Liquidity.io Docs

Asset Classes

The ATS supports multi-asset trading across public, private, and digital markets. Assets are organized into three market rails with categories underneath.

Public Markets

Category	Coverage	Source
Stocks	10,000+ US equities (NYSE, NASDAQ, AMEX)	Multi-broker (16 venues)
Fixed Income	Treasuries, corporates, munis	IBKR
Commodities	Precious metals (XAU, XAG, XPT, XPD), energy, agriculture	LMAX, IBKR
Forex	50+ currency pairs (EUR/USD, GBP/USD, etc.)	LMAX, CurrencyCloud

Private Markets

Category	Coverage	Source
Privates	Private equity, venture, private credit	Internal ATS matching
Pre-IPO	Pre-IPO secondary market	Internal ATS matching

Digital Markets

Category	Coverage	Source
Crypto	200+ digital assets (BTC, ETH, SOL, LUX, ZOO, etc.)	Coinbase, Binance, Kraken, Gemini, BitGo, SFOX, FalconX

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. Support four time-in-force modes:

TIF	Behavior
GTC (Good Til Cancelled)	Stays open until filled or cancelled
IOC (Immediate or Cancel)	Fill immediately; cancel any unfilled portion
FOK (Fill or Kill)	Fill entirely or cancel entirely -- no partial fills
DAY	Expires at market close if unfilled

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

Pre-IPO Orders

Interest-based orders for pre-IPO securities. 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 subject to the same accreditation gates as standard orders. Lockup periods are defined by the issuer and enforced on the resulting positions.

Smart Order Routing

The Broker layer (liquidityio/broker) provides federated smart order routing across 16 venues. The SOR evaluates:

Best execution price across all available venues
Liquidity depth at the target price level
Venue fees (maker/taker) factored into effective price
Latency to each venue
Fill probability based on historical fill rates

Registered Providers

Provider	Asset Classes	Role
Multi-Broker SOR	US equities, crypto, forex	Smart order routing across 16 venues
IBKR	Equities, fixed income, options, futures	Multi-asset execution
Tradier	US equities, options	Equity execution
Coinbase	Crypto	Primary crypto execution
Binance	Crypto	Crypto execution
Kraken	Crypto	Crypto execution
Gemini	Crypto	Crypto execution
BitGo	Crypto	Custody + execution
SFOX	Crypto	Aggregated crypto execution
FalconX	Crypto	Institutional crypto execution
Fireblocks	Crypto	Custody + settlement
Circle	Stablecoins	USDC settlement
LMAX	Forex, precious metals	FX + metals execution
CurrencyCloud	Forex	FX payments
Polygon	Market data	Real-time + historical data
Finix	Payments	Payment processing

When no external venue matches (e.g., private securities), orders fall back to the internal CLOB matching engine (liquidityio/cex/pkg/engine).

Settlement

Settlement Timelines

Asset Class	Settlement	Method
US equities	T+1	Clearing broker (NSCC/DTC)
Crypto	Instant	Direct settlement via provider
Private securities	Instant (internal)	ATS internal ledger
Forex	T+2 (standard)	CurrencyCloud / LMAX
Fixed income	T+1	IBKR clearing

Instant Buy with Prefunding Pool

The funding engine (liquidityio/broker/pkg/funding) maintains a prefunding pool that enables instant buy execution for retail users:

User initiates a buy order
If the user's KYC tier allows instant settlement, funds are drawn from the prefunding pool
ACH/wire settlement completes asynchronously in the background
The position is credited immediately

KYC-Tiered Limits

KYC Tier	Instant Buy Limit	Daily Limit	Description
Basic (ID only)	$1,000	$5,000	Photo ID verified
Standard (ID + bank)	$10,000	$50,000	ID + Plaid bank verification
Enhanced (full)	$100,000	$250,000	ID + bank + income verification
Institutional	Custom	Custom	KYB + dedicated agreement

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	Third-party (Jumio/Onfido)
Private (Reg D 506b)	`506b`	Self-certified accredited	Self-certification
Pre-IPO	`506c` or `506b`	Accredited (per asset)	Per offering type
Reg CF	`regcf`	Any (with investment limits)	Income verification via Plaid
Reg S	`regs`	Non-US investors	Geofencing + attestation
Reg A+	`null`	Any investor	None (issuer-level $75M cap)
Retail private	`null`	Any investor	None

Accreditation Flow

User initiates KYC through the compliance provider
For 506b: user self-certifies accredited status
For 506c: third-party income/asset verification via Jumio or Onfido
accreditationStatus is set to completed on success
Every order passes through the CEX pre-trade compliance check
If the check fails, the order is rejected before reaching the matching engine

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