BondDesk Fees

DESCRIPTION	ADD LIQUIDITY¹	REMOVE LIQUIDITY²
Agencies
< 12 months to maturity	USD 0.10 per bond	USD 0 per trade
12 - 24 months to maturity	USD 0.25 per bond	USD 0 per trade
> 24 months to maturity	USD 0.50 per bond	USD 0 per trade
Treasuries
< 12 months to maturity	USD 0.10 per bond	USD 0 per trade
12 - 24 months to maturity	USD 0.15 per bond	USD 0 per trade
> 24 months to maturity	USD 0.25 per bond	USD 0 per trade
T-bills	USD 2.50 per trade	USD 0 per trade
Corporate 0-99 bonds
< 6 months to maturity	USD 0.25 per bond	USD 0 per trade
7 - 12 months to maturity	USD 0.50 per bond	USD 0 per trade
13 - 24 months to maturity	USD 0.75 per bond	USD 0 per trade
> 24 months to maturity	USD 1.00 per bond	USD 0 per trade
Corporate 100-249 bonds
< 6 months to maturity	USD 0.19 per bond	USD 0 per trade
7 - 12 months to maturity	USD 0.38 per bond	USD 0 per trade
13 - 24 months to maturity	USD 0.56 per bond	USD 0 per trade
> 24 months to maturity	USD 0.75 per bond	USD 0 per trade
Corporate 250 + bonds
< 6 months to maturity	USD 0.13 per bond	USD 0 per trade
7 - 12 months to maturity	USD 0.25 per bond	USD 0 per trade
13 - 24 months to maturity	USD 0.38 per bond	USD 0 per trade
> 24 months to maturity	USD 0.50 per bond	USD 0 per trade

Notes:

Adding an order to an exchange or ECN’s order book before being executed.
Orders that are immediately executed against an existing bid or offer on an exchange’s or ECN’s order book.

ATS Bond Fees.

ESCRIPTION	ADD LIQUIDITY¹	REMOVE LIQUIDITY²
Bonds	USD 0.00	USD 0.00

Notes:

Adding an order to an exchange or ECN’s order book before being executed.
Orders that are immediately executed against an existing bid or offer on an exchange’s or ECN’s order book.

by IUR Capital USA

Desktop TWS

Our flagship platform designed for active traders and investors who trade multiple products and require power and flexibility, TWS includes all of our most advanced algos and trading tools, and offers a library of tool- and asset-based trading layouts for total customization.

Typically used by:

Traders and investors who want to take advantage of the full IUR offering, especially high-volume, global traders and those who require in-depth news, technical research and risk analysis tools.

Our real-time monitoring system lets you see the current state of your account at any time to give you the edge you need in changing market conditions.

Account Window

View account balances, margin, funds available for trading, market value and portfolio data for all of your products in the customizable, easy-to-read Account window.

Margin Requirements

Stay on top of your margin requirements with quick-glance summaries of potential deficiencies that help you avoid liquidation, and try “what if” Portfolio Margining to see your margin requirements using the Portfolio Margining system.

Trades

See daily executions as well as net trading activity by symbol in our expandable trade reports.

Watchlists

Create Watchlists to monitor real-time market quotes based on your market data subscriptions. Create, resize and move multiple named Watchlist windows to fit your own trading style.

Alerts

Create real-time alerts based on price, time, margin and volume that notify you of important changes in the market.

Profit and Loss

View P&L on your trading screen and in the Account window.

Our sophisticated risk-assessment technology helps you manage your risk in a dynamic market.Û

TWS Risk Navigator

The TWS Risk Navigator is a real-time market-risk management platform that provides a comprehensive measure of risk exposure across multiple asset classes around the globe.

Model Navigator

Modify pricing assumptions and include them in the model price calculation using this sophisticated option model pricing tool.

Option Analytics

Use the Option Analytics window to see values that reflect the rate of change of an option’s price with respect to a unit change in each of a number of risk dimensions.

Practice your trading skills in a simulated trading environment with a Paper Trading account. Watch how your strategies play out as you develop, practice and perfect the skills you’ll need to trade without risking any of your own money.

Test new strategies, products, exchanges, order types with prices and account values determined by actual market conditions – all without risk.
Access essential trading tools – real time charts, executions, market depth, option pricing, price risk analytics and more.
Learn market dynamics for new exchanges and products.
Access a Paper Account statement every day you trade.
Test your IB API (Application Program Interface) trading solutions.

The TWS PaperTrader works just like your production account. You can use most IBKR order types, trade all instruments available through the TWS, and experiment with almost every aspect of the TWS platform.
The PaperTrader interface clearly indicates that you are working in a simulated account. If you do not see this, you are trading in your production account and will be liable for all trades that fill.
Trades entered into this paper trading account will not actually execute on any exchange or settle at a clearing house. However, the price of your executions will be determined by real market prices and sizes.
Trading permissions, market data subscriptions, base currency, and other account configurations are the same as specified for your regular account.
A paper trading account statement will be provided each day and is available by logging into Account Management with your PaperTrader login and accessing the Reports menu.
All clients will start with USD 1,000,000 of paper trading Equity with Loan Value, and this equity will fluctuate as if the trades had executed in the real market.
You may reset your cash equity at any time by accessing Account Management for your paper trading account and selecting the Trade menu. Your account will be reset to the greater of either USD 100,000 or five times the total equity of the your production account. Note that reset requests should be entered before 16:00 ET in order to take effect for the next business day.

Although the paper trading account simulates most aspects of a production TWS account, you may encounter some differences due to its construction as a simulator with no execution or clearing abilities. These differences include but are not limited to:

No support for some order types including: Passive Relative, Auction, RFQ, and Pegged to Market.
Fills are simulated from the top of the book; no deep book access.
Limited combo and EFP trading.
Stops and other complex order types are always simulated in paper trading; this may result in slightly different behavior from a TWS production account.
Penny trading for US Options is not supported. You will be able to submit the order but it will not receive a penny fill.
The trade simulator will reject the remainder of any exchange-directed market order that partially executes. This may or may not match behavior of a real-world exchange. Market orders received while there is no quote on the opposite side will be held until the market data arrives (i.e. until the first partial fill).
Mutual Fund trading is not supported in a paper trading account.

by IUR Capital USA

Client Portal

Simple and Intuitive

Our new Client Portal homepage provides a streamlined view of your account that includes all of the information you need.

Key Account Metrics at a Glance

Easily see your essential account information such as your Net Liquidation Value, P&L, Buying Power and more – all in real-time.

Portfolio Performance

Effortlessly track your performance with our easy-to-read cumulative and monthly return charts.

Essential Elements. Efficiently Organized.

We’ve assembled all the important information about your account right on the Client Portal home page to make it simple and easy to monitor and trade your account. See your rate of return, portfolio positions, recent transactions, notifications and messages, portfolio and top news, available cash, and more.

All-in-One

Quick Trade

Easily place orders, manage open orders, and view recent trades from any page in the Client Portal with the slide-out trade ticket.

Notifications and FYIs

Quickly see your new messages, notifications, and FYIs, or contact client services with the notification center.

Tools and Services

Use the Tools menu to quickly access everything you need to manage your account such as funding, reporting, position transfers, and more.

Start Here. Go Anywhere.

Access all the tools and features you need to
monitor and manage your account.

Stay connected to what matters and access the key features and services of your IUR Securities account – all in one place and from any device.

Try Client Portal Today

Start Now

by IUR Capital USA

Financing

Interest Charged on Margin Loans

When calculating rates, keep in mind that IUR uses a fixed rate based on the below table for each currency.
The fixed rate on which interest is based may change from time to time without prior notification to clients. Such adjustments are done periodically to adjust for changes in currency rates.

When determining the quoted spread, IUR will factor in the rate provided by our clearing firm, who operate a blended interest rate on margin loan. This blended rate is added to our margin loan rate.

IUR accrues interest on a daily basis and posts actual interest monthly on the third business day of the following month.

Currency	Rate
USD	3.5% + Clearing Firm Interest

Reference Benchmark Rates

IUR’s benchmark for each currency is the reference rate around which our credit, debit, stock loan and other interest rate linked calculations are determined. IUR uses a combination of internationally recognized reference rates (such as LIBOR and Fed Funds), bank deposit rates, and dynamic interbank rates determined from foreign exchange and money markets to calculate an IUR Reference Benchmark rate.

Currency	Description for Effective Date:	Rate
USD	Reference Benchmark USD	0.050%

Earn Market Rate Interest on Your Uninvested Cash Balances

Client accounts are eligible to receive credit interest on long settled cash balances in their securities accounts.
Accounts with a Net Asset Value (NAV) of USD 100,000 (or equivalent) or more are paid interest at the full rate for which they are eligible.

Interest accrues and is payable daily. IUR posts the interest payments on a monthly basis on the third business day of the following month.

Currency	Rate
USD	0%

Calculations

Step 1

At the end of every day, IUR will obtain the following balances in each currency:

Ending Settled Cash balance in the securities account segment
Ending Settled Cash balance in the commodities account segment
Collateral balance for settled short stock positions
Ending Settled Cash balance in the clearing segment
Commodity risk margin requirement
Adjustment For Securities Deficit

The cash balances are reported on the Daily Statement under Ending Settled Cash. The commodity risk margin requirement is the Maintenance Margin Requirement as reported on the daily Margin Report minus the total commodity option value. The AdjustmentForSecuritiesDeficit is calculated as follows:

Minimum(-Minimum(EndingSettledCash_Securities + EndingSettledCash_of seperate clearing segment,0), EndingSettledCash_Commodities – CommodityRiskMargin)

The purpose of the AdjustmentForSecuritiesDeficit is to determine the value of the excess commodities funds which will be used to offset negative balances in any other segment.

The collateral balance per short stock is calculated by multiplying the prior day’s closing price by an adjustment factor based on the currency, rounding this value up, then multiplying by the number of shares.

For example, the collateral balance on a USD-denominated security would be:

Collateral Balance = (stock A prior day closing price x 102%, rounded up to the nearest 1.00) x (number of shares stock A) + (stock B prior day closing price x 102%, rounded up) x (number of shares stock B)

The adjustments utilized by IUR are as follows:

USD-denominated stock – multiply by 102%, round up to nearest 1.00

Step 2

IUR will obtain the USD-equivalent Net Asset Value in the account, consolidating the equity across the combined clearing accounts where possible. The Net Asset Value (NAV) is reflected in the daily account statement under the same name.

For the purposes of crediting interest on either long settled cash balances or short stock collateral values, accounts with a Net Asset Value (NAV) of USD 100,000 (or equivalent) or more are paid interest at the full rate for which they are eligible. Accounts with NAV of less than USD 100,000 (or equivalent) receive interest at rates proportional to the size of the account. For example, an account with a NAV of USD 50,000 earns credit interest at a rate equal to one-half the rate paid by IUR to accounts with a NAV of USD 100,000 or more.

For example, if an account holds

Settled Long Cash 370,000 EUR
Settled Short Cash (370,000) USD

Calculate the USD-equivalent of the EUR balance = 370,000 x 1.2 = 444,000

Calculate the USD NAV = 444,000 – 370,000 = 74,000

As the account would have NAV less than USD 100,000, a proportionate amount of interest would be paid on the long EUR cash balance. Interest would be debited on the short USD cash balance.

Step 3

IUR calculates an Adjusted Cash Balance for the Securities and separate clearing segments as well an Adjusted Cash Balance for the Commodity segment. This is done using the following formula:

AdjustedCashSecurities+separate clearing segment= EndingSettledCash_Securities + AdjustmentForSecuritiesDeficit + EndingSettledCash_ separate clearing segment – ShortStockCollateralValue

AdjustedCashCommodities = EndingSettledCash_Commodities – CommodityRiskMargin – AdjustmentForSecuritiesDeficit

Step 4

IUR will then determine how much of the AdjustedCashSecurities+ separate clearing segment balance should be applied to each rate tier.

Finally, we calculate the interest using the applicable rates.

No interest will be paid on excess funds in the commodities segment (AdjustmentCashCommodities). In the event negative interest rates apply, interest will be charged on long balances in the commodities segment.
The numberOfDaysInYear are based on industry standards for money market activity.

365: AUD, CAD, CNH/CNY, GBP, HKD, KRW, ILS, INR, NZD, RUB, SGD
360: USD, EUR, CHF, CZK, JPY, SEK, NOK, DKK, HUF, MXN
365: USD cash balances held in a Bank Deposit Sweep Program.

Accruals

Accruals will be posted to the applicable account segment as follows:

If the adjusted cash balances of the security, commodity and separate clearing segments are the same sign (i.e. all positive or all negative), the interest will be paid to the securities and separate clearing segments on pro-rata basis while no interest will accrue on the commodity balance. If the cash balances of the security and separate clearing segments are of opposite sign the interest of the Integrated Investment account will accrue to the segment with the higher balance.

The results of the above calculations are booked to a special “Accrued Cash” sub-account, one for each currency. Accrued Cash has the following features and functions:

FUNDS FOR TRADING: accrued cash is applied to trading balances, both positively and negatively.
WITHDRAWALS: accrued cash does not affect Settled Cash balances and therefore cannot be withdrawn. Positive accrued cash balances do not increase the available funds for withdrawal. However, negative accrued cash will reduce the funds available for withdrawal. This avoids the problem of having closed accounts with negative balances.
PATTERN DAY TRADING: accrued cash does not count toward Pattern Day Trading minimum balance requirements.

Each day, the new calculations for accrued interest are added to the cumulative accrued cash balances from the previous day.

Statements: Whenever the balance of accrued cash exceeds USD 1.00 (or equivalent), we will show the accrual on the Daily Statement. Accruals smaller than USD 1.00 are recorded in the IUR systems but are not reported on the statements.

Final Posting

At the end of the month, or within the first few days of the following month, IUR follows these steps:

IUR recalculates all the interest amounts using the calculations above. The new calculation is usually identical to the original cash accruals but may vary by small amounts due to corrections in settled balances or rates.
IUR determines the cumulative accrued cash for the previous month as the sum of the individual days.
IUR reverses this amount in the Accrued Cash sub-account at the beginning of the following month. For example, if the accrued cash balance for July was positive, we apply a debit charge to accrued cash in early August.
Simultaneously, we book the final interest calculation from Step 1 above to the regular cash account. In effect, Steps 3 and 4 above convert “pending cash” to “actual cash.”
These transactions² are reported on the Monthly Statement.

Trade Date versus Settlement Date (or Value Date)

In most large financial transactions, there is a time delay between the date on which the transaction is agreed to, and the date on which it settles, i.e., when the actual payment occurs. In the case of stocks (for example US stocks) there is a two-business day settlement period. If the trade is executed on a Monday, under normal settlement conditions the actual transfer of money occurs on Wednesday. If the trade occurs on Thursday, two-business days later crosses the weekend so normal settlement is the following Monday. Exchange and banking holidays the fall within the settlement period will push back the settlement date.

Why is the Settlement Date Important?

Only settled money is considered for interest rate purposes. When one buys stock, one retains the rights to interest on the money until settlement date. Similarly, sellers only start to receive interest beginning on settlement date.

Settlement Dating is generally a minor consideration for stock, option, and future traders. However, due to the large amounts of capital involved, understanding the concept of Settlement Dating is critical to FOREX and fixed income (bond or money market) traders.

Disclosure:

The new accrued cash shown after the above postings may not be zero. The residual balances reflect the continuing accruals for the first days of the current month. For example, if IUR processes the final interest calculation on August 6, Accrued Cash will still show the activity from August 1 through August 6.
Interest will not accrue or be paid to the commodity segment of the account. Both credit and debit interest will accrue and pay to/from the securities and IBUKL segments.
The calculated interest per tier will be rounded to the nearest 0.01 (or 1 for JPY). Therefore, a calculated interest of USD 0.0051 will be rounded to 0.01.

Example 1: An Easy to Borrow or General Collateral Stock

There are two factors for daily cost/revenues associated with short selling of stocks and bonds at IUR:

Borrow Fee
Short Sale Proceeds interest paid to you by IUR

Sell Short 100 AAPL

Stock Borrow Fee

TWS shows the following data for AAPL. The Fee rate* column reflects the Borrow Fee the account will be charged and shown on the account statement.

*TWS Fee rates are indicative intraday and may change due to market conditions between trade execution and settlement.

Statement

Value Date
Rates are based on a one-day look-back. The statement above is as of 6/21/2017 with a value date of 6/20/2017. That means the fee is being charged for holding the stock over market close on 6/20/2017.

Price
This is the cash collateral mark used to calculate interest.

Value
Collateral cash value.

Fee Rate (%)
The annualized percentage borrow fee the account is charged.

Borrow Fee
The cash amount the account will be charged to borrow AAPL for 6/20/2017.

Short Sale Proceeds Interest

IUR pays interest on Short Sale Proceeds based on the following schedule, calculated on the total short balance of the account.

The Short Sale Proceeds Interest rate that IUR would pay an account with a short balance of USD 5,000,000 is 0.628% (assuming the benchmark is 1.16%), computed as a weighted average of the tiers.

Net Cost

The net cost/revenue to short AAPL for an account with USD 5,000,000 in short balances is a credit of 0.378%, or USD 0.15 per day, as illustrated in this chart:

by IUR Capital USA

Configuring Your Account

Individual, Joint, Trust, IRA and UGMA/UTMA Accounts

	Individuals	Joint	Trust	IRA	UGMA/UTMA
Client Description	A single account holder.	Two account holders. Can be one of these types: Tenants with Rights of Survivorship, Tenancy in Common, Community Property, or Tenancy by the Entirety.	A legally established entity in which assets are held by one party for the benefit of another party.	Individual Retirement Account, available to individual US tax residents only.	An individual or entity who manages an account for a minor until that minor reaches a specific age. Available to US residents only.
Account Description	Assets held in a single account owned by a single account holder.	Assets held in a single account owned by two account holders.	A single account controlled by a Trustee with Settlors and Grantors.	Same as Individuals.	Assets held in a single account managed by a single Custodian user.
Trading Access & Account Management	Account holder has access to all functions. Can add additional users with a Power of Attorney.	Both account holders have access to all functions. Can add additional users with a Power of Attorney.	One or more trustees have access to all functions.	Same as Individuals.	Individual (Custodian) has access to all functions.
Margin	Cash, Reg T and Portfolio Margin are available.	Same as Individuals.	Same as Individuals.	Same as Individuals.	Cash accounts only. Margin is not available.

Friends and Family Accounts

Client Description	An advisor who is exempt from registration and has 15 or fewer clients.
Account Description	A master account linked to individual client accounts. The master account is used for fee collection and trade allocations. The advisor can open a single client account for his or her own trading.
Client Markups	% of equity, flat fee, % of P&L, fee per trade, and manual billing.
Trading Access & Account Management	The advisor has access to trading and most Account Management functions. Clients do not have access to trading but have access to all Account Management functions.
Margin	Cash, Reg T and Portfolio Margin are available. Each client account is individually margined.

Family Office Accounts

Client Description	An individual who is a Family Office Manager.
Account Description	Master account linked to multiple client accounts.
Client Markups	% of equity, flat fee, % of P&L, fee per trade, and manual billing.
Trading Access & Account Management	Family Office Manager can access some or all accounts or functions. Client users can trade and directly fund and view statements.
Margin	Cash, Reg T and Portfolio Margin are available. Each client account is individually margined.
Pre-Trade Allocations	Family Office Manager can pre-trade allocate account %, % of equity, or % of positions.

Small Business Accounts

Client Description	A small business corporation, partnership, limited liability company or unincorporated legal structure.
Account Description	A single account which holds assets owned by the entity account holder.
Trading Access & Account Management	Users can be configured to have some or all trading and Account Management functions.
Margin	Cash, Reg T and Portfolio Margin are available.

Advisor Accounts

Client Description	An Individual or Organization Registered Advisor that manages both client administration (Wealth Management) and the client's money (Money Management).
Account Description	A master account linked to individual or organization client accounts.The master account is used for fee collection and trade allocations. The advisor can open a single account for his or her own trading. The account can be white branded with the advisor's corporate identity.
Client Markups	% of equity, flat fee, % of P&L, fee per trade, and manual billing.
Trading Access & Account Management	The advisor has access to trading and most Account Management functions. Organization Advisors can have multiple users, each with access to different functions and jurisdiction over different client accounts. By default, client do not have access to trading, but client trading can be enabled. Clients have access to all Account Management functions.
Margin	Cash, Reg T and Portfolio Margin are available. Each client account is individually margined.
Pre-Trade Allocations	Advisor(s) can pre-trade allocate cleared trades by account %, % of equity, or % of positions.
Multiple Tiers	Advisors have the ability to add an Advisor account with clients, a Multiple Hedge Fund account with fund or SMA accounts, or a Separate Trading Limit account (STL) under the master account.

Money Manager Accounts

Client Description	An Individual or Organization Registered Advisor that is hired on behalf of another advisor (Wealth Manager) to manage some or all of their client's money.
Account Description	A new separate client account is opened for any client for whom a Money Manager manages money. Money Managers can manage money across multiple advisors (Wealth Managers) and their clients.
Client Markups	% of equity, flat fee, % of P&L, fee per trade, and manual billing, set by the advisor (Wealth Manager).
Trading Access & Account Management	The Money Manager has access to trading only. Assets are moved to the Money Manager client account by the Advisor (Wealth Manager). Organization Money Managers can have multiple trading users, each with jurisdiction over different client accounts.
Margin	The Money Manage client account inherits the margin type from the client's Wealth Manager client account. The Wealth Manager and Money Manager client accounts are margined separately.
Pre-Trade Allocations	Same as Advisors
Multiple Tiers	Not available.

Proprietary Trading Group Accounts

	Pool	Separate Trading Limit
Client Description	A corporation, partnership, limited liability company or unincorporated legal structure.	Same as Pool.
Account Description	Single account which holds assets owned by the entity account holder.	Multiple, linked accounts all in the name of a single entity. Assets in all accounts are owned by the entity account holder. Each account has its own trading limits and can have its own trading strategy.
Trading Access & Account Management	One or more users. Users can be configures to have some or all trading and Account Management functions.	Master user(s) are designated and can be configured to have some or all trading and Account Management functions. Sub account users only access to their single account functions.
Margin	Cash, Reg T and Portfolio Margin are available.	Cash, Reg T and Portfolio Margin are available. At trade initiation, each sub account is margined separately. For maintenance and liquidation purposes, all accounts are consolidated.

Compliance Officers

	EmployeeTrack
Client Description	Any organization that needs to monitor all or some of their employees' trading activity.
Account Description	A single account linked to multiple individual, joint, trust and IRA employee accounts for the purpose of monitoring their trading activity.
Trading Access & Account Management	Trading is completely controlled by the broker employee with Compliance access to trade activity.
Margin	Not applicable.

Administrators

Client Description	Any organization that provides third-party administrative services to other institution accounts. The services offered by such an organization might include auditing, accounting and legal counsel.
Account Description	A single account linked to multiple Advisor, Single or Multiple Hedge Fund, and Proprietary Trading Group accounts for the purpose of providing reporting and other administrative functions to one or more client, fund or sub accounts.
Trading Access & Account Management	An Administrator cannot trade and has no access to IB trading platforms. An Administrator logs into Account Management once to perform reporting functions for the multiple client, fund and sub accounts to which he or she is assigned.
Margin	Not Applicable.

Trading Requirements

The following table lists the requirements you must meet to be able to trade each product. Be sure to read the notes at the bottom of the table, as they contain important additional information. Note the information below is not applicable for India accounts.

Important: To qualify as an a client, you must meet these requirements:

`To trade any product, you must have a Good or Extensive Knowledge Level for that product. In the case of Complex & Leveraged Products, you must have a Good or Extensive Knowledge Level for stocks and options and stocks, or take a test.
To trade options, futures or Cash Forex, you must have a minimum of two years trading experience with that product or take a test.
To trade Bonds, if you are Hong Kong applicant, you must have a minimum of five years trading experience with that product or take a test.
To trade Complex & Leveraged Products, you must have a minimum of two years trading experience with stocks and options, or with stocks or options and take a test. Note that UGMA and UTMA accounts are not eligible to trade this product type.
Your Net Worth cannot be less than your Liquid Net Worth.
To qualify for a Portfolio Margin account, your Net Worth and Liquid Net Worth must each be greater than 100,000 USD.

Stocks, Warrants, Mutual Funds, Bonds (excluding HK applicants)¹

		Liquid Net Worth/Income Minimums Age
Account Type	Investment Objectives	>50 or ORG	41-50	31-40	21-30
Cash Account	Income or Growth or Trading Profits or Speculation or Hedging	>20,000/Any (Clients aged 18-21 are eligible to trade stocks if they meet all other requirements)
Reg T Margin Account	Growth or Trading Profits or Speculation or Hedging	>20,000/>40,000
Portfolio Margin Account	Trading Profits or Speculation	>100,000/Any

Bonds (HK applicants)⁸


Account Type	Investment Objectives	>50 or ORG	41-50	31-40	21-30
Cash Account	Income or Growth or Trading Profits or Speculation	>100,000/Any	>75,000/>50,000	>75,000/>45,000	>75,000/>40,000
Reg T Margin Account	Growth or Trading Profits or Speculation	>100,000/Any	>75,000/>50,000	>75,000/>45,000	>75,000/>40,000
Portfolio Margin Account	Trading Profits or Speculation	>100,000/Any	>100,000/Any	>100,000/Any	>100,000/Any

Options, Penny Stocks – (Stocks are automatically selected when you select Options)^{2, 3, 5}

		Liquid Net Worth/Income Minimums Age
Account Type	Investment Objectives	>50 or ORG	41-50	31-40	21-30
Cash Account	Trading Profits or Speculation	>100,000/Any	>75,000/>50,000	>50,000/>45,000	>20,000/>40,000
Reg T Margin Account	Trading Profits or Speculation	>100,000/Any	>75,000/>50,000	>50,000/>45,000	>20,000/>40,000
Portfolio Margin Account	Trading Profits or Speculation	>100,000/Any	>100,000/Any	>100,000/Any	>100,000/Any

Limited option trading is also available with ANY Investment Objective. Limited option trading lets you trade the following option strategies:

Long Call or Put
Covered Calls
Short Naked Put: Only if covered by cash
Call Spread: Only European-style cash-settled
Put Spread: Only European-style cash-settled
Long Butterfly: Only European-style cash settled
Iron Condor: Only European-style cash settled
Long Call and Put

Cash Forex^{4, 5}

		Liquid Net Worth/Income Minimums Age
Account Type	Investment Objectives	>50 or ORG	41-50	31-40	21-30
Reg T Margin Account	Trading Profits or Speculation or Hedging	>100,000/Any	>75,000/>50,000	>50,000/>45,000	>20,000/>40,000
Portfolio Margin Account	Trading Profits or Speculation	>100,000/Any	>100,000/Any	>100,000/Any	>100,000/Any

Futures, Futures Options^{6, 7}

	Investment Objectives	Liquid Net Worth/Income Minimums Age
Account Type	Investment Objectives	>50 or ORG	41-50	31-40	21-30
Cash Account	Growth or Trading Profits or Speculation⁷ or Hedging	>100,000/Any	>75,000/>50,000	>50,000/>45,000	>20,000/>40,000
Reg T Margin Account	Growth or Trading Profits or Speculation⁷ or Hedging	>100,000/Any	>75,000/>50,000	>50,000/>45,000	>20,000/>40,000
Portfolio Margin Account	Trading Profits or Speculation⁷	>100,000/Any	>100,000/Any	>100,000/Any	>100,000/Any

Single-Stock Futures²

		Liquid Net Worth/Income Minimums Age
Account Type	Investment Objectives	>50 or ORG	41-50	31-40	21-30
Reg T Margin Account	Growth or Trading Profits or Hedging	>100,000/Any	>75,000/>50,000	>50,000/>45,000	>20,000/>40,000
Portfolio Margin Account	Trading Profits or Speculation	>100,000/Any	>100,000/Any	>100,000/Any	>100,000/Any

Complex or Leveraged Product (CLP)

		Liquid Net Worth/Income Minimums Age
Account Type	Investment Objectives	>50 or ORG	41-50	31-40	21-30
Cash Account	Trading Profits or Speculation or Hedging	>100,000/Any	>75,000/>50,000	>50,000/>45,000	>20,000/>40,000
Reg T Margin	Trading Profits or Speculation or Hedging	>100,000/Any	>75,000/>50,000	>50,000/>45,000	>20,000/>40,000
Portfolio Margin	Trading Profits or Speculation or Hedging	>100,000/Any	>100,000/Any	>100,000/Any	>100,000/Any

Notes:

Only applicants with US accounts and US residence can trade Mutual Funds.
If you select only Options or only Single-stock Futures, Stocks will automatically be selected as well.
For Options, in addition to the Years Trading and Trades per Year requirements, your Total lifetime Options trades must equal at least 100. For options, this is defined as stock trades + options trades + futures trades = at least 100 total trades lifetime.
For Cash Forex, in addition to the Years Trading and Trades per Year requirements, your Total lifetime Forex trades must equal at least 100. For Forex, this is defined as stock trades + options trades + futures trades + forex trades = at least 100 total lifetime trades.
Applicants who have completed the teaching exam for Options or Forex are exempt from the two years experience requirement to trade Options or Cash Forex.
If you select Futures Options only, Futures will automatically be selected as well.
The Speculation investment objective requirement does not apply to Futures and Futures Options trading in a Trust account.
HK Applicants who have completed the teaching exam for Bonds are exempt from the five years experience requirement to trade Bonds.