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President Trump's Executive Order restricting trading/investing in Chinese companies also includes futures contracts on Chinese/Hong Kong indices for US Citizens. Due to this my broker (AMP Futures) has stopped offering the Hang Seng Index (HSI) that I trade on the Hong Kong Exchange.
Does anyone know any other US based brokers that are maintaining this exchange for non-US citizens not technically impacted by the Executive Order?
An account can be opened with a Singapore based broker however commissions are x4 times that of AMP Futures.
Hi Steve,
I received no notification. I went to place a trade yesterday and received an error saying ‘insufficient margin’. Error said the trade required USD500,000 to execute. I contacted AMP trade desk and was sent the link below. I then asked why this impacts me as a non-US citizen and was told that disabling all HKEX trading was an AMP Compliance decision (I assume it’s not economical with relatively low trade volume of their non-us customers).
Live market data still works (provided by CQG), you just can’t execute trades.
I have contacted a number of other alternate brokers but without luck so far. I can setup an account with Phillip Futures Singapore however would need to maintain one platform for charting with SierraChart and another to execute trades. Their commissions are about 4 times that of AMP (not so much competition there) which does not suit my intraday strategy.
So far the best option appears to be the Hang Seng CFD through IC Markets with a 7 points spread (no commission) until AMP allow live trading again or I find another US Broker and maintain the AMP connection for live level 2 market data.
I don't have a relationship with IB. Have you verified that they are still offering HKFE or have they withdrawn it like AMP?
I guess the difficulty for AMP and IB is that even though a trader may live in NZ or Australia for example, AMP and IB have no full proof way of easily knowing if that person is a US citizen (who just happens to be living overseas) so it is probbaly easer for their compliance departments just to shut down all access to HKFE.
Prediction is very difficult, especially about the future - Niels Bohr, Danish Physicist
No I don't think so. I'm on holidays so cannot check at the moment but I'm pretty sure IB will be fine. If you're an Aust citizen you aren't opening an account with US IB but Australian IB company.
They have many different locally incorporated companies through out the world. I did check their website and no announcement yet that I could find.