I’ve been following this for a while now. So far I haven’t received any communication from IBKR so I’m unsure if my account would be moved. I started it while living in Switzerland and I’m a Swiss resident and supposedly only EU domiciled accounts (or entity accounts formed in the EU) are affected.
The current cash and securities protection scheme has been quite generous and far above what I have with my European brokers so losing it does not faze me too much.
As the next Mustachian, I’m mostly concerned about trading US ETFs. The FAQ page does say that the trading permissions stay the same after the move - let’s hope it means ETF trading as well.
Finally, I will definitely keep my IBKR account because I’m also investing in US shares and I occasionally trade US options. I don’t see a better alternative for those.
As expected, vs. all the “panic” which ensued in the thread.
But I am not surprised that even their own customer facing support is not 100% knowledgeable on all things, with differing answers from different sources.
“News” from IB about IBCE & their Budapest office.
…oh and really impressive y/y growth of users (>50%), and it’s not like IB is a new start-up & was “small” a year ago. Their system hasn’t always been 100% stable in 2020, but let’s hope part of that has been due to all those new users.
As a comparison, Swissquote, which also reported being over-run with new clients during the first lockdown/crash, increased client numbers by 50’000 Jan to June 2020, from about 350’000 at year-end 2019.
Interactive Brokers expands Central European operations
Dec. 14, 2020
Interactive Brokers Central Europe Zrt., (IBCE) opening of an office in Budapest.
With this addition, the bank will now serve 1M+ client accounts in more than 220 countries and territories.
“We plan to make Budapest the center of our operations for Central Europe to keep pace with account growth, which has been rapid in both Western and Eastern Europe and around the world,” chairman Thomas Peterffy commented.
As of Nov. 30th, client accounts worldwide had grown 52% Y/Y with over 80% of the expansion coming from outside of the U.S
Has anyone residing in CH received a request to migrate at all? Not me, so I contacted the support and got the confirmation that if you live in Switzerland you can stay with IB UK and thus continue to benefit from the 500k of the SIPC (which anyway only becomes relevant if IB really messes up - keyword segregated accounts).
I am moving to Liechtenstei. As I was updating my profile a failure came up telling that I needed to close my account and open one new to change countries. So my account is still as Switzerland address.