Restricted Crypto Backed Securities

In order to comply with section H/20 (snippet below) of the circular Regulatory Framework for Global Access in the IFSC (eF.No. IFSCA-PLNP/80/2024-Capi) dated 12-August-2025, we intend to restrict the trading of certain securities/tickers listed across exchanges.

Global Access Provider shall provide access to financial products listed on stock exchanges in Foreign Jurisdictions. However, such access shall be only in respect of such products or instruments that are covered under the definition of “financial products” applicable in the IFSC.

Guidance Note: A Global Access Provider shall not provide access to crypto-assets and instruments having underlying asset as crypto or any other instruments that are not considered as “financial products” in the IFSC.

Functional Details:

1. Alpaca would provide a dedicated end-point which would return a list of blocked tickers (with metadata). See here for endpoint details
2. Alpaca would restrict trading of these specific securities returned by the endpoint above. By restrict, we specifically mean we would always block buying but selling would be permitted (see below for why)
3. There could be cases where: a certain security was initially allowed, but added to the blocklist at a later point (allow → block)
   1. To handle cases where an end user might have purchased such a security, the behaviour at Alpaca would be: blocking the “buy” BUT not restricting the “sell” for every blocked security
   2. The partner might choose to handle such cases this on their end-customer facing experiences.
   3. If there is an open order for a security while the said security is transitioned from allowed → blocked, that open order would not be cancelled. We expect such cases to be miniscule.
4. There would be cases where: a certain symbol was part of the blocklist but then is subsequently allowed (block → allow)
   1. This doesn’t need any special handling - it would be like a new security/ticker being available to the end-user

Currently, the restricted number of securities stands at approximately 150 (across exchanges). This is subject to change over time.