CONSOLIDATED TAPE SYSTEM: Reg NMS Round Lots Enhancements:

The Securities and Exchange Commission (SEC) is adopting amendments to certain rules of Regulation National Market System (Regulation NMS). As part of these amendments, SEC has adopted new definitions for “Round Lot” information under the Market Data Infrastructure (MDI) Rules to enhance the transparency for investors and other market participants of quotes and orders in NMS stocks."

With this change the SEC will introduce new Round Lot Tier designations. Each NMS stock will be assigned a round lot size based on the average closing price on the primary listing exchange, updated semiannually, with new round lot value beginning first business day in May and November each year.

Additionally, the new rule requires the Securities Information Processors (SIPs; SIAC and UTP SIP) to represent quotation sizes in consolidated information in terms of the number of shares, rounded down to the nearest multiple of the round lot size assigned to the security. This is a change from today where quotation sizes represent the number of round lots available at the quoted price.

Activation will take place on Monday, November 3, 2025.

What does it really mean to our customers?

Alpaca will display the CTA/UTP (US stock) quote sizes in shares, instead of round lots, starting November 3, 2025.

Market data can now be streamed from the newly added crypto location us-1. Currently, theus-1 location streams Kraken (another crypto exchange) market data only. All crypto market data endpoints now support both us and us-1 locations.

Also, the latest market data sandbox endpoints of us-1 location retrieves Kraken UAT market data, while historical market data sandbox endpoints of us-1 retrieves production historical data from Kraken.

Introduced the new location us-1 to the existing crypto market data endpoints listed below:

• streaming realtime crypto market data
• retrieves latest quotes
• retrieves latest trades
• retrieves the latest orderbook
• retrieves the latest bars
• retrieves the snapshots
• retrieves the historical bars
• retrieves historical quotes
• retrieves historical trades

Based on your feedback we introduced the option to adjust bars after spin-offs to the historical stock bars endpoint. Moreover, the adjustments now can be combined, e.g. split,spin-off can be specified to adjust the bars both for splits and spin-offs.

For example here are the GE (General Electric) daily bars between 2024 February and May with and without spin-off adjustment:

We’ve released a complete overhaul to the Crypto Wallets API documentation to improve clarity and expand coverage.

What’s New:

• Expanded Sandbox Testing Guide: clearer step-by-step instructions for generating wallet addresses, funding via testnet faucets, verifying deposits, and trading with deposited assets
• Supported Assets & Testnets: updated list of stablecoins and test networks with direct faucet links for USDC, USDG, USDT, BTC (testnet), Solana (Devnet), ETH (Sepolia), and XRP (testnet)
• New Withdrawals Section: added end-to-end flow:
  • Whitelist address → approval → request withdrawals
• Clarity on Fees: sample SSE events now show possible wallet transaction and correspondent fees.

Why this matters:
This overhaul makes it easier for developers and partners to test, fund, and manage crypto assets using Alpaca’s API, with improved visibility into deposits, withdrawals, and approval workflows.

Direct Market Access Gateway (DMA Gateway) and advanced order types are now available through Elite Smart Router for Trading API! 🎉

This expansion brings institutional-grade precision to sophisticated algorithmic traders. Now, with our Elite Smart Router, you can gain a new level of flexibility and control over your execution strategy.

Here's how you'll benefit:

1. Execution Customization: Specify your exchange (NASDAQ, ARCA, NYSE) to support your strategy and help minimize market impact.
2. Strategic Order Routing: Use VWAP (volume-weighted average price) and TWAP (time-weighted average price) order types to strategically execute orders and achieve desired price averages, removing algorithm complexity. Performance may vary based on market conditions.
3. Easy Integration: Our Trading API helps make it easier to integrate institutional-level precision directly into your proprietary systems.

This is just the beginning. We're planning to expand our DMA Gateway destinations in the near future, as well as adding PVOL (percent of volume) and mid-point pegged orders to our advanced order type suite.

Discover everything about Alpaca Elite Smart Router: https://docs.alpaca.markets/docs/alpaca-elite-smart-router

We are planning to add three new IP addresses to our existing production outbound IPs. We understand that many of you may have whitelisted our current IP addresses on your firewalls. To ensure a smooth transition and prevent any service interruptions, we are announcing these new IPs in advance.

The new IP addresses are:
34.86.60.143
34.21.95.255
35.186.183.105

Our existing IP address, 35.245.156.189, will remain active.
Please ensure that these new IP addresses are whitelisted on your firewalls by 2nd July 2025 to avoid any potential connectivity issues when these changes go live.
If you have any questions or require further clarification, please reach out to your customer success manager or our support team at [email protected]

Added support for applying commissions to crypto orders via the API. This enhancement allows brokers to charge a specified amount per order, denominated in the quote currency of the trading pair, using the notional commission model.

📔 Documentation

You can follow the documentation in the Broker API Crypto Trading Page.

• CUSIPs have been added to all corporate action types in the corporate actions endpoint. For example reverse splits now have old_cusip and new_cusip.
• The cusips filter has been added to the corporate actions endpoint that can be used to query corporate actions by CUSIP.
• CUSIP has been added as a field for non-trade activities in both the NTA SSE and activities endpoint
• CUSIP has been added as a field in the asset api
• CUSIP is now a valid path parameter when filtering assets by id

Please note that additional licenses will be required to enable some of the items stated above. Please contact your Alpaca sales representative for further details

<> API Reference

• Subscribe to Trade Events (SSE) is updated to include below fields
  • Added position_intent/expires_at fields under order field
  • Added swap_rate field

Multi-leg (Level 3) options are officially LIVE in our Trading API and dashboard 🎉

You can now trade advanced options trading strategies including: straddles, strangles, iron butterflies, iron condors, and various spreads (like credit, debit, and calendar).

These advanced strategies may help investors:

1. Capitalize on market volatility, range-bound price movements, and directional trends.
2. Increase efficiency by combining multiple options contracts into one single trade.
3. Improve risk management by ensuring all legs are executed simultaneously– shielding them from partial fills and unexpected market shifts.

And with multiple paper accounts, you can test various strategies at the same time before taking them live.

Start trading multi-leg options with Alpaca: https://bit.ly/3COa6Re

📔 Documentation

• Introduce an Multi-leg (Level 3) Options Trading Guide
• Learn about the differences between an iron condor and iron butterfly

<> API Reference

• Place Multi-leg Orders: Submit multi-leg orders via the POST /orders endpoint, where you’ll also find examples.
• Use Our SDKs: Get started quickly with alpacahq/alpaca-py or alpacahq/alpaca-trade-api-go .