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Order keeps getting rejected.


devc

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20 hours ago, devc said:

Trying to buy First Trust Nasdaq Cybersecurity ETF (CIBR) but the order keeps getting rejected, even with Order type = limit and expiry = Day (all  sessions). 

Please advise.

Hi @devc

Thanks for reaching out. US ETFs are still not available for retail clients. 

We would also like to draw your attention to the Regulation (EU) No 1286/2014 (the PRIIPs) regulation states that all retail clients must be provided with a Key Information Document (KID) prior to the purchase on any security (PRIIP) within the scope of the regulation. This regulation would prevent you from buying any US or foreign denominated ETF. As this ETF is listed on the NYSE exchange, you would not be able to purchase it with IG. 
This regulation covers (inter alia):

•    Foreign Exchange (FX) Transactions 
•    Over The Counter Derivatives 
•    Exchange Traded Derivatives (including ETFs , ETCs & ETNs)


A KID must be provided to all European retail clients. UK retail clients remain subject to these rules at this time.

All the best, 

OfentseIG

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2 minutes ago, devc said:

Hi @OfentseIG, thanks for the information. Follow-up questions

1. If I provide KID, will I be able to buy this? If so, can you guide me the how?

2. Is this regulation new? As I have purchased this ETF couple of months back through IG.

Thnaks

Hi @devc

You would be able to buy this stock if you have KID. You can just email the copy to helpdesk.uk@ig.com 

This regulation was enforced on IG on the 13 of April 2022. 

OfentseIG

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