This is quite shocking! What the hell is going on?
Just read the title. I think this has been discussed here: Interactive Brokers: Brexit account migration = insurance drops from 500k USD to 20k EUR
I think this was just related to cash and ability to buy US ETFs?
Can someone summarise the video for non german speaker like myself ?
From what I could vaguely understand, the guarantee of the asset management drop significantly from 250’000$ to 20’000€ because we will no longer have our “account” in England but in one of the European country ?
Is it correct or I’m missing something ?
I thought the conclusion of the other thread was, that it doesn’t affect Swiss residents?
That was my conclusion as well. IB should also notify you if you are affected. As long as you don’t get a message concerning your account migration, you should not be affected. I hope it will stay as is, because that was one of the most important USP for IB for me (that and US ETFs).
It was, in parts at least, about protection of the whole portfolio.
But the topic does warrant a regular revival, until this whole business is done & through.
It’s a very good video. Good questions, clear answers.
It only covered EU clients though, so CH clients could still be handled differently.
For EU clients:
- will be able to choose between staying with IB UK or getting moved to IB IE/LU/HU. (Depends where u live mostly which IB u land up in, u can’t choose that)
- will definitely be needed that one actively accepts such a move.
- if moved to IB IE/LU/HU protection on whole assets gets reduced from $500k to €20k, as that is the insurance that is regulatory available.
- IB is a large stable broker and “shouldn’t” go bankrupt (but yeah )
New/unrelated info I picked up
- IB now supplies tax reports acc. to where u live acc. to that required in your jurisdiction - see under the usual “reportings” for it. Is generated & available within a few days after request.