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Duration: 4:54

Instructor:

Contributor: Interactive Brokers

Level: Beginner

Application XML is a process that lets Registered Advisors provide their clients with their own customized Interactive Brokers account application experience based on IBKR’s Application XML Schema. In Application XML, you use our schema as the basis for your own client account application, collect all of the required information about your client applicants using your own web site, and then return all of the client information back to us in XML documents for processing.

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Study Notes:

What is Application XML?

The Interactive Brokers Application XML is available for Registered Advisors who want to develop their own version of the Interactive Brokers account application for their clients.

Please note:  Application XML is only intended for those who either have working knowledge of XML or have access to support staff with working knowledge of XML.

In Application XML, you can use our schema as the basis for your own client account application, collect all the required information about your client applicants, and then return all the client information back to us in XML documents for processing.

For example, you may want your clients to complete an IBKR account application on your own website instead of using IBKR’s electronic client account application.

You can control the look and feel of your client account applications, as long you submit that information to us as properly formatted XML files.

How do you begin?
IBKR provides everything you need to program your own XML-based client account application solution.

To begin with, you can either:

contact your sales representative

or send an email to salesengineering@interactivebrokers.com to request the Application XML Agreement.

You must sign the Application XML Agreement and return it to us via email.

  • We will submit it to our Compliance Department for approval, which typically can take 3-5 days.
  • Once you are approved, we will send you the supporting documents via email.
  • You can build your user interface to collect client data and sign agreements, and then prepare XML files with sample data for testing.

PGP Keys

What is a PGP Key?

Pretty Good Privacy (PGP) allows you to send files and messages securely over the Internet. PGP generates a public key (to encrypt messages) and a private key (to decrypt messages).

The supporting documentation that you download will include IBKR’s public PGP key. You will need this to encrypt files that you submit to IBKR.

The file name of the public PGP key is IBKR_Cl.Pubkey.asc.

You will also need to provide IBKR with your PGP key so that you will be able to retrieve our XML response files from the secure FTP site.

Sample Files & Testing

There are rules about file names and file submission.

The rules can be found in the Application XML Guide.  You will need this information to prepare and submit both test XML files and final production XML files.

The same FTP site is used for both testing and production.

Upload all applicant data and signed agreements and disclosures in encrypted XML zip files to the FTP site provided by Interactive Brokers, along with PDF copies of the agreements and disclosures reviewed by the clients.

Interactive Brokers retrieves the files from the site and posts encrypted response XMLs to IBKR’s secure FTP site. Response files will have a status of Success or Error. Any errors should be corrected and then resubmitted. Success response files will include the IBKR account ID, username, and temporary password.

Once testing has been successfully completed, which will be completed through IBKR’s QA environment, your account will be enabled for production.

Production Process

In production, the automation run time is from 3:00 to 16:10 EST, checking the FTP every 15 minutes for newly submitted applications.

You will be asked to provide IBKR with the URL to the production application on your website.

The steps for preparing and uploading XML files and PDF forms and retrieving response files are nearly identical to the steps in the testing phase. The only difference is now you will be submitting actual client applications instead of sample applications.

For successfully uploaded production applications, if no additional documentation is needed, the account will be submitted for approval.

As an Advisor, you are responsible for providing the account IDs, usernames and temporary passwords to your clients.

Each client must log in to reset his or her password in Client Portal once the account has been approved and opened.

Disclosure: Interactive Brokers

The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Supporting documentation for any claims and statistical information will be provided upon request.

Any stock, options or futures symbols displayed are for illustrative purposes only and are not intended to portray recommendations.

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