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Pacific Biosciences of California, Inc. Message Board

rich_geico 2 posts  |  Last Activity: Mar 13, 2015 2:42 PM Member since: Dec 4, 2012
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  • IB emaiedl the clients that it was a mistake removing futures trading in IRA. they restored permission in my account after I already moved most of the money to tos.

    Dear Client,

    In advance of a policy change intended to address the risks of trading futures in IRA accounts, we inadvertently removed futures trading permissions from a number of accounts last week, subjecting clients to unnecessary uncertainty and confusion. We have since taken the steps necessary to restore permissions and sincerely apologize to all who were impacted.

    As for the policy change, in the near future we will be implementing increased margin requirements on futures and options on futures contracts held in IRA accounts. This change is intended to limit the firm's exposure to losses from derivative contracts in IRA accounts that may exceed assets on hand plus permitted contributions.

    The effect of the change will be to apply increased intraday and overnight margin requirements to IRA accounts holding futures contracts that are not associated with a spread or option cover and to prohibit IRA accounts from holding naked short option contracts. Additional details as to the specific margin rates will be provided in a subsequent communication in advance of its implementation with changes to be phased in over a series of days so as to minimize the impact of any sudden margin increases.

    Sentiment: Sell

  • customers come last in this company; especially if you are retail. moving my accounts elsewhere.

    Sentiment: Sell

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