Just-In-Time Securities Funding #

Alpaca offers Just-In-Time (JIT) Securities funding which is available for select partners only. When a partner is JIT enabled, Alpaca’s system calculates the difference between inflow and outflow account activity and assesses a single wire amount. Inflows to Alpaca typically consist of executed buy trades, while outflows to the partner are made up of executed sell trades and dividend payments. Should the inflows exceed the outflows across your account base, you will be responsible for sending the funds to Alpaca in time for settlement. If the opposite is true, Alpaca will initiate the wire on the morning of settlement equal to the difference between the outflows and the inflows.

Working on JIT Funding?

See Get Started with Just-In-Time Funding for Broker API for a walkthrough of JIT and the APIs involved in the integration.

JIT Reports #

JIT Securities reports are made available through the API and can be accessed within the hour after 11:30 PM EST on the trade date (T+0). The reports communicate transaction-level details as well as overall settlement amounts, transfer direction, and payment timing.

Parameter	Data Type	Notes
`detail`	content-type = `application/csv`	Contains all activities that impact cash throughout the trading session including executed trades, trading fees, and corporate actions that involve cash allocations.
`net_summary`	content-type = `application/csv`	Consists of three columns and a single row, which lists the net money movement to or from Alpaca for T0, T1, and T2.
`net_payment`	content-type = `application/pdf`	Highlights the net amount due to Alpaca by settlement or to the partner on the date of settlement in a formalized invoice format.
`net_payment_final`	content-type = `application/pdf`	Includes additional information to account for T+0 and T+1 settling activity to clarify settlement journaling reconciliation. This report is generated after trading session close on T+1.

Retrieving JIT Reports #

GET /v1/transfers/jit/reports

Request #

Sample Request #

{
  "report_type": "net_summary.csv",
  "system_date": "07-15-2021"
}

Parameters #

Parameter	Type	Required	Notes
`report_type`	ENUM.ReportType	Required
`system_date`	string/date	Required	Date of file generation
`asset_class`	string	Optional	The asset class to retrieve for.

Response #

A JIT Securities report in the form of the appropriate content type.

ENUM.ReportType #

Name	Description
`detail`	Detail report, content-type = `application/csv`
`net_summary`	Net Summary report, content-type = `application/csv`
`net_payment`	Net Payment report, content-type = `application/pdf`
`net_payment_final`	Net Payment Final report, content-type = `application/pdf`
`gross_summary`	Gross Summary report, content-type = `application/pdf`
`gross_payment`	Gross Payment report, content-type = `application/pdf`
`gross_payment_final`	Gross Payment Final report, content-type = `application/pdf`

Detail.CSV #

Attribute	Type	Requirement	Notes
trns_id	string/UUID	Required	The transaction ID
external_id	string/UUID	Required	The partner’s transaction ID
summary_categrory	ENUM.SummaryCategoryType	Required	Assigning the transaction to the corresponding settlement date money movement
account_id	string/UUID	Required	The account ID
account_no	string	Required	The account number
symbol	string	Required	Symbol or asset ID to identify the asset to trade
system_date	string/date	Required	The date the transaction was recorded or updated
trade_date	string/date	Required	The trade date
trade_time	string/time	Optional	The transaction time (EST) for trading activity
settle_date	string/date	Required	The settlement date
entry_type	ENUM.EntryType	Required
side	string	Required	`buy` or `sell` for trading activity
qty	decimal	Required	Quantity of securities in the transaction
price	decimal	Required	Price of the security in the transaction
gross_amt	decimal	Required	Gross payment amount
commission	decimal	Required	Commission on the transaction
net_amt	decimal	Required	The gross payment less the commission for a transaction
description	string	Required	Description of the transaction
status	ENUM.StatusType	Required
order_id	string/UUID	Required	The order ID
client_order_id	string/UUID	Required	The partner’s order ID

Net_Summary.CSV #

Attribute	Type	Requirement	Notes
t0	decimal	Required	Net amount due for t0 settling activity where a negative value represents money due to Alpaca
t1	decimal	Required	Net amount due for t1 settling activity where a negative value represents money due to Alpaca
t2	decimal	Required	Net amount due for t2 settling activity where a negative value represents money due to Alpaca

ENUM.SummaryCategoryType #

Name	Description
`in_t0`	A T+0 settling transaction that results in money due to Alpaca
`in_t1`	A T+1 settling transaction that results in money due to Alpaca
`in_t2`	A T+2 settling transaction that results in money due to Alpaca
`out_t0`	A T+0 settling transaction that results in money due to the partner
`out_t1`	A T+1 settling transaction that results in money due to the partner
`out_t2`	A T+2 settling transaction that results in money due to the partner
`jit_journal`	Journal entries generated by the JIT journaling job to flatten customer debits and credits

ENUM.EntryType #

Name	Description
`CSD`	Cash Disbursement (+)
`DIV`	Dividend
`DIVNRA`	Dividend Adjusted (NRA Withheld)
`FEE`	Trading related fees
`INT`	Interest (Credit/Margin)
`JNLC`	Journal Entry (Cash)
`MA`	Merger/Acquisition
`REORG`	Reorg Coporate Action
`TRD`	Trade

ENUM.StatusType #

Name	Description
`executed`	The order has been filled, and no further updates will occur for the order.
`canceled`	The order has been canceled, and no further updates will occur for the order. This can be either due to a cancel request by the user, or the order has been canceled by the exchanges due to its time-in-force.
`correct`	The order has been corrected, and no further updates will occur for the order.

Daily Trading Limit Object #

The JIT Securities daily trading limit is set at the correspondent level and is used as the limit for the total amount due to Alpaca on the date of settlement. The limit in use returns the real time usage of this limit and is calculated by taking the net of trade and non-trade activity inflows and outflows. If the limit in use reaches the daily net limit, further purchasing activity will be halted, however, the limit can be adjusted by reaching out to Alpaca with the proposed new limit and the reason for the change.

{
  "daily_net_limit_in_use": "150804",
  "daily_net_limit": "1000000"
}

Attributes #

Attribute	Type	Notes
`daily_net_limit_in_use`	string/decimal	The real time net value of cash inflows (buy trades, etc.) with cash outflows (sell trades, dividends, etc). This will be dynamic throughout the day based on user activity, with executed orders being reset at the start of the next trading day.
`daily_net_limit`	string/decimal	The net buying limit that can be reached before further cash outflow trading activity is restricted. Please reach out to learn more about how this limit is determined.

Retrieving Daily Trading Limits #

GET /v1/transfers/jit/limits

Request #

No request parameters

Response #

Returns the JIT Securities Daily Trading Limit Object based off of real time calculations.

Retrieving JIT Ledgers #

GET /v1/transfers/jit/ledgers

Request #

No request parameters

Response #

The response is an array of objects that correspond to each ledger account, each of whichcontain the following attributes.

Attributes

Attribute	Type	Notes
id	string/uuid	The ledger ID
ledger_name	string	The ledger name
status	string	ENUM.LedgerStatus
created_at	string/timestamp	Creation time in UNI X format

Sample Response

{
   "common_stock":[
      {
         "id":"2896b9e2-3198-44cd-a08e-4cc4079aee33",
         "ledger_name":"Securities JIT IN",
         "status":"active",
         "created_at":"1653532627"
      },
      {
         "id":"7f88e5a2-8662-449c-8bd0-07cf5bc7632e",
         "ledger_name":"Just In Time Out Wash - JITS",
         "status":"active",
         "created_at":"1653532763"
      },
      {
         "id":"8090a021-33ea-4b9d-8586-c91df416d952",
         "ledger_name":"Just In Time Receivables - JITS",
         "status":"active",
         "created_at":"1653532805"
      },
      {
         "id":"92b2095b-6370-483e-b6e9-5483bcc0fc1c",
         "ledger_name":"Securities JIT JT",
         "status":"active",
         "created_at":"1653532681"
      }
   ],
   "crypto": []
}

Retrieving JIT Ledger Balances #

GET /v1/transfers/jit/{ledger_id}/balances

Request #

Parameters

Attribute	Type	Requirement	Notes
start_date	string/date	Required	The start date (inclusive) of the ledgerbalances and activities.
end_date	string/date	Required	The end date (inclusive) of the ledgerbalances and activities.

Response #

The response is an array of objects that correspond to each ledger account, each of whichcontain the following attributes.

Attributes

Attribute	Type	Notes
id	string/uuid	The ledger ID
ledger_no	string	The ledger account number
ledger_name	string	The ledger name
transactions	array ofobjects	TransactionObject
starting_balance	number	Ledger balance at the beginning of thedate range
ending_balance	number	Ledger balance at the end of thedate range
activity_amount	number	The number of transactions related to the ledger during the specified daterange

Sample Response

{
   "id":"06b9d76e-1733-460c-844e-48d1ae0f10c3",
   "ledger_no":"JTRJITS00",
   "ledger_name":"Just In Time Receivable - JIT",
   "transactions":[
      {
         "account_id":"06b9d76e-1733-460c-844e-48d1ae0f10c3",
         "account_no":"JTRJITS00",
         "account_name":"Just In Time Receivable - JITS",
         "system_date":"2022-06-09",
         "entry_type":"JNLC",
         "description":"debit balance = 4184.36, base_rate = 0.0375, spread = 0.05",
         "contra_account_name":"Just In Time Interest Income",
         "amount":"1",
         "balance":"4185.36"
      },
      {
         "account_id":"06b9d76e-1733-460c-844e-48d1ae0f10c3",
         "account_no":"JTRJITS00",
         "account_name":"Just In Time Receivable - JITS",
         "system_date":"2022-06-10",
         "entry_type":"JNLC",
         "description":"debit balance = 4185.36, base_rate = 0.0375, spread = 0.05",
         "contra_account_name":"Just In Time Interest Income",
         "amount":"1",
         "balance":"4186.36"
      }
   ],
   "starting_balance":4184.36,
   "ending_balance":4186.36,
   "activity_amount":2
}

Transaction Object #

Attributes

Attribute	Type	Notes
account_id	string/uuid	The ledger ID
account_no	string	The ledger account number
account_name	string	The ledger name
system_date	string/date	Date of transaction
entry_type	string	Type of transaction
description	string	Plain text overview of thetransaction
contra_account_name	string	Contra account of transaction
amount	string/number	Total amount of the transaction
balance	string/number	Ending balance after thetransaction has been applied

Disclosures

Brokerage services are provided by Alpaca Securities, member FINRA/SIPC, a wholly-owned subsidiary of AlpacaDB, Inc.

Technology and services are offered by AlpacaDB, Inc.

Brokerage services are provided to customers who can write automated investment code and self-direct their own investments. Alpaca brokerage services are only provided to customers who agree to electronically sign agreements and agree to receive messages, confirmations, and statements electronically. Is Alpaca right for me?

This is not an offer, solicitation of an offer, or advice to buy or sell securities or cryptocurrencies, or open a brokerage account or cryptocurrency account in any jurisdiction where Alpaca Securities or Alpaca Crypto respectively, are not registered or licensed, as applicable.

The Paper Trading API is offered by AlpacaDB, Inc. and does not require real money or permit a user to transact in real securities in the market. Providing use of the Paper Trading API is not an offer or solicitation to buy or sell securities, securities derivative or futures products of any kind, or any type of trading or investment advice, recommendation or strategy, given or in any manner endorsed by AlpacaDB, Inc. or any AlpacaDB, Inc. affiliate and the information made available through the Paper Trading API is not an offer or solicitation of any kind in any jurisdiction where AlpacaDB, Inc. or any AlpacaDB, Inc. affiliate (collectively, "Alpaca") is not authorized to do business.

You should know that the use or granting of any third party access to your account information or place transactions in your account at your direction is solely at your risk. Alpaca does not warrant against loss of use or any direct, indirect or consequential damages or losses to you caused by your assent, expressed or implied, to a third party accessing your account or information, including access provided through any other third party apps, systems, or sites.

Market prices, data and other information available through Alpaca are not warranted as to completeness or accuracy and are subject to change without notice. System response and account access times may vary due to a variety of factors, including trading volumes, market conditions, system performance, and other factors. A more complete description of the impact these factors may have can be found in our risks of automated trading systems section.

All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against loss, in a down market. There is always the potential of losing money when you invest in securities, or other financial products. Investors should consider their investment objectives and risks carefully before investing.

There are risks unique to automated trading algorithms that you should know about and plan for. You should setup a method or system of continuous monitoring or alerting to let you know if there is a mechanical failure, such as connectivity issues, power loss, a computer crash, or system quirk. You should also monitor for instances where your automated trading system experiences anomalies that could result in errant, missing, or duplicated orders. A more complete description of these and other risks can be found in our FAQ section.

Conditional orders may have increased risk as a result of their reliance on trigger processing, market data, and other internal and external systems. Such orders are not sent to the market until specified conditions are met. During that time, issues such as system outages with downstream technologies or third parties may occur. Conditional orders triggering near the market close may fail to execute that day. Furthermore, our executing partner may impose controls on conditional orders to limit erroneous trades triggering downstream orders. Alpaca Securities may not always be made aware of such changes to external controls immediately, which may lead to some conditional orders not being executed. As such, it is important to monitor conditional orders for reasonability. Conditional orders are “Not Held” orders whose execution instructions are on a best efforts basis upon being triggered. Furthermore, conditional orders may be subject to the increased risks of stop orders and market orders outlined above. Given the increased potential risk of using conditional orders, the client agrees that Alpaca Securities cannot be held responsible for losses, damages, or missed opportunity costs associated with market data problems, systems issues, and user error, among other factors. By using conditional orders the client understands and accepts the risks outlined above. Alpaca Securities encourages leveraging the use of Paper accounts to become more comfortable with the intricacies associated with these orders.

ETFs can entail risks similar to direct stock ownership, including market, sector, or industry risks. Some ETFs may involve international risk, currency risk, commodity risk, and interest rate risk. Trading prices may not reflect the net asset value of the underlying securities.

All accounts are opened as limited purpose margin accounts. You should know that margin trading involves interest charges and risks, including the potential to lose more than deposited or the need to deposit additional collateral in a falling market. Before using margin, customers must determine whether this type of trading strategy is right for them given their specific investment objectives, experience, risk tolerance, and financial situation. For more information please see Alpaca's Margin Disclosure Statement and Margin Agreement. These disclosures contain information on Alpaca Securities's lending policies, interest charges, and the risks associated with margin accounts.

Commission-Free trading means that there are no commission charges for Alpaca Securities self-directed individual brokerage accounts that trade U.S. listed securities through an API. Relevant regulatory fees may apply.

Commission free trading is available for Alpaca's retail customers. Alpaca reserves the right to charge additional fees if it is determined that orders flow is non-retail in nature.

Cryptocurrency is highly speculative in nature, involves a high degree of risks, such as volatile market price swings, market manipulation, flash crashes, and cybersecurity risks. Cryptocurrency is not regulated or is lightly regulated in most countries. Cryptocurrency trading can lead to large, immediate and permanent loss of financial value. You should have appropriate knowledge and experience before engaging in cryptocurrency trading. For additional information please click here.

Cryptocurrency services are made available by Alpaca Crypto, a FinCEN registered money services business (NMLS # 2160858), and a wholly-owned subsidiary of AlpacaDB, Inc. Alpaca Crypto is not a member of SIPC or FINRA. Cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC. Please see the Disclosure Library for more information.