Brexit Planning message from IB to EU customers

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DanielTheEarner
Posts: 4
Joined: Fri May 24, 2019 10:15 am

Re: Brexit Planning message from IB to EU customers

Post by DanielTheEarner »

krasnall wrote: Sun Dec 06, 2020 5:32 am I found one more interesting difference between current arrangement and IBIE:
Please note that IBIE offers financing for securities and commodities trades but cannot support withdrawals of borrowed funds. You will be free to withdraw any free cash not needed to support your open positions. If you would like to withdraw additional funds, you can sell positions and withdraw the proceeds.
Unfortunately all new entities (IBIE, IBCE, IBLUX) share the same restriction and I don't understand why. I opened a new topic here to see if we can find a similar broker allowing margin funds withdrawal at low rates
bogle_man wrote: Tue Dec 29, 2020 6:54 am Is opening an account with TradeStation Global a workaround? I now they are linked to IB, but if TradeStation has the SIPC protection, then would not that be a viable option?
Tradestation Global clients are being migrated to Ireland/IBIE from what I've seen on various comments on reddit/facebook
mh199 wrote: Thu Dec 31, 2020 7:59 am They told me if you want to transfer to IBLUX, you need to have at least 1M USD on the balance.
Did they tell you this in writing? Can you share a screenshot?
msi200
Posts: 7
Joined: Sat Feb 29, 2020 2:14 pm

Re: Brexit Planning message from IB to EU customers

Post by msi200 »

Hi guys, I also received an invitation to move to IBIE.
However, I can't seem to find IB Ireland in the list of accredited companies at http://registers.centralbank.ie/FirmSearchPage.aspx
Should we be worried?
Laurizas
Posts: 519
Joined: Mon Dec 31, 2018 3:44 am
Location: Lithuania

Re: Brexit Planning message from IB to EU customers

Post by Laurizas »

I would not be worried, maybe the register is not updated daily.
alwaysonit
Posts: 154
Joined: Wed Sep 10, 2014 3:24 pm

Re: Brexit Planning message from IB to EU customers

Post by alwaysonit »

Another spanner in the works - IBLUX is ending and they are proposing yet another change, to IBCE (Hungary).
Decision must be made within 30 days.
Unsure if this has any implications?
DJN
Posts: 996
Joined: Sun Nov 19, 2017 11:30 pm

Re: Brexit Planning message from IB to EU customers

Post by DJN »

Hi,
this is somewhat worrying from the point of view of IB planning, I have just changed two accounts from London to Lux all in agreement and at the request of IB. So what do they know now that they didn't a matter of weeks ago? This kind of business and legal planning shouldn't be changing within this short time frame. By the way when they change account jurisdiction I cannot access the previous history which may have implicaitons for tax reporting.
DJN
Yah shure. | Have a look at the Bogleheads Wiki in the first instance.
mike999
Posts: 11
Joined: Sat May 09, 2020 1:30 pm

Re: Brexit Planning message from IB to EU customers

Post by mike999 »

DJN wrote: Wed Jun 16, 2021 3:33 am So what do they know now that they didn't a matter of weeks ago?
In the original message from IB they mentioned how IBLUX got approved end of 2019 but had constraints on the permitted scale of business and how they were in the process of creating two additional brokers IBIE and IBCE.
Sounds like they didn't get the conditions they wanted in lux while IBCE wasn't ready yet for brexit.
alwaysonit
Posts: 154
Joined: Wed Sep 10, 2014 3:24 pm

Re: Brexit Planning message from IB to EU customers

Post by alwaysonit »

Doesn't seem to have any major implications from what I can see?
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