Liquidity.io Docs

Order Types

Market Orders

Execute immediately at the best available price. Used for public equities, crypto, and retail private securities where real-time pricing is available.

{
  "assetId": "AAPL",
  "side": "BUY",
  "orderType": "market",
  "quantity": 10
}

Limit Orders

Execute only at the specified price or better. The order stays open until filled, cancelled, or expired.

{
  "assetId": "AAPL",
  "side": "BUY",
  "orderType": "limit",
  "quantity": 10,
  "limitPrice": 245.00
}

Pre-IPO Orders

Interest-based orders for pre-IPO securities. These are non-binding indications of interest that convert to firm orders upon listing.

{
  "assetId": "SPACEX-PRE",
  "side": "BUY",
  "orderType": "market",
  "quantity": 5,
  "isPreIPO": true
}

Pre-IPO orders are processed through src/services/pre-ipo-orders/service.ts and are subject to the same accreditation gates as standard orders.

Order Flow

Create

Client submits order via POST /v1/orders
Backend validates:
- Authentication (IAM token + tenant JWT)
- Asset exists and is tradeable
- Accreditation check (if asset requires it)
- RegCF investment limit check (if applicable)
- Portfolio ownership (for SELL orders)
- Resale restriction check (for restricted lots)
Order is persisted with status PENDING

Match

Public equities and crypto:

Crypto orders route through fortress.api to BitGo Prime for execution
Public equities route through the broker (16-venue smart order routing)
The matching engine (Go, Redis) handles traditional order book matching for internal orders

Private securities:

Orders are matched internally on the ATS
Matching follows FIFO priority within price levels
Settlement requires both parties to meet accreditation requirements

Settle

Crypto settlement:

BitGo executes the trade via Prime
BitGo sends a TRANSFER webhook to fortress.api
fortress.api updates the order status and records the trade via saveCryptoTransaction
Trades are saved to the unified trades table for reporting

Equities settlement:

T+1 settlement for public equities (via clearing broker)
Immediate settlement for internal ATS matches on private securities

Pre-IPO settlement:

Converted to firm orders upon listing event
Subject to lockup periods defined by the issuer

Accreditation Requirements

Asset Category	`accreditationType`	Buyer Must Be	Verification
Public stocks	`null`	Any investor	None
Fixed income	`null`	Any investor	None
Commodities	`null`	Any investor	None
Forex	`null`	Any investor	None
Crypto	`null`	Any investor	None
Private (Reg D 506c)	`506c`	Verified accredited	Simplici third-party
Private (Reg D 506b)	`506b`	Self-certified accredited	Simplici self-cert
Pre-IPO	`506c` or `506b`	Accredited (per asset)	Simplici
Retail private	`null`	Any investor	None

Accreditation Flow

User initiates KYC through Simplici
For 506b: user self-certifies accredited status
For 506c: Simplici performs third-party income/asset verification
accreditationStatus is set to completed on success
Every order creation checks the buyer's accreditation status against the asset's accreditationType
If the check fails, the order is rejected with a 400 Bad Request

Restricted Resale

When selling securities subject to a 12-month hold:

Lots are tracked FIFO with restriction_end_date
If the lot is still restricted, the sell order is flagged as isRestrictedOrder=true
Restricted sell orders require the buyer to be an accredited investor (exemption under Reg D/CF)
Unrestricted lots can be sold to any investor

Trading