• VolTrader which allows our clients to trade, like the professionals, in terms of option volatilities instead of prices.
• OptionTrader which provides streaming option chains with quick-click order transmission.
• Real-time Price/Risk Analytic tools, which includes Option Analytics, Portfolio Analytics, Option Modeler, and Arbitrage Meter.
• Over 40 different order types that limit risk, speed execution, improve price, use discretion (Iceberg and Hidden Orders), time the market and simplify trading.
• Real-time scanners and charts that provide options industry statistics such as Volatility, Volatility Gainers, and Put/Call Ratios.

• $0.75 per U.S. option contract / $0.0075 per share for active traders*. $5.00 minimum per trade.
• SmartRouting searches for the best price available at the time of your order, and unlike other routers, dynamically routes and re-routes all or parts of your order to achieve optimal execution.
• IB independently routes US stock, option and futures spread order legs to the best possible venue or natively routes your combination seeking price improvement, with IB undertaking the risk of partially executed orders.
• SmartRouting AutorecoverySM re-routes your US options order in the case of an exchange malfunction, with IB undertaking the risk of double executions.
• Higher interest paid on balances.

Trading around the world can be simple, because you are not required to open accounts in multiple currencies. Deposit a single currency in an account and when you want to trade a product denominated in another currency, a loan is created which is secured by your deposited currency. If you wish to eliminate the loan, you may do so at any time by trading currencies through our IDEAL network or depositing money in another currency. You will find that our currency exchange rates may be better than retail banks or exchange rates offered by the credit card companies.

For each account a single base currency designation must be made that determines an account's statement and margin requirement translation currency. However, deposits and withdrawals may be made in any non-base currency in AUD, CAD, CHF, EUR, GBP, HKD, JPY, or USD.

Note: US IRA margin accounts are never allowed to borrow currency and must pay in full with the native currency of the asset. This may be accomplished by converting currency before the trade. Universal Account features are not available for cash accounts. See our Trading Permissions page for details.

• Agriculture, Currency, Energy, Equity Index, Fixed Income, Metals, and Volatility Futures from a single platform.
• Futures, Commodities and Futures Options offered.
• Specialized Spread and Combination trade tools.
• Integrated charts and market scanners.
• Over 40 different order types that limit risk, speed execution, improve price, use discretion (Iceberg and Hidden Orders), time the market and simplify trading.
• Trade futures and futures options in combination with stocks, ETFs, and options worldwide from a single screen.

• $1.80 to $5.00 per contract all-in. Non-US commissions at comparable rates.
• IB independently routes US stock, option and futures spread order legs to the best possible venue seeking price improvement, with IB undertaking the risk of partially executed orders.
• Higher interest paid on balances.

• Specialized Book, Basket, Combination, Portfolio, Market Depth and Chart trading modules.
• Integrated technical, fundamental and price/risk analysis tools.
• Over 40 different order types that limit risk, speed execution, improve price, use discretion (Iceberg and Hidden Orders), time the market and simplify trading.
• Stocks available for shorting electronically posted.
• Trade stocks in combination with ETFs, options and futures worldwide from a single screen.

• $0.0075 per US share for active traders* all-in. No ticket charge, $5 minimum per trade. Non-US commissions at comparable rates.
• SmartRouting searches for the best price available at the time of your order, and unlike other routers, dynamically routes and re-routes all or parts of your order to achieve optimal execution.
• IB independently routes US stock, option and futures spread order legs to the best possible venue seeking price improvement, with IB undertaking the risk of partially executed orders.
• Higher interest paid on balances.
• Lower margin financing costs.

Exchange Traded Funds (ETFs) are index funds or trusts that are listed and traded intraday on an exchange. ETFs are constructed like Mutual Funds, but trade like stocks. ETFs allow investors to buy or sell an entire portfolio of stocks as a single security. The benefits of ETFs vs. Mutual Funds are listed below.

ETFs are available for equities and fixed income. There are a number of different ETFs on the market, including iShares, Diamonds, HOLDRs, SPDRs, Qubes and streetTRACKS managed by different issuers. Investors can trade ETFs on an exchange in any sized lots, except for HOLDRs, which are traded in 100 share lots. HOLDRs are unlike other exchange traded fund, in that any shareholder can exchange 100 shares of a HOLDR for the underlying stocks at any time. All other ETFs can only be created and redeemed by institutional investors.

• Specialized Book, Basket, Combination, Portfolio, Market Depth and Chart trading modules.
  Integrated technical, fundamental and price/risk analysis tools.
• Over 40 different order types that limit risk, speed execution, improve price, use discretion (Iceberg and Hidden Orders), time the market and simplify trading.
• Stocks available for shorting electronically posted.
• Trade stocks in combination with ETFs, options and futures worldwide from a single screen.
• Wide availability of ETFs for shorting.

• $0.0075 per US share for active traders* all-in. No ticket charge, $5 minimum per trade. Non-US commissions at comparable rates.
• SmartRouting searches for the best price available at the time of your order, and unlike other routers, dynamically routes and re-routes all or parts of your order to achieve optimal execution.
• IB independently routes US stock, option and futures spread order legs to the best possible venue seeking price improvement, with IB undertaking the risk of partially executed orders.
• Higher interest paid on balances.
• Lower margin financing costs.

There are several reasons to use this type of transaction:

a) If you carry a long stock position on margin, the EFP gives you the opportunity to reduce your financing cost because you will likely be able to sell the stock and buy the forward at a premium that is lower than your margin rate.
b) If you are short the stock, you receive interest on the credit balance generated by your short sale, but this interest is less than the premium you would receive by selling the SSF and buying back the short stock.
c) If you have excess cash in your account and would like to earn a higher return, you could buy stock and sell it forward at a premium higher than the interest your cash generates.

You must post margin when you carry a future contract. The margin is 20% of the value of the underlying stock and PTI ProDirect pays interest on all SSF margins.

All SSFs are settled through the Options Clearing Corporation, an AAA rated entity, making any interest earned through implied interest safer than with many other interest earning alternatives. IB displays the EFP spread on an annualized basis net of dividends for easy comparison with broker interest rates.

IB provides two vehicles for the exchange of currencies: IDEALPRO which allows a customer to trade Forex and IDEAL which allows a customer to convert their balances from one currency to another. Whatever currency balances you may hold, we always pay higher interest on credit balances, and charge lower interest rates on debit balances.

IDEALPRO provides professional Interbank spreads which are generally 0.5-3 PIPs (smallest price increment) wide, but the minimum order size is $25,000 or USD equivalent. Multiple large forex dealers provide direct price feeds with IDEALPRO displaying the composite of the best available price. With our universal account, it is easy to trade IDEALPRO cash along with currency futures from a single screen. To promote price transparency, as is the custom with all our products, we have separated our commissions from the quoted price. Please keep in mind that although many brokers don't explicitly charge forex commissions, they do build their commissions into the price spread.

IDEAL (for currency conversions) provides bid and ask quotes at spreads that are better than what you can obtain at your bank or through a credit card transaction. There is no minimum order size for an IDEAL order.

All forex trades are entered through the Trader Workstation like any other trade. The currency you wish to buy or sell is the transaction currency and is entered like any other securities or futures market data line into the Trader Workstation. You then choose Forex as the assets type and select a settlement or payment currency. Currency exchanges can be entered in one of two ways as buying one currency is the same as selling the other currency. Buying a transaction currency of Euros with a settlement currency of USD is the same as selling a transaction currency of USD with a settlement currency of Euros.

• IB independently routes US stock, option and futures spread order legs to the best possible venue seeking price improvement, with IB undertaking the risk of partially executed orders.
• ComboTrader allows customers to choose from a selection of predefined combinations or to create any generic combination of unlimited legs.
• SpreadTrader allows customers to instantly view and trade futures calendar spreads.
  Delta Neutral combinations are automatically computed.
• Portfolio Analytics displays real-time value at risk on all positions across asset classes.

• Continuous, instantaneous, and fully automated
• Complete anonymity
• Minimizes market impact
• No restrictions on maximum trade size
• No pre-set timed crossing
• NYSE, NASD, and AMEX stocks and ETFs available
• Access to non-displayed liquidity
• Two types of orders; Standard and Solicitation of Interest (SOI)