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Gaika+
Earn Money on Your Instantly Available Non-JPY Cash Balances
Clients may earn money on positive settled cash balances from the earnings of a daily swap of your non-JPY free cash into and out of yen every day.
By opting into this program, you provide us with a standing perpetual instruction to swap your non-yen free cash into JPY overnight. This involves converting the foreign currency into JPY today and then converting the JPY back into the foreign currency tomorrow. Regardless of participation in this program, IBSJ will swap your free cash balances into JPY daily to segregate the JPY into a trust account, as required by regulation. This program allows you to benefit from the income these swaps generate.
Daily earnings on the swap come from the difference in the exchange rate between selling foreign currency to buy JPY today and selling JPY to buy back the original amount of foreign currency tomorrow at a better price. Swaps will not be executed if repurchasing the foreign currency would be at a worse price.
Gaika+ always uses the same base FX exchange rates to convert from or to currencies other than yen. The difference in the prices of the two currency conversions involved in the swap reflects the relative benefit of holding the foreign currency vs. JPY overnight.
These transactions do not impact your foreign currency balances for trading, and there is no increased FX or market risk for participating in them.
The amount that you earn depends on your settled free cash balance, total portfolio equity, and the applicable daily swap rate listed in the table below. To be eligible, you must hold a minimum of USD 10,000 (equivalent) in non-base currency in your account.
Rates and Tiers
The applicable swap rate is based on:
- The free cash balance in your account.
- The currency in which your uninvested free cash is held.
- The cutoff balance to be eligible for the benefit in those currencies.
- The overall value of your account (known as the Net Asset Value or NAV of your account).
- The daily swap rate for converting currencies to Japanese yen.
Clients with a NAV of more than JPY 15,000,000 (or an equivalent value in other currencies) will earn the full daily swap rate on eligible balances. Clients with a NAV of less than JPY 15,000,000 (or an equivalent value in other currencies) will receive a lower, pro-rated daily swap rate based upon their account's NAV as a percentage of JPY 15,000,000.
The swap benefit will not be payable on the first JPY 1,500,000 (or the equivalent value in other currencies) of free cash balances, assessed per-currency.
If a client's accounts are eligible to earn the daily swap benefit, the balances across multiple Interactive Brokers accounts will not be consolidated. While NAV is aggregated across multiple currencies, the daily swap rate is calculated based on each currency holding and its associated JPY 1,500,000 (or the equivalent value in other currencies) threshold.
Please note: If the relevant daily swap rate is negative, we will not book a swap that would generate a loss to you. (We will continue to segregate your free cash in JPY in the trust account as required.)
However, we may charge you your share of the cost of carrying the foreign currency that bears a negative interest rate.
Examples for USD Balances
NAV adjusted blended annual swap rates based on [USD swap rate] swap profit paid on USD free cash balances above JPY 1,500,000 threshold (equivalent in USD)
| 3.12% | Blended Annual Swap Rate Paid (USD) | ||
|---|---|---|---|
| Account Cash Balance (USD) | NAV 7.5MM JPY | NAV 13.5MM JPY | NAV > 15MM JPY |
| 1,000,000 | # | # | # |
| 100,000 | # | # | # |
| 50,000 | # | # | # |
| 25,000 | # | # | # |
| 0 - 10,000 | 0% | 0% | 0% |
Swap Rate Calculator
Estimate Swap Rate Paid on Positive (Cash) Balances
Cash Balance
Currency
NAV (JPY)Net Asset Value in JPY
Enter your positive cash balance and net asset value to calculate the approximate swap rate.
The Swap Rate Calculator uses swap rates as of the previous trading day. The calculator provides projected annual earnings, and the applicable swap rate based on the cash balance, currency, and Net Asset Values inserted. The estimate included in the Swap Profit column is a gross amount and does not account for taxes that may be due based on individual client circumstances. This calculator is intended as an illustration of the current swap rate and tiers and is not a reliable indicator of future performance as rates are variable and may change throughout the year.
* Swap rates are calculated based on IBKR Benchmark Rates. For more information, see IBKR Benchmark Rates.
Global Swap Rates for Accounts with a NAV Greater than JPY 15,000,000
- Interactive Brokers Securities Japan pays swap profit on free cash balances in a range of global currencies, not just EUR and USD. As with EUR and USD, if your account has a NAV of less than JPY 15,000,000 (or an equivalent value in other currencies), you will receive a lower rate. Please use the calculator for a more accurate estimate in your currency of interest.
- Interactive Brokers Securities Japan may change these rates at any time, in its sole discretion. We will publish the current rates on a best-efforts basis.
- For accounts holding credit free cash balances in a currency paying a negative swap rate, Interactive Brokers Securities Japan will not book swap transactions for these balances. For more information, see Interest Rates
Global Swap Rates
BM = IBKR Benchmark Rate. For more information, see IBKR Benchmark Rates.
| Currency | Tier | Rate Paid: IBKR Pro |
|---|---|---|
| USD | 0 ≤ 10,000 | 0% |
| > 10,000 | 3.130% (BM - 0.5%) | |
| AED | 0 ≤ 35,000 | 0% |
| > 35,000 | 2.925% (BM - 0.75%) | |
| AUD | 0 ≤ 15,000 | 0% |
| > 15,000 | 3.899% (BM - 0.5%) | |
| CAD | 0 ≤ 13,000 | 0% |
| > 13,000 | 1.598% (BM - 0.5%) | |
| CHF | 0 ≤ 10,000 | 0% |
| > 10,000 | -1.294% (BM - 0.25%) | |
| CNH | 0 ≤ 70,000 | 0% |
| > 70,000 | 0.50% | |
| CZK | 0 ≤ 250,000 | 0% |
| > 250,000 | 0.750% (BM - 2%) | |
| DKK | 0 ≤ 75,000 | 0% |
| > 75,000 | 1.036% (BM - 0.5%) | |
| EUR | 0 ≤ 10,000 | 0% |
| > 10,000 | 1.309% (BM - 0.5%) | |
| GBP | 0 ≤ 8,000 | 0% |
| > 8,000 | 3.127% (BM - 0.5%) | |
| HKD | 0 ≤ 78,000 | 0% |
| > 78,000 | 2.939% (BM - 0.75%) | |
| HUF | 0 ≤ 3,500,000 | 0% |
| > 3,500,000 | 2.000% (BM - 3%) | |
| ILS | All | 0% |
| JPY | All | 0% |
| KRW | 0 ≤ 12,000,000 | 0% |
| > 12,000,000 | 0.712% (BM - 1.5%) | |
| MXN | 0 ≤ 200,000 | 0% |
| > 200,000 | 2.386% (BM - 4%) | |
| NOK | 0 ≤ 100,000 | 0% |
| > 100,000 | 2.090% (BM - 2%) | |
| NZD | 0 ≤ 15,000 | 0% |
| > 15,000 | 0.011% (BM - 2.5%) | |
| PLN | 0 ≤ 400,000 | 0% |
| > 400,000 | 1.324% (BM - 2%) | |
| SAR | 0 ≤ 35,000 | 0% |
| > 35,000 | 0.401% (BM - 0.75%) | |
| SEK | 0 ≤ 110,000 | 0% |
| > 110,000 | 1.140% (BM - 0.5%) | |
| SGD | 0 ≤ 14,000 | 0% |
| > 14,000 | 0.480% (BM - 1%) | |
| TRY | 0 ≤ 250,000 | 0% |
| > 250,000 | 5% | |
| ZAR | 0 ≤ 150,000 | 0% |
| > 150,000 | 5.864% (BM - 1%) |
Example Swap
If an account has a free cash balance of USD 100,000, then USD 90,000 is eligible to earn the swap benefit.
With a USD swap rate of 4%, the two FX trades would look like:
- Sell USD 90,000 for JPY at a price of 150, settling today
- Buy USD 90,000 for JPY at a price of ~149.98, settling tomorrow
This would generate a swap profit of JPY 1,500.00. This will be visible on the account Statement, similar to the sample below:
Disclosures
- IBKR may change these rates at any time, in its sole discretion. We will publish the current rates on a best-efforts basis. Swap rates may also vary by program or arrangement. Restrictions apply. The published rates are for direct clients of IBKR. Clients introduced through another broker may receive different pricing at the election of the client’s introducing broker. Clients should contact their introducing broker about the pricing that will apply to their account.