy. For purposes of this notice, a day-trading strategy means an overall trading strategy characterized by the regular transmission by a customer of intra-day orders to effect both purchase and sale transactions in the same security or securities. O comércio diário pode ser extremamente arriscado. O comércio diário geralmente não é apropriado para alguém de recursos limitados e investimento limitado ou experiência comercial e baixa tolerância ao risco. Você deve estar preparado para perder todos os fundos que você usa para o dia comercial. Em particular, você não deve financiar atividades de troca diária com poupança de aposentadoria, empréstimos estudantis, segundas hipotecas, fundos de emergência, fundos reservados para fins como educação ou propriedade de casa, ou fundos necessários para atender suas despesas de vida. Further, certain evidence indicates that an investment of less than 50,000 will significantly impair the ability of a day trader to make a profit. Of course, an investment of 50,000 or more will in no way guarantee success. Be cautious of claims of large profits from day trading. Você deve se preocupar com propagandas ou outras declarações que enfatizam o potencial de grandes lucros no dia comercial. O comércio diário também pode levar a grandes e imediatas perdas financeiras. Day trading requires knowledge of securities markets. Day trading requires in-depth knowledge of the securities markets and trading techniques and strategies. In attempting to profit through day trading, you must compete with professional, licensed traders employed by securities firms. You should have appropriate experience before engaging in day trading. Day trading requires knowledge of a firms operations. You should be familiar with a securities firms business practices, including the operation of the firms order execution systems and procedures. Under certain market conditions, you may find it difficult or impossible to liquidate a position quickly at a reasonable price. This can occur, for example, when the market for a stock suddenly drops, or if trading is halted due to recent news events or unusual trading activity. The more volatile a stock is, the greater the likelihood that problems may be encountered in executing a transaction. In addition to normal market risks, you may experience losses due to systems failures. A negociação diária gerará comissões substanciais, mesmo que o custo por comércio seja baixo. Day trading involves aggressive trading, and generally you will pay commission on each trade. As comissões diárias totais que você paga em suas negociações irão adicionar às suas perdas ou reduzir significativamente seus ganhos. For instance, assuming that a trade costs 16 and an average of 29 transactions are conducted per day, an investor would need to generate an annual profit of 111,360 just to cover commission expenses. Day trading on margin or short selling may result in losses beyond your initial investment. When you day trade with funds borrowed from a firm or someone else, you can lose more than the funds you originally placed at risk. A decline in the value of the securities that are purchased may require you to provide additional funds to the firm to avoid the forced sale of those securities or other securities in your account. Short selling as part of your day-trading strategy also may lead to extraordinary losses, because you may have to purchase a stock at a very high price in order to cover a short position. Potential Registration Requirements. Persons providing investment advice for others or managing securities accounts for others may need to register as either an Investment Advisor under the Investment Advisors Act of 1940 or as a Broker or Dealer under the Securities Exchange Act of 1934. Such activities may also trigger state registration requirements. Interactive Brokers Order Routing and Payment for Order Flow Disclosure IBs Order Routing System: IB does not sell its order flow to another broker to handle and route. Instead, IB has built a real-time, high-speed Best Execution Order Routing System (SmartRoutingSM), which is designed to optimize execution price, speed and total cost of execution for stocks and options. IB constantly changes and enhances the SmartRouting system to adapt to changes in markets, new exchanges, new trading rules, etc. IBs SmartRouting system continually scans competing market centers and automatically seeks to route orders to the best market, taking into account factors such as quote size, quote price, exchange or ATS transaction fees or rebates and the availability of price improvement (execution at a better price than the National Best Bid or Offer (NBBO). The IB SmartRouting system continually reevaluates market conditions and prices for pending IB customer orders and dynamically re-routes orders as necessary. For some products, IB customers may directly route their orders to a particular market of their choice, although IB recommends that our customers use the IB SmartRouting system. IB also operates an Alternative Trading System (ATS) in accordance with SEC Regulation ATS, on which it executes IB customer trades against each other or against one or more professional liquidity providers who send orders into the IB ATS. Order executions on IBs ATS are faster, eliminate exchange fees and may offer price improvement compared to the NBBO. Statistical information regarding the quality of executions for orders effected through IBs ATS (e. g. average execution speed, percentage of orders receiving price improvement, etc.) are available on the IB website at interactivebrokers or may be downloaded at: interactivebrokersengeneralaboutIBKRATS605Reports. php Compliance with Regulation NMS: For U. S. stocks, IBs SmartRouting system is designed to comply with Reg NMS and with our duty as a broker-dealer to provide best execution for customer orders. IBs SmartRouting system connects to and receives market data feeds directly from most or all exchanges and public market centers. The IB SmartRouting system also has access to ATSs. Therefore IB can attempt to route an order directly to the most favorable overall market(s) taking into account relevant conditions. If an order is not executed immediately, IBs system then monitors the open order and in most cases will cancel and reroute it if market conditions or prices change and another market center becomes more favorable for the order. If an order is too large to be executed at the best price at a single exchange or market center, IBs SmartRouting system generally will split the order and send it to multiple destinations to attempt to get the fastest fill at the most favorable price. Intermarket Sweep Orders for U. S. National Market System Stocks: Because IBs system monitors the available markets and is designed to send orders to the markets posting the best price, orders routed to exchanges by the IB SmartRouting system generally will be marked as Intermarket Sweep Order (ISO), meaning that an exchange that receives such an order will be able to execute the order in reliance that the IB system did not identify any better prices for the order, or that other orders sent at or around the same time by IB have already taken out any better quotes on other exchanges or market centers. IB has certain processes in place to monitor its connections to various exchanges and market centers, the quality of its market data feeds and the quality of its order executions. If an exchange system or the IB system is experiencing technical problems, or if IB is not connected to the market that is posting the best price, IB may route an order to an exchange without marking the order as ISO. This will allow the receiving market to re-route the order to a market offering a better price, if necessary. Orders Sent Near the Opening of Trading: Please note that markets can be especially volatile near the opening of a trading session, with prices and available volume often changing rapidly and with data feeds from various markets potentially being slow or temporarily unavailable. IB cannot guarantee that orders sent near the opening of trading necessarily will receive the best posted price. You may want to consider the use of limit orders at the open, although market orders should be used if you want a higher certainty of getting a fill. Order Conversion and Designation: Interactive Brokers may convert certain order types or apply conditions to certain IB customer orders in order to facilitate an execution. For example, IB may simulate certain order types using order designations. Simulated order types may be used in cases where an exchange does not offer an order type or in cases where IB has decided not to offer a certain order type offered natively by an exchange. In addition, orders may be sent Immediate or Cancel, Fill-Or-Kill, All-Or-None, etc. in order to facilitate an immediate automatic execution, consistent with the objectives of the customer order. To protect customer orders from significant and rapidly changing prices, IB may simulate market orders on exchanges by establishing an execution cap at a percentage beyond the inside bidask. While this cap is set at a level intended to balance the objectives of execution certainty and minimized price risk, there exists a remote possibility that an execution will be delayed or may not take place. In addition, IB is required by exchanges and regulators to maintain filters in its systems that prevent executions at prices that might be deemed to be disruptive to an orderly market (or exchanges may have such filters in their systems). These filters may cause an otherwise marketable order not to be executed or to be delayed in execution, even if the customer might want the order to be executed at a certain price immediately. Payment for Orders, Dark Pools, Liquidity Provider and Affiliate Relationships: Interactive Brokers does not sell its order flow to another broker to handle and route. Through its SmartRouting system, IB evaluates each individual order and determines the best execution venue(s), from the perspective of the customer, where that order may be executed. Dark Pool and ATS Executions for Stock and ETF Orders: IB maintains connections to dark pool ATSs (including the IB ATS) that execute a portion of IB customer stock orders. IB customers benefit from IBs access to dark pools. Dark pools provide a source of substantial additional liquidity. Dark pools charge no execution fees or lower execution fees than exchanges. Dark pools also provide fast executions and the possibility of executions at prices more favorable than the prevailing NBBO. IB receives rebate payments for routing certain IB customer orders to dark pools. IB shares the benefit with IB customers as follows: As of April 2016, for customers using the Fixed commission schedule, customers pay no venue transaction fee and IB reduces the IB commission to .004 per share from .005 per share (a 20 commission savings). For IB customers using the Tiered commission schedule, customers pay no venue transaction fee and IB passes roughly 50 of the average rebates received from all dark poolsATSs and liquidity providers to customers whose orders are routed to any such venue. Liquidity Provider Relationships in the IB ATS: IB has entered arrangements with certain institutions under which such institutions may send orders to the IB ATS at or near the NBBO. These orders are held within the IB system and are not displayed in the national market. If an IB customer order could be immediately executed against such an order held in the IB system (at the NBBO or at a better price than the NBBO), the orders may be crossed and the execution reported to the National Market System. This arrangement provides extra potential liquidity (size) for IB customer orders and leads to faster executions (since the orders do not have to be routed out to an exchange), as well as providing the possibility of price improvement (since the orders may be executed at a better price than available on an exchange).IB may receive payment in the form of commissions or commission equivalents from the liquidity providers for these executions in the IB ATS. IB shares the benefit with IB customers in the same manner as described above (Fixed commission schedule customers receive a commission reduction to .004 per share from .005 per share and Tiered commission schedule customers receive roughly 50 of any average payments received from all dark poolsATSs and liquidity providers to customers whose orders are routed to the IB ATS). Routing of Certain Non-Marketable Stock and ETF Orders: When IB receives a non-marketable customer order, IB may route some portion of the order for display on a public market and may retain the remaining portion of the order on IBs ATS, where it may be matched against a conditional order of a liquidity provider that has committed to trade against the remaining portion of the customer order in the event that the portion of the customer order that was routed to a public market is executed. When a liquidity provider has been committed to trade against a portion of a customer order as described above, such liquidity provider cannot cancel its order (or the portion of its order that has been committed to trade against the customer order if the publicly-displayed portion of the customer order is executed). If the liquidity provider attempts to cancel some or all of the committed size, it will receive a message rejecting the cancellation (i. e. the liquidity provider will be told that there is an IB customer order that the liquidity provider is committed to trade against). The liquidity provider is not told the size or price of the customer order. This arrangement provides potential additional liquidity for IB customer orders. In addition, IB will share with the customer a portion of the commission or commission equivalent IB receives from the liquidity provider for these executions, reducing the total cost of execution to the customer. Tiered Commission Structure: Under IBs Tiered commission model, IB passes to Tiered commission customers some or all of certain rebate payments IB receives for executing stock orders, although the Tiered commission model is not intended to be a direct pass-through of exchange and third-party fees and rebates. For example, IB may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not directly pass these enhancements to customers. Likewise IB does not pass to customers all of the rebates IB may receive for orders executed in dark pools, or orders in pink or OTCBB stocks. Options: Interactive Brokers does not sell its option orders to another broker to handle and route. Rather, IB employs its SmartRouting system to try to achieve the best execution for customer option orders. The SmartRouting system attempts to achieve an execution price at NBBO or better than the NBBO by utilizing relationships with affiliates and other liquidity providers, who may provide price improvement through the various auction and price improvement mechanisms offered under U. S. option exchange rules. Interactive Brokers affiliate Timber Hill LLC (Timber Hill) is a significant market maker on U. S. options exchanges. If Timber Hill is offering the best price in the national market or is willing to provide an execution at a better price for an IB customer than the NBBO, IB generally will route the order to an options exchange where Timber Hill is more likely to trade with the order. This will benefit the customer -- who receives an execution at NBBO or better and will also benefit Timber Hill, which increases its market share in options contracts, from which it attempts to earn a market making spread. In cases where the customer is eligible for a rebate for the order under IBs Tiered commission schedule, if routing to an exchange where Timber Hill is active would reduce the rebate to be paid to the customer (or increase a fee paid by the customer) compared to a different exchange, IB generally will adjust the rebate paid to the customer (or the fee paid by the customer) to match the higher rebate (or lower fee), although IB does not guarantee this. As a specialist on various options exchanges, Timber Hill may be responsible for allocating payments for orders that are generated in its assigned options classes, depending on the design of the applicable exchanges SEC-approved payment plan. Consistent with these plans, Timber Hill pays such funds to Interactive Brokers. IB also maintains relationships with other liquidity providers who may provide executions at the NBBO or a better price than the NBBO for IB customer option orders. These relationships benefit IB customers, who may receive price improvement for their options orders. IB may receive payment in the form of commissions or other payments from the liquidity providers for these executions. Several options exchanges impose maker-taker fees and rebates, in which exchange members are charged for orders that take liquidity (i. e. marketable orders that trade against a posted quote or limit order) and receive a rebate for orders that add liquidity to the exchange (i. e. non-marketable limit orders that are posted and then trade against incoming marketable orders), or vice versa. The charges imposed or rebates offered by these exchanges affect the total cost of execution, and IBs SmartRouting System takes this into account in determining where to route option orders trying to minimize the costs that customers incur. In addition, if multiple exchanges are quoting at the NBBO for an option order and IB has discretion as to where to send the order or a portion of it, IB generally will break the tie by sending the order to an exchange where it will receive the most payment for the order. Under certain circumstances, IB may route a marketable option order to an exchange that is not currently posting the NBBO but which may be willing to execute the order at the NBBO. Generally, IB will do this in order to avoid or reduce the fee for executing the order, compared to routing to a different exchange. IB generally will share the economic benefit of routing orders in this manner with customers in the form of reduced execution fees, although IB does not guarantee that it will share such benefit. In addition, in the limited circumstances where IB routes orders in this manner, IB generally guarantees a fill at the NBBO at the time the order was routed. Under IBs Tiered commission model, IB passes to Tiered commission customers some or all of certain rebate payments IB receives for executing option orders, although the Tiered commission model is not intended to be a direct pass-through of exchange and third-party fees and rebates. For example, IB may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not directly pass these enhancements to customers. Likewise IB does not pass to customers all of the rebates IB may receive for liquidity taking orders, complex orders or orders executed in price improvement auctions. Traditional exchange payment for order flow programs result in payments to specialists or primary market makers, some portion of which may be paid on to IB. IB does not pass these payments directly to customers. Affiliate Investments in Exchanges: An affiliate or affiliates of Interactive Brokers LLC own(s) minority interests in OneChicago (security futures exchange), ISE Stock Exchange, CBOE Stock Exchange and a substantial, minority investment in the Boston Options Exchange Group LLC, which operates the BOX Options Exchange. Quarterly Order Routing Reports and Other Order Routing Information Available upon Request: U. S. Securities and Exchange Commission rules require all brokerage firms to make publicly available quarterly reports describing their order routing practices. IBs quarterly order routing reports are available on the IB website at interactivebrokers. or you can contact IB Customer Service. In addition to the basic quarterly reports, under Rule 606 of SEC Regulation NMS, a broker-dealer is required upon a customer request to provide information regarding the identity of the market center to which the customers orders were routed in the six months prior to the request whether the order was a directed or non-directed order, and the time of the transaction, if any, that resulted from such order. Please contact the IB Customer Service Desk in writing through the information on the IB website at interactivebrokershelp if you wish to receive the foregoing routing information for any order(s) within the past six months. Please type Request for Order Routing Information in the subject line of your request and please include your name, user id and account number as well as the date of the order, the security, the quantity, and any other information necessary to identify the order (e. g. the time of day if there were several similar orders that day.) RISKS OF TRADING EQUITY OPTIONS AND TERMS AND CONDITIONS FOR TRADING EQUITY OPTIONS Customers trading equity options understand and agree to the following: Customer understands that trading equity options is highly speculative in nature and involves a high degree of risk. Prior to entering into its first equity options transaction through Interactive Brokers (IB), Customer shall acknowledge to IB that Customer has read and fully understood: (a) the current Options Clearing Corporation (OCC) disclosure document Characteristics and Risks of Standardized Options (the OCC Document) and (b) the Special Statement for Uncovered Option Writers. Customer agrees to seek clarification of any term, condition or risk contained in either of these documents prior to making such acknowledgment to IB. Customer is financially able to undertake the risks associated with trading equity options and withstand any losses incurred in connection with such trading (including the total loss of premiums paid by Customer for long put and call options, margin requirements for short put and call options, and transaction costs). Among the risks Customer acknowledges are: (a) option contracts are traded for a specified period of time and have no value after expiration (b) trading halts in the underlying security, or other trading conditions (for example, volatility, liquidity, systems failures) may cause the trading market for an option (or all options) to be unavailable, in which case, the holder or writer of an option would not be able to engage in a closing transaction and an option writer would remain obligated until expiration or assignment. The IB System is an electronic system and is, therefore, subject to unavailability. Customer represents that it has trading arrangements for the placement of Customers orders and shall use such arrangements in the event that the IB System becomes unavailable. Although the IB System is designed to perform certain automatic functions, IB does not warrant that the IB System will perform as it is designed to, and IB will not have any liability to Customer for losses or damages which result from such failures of performance or unavailability. Subject to the foregoing, Customer acknowledges that the IB System is designed to automatically liquidate Customer positions if Customers account equity is not sufficient to meet margin requirements. Customer has reviewed and understands the applicable margin requirements for trading equity options. Customers who want to trade equity options agree to the following terms and conditions: Each equity option transaction entered into is subject to the rules and regulations of the Securities Exchange Commission, the Financial Industry Regulatory Authority, the self-regulatory organizations that regulate IB, the relevant options exchange, and the OCC. Equity options traded in the US are issued by the OCC and Customer shall not, alone or in concert with others, exceed the position and exercise limits imposed by exchange rules and regulations. With certain exceptions, IB will not execute a Customer order to purchase an equity option if Customer does not have equity in its account at least equal to the full purchase price of a put or call option (equity options may not be purchased on margin). Customer shall comply with IB margin requirements in connection with Customers sale of put and call options. Customers who wish to exercise an option on a particular trading day acknowledge that they must provide specific, written instructions to IB using the procedure specified on the IB website before the Close Out Deadline specified. Customer further acknowledges that, absent receipt of such instructions, IB has no obligation to exercise Customers option on any given trading day or prior to the expiration of the option. Customer acknowledges that, subject to paragraph H below, OCC will automatically exercise any long equity option held by a Customer that is in-the-money by .01 or more at expiration, absent specific instructions to the contrary provided by Customer to IB using the procedures specified on the IB website. Customer understands that OCC assigns exercises to clearing firms such as IB and Customer acknowledges that it has read and understands the description of the OCC assignment procedures available on request from the OCC as set forth in Chapter VIII of the OCC Document. Customer acknowledges that, upon assignment, Customer shall be required: (1) in the case of an equity option, to deliver or accept the required number of shares of the underlying security, or (2) in the case of an equity index option, to pay or receive the settlement price, in cash. Customer understands that it may not receive notice of an assignment from IB until one or more days following the date of the initial assignment by OCC to IB and that the lack of such notice creates a special risk for uncovered writers of physical delivery call stock options. Customer acknowledges that it has read and understands this risk as described in Chapters VIII and X of the OCC Document. Customer is responsible for entering an offsetting transaction to close out a Customer position, or to exercise an equity option by written e-mail instruction to IB prior to the expiration date, and Customers failure to do so may result in the equity option expiring worthless, regardless of the monetary value of the equity option on its expiration date. If, prior to expiration of an option contract, Customer does not have sufficient equity to meet the initial margin requirement for the purchase or sale of the underlying security, then IB: (1) shall have no obligation to purchase or sell such underlying security or (2) upon exercise may immediately liquidate the underlying security position which results from the exercise of the option contract and Customer shall be liable for resulting losses and costs. In connection with the exercise of a long put option that results in a short position in the underlying stock, Customer acknowledges that: (1) short sales may only be effected in a margin account and are subject to initial and maintenance margin requirements and (2) if IB is unable to borrow such stock on Customers behalf or if a lender subsequently issues a recall notice for such stock, then IB, without notice to Customer, is authorized by Customer to cover Customers short position by purchasing stock on the open market at the then current market price and Customer agrees that it shall be liable for any resulting losses and all associated costs incurred by IB. As noted above, the market value of short stock is treated as a debit item to Customers IB margin account. Important Information About Equity, Options and Futures Exchange Rules 1. Manipulative Trading . It is a violation of exchange rules for a customer, acting alone or in concert with others, to engage in manipulative trading, including trading designed to unlawfully influence the price or volume of an instrument, and trading without a bona fide investment or hedging or speculative purpose. Manipulative trading includes, but is not limited to: wash sales, matched orders, painting the tape, spoofingsmall-lot baiting (sending an order to an exchange in order unlawfully to manipulate the execution price of a separate order on that exchange or on another exchange), marking the close (sending an order to influence the price of an instrument near the close of trading) and sending orders whose primary purpose is the collection of rebates or payment for order flow rather than investment or trading of the relevant instrument. 2. Pre-Arranged Trading, Block Trading, Crossing and Facilitation . Exchange rules govern the circumstances and procedures under which customers can seek to trade against each other, including pre-arranged trading, block trading, crossing trades, facilitation trades and solicitation trades. Customer must review relevant exchange rules before seeking intentionally to trade against another person or entity. See e. g. ISE Rules 716 (Block Trades), 717 (Limitations on Orders), and 723 (Price Improvement Mechanism for Crossing Transactions) CME Rule 539 (Prearranged, Pre-Negotiated and Noncompetitive Trades Prohibited) CBOT Rule 539 (Prearranged, Pre-Negotiated and Noncompetitive Trades Prohibited) and ICE Futures U. S. Rules 4.06 (Exchange for Related Positions) and 4.07 (Block Trading). 3. Improper Market Making . It is a violation of U. S. option exchange rules and American Stock Exchange ETF rules for a customer effectively to act as a market maker by holding itself out as willing to buy and sell securities on a regular or continuous basis. In determining whether a customer effectively is operating as a market maker, the exchanges will consider, among other things, the simultaneous or near-simultaneous entry of limit orders to buy and sell the same security the multiple acquisition and liquidation of positions in the security during the same day and the entry of multiple limit orders at different prices in the same security. 4. Order Designation . It is a violation of exchange rules to transmit an order for a broker-dealer account or an account in which a broker-dealer has a beneficial ownership interest unless such order is properly marked as a broker-dealer order. Users of the IB system cannot transmit broker-dealer orders with a customer designation. BY OPENING AN IB ACCOUNT AND USING THE IB SYSTEM, CUSTOMERS REPRESENT THAT THEY WILL CONDUCT THEIR TRADING IN ACCORDANCE WITH EXCHANGE RULES. DISCLOSURE REGARDING INTERACTIVE BROKERS PROCEDURES FOR ALLOCATING EQUITY OPTION ASSIGNMENT NOTICES FROM OCC As described in the Options Clearing Corporation (OCC) Publication Characteristics and Risks of Standardized Options, the OCC assigns exercise notices to clearing firms such as Interactive Brokers LLC (IB LLC), the US-located affiliate of Interactive Brokers (U. K.) Limited (IB UK) and Interactive Brokers Canada, Inc. (IBC) that arranges for the execution and clearing of IB UK and IBC customer trades using a specified assignment procedure. IB LLC, in turn, is required to maintain a procedure to allocate such exercise notices to those customer accounts carried by IB LLC that hold short positions in the relevant options. Upon assignment, customers whose accounts are carried by IB LLC shall be required: (1) in the case of an equity option, to deliver or accept the required number of shares of the underlying security, or (2) in the case of an equity index option, to pay or receive the settlement price, in cash. Customer understands that it may not receive notice of an assignment until one or more days following the date of the initial assignment by OCC to IB LLC and that the lack of such notice creates a special risk for uncovered writers of physical delivery call stock options. Described below are IB LLCs procedures for allocation of exercise notices, which are based on a random selection process: Each night, IB LLC receives from the OCC the OCC EA(exercise and assignment activity) file in machine-readable format setting forth, on a per contract basis, the aggregate exercise and assignment quantities to IB LLC. For each contract assignment record, the IB LLC System compiles a list, in ascending account number order, of all customer accounts held at IB LLC with short positions in the relevant contract. If only one customer holds a short position in the contract assigned, that customer is automatically allocated the assignment and no lottery is needed. If more than one customer holds a short position in the contract assigned, the IB LLC System runs an automated random lottery to determine the allocation of quantities that are to be assigned to each customer. The IB LLC System shall: Assign two sequence ranges to each customers holdings (see Exhibit A). Generate a random number to find a Starting Point. The Starting Point is the customer contract sequence number from which the allocation of the assignment quantity begins. To generate a Random Number, the IB System will: Initialize the Oracle random number generator with the system time (HH24MISS) Find the Random Number by taking the MOD (random number, total position) 1 to ensure that the Random Number is between one and the total number of short contracts. (Note: the IB System will generate a new Random Number for each lottery to be run.) The IB LLC System will then (a) find the account that has the assigned sequence range into which the Random Number falls and (b) select contracts to be assigned in increments of one, beginning with the contract that correlates with the Random Number until the total number of contracts assigned has been satisfied. The IB LLC System will then process the assigned positions by (a) removing the options positions from customers accounts and (b) if the option delivers underlying stock, entering the corresponding stock trades at the strike price or (c) if the option assignment settles in cash, entering the corresponding cash debit. EXHIBIT A Assume there are 1186 options contracts held at OCC for 10 customers and that 50 contracts are assigned to IB LLC by OCC. 1. Assign sequence numbers to each security: NOTICE REGARDING PRE-ARRANGED TRADING ON U. S. FUTURES EXCHANGES Pre-arranged trading results when a discussion is held by market participants prior to trade execution to ensure that a contra party will take the opposite side of a particular order. U. S. futures exchanges, including, but not limited to, CME, CBOT, NYMEX, ICE-US, CFE, OneChicago and Nasdaq OMX Futures have regulations regarding the execution of pre-arranged trades. Interactive Brokers customers are responsible to know and abide by ALL exchange restrictions regarding pre-arranged trading. Interactive Brokers customers should not engage in pre-arranged trading unless such transactions are permitted by the relevant exchange. Customers should review the rules of each exchange to determine whether, and under what circumstances, such transactions are permitted. For your reference, various exchange rulebooks can be found at the following websites: INTERACTIVE BROKERS DISCLOSURE STATEMENT FOR BOND TRADING THIS DISCLOSURE STATEMENT DISCUSSES THE CHARACTERISTICS AND RISKS OF TRADING BONDS THROUGH INTERACTIVE BROKERS (IB). BEFORE TRADING BONDS YOU SHOULD CONSIDER CONSULTING A FINANCIAL ADVISOR, WHO CAN PROVIDE ADVICE ON WHETHER PARTICULAR INVESTMENTS SUIT YOUR FINANCIAL GOALS. IB MERELY PROVIDES EXECUTION AND CLEARING SERVICES AND DOES NOT PROVIDE SPECIFIC TRADING OR INVESTMENT ADVICE. IB WILL NOT MONITOR YOUR TRADES AND INVESTMENTS TO DETERMINE IF THEY ARE APPROPRIATE FOR YOUR FINANCIAL NEEDS. BEFORE TRADING ANY PARTICULAR BOND, YOU SHOULD UNDERSTAND THE EXACT TERMS AND CONDITIONS OF THE BOND, INCLUDING ITS CREDIT RATING, ITS MATURITY, ITS RATE AND YIELD, WHETHER IT IS CALLABLE, AND OTHER RELEVANT INFORMATION. More information on bond trading can be found on the following website sponsored by the Securities Industry and Financial Markets Association: investinginbonds . Section 1 Characteristics of Bonds A bond is a type of interest-bearing or discounted security usually issued by a government or corporation that obligates the issuer to pay the holder an amount (usually at set intervals) and to repay the entire amount of the loan at maturity. It is another way for the issuer to generate money as opposed to issuing stock. 1.2 What are the types of bonds A. U. S. Government Bonds Bonds issued by the U. S. government are called Treasuries. These are grouped into three categories: (1) Treasury bills (2) Treasury notes and (3) Treasury bonds. They each have a different length of time until maturity. Income earned on Treasuries is exempt from state and local taxes, but taxable by the federal government. Treasuries are considered to be the safest bond investments since the U. S. government backs them and it is highly unlikely that a situation of default will occur. However, Treasuries with long maturities have more potential for inflation and credit risk. Municipal bonds are debt obligations of state or local governments. The funds may be used to support general governmental needs or special projects. Municipal bonds are considered riskier investments than Treasuries, but they are exempt from taxing by the federal government and local governments often exempt their own citizens from taxes on their bonds. However, municipal bonds often have a lower coupon rate because of the tax break. Corporate bonds are debt instruments issued by private corporations. They usually have four distinguishing characteristics: (1) they are taxable (2) they usually have a par value of 1000 (3) they have a term maturity (they become due all at once) and are paid for out of a sinking fund for that purpose and (4) they are traded on major exchanges with prices published in newspapers. Corporate bonds come in various maturities. They are considered the riskiest of the bonds because there is much more of a credit risk with corporate bonds, but this usually means that the bondholder will be paid a higher interest rate. Corporations with low credit ratings issue bonds too, and these are speculative products called junk bonds. Par value, or face amount, is usually 1000, but bond prices are quoted on 100. For example, a quote of 80 is a bond selling for 800. Amounts less than 10 are quoted in eighths (1.25). Therefore, a quote of 80 18 is equal to 801.25. Convertible Bonds are bonds that may be converted into another form of corporate security, usually shares of common stock. Conversion only occurs at specific times at specific prices under specific conditions and this will all be detailed at the time the bond is issued. These are bonds that do not pay interest periodically, but instead pay a lump sum of the principal and interest at maturity. Investors, however, must pay taxes on the interest as it accrues, not when they receive it. Standard Poors and Moodys Investors Service assign credit ratings to governments and corporations which help determine the amount of interest paid. The ratings for bonds are in the chart below. The ratings represent greater default risk as you read down the chart (see Section 2 for credit and other risks associated with bonds). Bond ratings are subject to change by factors that affect the companys credit. The ratings that appear for the bonds IB offers are from sources IB believes to be reliable however, IB cannot guarantee their accuracy. Section 2 General Risks of Bond Trading Trading bonds may not be suitable for all investors. Although bonds are often thought to be conservative investments, there are numerous risks involved in bond trading. If you are uncomfortable with any of the risks involved, you should not trade bonds. There is a credit risk involved with trading bonds. When you purchase a corporate bond, you are lending money to a company. There is always the risk that the issuer will go bankrupt. If this happens, you will not receive your investment back. This is a risk of which you must be aware. Credit risk is figured into the pricing of bonds. There is a prepayment risk involved. Prepayment risk involves the scenario where an issuer calls a bond. If this happens, your investment will be paid back early. Certain bonds are callable and others are not, and this information is detailed in the prospectus. If a bond is callable, the prospectus will detail a yield-to-call figure. Corporations may call their bonds when interest rates fall below current bond rates. A put provision allows a bondholder to redeem a bond at par value before it matures. Investors may do this when interest rates are rising and they can get higher rates elsewhere. The issuer will assign specific dates to take advantage of a put provision. Prepayment risk is figured into the pricing of bonds. There is a significant inflation risk when trading bonds. Inflation risk is the risk that the rate of the yield to call or maturity of the bond will not provide a positive return over the rate of inflation for the period of the investment. In other words, if the rate of inflation for the period of an investment is six percent and the yield to maturity of a bond is four percent, you will receive more money in interest and principal than you invested, but the value of that money returned is actually less than what was originally invested in the bond. As the inflation rate rises, so do interest rates. Although the yield on the bond increases, the price of the actual bond decreases. This is a risk of which you must be aware. There is an interest rate risk associated with bonds. Changes in interest rates during the term of any bond may affect the market value of the bond prior to call or the maturity date. Section 3 Risks of Trading Bonds Electronically IB is an online, direct access brokerage firm that executes virtually all trades on electronic market centers. IB will post bids and offers for bonds from various information sources and markets and will allow you to execute trades against those electronically-displayed bond quotes. Unlike the practice of many other brokers, IB will not make telephone calls to various bond dealers in seeking to execute your bond orders. Rather, IB will provide you with direct access to electronic bond trading platforms. Electronic trading has a number of inherent advantages (such as speed, low cost, and a clear audit trail) but it also has certain inherent disadvantages. You should be aware that electronic bond trading platforms may have less liquidity or less advantageous prices than could be offered telephonically by a bond dealer. In addition, electronic trading platforms are inherently vulnerable to technical errors and outages. Please note that many bond dealers place quotes to buy or sell the same bond position on multiple bond trading venues (e. g. 10 bonds on Market A and 10 bonds on Market B). If an IB customer order executes against both of the quotes ( e. g. . an order to buy 20 is filled 10 at Market A and 10 at Market B), the dealer may request that one of the trades be busted (reversed). IB reserves the right to grant such requests without consent of customer if IB, in its discretion, believes that the dealer is acting in good faith. When a broker-dealer lends a customer part of the funds needed to purchase a security such as a bond, the term margin refers to the amount of cash, or down payment, the customer is required to deposit. Bonds, like equity securities, may be traded on margin. Trading on margin is inherently more risky than trading in fully-paid-for securities. For risks associated with margin trading, please see Interactive Brokers LLCs DISCLOSURE OF RISKS OF MARGIN TRADING. Section 5 Commissions and Mark-Ups You will be charged a commission for bond trades executed through IB. IB may execute your bond trade through or against an affiliate of IB (such as Timber Hill LLC or another affiliate), which may charge a markup on trades such affiliate executes as principal against your bond order. INTERACTIVE BROKERS DISCLOSURE REGARDING DISTRESSED BONDS On the Settlement Date, the buyer must pay to seller only the agreed upon price, without any payment in respect of interest. The person holding the bond on the Record Date receives any and all interest payments whenever made. If a Record Date occurs before the Settlement Date, seller will get any interest paid on a bond that is trading Flat. If there is a change in the Record Date, the party that was a bondholder with respect to the prior Record Date loses any rights they may have had to receive any related payment of principal or interest. If a bond that was sold with accrued interest begins trading Flat after the trade date but before Settlement date, the buyer remains responsible for paying the accrued interest to the seller, even though the buyer may not receive interest from the bond issuer. If the accrued interest payment is not made on the actual Payment Date, but is made during the Grace Period, any Interest payments will accrue to the seller. If Accrued Interest is paid after the Grace Period, it will belong to the buyer when paid. Bankruptcy courts can issue broad orders at the request of a bankruptcy debtor that halt or seriously restrict trading in all of the debt and equity of the debtor corporation for the protection of the bankruptcy debtors net operating loss (NOL) carryovers and other tax attributes of the debtor. Minimum denomination transfer requirements are generally found in the Indenture and the offering documents and provide that a transfer of a bond whether in physical or book-entry form be made in certain minimum denominations. Interactive Brokers LLC General Disclosure on Mutual Funds Important Information Regarding Mutual Funds Interactive Brokers offers customers the ability to invest in certain mutual funds. By making a mutual fund or mutual fund family available to customers, IB does not guarantee the appropriateness or suitability of any mutual fund investment nor do we make any recommendation of any kind. A mutual funds past performance is no indication of future results. A mutual funds performance can change over time depending upon a variety of market conditions and share prices can fluctuate on a daily basis. Seu investimento pode valer mais ou menos do que seu custo original quando você resgatar seus compartilhamentos. IB recommends that customers carefully read the funds prospectus prior to investing in the shares of a mutual fund. The prospectus contains important information about the funds objectives, investment strategies, risks and expenses. Customers may obtain a copy of a funds prospectus by contacting the fund or visiting the funds website. Customers may also contact IB Customer Service at (877) 442-2757 to request a prospectus. Please note, IB cannot verify or otherwise guarantee the accuracy or completeness of any mutual fund prospectus, statement of additional information, report to shareholders or proxy solicitation materials. Certain mutual funds made available through IB invest in international securities. Internationally invested mutual funds can carry certain risks, including, but not limited to, political and economic instability, fluctuations in currency exchange rates, foreign taxes, and differences in regulatory requirements and financial accounting standards. Prior to making an investment decision, customers are encouraged to carefully read the prospectus of any mutual fund that invests internationally. Some funds may require a minimum holding period for their shares. Some funds charge an early redemption fee if they are sold before a stated holding period ends. Please refer to the funds prospectus to see if these conditions apply. As a mutual fund shareholder, you may receive taxable dividends andor capital gains on your mutual fund investment. IB does not provide tax advice. Mutual fund investors should consult with their tax advisor in order to determine the impact of taxes on their mutual fund investment. In addition to Interactive Brokers transaction fee for mutual fund transactions, some mutual funds impose marketing and shareholder servicing fees (e. g. 12b-1 fees). Interactive Brokers may receive a portion of these fees as compensation for shareholder and marketing services rendered. For information regarding a particular funds payment and compensation practices, please read the funds prospectus and statement of additional information or visit the funds website. IB may share a portion of the compensation received from fund companies with your financial advisor. Mutual Fund Order Deadline. Please note that all mutual fund orders received prior to the close of the New York Stock Exchange (generally, 4:00 p. m. EST) will receive the mutual funds NAV price for that day provided the order is received on a trading day. Any mutual fund orders received after the close of the New York Stock Exchange will receive the following trading days NAV share price. Any mutual fund orders received on days when the New York Stock Exchange is closed (e. g. holidays) will receive the following trading days NAV share price. INTERACTIVE BROKERS DISCLOSURE REGARDING LEVERAGED AND INVERSE FUNDS Interactive Brokers (IB) is furnishing this disclosure to customers in order to provide additional information regarding the characteristics and risks associated with leveraged and inverse mutual funds and exchange traded funds (ETFs). In addition to providing this disclosure, IB strongly encourages customers to carefully review the funds prospectus before investing in a specific fund. As the name implies, leveraged mutual funds and ETFs seek to provide leveraged returns at multiples of the underlying benchmark or index they track. Leveraged funds generally seek to provide a multiple (i. e. 200, 300) of the daily return of an index or other benchmark for a single day excluding fees and other expenses. In addition to using leverage, these funds often use derivative products such as swaps, options, and futures contracts to accomplish their objectives. The use of leverage as well as derivative instruments can cause leveraged funds to be more volatile and subject to extreme price movements. Inverse mutual funds and ETFs, which are sometimes referred to as short funds, seek to provide the opposite of the performance of the index or benchmark they track. Inverse funds are often marketed as a way to profit from, or hedge exposure to, downward moving markets. Some inverse funds also use leverage, such that they seek to achieve a return that is a multiple of the opposite performance of the underlying index or benchmark (i. e. -200, -300). In addition to leverage, these funds may also use derivative instruments to accomplish their objectives. As such, inverse funds are volatile and provide the potential for significant losses. RISKS ASSOCIATED WITH LEVERAGED AND INVERSE FUNDS Leveraged and inverse funds are complicated instruments that should only be used by sophisticated investors who fully understand the terms, investment strategy and risks associated with the funds. In particular, customers should be aware of certain specific risks involved in trading in leveraged and inverse funds. These risks include, but are not limited to: Use of Leverage and Derivative Instruments: Many leveraged and inverse funds use leverage and derivative instruments to achieve their stated investment objectives. As such, these funds can be extremely volatile and carry a high risk of substantial losses. Such funds are considered speculative investments and should only be used by investors who fully understand the risks and are willing and able to absorb potentially significant losses. Most Leveraged and Inverse Funds Seek Daily Target Returns: Most leveraged and inverse funds reset daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, the return for investors who invest for a period different than one trading day may vary significantly from the funds stated goal as well as the target benchmarks performance. This is especially true in very volatile markets or if a leveraged fund is tracking a very volatile underlying index. Investments in leveraged and inverse funds must be actively monitored on a daily basis and are typically not appropriate for a buy-and-hold strategy. Higher Operating Expenses and Fees: Investors should be aware that leveraged funds typically rebalance their portfolios on a daily basis in order to compensate for anticipated changes in overall market conditions. This rebalancing can result in frequent trading and increased portfolio turnover. Leveraged and inverse funds will therefore generally have higher operating expenses and investment management fees than other funds. Tax Treatment of Leveraged and Inverse Funds May Vary: In some cases, leveraged and inverse funds may generate their returns through the use of derivative instruments. Because derivatives are taxed differently from equity or fixed-income securities, investors should be aware that these funds may not have the same tax efficiencies as other funds. INTERACTIVE BROKERS MUNICIPAL SECURITIES DISCLOSURE Much of the information below is found on the Financial Industry Regulatory Authority (FINRA ) website under the Investor Alert, Municipal Bonds Important Considerations for Individual Investors. For more information, please refer to this alert. Features of Muni Bonds Municipal securities, or, Muni bonds are debt obligations of state or local governments. The funds may be used to support general governmental needs or special projects. Municipal bonds are considered riskier investments than Treasuries, but municipal bond interest is exempt from being taxed by the federal government. In addition, local governments often exempt their own citizens from taxes on its bonds. However, municipal bonds often have a lower coupon rate because of the tax break. Municipal bonds generally pay a specified amount of interest (usually semiannually) and return the principal to you on a specific maturity date. There are two common types of municipal bonds: General Obligation (GO) Bonds - GO bonds are issued by states, cities or counties. They are backed by the full faith and credit of the government entity issuing the bonds. The creditworthiness of GO bonds is based primarily on the economic strength of the issuers tax base. Revenue Bonds Revenue bonds are backed solely by fees or other revenue generated or collected by a facility, such as tolls from a bridge or road, or leasing fees. Bonds that are backed by a specific tax or assessment of a government entity, such as a tourist tax or other special tax or assessment, also are often considered to be revenue bonds. Unlike GO bonds, revenue bonds are not backed by the full faith and credit of the government entity issuing the bonds. Instead, the creditworthiness of revenue bonds depends on the financial success of the specific project they are issued to fund, on the revenues of a specific operational component of the government entity, or on the amounts raised by a specific tax or special assessment. Historically, very few muni bonds have gone into default. But defaults can occur. Defaults tend to be higher for revenue bonds than for GO bondsespecially those that back private-use projects such as nursing homes, hospitals or toll roads. Risks Associated with Muni Bonds Risk of Default Evaluating Financial Condition Defaults, while rare, do occur. One way to evaluate an issuers default risk is to evaluate its financial condition. When a muni bond issuer offers a new bond for sale, it usually discloses the details of the offering and information about its financial condition in the bonds official statement (analogous to the prospectus used for corporate securities offerings). This information is typically updated each yearand also from time-to-time through material events notices concerning, for example, delinquency in principal and interest payments, other types of defaults, rating changes, events affecting the tax-exempt status of the bond, bond calls and other events. The Municipal Securities Rulemaking Board (MSRB) currently makes official statements, other ongoing muni bond disclosures, real-time trade pricing and up-to-date interest rate information available to the public for free through its Electronic Municipal Market Access (EMMA) Web site. This information is also available from IB. Credit ratings can also help you evaluate a bonds default risk. However, it is important to realize that these ratings are estimates only and should be only one of many factors in evaluating a municipal bond investment. Credit ratings can change at any time. A high credit rating is not a seal of approval and neither reflects nor guarantees stability of market value or liquidity. Conversely, a low credit rating may very well be a sign of a bonds increased risk of default or an indicator of greater liquidity risk and price level risk. As such, a low credit rating should not be taken lightly. So-called high yield munis often have low credit ratingsthe higher return is meant to compensate investors for the higher level of risk they incur. Not all bonds have credit ratings. While an absence of a credit rating is not, by itself, a determinant of low credit quality, investors in non-rated bonds should be prepared to make their own independent credit analysis of the bonds. Some muni bond issuers include a repayment protection feature - most often bond insurance - to insure their bonds at the time they are issued. A bond with insurance generally is able to come to market with a higher credit rating, making the bond more attractive to buyers, and at the same time lowering the issuing cost to the municipality. The protection can shield an investor from default risk to the extent that the protection provider promises to buy the bonds back or to take over payments of interest and principal if the issuer defaults. However, any guarantees are only as sound as the protection agentinsurance company that makes them. For this reason, when considering an insured bond, be sure to take into account the credit rating and long-term viability of the bond insurer. Following recent economic turmoil, the credit ratings of most bond insurers have been downgraded and, in many cases, the current credit profile of the municipal bond issuer itself may now be higher than the current credit rating of the bond insurer. Interest Rate Risk Muni bonds are subject to interest rate risk, which is the risk that an increase in interest rates may reduce the market value of a bond you hold. Interest rate risk, also referred to as market risk, increases the longer you hold a bond. This is especially true if you purchase a bond when interest rates are at or near historically low rates. MSRB Investor Brochure The below information is available on the MSRB website in the MSRB Investor Brochure located at: msrb. orgmsrb1pdfsMSRB-Investor-Brochure. pdf . An investor who believes a dealer has been unfair or that MSRB rules or federal securities laws have been violated, may also file a complaint with the Securities and Exchange Commission, 100 F Street N. E. Washington, D. C. 20549. COMPLAINTS ALSO MAY BE FILED WITH THE APPROPRIATE AGENCY LISTED BELOW. For complaints against securities firms or individuals associated with securities firms: FINRA Investor Complaint Center 9509 Key West Avenue Rockville, MD 20850-3329 (240) 386-4357 finra. orgcomplaint For complaints about dealers that are state banks that are not members of the Federal Reserve System: For complaints about dealers that are state banks that are members of the Federal Reserve System: For complaints about dealers that are national banks or savings associations: Comptroller of the Currency Customer Assistance Group 1301 McKinney Street, Suite 3450 Houston, TX 77010 (800) 613-6743 helpwithmybank. govcomplaintsindex-file-a-bank-complaint. html Anyone who wishes to communicate with the MSRB or obtain a copy of its rules may contact: Municipal Securities Rulemaking Board 1900 Duke Street, Suite 600 Alexandria, VA 22314-3412 Telephone: 703-797-6600 Website: msrb. org The MSRB protects investors, state and local governments and other municipal entities, and the public interest by pr omoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a Congressionally - chartered, self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is subject to oversight by the Securities and Exchange Commission. A central purpose of MSRB rules is to protect investors that buy or sell municipal securities. The MSRB adopts rules that require brokers, dealers and municipal securities dealers (dealers) to deal fairly with investors. When a dealer recommends a municipal security, MSRB rules specifically require that the recommendation be suitable to the investors financial situation and investment objectives. Advertisements about municipal securities must not be false or misleading. In addition, before selling a municipal security to an investor, the dealer has a duty to assess and disclose material facts about a security that are generally available in official statements, continuing disclosures and other information made available through the MSRBs Electronic Municipal Market Access (EMMA) website, at emma. msrb. org. Dealers also have a duty to obtain and disclose information that is not available through EMMA, if it is material and available through other established sources. A dealer must buy and sell a municipal security at a fair and reasonable price, based on its best judgment of the securitys fair market value. MSRB rules, available on msrb. org. include standards of professionalism and fair practice, and the obligation of municipal securities dealers to fully understand bonds they sell as part of their disclosure, suitability and pricing obligations. No dealer may guarantee an investor against a loss on an investment in a municipal security. After buying or selling a municipal security, the dealer must send a confirmation to the investor containing the identities of the parties to the transaction, a description of the security, the date of the sale, the securitys price and yield, the capacity in which the dealer is acting, the existence of any call or put features and the availability of specific information about those features. Disclosure of material information typically will be provided by directing the investor to the MSRBs EMMA website, at emma. msrb. org, to access an electronic copy of the issuers official statement. Investors may also request a printed copy of an official statement. MSRB rules apply to municipal securities (including 529 plans) and not to unit investment trusts, bond funds or other, similar investment programs issued by investment companies. Municipal securities generally are defined as direct obligations issued by a state, county, city or any of their political subdivisions, such as a school district or a housing authority. Investor Disputes with Dealers An investor who has a dispute with a dealer should try to resolve it with the sales representative or the representatives supervisor. If the dispute cannot be resolved, the investor may file a claim with the Financial Industry Regulatory Authoritys arbitration program for possible restitution of an unfair monetary loss. Information about FINRAs arbitration program may be obtained by writing to FINRA at 1735 K Street, N. W. Washington, D. C. 20006, Attn: Dispute Resolution. The investor also may file a complaint with the regulatory agency that examines the dealer for compliance with MSRB rules, or contact the MSRB, which will forward the complaint to the appropriate enforcement agency. Algorithmic Execution Venue Disclosure By selecting an algorithmic execution destination or algorithm for your orders, you are directing Interactive Brokers LLC (IB) to execute orders on your behalf using the algorithm provided by the designated broker-dealer, but you understand that you are not establishing a brokerage relationship with that broker-dealer and the broker-dealer has no obligations to you with respect to your orders. IB will continue to be your broker on these orders, even if you have a separate account directly with the designated broker-dealer providing the algorithmic execution venue, and orders that you enter through IBs order entry system will be executed and cleared in the same manner as other trades IB executes on your behalf. If you have any questions about an order you have placed with IB, whether directed to an algorithmic execution venue destination or any other destination, please contact an IB Customer Service Representative immediately. DISCLOSURE CONCERNING AUTO TRADING SERVICE PROVIDERS The U. S. Securities Exchange Commission (the SEC) has provided investors with the following information concerning Auto-Trading on the SECs website at sec. govinvestorpubsautotrading. htm : All About Auto-Trading If you subscribe, or are thinking about subscribing to, an investment newsletter service that offers auto-trading, please read this investor alert. Investment newsletters market auto-trading programs as a way to receive quick execution of trades recommended by the investment newsletter. In an auto-trading program, you establish an account at a brokerage firm that has agreed to accept trading instructions from the investment newsletter. In order to allow auto-trading in your account, you must sign an agreement with the broker authorizing it to accept trading instructions directly from the investment newsletter and to execute trades in your account without first getting your permission. The broker will make trades in your account without consulting you about the price, the type of security, the amount and when to buy or sell. Auto-trading, like any other arrangement that allows someone else to trade in your account without first asking your permission, can be highly risky. Here are some steps youll want to take to check out an auto-trading program, before you hand over any money: Check Out the Newsletter Find out whether the firm thats selling the investment newsletter is registered to do business as an investment adviser. You can do this by visiting the SEC website and clicking on the words Check Out Your Broker or Adviser. Generally, the SEC considers firms that publish investment newsletters and that also engage in auto-trading to be investment advisers. If you cannot find proof that the firm is registered as an investment adviser, please let us know by using our online Center for Complaints and Enforcement Tips. Independently Confirm Performance Be wary of claims of superior performance, especially ones that rely upon cherry picking successful recommendations and ignoring those that generated losses. Youll want to see a complete track record of how the firms recommendations fared over several months to evaluate whether it is living up to its promises. If the firm isnt willing to provide this information, think twice about entrusting your accounts and your money to them. Steer Clear of Testimonials Watch out if the investment newsletters promotional materials, such as its website, contain testimonials from supposedly satisfied clients, especially if all the testimonials are full of praise. The SEC forbids registered investment advisers from advertising their services using testimonials. Follow the Money Find out whether the firm offering the investment newsletter is being paid by others to recommend particular stocks. This is particularly important because you are giving the firm the ability to make trades in your brokerage account without asking your permission. Youll want to evaluate any conflicts of interest they might have in making recommendations. Fully Vet the Broker Before you establish a brokerage account with the firm the newsletter recommends, be sure to thoroughly check out the disciplinary history of both the brokerage firm and any sales representative assigned to your account. You can do this by using FINRAs free BrokerCheck service and by calling your state securities regulator. Be very wary if any firm claims to always make profits investing in the stock market, or if the firm claims to make extraordinarily high profits for customers. If it sounds too good to be true, it usually is For more information on how to invest wisely and avoid costly mistakes, please visit the Investor Information section of our website. UMIR Part 5 Schedule 5.2 BE IBC Trading Supervision Policies and Procedures Order Handling Policies Procedures on Multiple Canadian Equities Marketplaces For equities that trade on multiple Canadian marketplaces, as a matter of policy, IB will mandate SMART order routing and thus will route the orders to the best visible price during regular trading hours (RTH) (i. e. between the hours of 9:30 a. m. and 16:00 p. m.). To comply with applicable market rules, customers cannot direct an order to the market of their choice during RTH. Outside RTH, IB developed a functionality to provide its customers with the choice of routing orders to the pre-opening of the Toronto Stock Exchange (TSX) (Before 9:30 a. m. EST). IB will not accept customer instructions to prefer a marketplace over another during RTH however, IB customers can choose to trade during RTH or outside RTH. IB is providing clients with the choice of execution venue outside RTH by choosing the outside RTH trade functionality. Pursuant to Canadian marketplace regulations, IB will deal with better-priced orders on another marketplace if that marketplace disseminates order data in real-time and electronically through one or more information vendors, permits dealers to have access to trading in the capacity of agent, provides fully-automated order entry and provides fully-automated order matching and trade execution. IB is of the view that the displayed volume in the consolidated market display will generally be adequate to fully execute the order on advantageous terms for IB clients although IB may consider possible liquidity on marketplaces that do not provide transparency of orders in a consolidated market display. IB, when routing its customer orders, considers liquidity on the TriAct Canada Marketplace (Match Now) dark pool which does not provide transparency of orders in a consolidated market display. IB does not, intentionally or otherwise trade as principal against its Customers orders. IBs affiliates principal orders are automatically generated by a proprietary algorithm based on pre-determined order and trading parameters established, programmed and enabled for trading prior to the receipt of the client order and thus should be exempted from the application of the client-priority rule as prescribed by Canadian marketplace regulations. Day orders for Canadian equities submitted as RTH orders will expire at the close of the TSX which is designated as the principal market on which such equities trade. Day orders for Canadian equities submitted as outside RTH will expire at the end of trading on the last opened marketplace. GTC orders, Market orders and Marketable Limit orders submitted as outside RTH will NOT be routed for execution to the principal markets pre-open facility but to the visible market opened at the time of order receipt, with the implication to the customer that these orders may be filled at a price different from the opening price on the principal market. If customers submit an order before 9:30 a. m. EST (which is the opening time of the principal market) and this order is either a market order or a limit order which is, or becomes, a marketable order on another Canadian equities marketplace prior to 9:30 a. m. EST, it will be IMMEDIATELY EXPOSED to this marketplace for execution and customer may receive a confirmation of trade execution on this marketplace UNLESS customer specifically chooses to participate in the pre-opening facility of the TSX (which can only be done by submitting an order as a RTH order prior to 9:30 a. m. EST). GTC orders, Market orders and Marketable Limit orders submitted as outside RTH WILL be routed for exposure to the principal markets extended trading session for execution and customers may receive a confirmation of trade execution on this extended session. IB customers cannot direct an order to the market of their choice after 16:00 p. m. HUSA. If an IB customer submits an order after 16:00 p. m. EST (which is the closing time of the principal market) or if the order is a valid GTC order submitted prior to 16:00 p. m. EST which is, or becomes, a marketable order either on the extended trading session of the TSX or on another marketplace after 16:00 p. m. EST, it will be IMMEDIATELY EXPOSED for execution on both the TSE extended trading session and the relevant marketplace and customer may receive a confirmation of trade execution on either marketplace. REMINDER, customer cannot direct an order to the market of their choice after 16:00 p. m. HUSA. IB mandates SMART routing and transmitted orders use IB SmartRouting during Regular Trading Hours (RTH). All orders for Canadian stocks received between the hours of 9:30 a. m. and 4:00 p. m. Eastern Standard Time (EST), Monday through Friday, not including statutory Canadian holidays (Regular Trading Hours), will be transmitted for best execution via IB SmartRouting. To comply with applicable market rules, customers cannot direct an order to the market of their choice during RTH. Outside RTH, IB developed a functionality to provide its customers with the choice of routing orders to the pre-opening of the TSX (Before 9:30 a. m. EST). Is the order marketable A BUY order is marketable if the buy price is greater than or equal to the Best Offer (BO). A SELL order is marketable if the sell price is less than or equal to the Best Bid (BB). Market orders are always considered marketable. Route to default exchangeECN. Non-marketable orders are routed to the Toronto Stock Exchange (TSE). IB SmartRouting logic checks changes in the NBBO to see if an order has become marketable. If it has, the order begins the routing decision process. Cap to NBBO (National Best BidOffer) range. IB SmartRouting always searches for the best price in the market. In addition, to provide protection for market and through-the-market limit orders while increasing the probability of an execution, a price capping range is created. IBs capping rules apply to market and marketable limit stock orders and are designed to prevent orders from executing at a price that differs too much from a reference price. Route order to best destination based on price. Currently available routing destinations include Aequitas NEO and Aequitas LIT, TSX, TSXV, CSE, OMEGA, LYNX, ALPHA, NCX, CX2 and TriAct Canada Marketplace (Match Now). If customers submit an order before 9:30 a. m. EST and this order is either a market order or a limit order which is, or becomes, a marketable order between 9:00 and 9:30 EST, it will be IMMEDIATELY EXPOSED to the relevant marketplace for execution and customer may receive a confirmation of trade execution on such marketplace UNLESS customer chooses to participate in the pre-opening of the TSX. If customer submits an order after 16:00 p. m. EST and this order is either a market order or a limit order which is, or becomes, a marketable order on another marketplace between 16:00 and 17:00 EST, it will be IMMEDIATELY EXPOSED to this marketplace for execution and customer may receive a confirmation of trade execution on such marketplace. REMINDER, customer cannot direct an order to the market of your choice after 4:00 p. m. EST nor select a specific market for the purpose of participating in such markets closing price. If customer submits an order after 16:00 p. m. EST and this order is either a market order or a limit order which is, or becomes, a marketable order on another marketplace between 16:00 and 17:00 EST, it will be IMMEDIATELY EXPOSED to this marketplace for execution and customer may receive a confirmation of trade execution on such marketplace. REMINDER, customer cannot direct an order to the market of your choice after 4:00 p. m. EST nor select a specific market for the purpose of participating in such markets closing price. Does the order fully execute If the order fully executes, transaction is complete. If none or part of the order executes, the balance continues through the routing process. Transaction complete. The full order has been executed. Has order become non-marketable at this destination As the market data changes, the order may no longer be marketable at its current destination. If it remains marketable, the order is left at the current destination. If it becomes non-marketable, the algorithm checks to see whether it is marketable at other destinations. Have 10 seconds elapsed If the order remains marketable at a venue for more than 10 seconds without executing, and it is also marketable at other destinations, the order is cancelled at its current venue, the venue is removed from routing consideration, and the order routing decision process begins again. Is it marketable at another destination If the order is marketable on at least one other eligible venue, it is cancelled at its current destination and starts the routing decision process again. If the order is not marketable at any other venue, it remains at its current destination. The routing algorithm continues to monitor market data and scan all venues for a marketable destination. Has a better price become available If a better price becomes available at another destination, the unexecuted balance of your order is cancelled and the order-routing decision process begins again. Cancel balance of order and restart routing decision process. The unexecuted balance of a customer order is cancelled at the current destination and the routing decision process starts again. If an order is cancelled because it times out (10 seconds elapse), the algorithm checks to see whether it has been routed through all eligible venues. If it has, then all venues are included for consideration. If it hasnt been routed through all venues, the current destination is removed from consideration until all other venues have been exhausted. IMPORTANT CHARACTERISTICS AND RISKS OF PARTICIPATING IN INTERACTIVE BROKERS FULLY-PAID SECURITIES LENDING PROGRAMS You should read this document carefully before participating in IBs Fully-Paid Securities Lending Programs. In addition, you should carefully read the Interactive Brokers Master Securities Lending Agreement for Fully-Paid Lending before participating. Introduction Interactive Brokers LLC (IB) offers eligible customers the ability to lend out certain of their fully paid and excess margin securities to IB for on-lending to other IB customers or to other market participants who wish to use these shares for short selling or other purposes. Fully-paid securities are securities in a customers account that have been completely paid for. Excess-margin securities are securities that have not been completely paid for, but whose market value exceeds 140 of the customers margin debit balance. In this disclosure and in the relevant agreements, we collectively refer to fully-paid and excess margin securities as Fully-Paid Securities or Fully-Paid Shares. Lending out your Fully-Paid Shares may be a way to increase the yield on your portfolio, because some shares are in high demand in the securities lending market and borrowers are willing to pay a loan fee for the use of your shares. There are two ways to participate: Stock Yield Enhancement Program: In the IB-Managed Stock Yield Enhancement Program, you permit IB to borrow from you any Fully-Paid Securities in your portfolio and loan these securities out in the securities lending market. IB will have the discretion to initiate loans of your securities. You will not be asked to approve each loan before it is initiated, but you can sell your shares at any time or terminate your participation in the program. IB will pay you a loan fee for the shares that it borrows from you. Ordinarily IB will pay you a percentage of the net loan fee received by IB for lending your securities. IBs net loan fee used to calculate your loan fees may be less than the gross fees received by IB for relending your securities because of certain deductions and charges, as explained below. If self-directed fully-paid securities lending marketplaces develop, IB may offer the ability for clients to control their own securities lending activity. Basic Mechanics of a Fully-Paid Lending Transaction When the lending transaction takes place, your securities will be removed from your account. In return, IB will deposit cash collateral into your account to secure the amount of the loan. The current industry convention for the collateral calculation with respect to U. S. stocks is to multiply the rounded security price times the number of shares by 102. IB marks-to-market all positions nightly to reflect changes in security prices. IB reserves the right to adjust to US industry convention should that change or to raise or lower the collateral amount based on local laws or market custom outside the US however IB will never collateralize the stock loan for less than 100 of the value. For example, customer A has enrolled in the the Stock Yield Enhancement Program and IB has subsequently borrowed 5000 shares of XYZ from this customer. XYZs closing price is 22.15. The mark-to-market is collateral, calculated by rounding 22.15 1.02 22.59 up to the nearest dollar, which is 23, making the collateral calculation 23 5000 115,000. Whether you initiate the lending transactions yourself through a Self-Directed Fully-Paid Securities Lending Program, or you allow IB to borrow from you through the IB Stock Yield Enhancement Program, IB will be the counterparty borrower to all of the loans you make. That is, as a customer, you are not transacting directly on market. You are transacting with IB, which may then transact on the relevant market. For all transactions in which you are lending your Fully-Paid Shares, IB will be the borrower and IB will be responsible for providing the collateral to you on the securities loan and paying your loan fees to you. Securities Loaned Out By You May Not Be Protected by SIPC The provisions of the Securities Investor Protection Act of 1970 may not protect you as a lender with respect to securities loan transactions in which you lend to IB your Fully-Paid Securities. Therefore, the collateral delivered to you (and indicated on your account statement) by IB may constitute the only source of satisfaction of IBs obligation in the event that IB fails to return the securities. Securities Loaned Out by You Are Typically Used to Facilitate Short Sales The type of securities that are generally attractive to borrowers in the securities lending market, and which generate the highest loan fees, are hard to borrow securities. When you lend your Fully-Paid Securities, it is likely that such securities will be used to facilitate one or more short sales where the borrower is selling shares in hopes that the stock will decline in value (the short seller later re-purchases the stock to pay back the stock loan). Since you are holding the shares long in your account, the activity of short sellers potentially could affect the long-term value of your holdings. NOTE: If you do not want your fully-paid securities used to facilitate short sales, you should NOT participate in IBs Fully Paid Securities Lending Programs. You Continue to Own Loaned Shares and Have Market Risk on Those Shares When you lend your shares, you continue to own the shares and you continue to have the market exposure inherent in ownership of the shares ( i. e. . if the share price increases while you own the shares but are lending them out, your equity in the position will increase. If the price goes down, your equity will decrease). You Can Sell Your Loaned Shares At Any Time Even though you have loaned your shares out, you can sell those shares at any time, just like any other shares in your IB account. You do not have to wait for the shares to be returned to sell them. Even if the shares are not returned on time to settle your sale of the shares, IB will be responsible for settling the sale, not you, and you will receive the proceeds from the sale of the shares on the normal settlement date for the sale. Loan Rates (and therefore the Fees You Will Receive) Are Subject to Frequent Change and Can Go Down (or Up) by 50 or More Rates for hard to borrow and other shares change frequently, even daily, in the securities lending market and this can reduce (or increase) the loan fee that you receive for lending your shares out. Likewise, IB may change the rate it pays you compared to the fees that IB receives when it lends your securities to third parties. If you have permitted IB to borrow your Fully-Paid Securities through the IB Stock Yield Enhancement Program, you will not have direct control over when to initiate or terminate loans of specific shares (including based on rate changes). However, you can always terminate your participation in the program (which will terminate all of your lending transactions) if you are unhappy with the rates you are receiving or the nature or frequency of rate changes. Please note, though, that if you terminate your participation in the Stock Yield Enhancement Program, you may not be permitted to re-join the program, or you may have to wait a certain length of time to re-join. Potential Adverse Tax Consequences from Receiving Cash Payments in Lieu of Dividends on Loaned Shares When you lend your Fully-Paid Securities, you are entitled to receive the amount of all dividends and distributions made on or in respect of the loaned securities. However, you may receive cash payments in lieu of dividends. If you are a U. S. taxpayer, cash payments in lieu of dividends are not the same as qualified dividends for tax purposes and are taxed as normal ordinary income (up to 39.6) instead of the preferential qualified dividend rate of 20 (U. S. federal income tax rates quoted here are for 2013 and are subject to change). If you are not a U. S. taxpayer, IB may be required to withhold tax on payments in lieu of dividends and loan fees to you at 30 unless an exception applies. If you permit IB to borrow securities from you through the IB Stock Yield Enhancement Program, IB may recall loaned shares from the borrower prior to a dividend, so as to reduce potential negative tax consequences to you. However, it is solely within IBs discretion to recall a loan and IB makes no guarantee to recall a loan prior to a dividend. With respect to other corporate actions affecting loaned shares, non-cash distributions that you are entitled to receive in connection with ownership of loaned securities will be added to the loaned securities on the date of distribution and will be transferred to you at termination of the loan. Special tax considerations may arise if shares of master limited partnerships or publicly traded partnerships are loaned out under the Stock Yield Enhancement. You are encouraged to consult the issuers prospectus or your tax advisor for further information. IB is the Counterparty to All Fully-Paid Lending Transactions with You. IB or Its Affiliates May Earn a Spread in Rates and May Profit or Lose in Connection with the Transaction or Other Transactions in the Same Securities. IB May Pay Part of the Loan Fees to Third Parties, Which Will Reduce the Rate You Receive for the Duration of the Loan. IB will be the counterparty (borrower) when you lend your shares. Any transactions that IB may or may not do in other securities lending markets are completely independent of your loan transaction to IB. Thus, after IB borrows shares from you at a given rate, IB may or may not then lend those shares on AQS, or lend them to or through an affiliate or third party. Likewise, IB may terminate a loan with you and return shares to you while at the same time IB continues to lend shares of the same stock out to the marketplace. In short: IBs obligation to you is to pay you the specified rate on ongoing loan transactions until such transactions are terminated by you or by IB. Nothing in the IB Fully-Paid Lending Program restricts IBs ability to conduct stock lending and borrowing transactions with third parties, who may profit or lose in connection with the transactions. IB may borrow shares from you and then lend those shares to one of its affiliates for the affiliates own purposes (including short selling). In the United States, IB typically also uses affiliate as a conduit to the securities lending markets. This means that IB may lend the shares to the affiliate, which will then lend the shares out to other parties in the securities lending market IB or its affiliates or third parties may earn a spread on securities lending transactions with your stock. This means that the rate you receive from IB for your loaned securities may be worse than the rate IB or its affiliate receives from a third party (or that IB receives from the affiliate if the affiliate is the ultimate borrower) on those same shares. If IBs affiliate is acting as a conduit, there will be a minimum 5 basis point (0.05) reduction in the loan rate you receive for the loaned shares compared to market rates. IB may pay part of the net loan fees (for shares you lend) to third parties such as your financial advisor or introducing brokers who may introduce your account to IB. These payments may reduce the loan fees (rate) you receive for the entire duration of the loan. There Is No Guarantee That You Will Receive the Best Loan Rates for Your Shares The securities lending market is not a standardized and transparent market. Securities lending transactions generally take place over the counter rather than on organized exchanges where prices and transactions are transparent. There are no rules or mechanisms that guarantee or require that any given participant in the marketplace will receive the best rate for lending shares, and IB cannot and does not guarantee that you will receive the most favorable rate for lending your shares. IB or its affiliates through which it conducts securities lending transactions may not have access to the markets or counterparties that are offering the most favorable rates, or may be unaware of the most favorable rates. As noted previously, IB or its affiliates or third parties may earn a spread on the rate, such that the rate you receive is worse than the rate IB or its affiliates receive. There Is No Guarantee That Your Fully-Paid Shares Will Be Loaned Out There is no guarantee that you will be able to lend (or that IB will want to or be able to borrow) your Fully-Paid Shares. There may not be a market to lend your Fully-Paid Shares in a particular security at a rate that is advantageous, or IB may not have access to a market with willing borrowers. IB, or other IB customers or IBs affiliates, might have shares that may be loaned out that will satisfy available borrowing interest and, therefore, IB may not borrow shares from you. There is no rule or requirement, nor is there anything in the applicable agreements between you and IB, that requires IB to borrow shares from you or requires IB to place your interest in lending shares of a particular security ahead of IBs own interests, or those of other IB customers or those of IBs affiliates. If IB is managing your lending transactions through the IB-Managed Stock Yield Enhancement Program, IB cannot and does not guarantee that all of your Fully-Paid Shares that possibly could be loaned out to generate loan fees will be loaned out. Loans May Be Terminated At Any Time By IB When you lend your Fully-Paid Shares, the loan may be terminated and the shares returned to your IB account at any time. The loan may be terminated because a party that borrowed the shares from IB (after IB borrowed them from you) chose to return the shares, or because you or IB received a rerate request and rejected the rerate or did not respond to the rerate request. IB also has the right to terminate its borrowing of shares from you even if IB continues to lend the same stock through the securities lending market. When the loan is terminated, shares will be returned to your account, you will stop receiving the loan fees, and the cash collateral will be removed from your account. If you permit IB to borrow securities from you through the IB Stock Yield Enhancement Program, you will not have direct control over when to initiate or terminate loans of specific shares. Please note, however, that you can always terminate your participation in the program (which will terminate all of your lending transactions) Selling Your Shares or Borrowing Against Them or Withdrawing Cash Collateral Beyond a Certain Amount Will Terminate the Loan Transaction If you sell the Fully-Paid Shares you have lent out, or if you borrow against the shares or withdraw cash collateral (such that the securities become margin securities and are no longer fully-paid or excess margin securities), the loan will terminate and you will stop receiving the loan fee. Commissions and Other Charges If you permit IB to borrow securities from you through the IB Stock Yield Enhancement Program, you will receive a loan fee, which will be credited daily, and generally represents a certain percentage of the net loan fee received by IB for relending your shares. The percentage may be changed by IB in its sole discretion. Likewise, the loan fee may be varied by agreement between certain customers and IB, depending on the size of the customers loan portfolios, the types of Fully-Paid Securities available in the customers accounts, and other factors). As noted above, IB or its affiliates or third parties may also earn a spread on the rate, such that the rate you receive will be based on a net fee after deduction for charges by IB or its affiliates. If IBs affiliate is acting as a conduit, there will be a minimum 5 basis point (0.05) reduction in the loan rate IB receives for the loaned shares compared to market rates. Likewise, as noted, IB may pay part of the net loan fees (for shares you lend) to third parties such as introducing brokers who may introduce your account to IB. These payments may reduce the loan fees (rate) you receive. You may always terminate your participation in the program if you are unhappy with the rates you are receiving. Interest Treatment on Cash Collateral You generally will not receive a separate interest payment from IB on the cash collateral that is credited to your account when you lend Fully-Paid Shares to IB. You will only receive the loan fee rate that is confirmed for lending your shares. This is because when you lend shares against cash collateral, you are effectively borrowing the cash collateral (just as IB is borrowing your shares). Ordinarily you would pay an interest rate on the collateral to the stock loan counterparty (IB) and then you would receive interest if you then deposited that cash collateral with a third party. In this case, these two potential interest payments cancel each other out and the net rate for the lending transaction is the net payment you will receive from lending your shares (reduced by any commissions, management fees or other applicable charges). The interest treatment on collateral may change from the above depending on the securities lending market and the collateral method. Please refer to the IB website. The borrower of securities (and not you, as lender) has the right to vote, or to provide any consent or to take any similar action with respect to the loaned securities if the record date or deadline for such vote, consent or other action falls during the term of the loan. Disclosure Regarding Interactive Brokers Pre-Borrow Program Introduction : Interactive Brokers (IB) offers eligible customers the ability to borrow shares in advance of selling such shares short (a pre-borrow transaction). Please read the following disclosure carefully for important information about the pre-borrow program. Basic Nature of Transaction : When you pre-borrow shares through IB, you will be engaging in a securities borrowing transaction with IB as your counterparty and you will be charged an interest rate each day for the borrowed shares. The interest rate may change as often as daily based on changes in market conditions, changes in demand for the shares in the securities lending market, and other factors. All Borrow Rates Are Merely Indicative Until Confirmed on Daily Statement Rates May Change Daily : IB may provide indicative interest rates for pre-borrows, but such rates are indicative only and may be higher or lower by a material amount than the actual rate that you will be charged if you borrow securities, which will be determined at or near the end of the trading day and is subject to change each day thereafter. By using the IB Trader Workstation or other means to initiate a pre-borrow transaction, you are agreeing to borrow securities for at least one day and you are agreeing to pay whatever interest rate IB charges you in its sole discretion for the loan of the securities (i. e. your request to pre-borrow shares is similar to a market order). The rate for your loan will be determined by IB based on a number of factors, including but not limited to demand in the securities lending market, rates charged to IB by its counterparties and borrowing and lending activity by other IB customers. After you have requested a pre-borrow and IB has confirmed the loan to you of the shares during the trading day, IB may provide you with an indicative rate for the loan. Again, this rate is only indicative and the final interest rate is subject to change and will not be determined until at or near the end of the trading day. The interest rate for each day and transaction is not final until it is reported to you on your daily IB statement. Return of Borrowed Shares : If you wish to return shares after you have borrowed them, you may do so beginning on the next trading day (you cannot return borrowed shares on the same day as the original pre-borrow). In order to return shares on a given day and terminate the borrowing costs, you must initiate a return of the shares by the cut-off time specified on the IB website or by 10:50 a. m. Eastern U. S. time, whichever is earlier. Pre-Borrow Transactions And Short Sale Transactions Are Separate And Independent : When you pre-borrow shares, the transaction does not automatically involve a short sale of such shares. You must engage in a separate short sale trade to open a short position. Likewise, if you pre-borrow shares and then sell the shares short, and later you cover the short sale by purchasing shares, this will not automatically extinguish the borrow transaction. Isto é, you will still be borrowing the shares and in order to return them and stop paying interest for borrowing them, you must separately initiate a return of the borrowed shares using the Trader Workstation or other means specified by IB. If, after pre-borrowing shares, you do not sell them short for settlement within 5 days of the pre-borrow, IB may, but is not required to, terminate the loan and return the shares. If you have an existing short sale position and you subsequently pre-borrow shares of the same security, IB may, but is not required to, use the pre-borrow to support the existing short position (depending on when and if you engage in other short sales). No Guaranteed Term for Borrows Borrowed Shares Subject to Recall at Any Time : Pre-borrowing shares does not give you the right to keep the borrowed shares for any specific period of time. The loan can be terminated by IB at any time and the borrowed shares will be taken from your account and returned. Among other reasons, this may happen if IBs external stock loan counterparties demand the shares back from IB. If you have pre-borrowed shares and then sold the shares short and IB thereafter terminates your borrow, this will not automatically terminate your short position (IB will not necessarily buy-in the shares you sold short). IB may be able to continue to provide shares to support your short position. If you pre-borrow shares and the loan is later terminated and if IB cannot otherwise find shares to continue to support your short position, you short position will be subject to being bought-in. Commissions and Interest Rates : In addition to the interest rate you pay for borrowing shares, you will be charged a commission (at the commission rate described on IBs website) for each pro-borrow transaction. While IB will attempt to provide competitive interest rates for your pre-borrow transactions, IB does not guarantee that the rate will be the most favorable rate available. When you pre-borrow shares, IB may lend you shares it has available or may engage in separate transactions with external stock loan counterparties to support the loan to you. In either instance IB andor its affiliates may earn a profit andor a spread over market interest rates on the loan of shares to you. Borrowing charges will be applied to your account on the same day that you initiate a pre-borrow transaction. This is true even though a short sale of those same shares will not settle until three days after the trade date. Thus, pre-borrowing before a short sale will lead you to incur several extra days of interest charges for the borrowed shares compared to an ordinary short sale done without a pre-borrow. No Voting Or Other Rights : You will not have the right to vote, or to provide any consent or to take any similar action with respect to securities you borrow even if the record date or deadline for such vote, consent or other action falls during the term of the loan. SIPC May Not Protect Pre-Borrowed Shares Prior to a Short Sale : Prior to using pre-borrowed shares for a short sale, such shares may not be protected under the provisions of the Securities Investor Protection Act of 1970. FINRA Investor Protection Information Resources Financial Industry Regulatory Authority (FINRA) Conduct Rule 2267 requires that Interactive Brokers provide customers with certain information regarding its Public Disclosure Program. This information is included below: The FINRA BrokerCheck Hotline Number is (800) 289-9999. The FINRA Website address is finra. org. Customers who wish to obtain a brochure that describes FINRA BrokerCheck should contact FINRA at the Hotline Number listed above. Notice Regarding NFAs BASIC System Interactive Brokers LLC (IBL) is required to inform its customers of the National Futures Association (NFA) Background Affiliation Status Information Center (BASIC). The BASIC system compiles various information regarding registrants and anyone can access this system on the Internet. The information in the BASIC system includes Commodity Futures Trading Commission (CFTC) registration information and membership information from the NFA. Also included are regulatory and non-regulatory actions contributed by the NFA, the CFTC and the U. S. futures exchanges regarding futures-related activity. The NFA BASIC system may be accessed at nfa. futures. orgbasicnet. To locate information on a registrant, simply enter the registrants NFA ID number or name when prompted. For questions regarding this system, you may contact the NFA information center at 1-800-621-3570 between the hours of 8:00 a. m. to 5:00 p. m. CST. Consent to Accept Electronic Records and Communications IB provides electronic trade confirmations, account statements, tax information and other Customer records and communications (collectively, Records and Communications) in electronic form. Electronic Records and Communications may be sent to Customers Trader Workstation (TWS) or to Customers e-mail address, or for security purposes may be posted on the IB website and customer will need to log in and retrieve the Communication. By entering into this Agreement, Customer consents to the receipt of electronic Records and Communications. Such consent will apply on an ongoing basis and for every tax year unless withdrawn by Customer. Customer may withdraw such consent at any time by providing electronic notice to IB through the IB website. If Customer withdraws such consent, IB will provide required tax documents in paper form upon request by telephone or via the IB website. However, IB reserves the right to require Customer to close Customers account. In order to trade using the IB (TWS), and to receive Records and Communications through the TWS, there are certain system hardware and software requirements, which are described on the IB website at interactivebrokers. Since these requirements may change, Customer must periodically refer to the IB website for current system requirements. To receive electronic mail from IB, Customer is responsible for maintaining a valid Internet e-mail address and software allowing customer to read, send and receive e-mail. Customer must notify IB immediately of a change in Customers e-mail address by using those procedures to change a Customer e-mail address that may be available on the IB website. Interactive Brokers Group Privacy Notice At Interactive Brokers (IB), we understand that confidentiality and security of the personal information that you share with us is important. That is why we have developed specific policies and practices designed to protect the privacy of your personal information. By opening an account with IB or by utilizing the products and services available through IB, you have consented to the collection and use of your personal information in accordance with the privacy notice set forth below. We encourage you to read this privacy notice carefully. IB does not sell customer lists or customer email addresses to third party marketers. In order to provide brokerage services and to comply with regulatory requirements. IB collects certain personal, non-public information from you. This includes information: Provided during the IB account application process (e. g. your name, e-mail address, telephone number, birth date, social security number, investment objectives, etc.) Acquired as a result of the transactions you conduct through the IB system Received from consumer-reporting agencies Collected through Internet cookies. Cookies are bits of textual information that are sent electronically from a web server to your browser and are stored on your computer. They do not identify you individually or contain personal information about you, unless you have identified yourself or provided the information by, for example, opening an account or registering for an online service. IB may use cookies to measure and identify website traffic patterns and to track the performance of web features and advertisements. By providing IB with a better understanding of how you and others use IBs website and other web services, cookies enable IB to improve the navigation and functionality of its website and to present you with the most useful information and offers. IB may share information obtained from cookies with its employees, agents, and affiliates, but does not sell such information to unaffiliated third parties. IB may permit other companies or their third party ad servers to set cookies on your browser when you visit an IB website. Such companies generally use these cookies as we do. We safeguard the confidentiality of your information in a number of ways. For example: We do not sell or license lists of our customers or the personal, non-public information that you provide to us. We restrict access to the personal, non-public information that you have shared with us to those IB employees, agents, and affiliates who need to know such information in connection with the services that IB provides to you. We maintain strict employment policies that prohibit employees who have access to your personal, non-public information from using or disclosing such information except for business purposes. We take substantial precautions to safeguard your personal, nonpublic information. For example, the IB system can be accessed only by authorized IB personnel via valid user names and passwords. In addition, our Internet-based systems include security measures such as encryption and firewalls. We do not disclose personal, nonpublic information to individuals or entities that are not affiliated with IB, except as provided by law. For example, among other reasons, we may disclose or report such information: where necessary to authorize, effect, administer, or enforce transactions that you request or authorize to maintain and administer your account to provide you with account confirmations, statements and records to maintain appropriate archival records where we believe that disclosure is required by applicable law, rules or regulations to cooperate with law enforcement or regulatory or self-regulatory organizations to enforce our customer and other agreements to meet our obligations, or to protect our rights and property. Finally, if you choose to subscribe to any of the Investors Marketplace suite of third-party services that are provided through the IB website, we may disclose such information to the service providers as necessary for them to provide the services that you have requested. IB requires these service providers to enter into confidentiality agreements with IB that limit their use of the information that they receive. Such agreements prohibit the service provider from using IB customer information that they receive other than to carry out the purposes for which the information was disclosed. If you have any questions about these policies, please contact IB Customer Service through the IB website at interactivebrokershelp . Interactive Brokers LLC Business Continuity Plan Disclosure In accordance with applicable regulations, Interactive Brokers LLC has developed a Business Continuity Plan to assist the firm in appropriately responding to a significant business disruption as promptly as possible under prevailing conditions. Among other things, IBs Business Continuity Plan: Identifies Emergency Contact Personnel to the firms regulators Describes the systems infrastructure protections that the firm has established in an effort to minimize the potential adverse effects of a disruption (for example, redundancy of telecommunications and power generation, fire protection and building security) Describes the firms daily back-up of specified data and records and maintenance of back-up media at secure off-site locations Identifies the firms Disaster Recovery Site(s) and the methods that the firm would use to recover particular data and operations at the site Identifies important firm operations and where applicable, describes how those operations could be re-established in the event of a disruption Identifies the means by which IB will provide customers prompt access to their funds and securities andor the ability to transfer their funds and positions to another broker or futures commission merchant in the event o f a disruption of such magnitude that IB does not intend to continue business and Describes the means by which IB will communicate with its customers, employees, business constituents and regulators in the event of a disruption. In the event of a significant business disruption, IB intends to continue its operations to the extent reasonable and practical under the circumstances and will place utmost priority in re-establishing the data and operational systems necessary to provide its customers with prompt access to their funds and securities. IB intends to respond to disruptions of particular scope as follows: II. Branch Office Disruption Basic Access to Funds and Securities in the Event of a Branch Office Disruption: Critical systems and personnel necessary to provide customers with access to their funds and securities generally are not dependent on operation of IBs branch offices (Chicago, London, Hong Kong and Zug, Switzerland). Thus, IB does not anticipate that even a significant disruption to the operations of a single IB branch office would have more than a temporary impact if any on customers basic access to their funds and securities. Connection to IB Trading System for Certain Customers: In the event of a significant disruption to certain branch offices, customers that connect to the IB online trading system (e. g. the IB Trader Workstation) through the branch office likely would temporarily lose the ability to connect to the trading system. This likely would last only briefly, as connections for these customers could be reestablished through other IB offices in as little as a matter of hours. Recovery time probably would be minimal (measured in hours or days). Customers would still have the ability to place trades by telephone during the temporary outage. Customers access to account functions other than trading (e. g. deposits and withdrawals, account management, etc.) likely would be unaffected, as connections for many internet based functions other than trading are not location-dependent. We remind our customers that electronic and computer-based facilities and systems such as those provided by IB are inherently vulnerable to disruption, delay or failure. As specified in the IB Customer Agreement, customers must maintain alternative trading arrangements in addition to their IB accounts for the placement and execution of customer orders in the event that the IB system is unavailable. Connection to Market Centers in Same Region as Branch: A significant disruption in a branch office could temporarily impact all IB customers ability to execute trades on market centers in the same geographic region of the branch office, because necessary communications lines or personnel could be affected. In this case, IB would strive to reconnect to affected markets from its Greenwich, CT headquarters, another branch office, or through a third party. Recovery time to restore some basic ability to trade on local markets probably would be minimal (measured in hours or days). Other Branch Office Functions: Most important operations performed in IB branch offices, such as Customer Service, Account Application Processing, Compliance, etc. are also are performed in other IB offices and could be migrated to similarly-trained personnel in other branch offices promptly. Accordingly, IB does not anticipate that localized failures in a branch office would have a substantial negative impact on the firms ability to respond to customer needs. Recovery time would be minimal. III. Headquarters Disruption In the Event of a Modest Disruption at IBs Headquarters: IB has generally designed its systems, procedures and personnel structure such that there is significant redundancy and cross-capability. Limited disruptions affecting particular communications lines, particular pieces of computer hardware, or particular systems typically can be addressed quickly through use of redundant systems with similar capability. Likewise, the firm has significant capacity and capability in its branch offices, both in terms of systems and personnel, such that limited disruptions in particular areas at the firms headquarters may be ameliorated quickly. In the Event of a Very Significant Disruption at IBs Headquarters: IBs response to a very significant disruption at its headquarters necessarily will depend on the extent of the damage caused thereby. In the event of a total loss of IBs headquarters, or the data processing center at its headquarters, IB intends to recover, at its Disaster Recovery Site(s), the relevant data and operational systems (e. g. trade and account data and modified versions of its market data, credit vetting and customer authentication capability) necessary to provide customers prompt access to their funds and securities. IBs Disaster Recovery Site(s) are located in remote geographic locations that should not be subject to the same communications, electricity andor transportation restrictions that may be experienced in the firms Greenwich headquarters. During the immediate aftermath period of, for example, a terrorist attack resulting in the destruction of the firms Greenwich headquarters, the firm does not anticipate that customers could continue to place new trades. IB anticipates that it could recover customer data and position information at its Disaster Recovery Site(s) and establish basic customer access to funds and positions within approximately 2 to 5 days of a total loss of its headquarters operations. Thus, while they could not trade, we anticipate that, within this 2 to 5 day window after the loss of the headquarters facility, customers would be able to request a withdrawal of funds or transfer of their positions to another broker whose operations were unaffected by, for example, the terrorist attack. Although IBs Business Continuity Plan is designed to provide customer access to funds and securities within 2 to 5 days, the actual recovery time will depend on the nature of the disruption, how many IB facilities and personnel are affected, the state of the national and global financial and banking system, and a host of other factors. In the event of a very significant disruption or total loss of IBs headquarters facilities, IB anticipates that IB customers may be able to access either of the following websites: ibgdr or interactivebrokers. co. uk to obtain information about the extent of the disruption and the state of IBs operations (assuming that the public internet remained available). Likewise, because most customer service personnel are in offices other than at IB headquarters, IB anticipates that customers would continue to be able to contact IB telephonically. Of course, in the event of a significant outage or major terrorist or other disaster affecting the markets, large numbers of customers likely would try to contact IB at the same time, potentially causing major delays. Beyond the initial aftermath of a very significant disruption or total loss of the firms headquarters (i. e. in the time period after the first 5 days), the firm would evaluate the nature of the disruption, the availability of its systems and personnel, its financial condition, the condition of the national and global financial markets, and other factors, and the firm would determine whether to restore full brokerage operations or to discontinue brokerage operations and require its customers to transfer their accounts to another broker. IV. City Wide Disruptions and Regional Disruptions In the event of a significant city-wide or regional disruption in one of the cities in which an IB branch office is located, IB would follow the procedures described in Section II (Branch Office Disruption) above. Since no two IB branch offices are located in the same city or region, we expect that the disruptions effects would be limited (see Section II above). In the event of a significant city-wide or regional disruption, affecting the firms Greenwich, CT headquarters IB would follow the procedures described in Section III (Headquarters Disruption). IBs Disaster Recovery Site(s) are not located in the same city or region as the firms headquarters. IB will adhere to the procedures set forth in its Business Continuity Plan and described in this disclosure to the extent commercially reasonable and practicable under prevailing circumstances. However, there are innumerable potential causes of a business disruption. In addition, disruptions (and the events that caused them) may vary significantly in nature, size, scope, severity, duration and geographic location and will result in distinct degrees of harm to human life firm assets the banks, exchanges, clearing houses and depositories with which the firm conducts business and local, regional and national systems infrastructure (e. g. telecommunications, Internet connectivity, power generation and transportation) that could affect the firms recovery in vastly disparate ways. In recognition of this, IB reserves the right to flexibly respond to particular emergencies and business disruptions in a situation-specific manner which the firm deems prudent, in its sole discretion. Nothing in this document is intended to provide a guarantee or warranty regarding the actions or performance of IB, its computer systems, or its personnel in the event of a significant disruption. IB may modify its Business Continuity Plan and this disclosure at any time. IB will post updates to its Business Continuity Plan Disclosure on its website. Should you wish to receive a copy of an updated disclosure by mail, please contact the IB Document Processing Department at newaccountsinteractivebrokers . CLIENT STANDING AUTHORITIES (APPLICABLE TO CUSTOMERS FROM HONG KONG)