Common use of Universal Accounts Clause in Contracts

Universal Accounts. An IBKR "Universal Account" is comprised of two underlying accounts: an SEC­regulated securities account and a CFTC­regulated commodity account. Client authorizes IBKR to make transfers between the securities and commodity accounts to cover Margin Requirements and other obligations, and to liquidate positions in one account to cover obligations in the other account. While IBKR may (but is not required to) provide a mechanism for Client to express a preference regarding in which account cash awaiting investment should be held, excess cash may be swept from one account to the other by IBKR to provide excess coverage for margin or other obligations at IBKR's sole discretion. Client authorizes IBKR to provide combined confirmations/statements for both accounts. Only assets in the securities account are covered by SIPC protection and excess coverage; SIPC does not cover assets in the commodity account.

Universal Accounts. An IBKR "Universal Account" is comprised of two underlying accounts: an SEC­regulated SEC- regulated securities account and a CFTC­regulated CFTC-regulated commodity account. Client authorizes IBKR to make transfers between the securities and commodity accounts to cover Margin Requirements and other obligations, and to liquidate positions in one account to cover obligations in the other account. While IBKR may (but is not required to) provide a mechanism for Client to express a preference regarding in which account cash awaiting investment should be held, excess cash may be swept from one account to the other by IBKR to provide excess coverage for margin or other obligations at IBKR's sole discretion. Client authorizes IBKR to provide combined confirmations/statements for both accounts. Only assets in the securities account are covered by SIPC protection and excess coverage; SIPC does not cover assets in the commodity account.

Universal Accounts. An IBKR "Universal Account" is comprised of two underlying accounts: an SEC­regulated SEC-regulated securities account and a CFTC­regulated CFTC-regulated commodity account. Client authorizes IBKR to make transfers between the securities and commodity accounts to cover Margin Requirements and other obligations, and to liquidate positions in one account to cover obligations in the other account. While IBKR may (but is not required to) provide a mechanism for Client to express a preference regarding in which account cash awaiting investment should be held, excess cash may be swept from one account to the other by IBKR to provide excess coverage for margin or other obligations at IBKR's sole discretion. Client authorizes IBKR to provide combined confirmations/statements for both accounts. Only assets in the securities account are covered by SIPC protection and excess coverage; SIPC does not cover assets in the commodity account.