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- 24 October 2005
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which broker r u getting webiress from? does that mean u have 2 brokers and paying twice for market data?
My account with IB has operational margin..... Do these changes apply only to new accounts perhaps?
Spoke too soon it seems - It would appear that no margin lending will now be available to any Australian clients on general shares until they sort out some red tape with ASIC. They expect the delay to be temporary, but no actual timeframe has been given.
Unless I am misunderstanding something, this will effectively prevent me buying any shares through IB as I have a large margin balance and can't see how I can buy using cash until that balance is cleared. Any cash deposited, dividends received or sales proceeds received will simply reduce my negative balance until such time as the negative balance is eliminated. In the meantime any purchase would by definition be on margin and thus not allowed. They would need to create a special account to quarantine new cash from the existing amount that is on margin and then allow you to purchase shares though that new account. Do others read it as I do?
sounds right to me. can only buy with cash and can only do that when you have no existing loan
Found this article IB has put up too http://ibkb.interactivebrokers.com/article/2101
Spoke too soon it seems - It would appear that no margin lending will now be available to any Australian clients on general shares until they sort out some red tape with ASIC. They expect the delay to be temporary, but no actual timeframe has been given.
A stupid question perhaps but.
Should i be seeing the bid and ask price in options chains, in IB web trader? i never had option trading enabled before, with other brokers, so not 100% sure what to expect...to be honest i figured there would be the same sort of depth screen that you get with stocks? is this not so?
What are you guys on about? Just log in to acct management, electronically sign the agreement, and everything is fine again.
Except if you sell any stock that was purchased using margin, then when that stock is sold, that money is used to pay down your margin loan and you won't be allowed to borrow it again. In fact you cant use margin to make any future purchases. For me it means reducing my option trading portfolio from 200K to 100k and a reduction in income from 4k per month, down to 2k. So it is a big deal.
Ditto for dividends received and for cash deposited. All credits to your account just reduce your margin and that new margin level then becomes the new upper limit.
If the resolution is to take longer than a few weeks, they should offer every margin holder a second cash only account without minimum monthly fees. Cash deposits, sale proceeds and dividends should be paid into this account and be usable to purchase additional shares etc. You won't be able to buy on margin, but at least you will be able to maintain your current cash margin without slowly depleting it.
What are you guys on about? Just log in to acct management, electronically sign the agreement, and everything is fine again.
Where, I logged in and couldn't find any thing?
Sent a tick off
The first screen i get when i sign into account management is the new margin lending agreement, there are 2 options basically either accept the new agreement or the 2nd one is to close the account.
The first screen i get when i sign into account management is the new margin lending agreement, there are 2 options basically either accept the new agreement or the 2nd one is to close the account.
Despite accepting the new agreement at least 3 times now, this screen keeps popping up each time I log on. I also seem to be unable to access account management as I cannot proceed past this screen.
sounds right to me. can only buy with cash and can only do that when you have no existing loan
Found this article IB has put up too http://ibkb.interactivebrokers.com/article/2101
There is an email address at the bottom of the article link above which is specifically for questions about the Australian margin lending problem. Might be worth a try.
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