Summary
As previously communicated, Interactive Brokers (IBKR) has requested that all clients with Euro Pacific Trader brokerage accounts (EPT) open new retail Interactive Brokers accounts in order to continue trading. This action was taken as a result of IBKR changing its “Non-Disclosed Broker” relationship to “Fully-Disclosed Broker” relationship with Euro Pacific Securities, a subsidiary of Euro Pacific Bank. Additionally, Euro Pacific Trader accounts were changed to liquidation-only status by Interactive Brokers.
Next Steps
We will begin the liquidation process of Euro Pacific Trader accounts on Feb 9, 2023. This means that:
- Starting on Feb 9, requests to transfer securities to another IBKR account will no longer be accepted
- Open positions held in EPT accounts will be liquidated by our Trading team
- Cash proceeds from liquidation will be credited back to corresponding Euro Pacific bank accounts in their base currency. Additionally, brokerage cash balances held in a different currency will be automatically converted to your bank account’s base currency. Conversion costs can be reviewed here.
Suggested Actions
- If you were not provided a new IBKR account username and password, you likely did not qualify to migrate with Euro Pacific Securities to our new “Fully-disclosed Broker” relationship, and need to open a regular IBKR retail account, as described here. Once the new account is opened, you can request a transfer of securities held in your EPT brokerage account to it.
- If your brokerage account is currently awaiting transfers, and it has been confirmed by our Trading Support, no action is required to be taken.
- If you are unable access to your EPT brokerage account, you can request password reset by emailing [email protected] for assistance.
For other questions about brokerage, please contact [email protected]. And as always, thank you for your continued patience through this liquidation process.