24/5 Trading

Score: 8/8 PASS

Updated 2026-04-17 (all blockers resolved: asset sync, notional, update propagation).

#	Requirement	Status	Evidence
1	Retrieving Assets	PASS	`GET /v1/ats/assets` returns `overnight_tradable`, `overnight_halted`, `fractional_eh_enabled` per asset. Fixed 2026-04-17: asset sync converted to Hanzo Tasks with 12h interval. Overnight flags stay current.
2	Execute Buy Order	PASS	Limit + qty + notional all work. Fixed 2026-04-17: notional field is now passed through to Alpaca, which handles qty-to-notional conversion server-side. Overnight guard fields (`overnight_halted`, `overnight_tradable`, `fractional_eh_enabled`) checked during order placement.
3	Execute Sell Order	PASS	Same fix as buy: notional passthrough to Alpaca, overnight guards enforced. Fixed 2026-04-17.
4	Time in Force	PASS	Default TIF=day. Crypto restricted to gtc/ioc, fixed_income to day, equities default day. Enforced at `exchange_routes.go:560-597`.
5	Cancel Order	PASS	`POST /v1/ats/orders/{id}/cancel` at `exchange_routes.go:941`. Ledger release on cancel.
6	Disclosure	PASS	`disclosures.ts` exports `ALPACA_DISCLOSURES` constant. Footer renders all 4 links (`exchange.tsx:615-626`) — Extended Hours, Market Data, Crypto, ACATS. Visible on every page.
7	Update Orders	PASS	`PATCH /v1/ats/orders/{id}` propagates to Alpaca replace-order API. Fixed 2026-04-17: forwards updates using `broker_order_id`/`alpaca_order_id` fallback.
8	Check Disclosures	PASS	Alpaca Extended Hours & Overnight Trading Risk Disclosure linked at `ALPACA_DISCLOSURES.EXTENDED_HOURS` → `https://files.alpaca.markets/disclosures/library/ExtHrsOvernightRisk.pdf` (verified HTTP 200). Rendered in `exchange.tsx:617`.

Verified Endpoints

PASS: Asset sync with overnight fields

GET https://api.dev.satschel.com/v1/ats/assets?limit=3

Response includes overnight_tradable, overnight_halted, fractional_eh_enabled for every asset. All equities show these fields. Crypto assets show overnight_tradable: false (correct -- crypto is 24/7, not "overnight").

PASS: Order placement + cancel + update

POST /v1/ats/orders           -- place order
POST /v1/ats/orders/{id}/cancel -- cancel
PATCH /v1/ats/orders/{id}     -- update

All three implemented. Per-user mutex lock prevents double-spend (exchange_routes.go:47-58).

PASS: Notional orders Notional field is passed through to Alpaca when present. Alpaca handles qty-to-notional conversion server-side. Decimal validation (2dp) at exchange_routes.go:480-483 still applies. Fixed 2026-04-17.

PASS: Disclosures (2026-04-13 fix)

The Alpaca-required disclosure links are now rendered in the exchange footer on every page. The previous URL was wrong (ExtendedHoursAndOvernightTradingRiskDisclosure.pdf → 403). Updated to ExtHrsOvernightRisk.pdf (verified HTTP 200) sourced from Alpaca's official 24/5 docs.

// apps/web/src/constant/disclosures.ts
export const ALPACA_DISCLOSURES = {
  EXTENDED_HOURS: 'https://files.alpaca.markets/disclosures/library/ExtHrsOvernightRisk.pdf',
  MARKET_DATA:    'https://alpaca.markets/disclosures/market-data',
  CRYPTO:         'https://docs.alpaca.markets/docs/crypto-trading-1#required-disclosures',
  ACATS:          'https://alpaca.markets/disclosures/acats',
}

// apps/web/src/views/exchange/exchange.tsx (footer)
<div data-testid="alpaca-disclosures">
  <a href={ALPACA_DISCLOSURES.EXTENDED_HOURS} target="_blank">
    Extended Hours & Overnight Trading Risk Disclosure
  </a>
  <a href={ALPACA_DISCLOSURES.MARKET_DATA} target="_blank">Market Data Disclosure</a>
  <a href={ALPACA_DISCLOSURES.CRYPTO} target="_blank">Crypto Trading Disclosures</a>
  <a href={ALPACA_DISCLOSURES.ACATS} target="_blank">ACATS Disclosure</a>
</div>

Screenshots (in ~/work/liquidity/alpaca/ui-screenshots/):

File	Shows
`disclosures-footer.png`	Exchange page footer w/ all 4 clickable disclosure links
`disclosures-footer-fullpage.png`	Same, full-page context
`disclosure-pdf-extended-hours.png`	The actual Alpaca "Extended Hours & Overnight Trading Risk Disclosure" PDF rendered in browser (proves new URL `ExtHrsOvernightRisk.pdf` returns valid PDF, HTTP 200)
`disclosure-pdf-old-url-403.png`	The OLD wrong URL returning S3 `AccessDenied` (proof of the bug we fixed)

Fixes Applied (2026-04-17)

Item	Severity	Status	Fix
#1 (asset sync)	P0	PASS	Hanzo Tasks-based 12h sync. Overnight flags stay current.
#2/#3 (overnight guards)	P0	PASS	`overnight_halted`, `overnight_tradable`, `fractional_eh_enabled` checked during order placement.
#2/#3 (notional mode)	P0	PASS	Notional field passed through to Alpaca (Alpaca handles conversion server-side).
#7 (update propagation)	P0	PASS	PATCH forwards to Alpaca replace-order API with broker_order_id/alpaca_order_id fallback.