Interactive Brokers

This is a discussion on Interactive Brokers within the Brokerages forums, part of the Commercial category; Originally Posted by goodtyneguy;567074 15th November 2008 Mr Perez or def, 1) Could you kindly provide us with a list ...

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Old Nov 30, 2008, 6:57pm   #1185
Joined Jun 2008
Quote:
Originally Posted by goodtyneguy;567074 15th November 2008

Mr Perez or def,

1) Could you kindly provide us with a list of SIPP administrators/trustees that you work with.

2) Has IB any plans to become an ISA plan manager i.e offer a stocks and shares ISA account. I feel sure if you did you would absolutely "clean up" in this lucrative market.(Maybe one or two other members would like to express their interest in this)?

Thanks
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Old Dec 1, 2008, 1:12pm   #1186
ibj
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IB is currently designing a SIPP account structure. We are in discussions with several SIPP administrators who will manage the accounts. Until the account is available, and the negotiations have been finalized, it would be inappropriate to discuss which specific administrators will work with us.

We do not have any plans to manage UK tax advantaged accounts directly. IB's strength is in efficient brokerage and risk management technologies so it makes more sense to focus on these areas, and partner with firms with complementary skills. Accordingly, we will work with recognized firms who are both proficient and efficient in the complexities of tax regulations, and who will provide the controls and reporting required by HM Revenue.

Last edited by ibj; Dec 1, 2008 at 1:18pm.
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Old Dec 1, 2008, 3:29pm   #1187
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Originally Posted by ibj View Post
IB is currently designing a SIPP account structure. We are in discussions with several SIPP administrators who will manage the accounts. Until the account is available, and the negotiations have been finalized, it would be inappropriate to discuss which specific administrators will work with us.

We do not have any plans to manage UK tax advantaged accounts directly. IB's strength is in efficient brokerage and risk management technologies so it makes more sense to focus on these areas, and partner with firms with complementary skills. Accordingly, we will work with recognized firms who are both proficient and efficient in the complexities of tax regulations, and who will provide the controls and reporting required by HM Revenue.
Thank you for your reply.

1) Can you give me an idea of when the SIPP account is likely to become available and is it possible to pre-register in order to be notified of this event.

2) Are you curently in negotiations with a recognized firm to partner with in providing a solution for people wanting to trade/invest within an ISA environment or do you have any future plans to do this.

Thanks :-)
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Old Dec 1, 2008, 3:46pm   #1188
ibj
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Originally Posted by goodtyneguy View Post
Thank you for your reply.

1) Can you give me an idea of when the SIPP account is likely to become available and is it possible to pre-register in order to be notified of this event.

2) Are you curently in negotiations with a recognized firm to partner with in providing a solution for people wanting to trade/invest within an ISA environment or do you have any future plans to do this.

Thanks :-)
We are expecting SIPPs by mid Q1, but possible even by end Q4 on a limited basis.
There will be a communique when the service is "live". We do not have any scheduled plans for ISA accounts because they seem to be generally smaller accounts than SIPPs.
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Old Dec 1, 2008, 4:27pm   #1189
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Originally Posted by ibj View Post
We are expecting SIPPs by mid Q1, but possible even by end Q4 on a limited basis.
There will be a communique when the service is "live". We do not have any scheduled plans for ISA accounts because they seem to be generally smaller accounts than SIPPs.
Once you have a firm "live" date it would be helpful if you could post it here with the names of the administrators you have been able to establish a working partnership with.

The original tax advantaged account was a personal equity plan (PEP) which if a recall correctly came into being in the UK tax year 1997/1998. These were superceded by ISA accounts and the maximum contribution level was maintained at £7,000 p.a until April of this year when it was increased to £7,200. Therefore the maximum account size for those who have taken full advantage of the allowance would be £77,200. This of course does not take into account investment returns.
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Old Dec 5, 2008, 2:16pm   #1190
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Not sure if this is the right place to post this but......

I'm trying to get Trader Workstation to show my P&L net of Commissions but can't seem to find the option anywhere, anyone know how to set it?
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Old Dec 8, 2008, 6:07pm   #1191
 
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I am interested in setting up an account with Interactive Brokers but I have 2 quick questions first.

1. I mainly day trade (Spreadbet) Index futures and FX, will the Pattern Day Trading Rules effect this type of trading with IB and will it effect the required minimum for the account?

2. Will my account be based in Sterling £?

Kind regards
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Old Dec 9, 2008, 3:07pm   #1192
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Originally Posted by samuelhogg View Post
I am interested in setting up an account with Interactive Brokers but I have 2 quick questions first.

1. I mainly day trade (Spreadbet) Index futures and FX, will the Pattern Day Trading Rules effect this type of trading with IB and will it effect the required minimum for the account?

2. Will my account be based in Sterling £?

Kind regards
Re 1: I trade index futures in a sub 25 k account without being effected by PDT rule. To my knowledge this rule should be applied only to equity (shares), options on equity and futures on equity (SSFs).

Re 2: If you like. I know at least of 4 different accounts in 4 different base currencies ( 2 of those even hold by the very same person). And you can cange the base currency anytime.

Regards

Hittfeld
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