Execution Confirm

Bakkt communicates order acknowledgments, cancels, rejections, and fills via the Execution Report.

The Bakkt crypto system will create an Execution and TPJ Confirm file every day. This file will be used in many reconciliation scenarios for customer trades and Third-Party Journal Cash transactions to support those trades. Additionally, you can use this file along with the Aged TPJ document to keep your system’s buying power in sync with Bakkt.

Bakkt Crypto Execution and TPJ Confirm File details:

Every day at approximately 5 pm CT a file will be available on the correspondents S3 bucket. The time period will be from 4:40 pm CT the previous day to 4:40 pm CT the current day. The Execution Confirm file has all the day’s Crypto Execution details along with the TPJ details. Any coin execution in the file can be assumed to have cleared and the coin will now be part of the customer’s position. The TPJ’s may or may not have settled depending on the account status and balance in the account.

The file name convention is straightforward.

  • YYYY-MM-DDexecution_and_Bakkt_tpj_confirms.

If a file is generated on 06/08/2023, the file will reflect the records as of the date in the file name.

  • E.g. 2023-06-08execution_and_Bakkt_tpj_confirms

At the top of the Execution Confirm file you will see a From-To time range for the report. This is meant to synchronize with the Bakkt Marketplace cash activity file.
Note that any executions/TPJ’s that happen after 4:40 Central time will show up in the next day’s file.

In the Execution Confirm file from Bakkt, you will see the following fields:

  • Timestamps in the file will be in ISO 8601 format
  • e.g. 2019-10-12T07:20:50.523Z

Field Descriptions

account_idThis is the 8-character Client’s Account ID (e.g. XYZ12345).
directionThis is the direction of the net cash flow between customer account and Bakkt (Deposit or Withdrawal). For manual coin adjustments this will be blank.
sideThis is the direction of the customer account’s trade. For manual cash adjustment this field will be blank.
NOTE: All prices reported in this file will be positive, so you may need to adjust them using the Side values to be positive/negative based on how your system represents them.
symbolThis is the crypto symbol for the trade or for a manual coin adjustment. You will see USD for manual cash adjustments.
notionalThis is the notional value of the fill (i.e. Last Price * Last Quantity). Manual cash adjustments will be the amount of the adjustment.
feesThis is the trade fee for the execution, if you charge your customers trade fees. Manual coin and cash adjustments will have blank fees.
NOTE: This column will be zero if you do not charge fees, but instead use markup/markdown.
totalThis is the total cost of the execution or total manual adjustment (i.e. Notional + Fees) based on side.
transaction_typeThis is the category of the transaction type. They include the following:
CLIENT_PURCHASESingle Buy trade execution.
CLIENT_SALESingle Sell trade execution.
CLIENT_ALLOCATION_SALEA Sell allocation for an account.
CLIENT_ALLOCATION_PURCHASEA Buy allocation for an account.
MANUAL_ADJUSTMENT- A coin adjustment transaction for the customer’s account. In this case you will see a blank for “Notional” & Payment and there will not be a TPJ transaction associated with them.
- A cash adjustment transaction for the customer’s account. These will have TPJ transactions associated with them. In this case you will see a blank “Last Quantity” and “Last Price”. The “Symbol” will be “USD”.
record_typeType of record, includes execution, allocation, TPJ update for execution, and TPJ update for allocation.
executionSingle trade execution.
allocationSingle allocation to customer.
TPJ update for executionA previously failed TPJ that has now settled for a single trade execution.
TPJ update for allocationA previously failed TPJ that has now settled for an allocation.
execution_timeThis is the time of the execution/fill in UTC time.
tpj_timeThis is the time of TPJ cash moved is settled.
client_order_idThis is the Order ID that you sent with the crypto order. This will be blank for an allocation.
execution_idThis is the Execution ID that we sent you in your execution report for the crypto execution/fill for a single trade. Our Execution IDs are often numbers but can also be alpha-numeric. Your system should treat them as text strings. It will be blank for allocations.
NOTE: Be careful when using the Execution ID in Excel as it tends to try to convert the long numeric strings to Scientific Notation which will remove the granular numbers closer to what it perceives is the decimal point in the execution ID.
batch_transaction_idThe ID that the client used to create the batch of allocations that included this allocation. This will be blank for all single trade executions.
client_transaction_IdThe ID that the client used to create the allocation request. This will be blank for all single trade executions.
trade_dateThis is the process date of the transaction. This will coincide with the trade date in the FIX execution report.
tpj_time_infoNot used, will be blank in files.
last_quantityThis is the quantity filled for this order fill (tied to the execution ID), allocation (tied to Client Transaction ID) or MANUAL_COIN_ADJUSTMENT. MANUAL_CASH_ADJUSTMENT will have a blank last quantity.
last_priceThis is the price where the execution, allocation or MANUAL_COIN_ADJUSTMENT was filled. MANUAL_CASH_ADJUSTMENT will have a blank last price.
tpj_idThis is the TPJ ID for the request from Bakkt Marketplace. It will be the TPJ complete ID when the TPJ succeeded and the TPJ pending ID for the attempted TPJ when rejected. It will be blank when the TPJ Status is blank indicating that Bakkt's system has not yet tried to pull funds from the account due to timing of the execution fill and the run time of the report.
tpj_settledThis is the indicator if the TPJ has settled or not at Bakkt Marketplace. Values can be “completed’ Or “not_completed”.
transaction_idInternal transaction ID.
tpj_reasonThis is the explanation for a “not completed” TPJ settled status.

NOTE: The asterisk (*) indicates a conditionally-required field.

TagField NameTypeDefinitionOptional/Required
Standard HeaderMsgType = 8Required
11ClOrdIDStringThe client-specified unique order identifierRequired
37OrderIDStringThe Bakkt-generated order id returned in the acknowledgmentRequired
17ExecIDStringThe unique identifier per ExecutionReportRequired
39OrdStatusCharThe status of the order; may include: '0' (New), '1' (PartialFill'), '2' (Filled), '8' (Rejected) , ‘3’ (DoneForDay), ‘D’ (Restated)Required
150ExecTypeCharThe execution type; this value always echoes the OrdStatus valueRequired
20ExecTransTypeCharThis field represents the execution transaction type; for Bakkt, this field is always '0' (for NewTrans = new transaction)Required
55SymbolStringThe Bakkt-tradeable symbol identifier from NewOrderSingleRequired
54SideCharThe market side of original order per NewOrderSingle; acceptable values include '1' (for Buy) and '2' (for Sell)Required
44PriceFloatThis field is for the price (e.g., “23.0”=”23.0000”=”23”); all float fields must accommodate up to fifteen significant digitsRequired
38OrderQtyFloatOriginal order size from NewOrderSingle*Optional
152CashOrderQtyFloatOriginal CashOrderQty from NewOrderSingle*Optional
40OrdTypeCharOrder type from NewOrderSingleRequired
75TrdDtStringThe date with which this execution is associatedRequired
60TransactTimeUtctimestampThe time that Bakkt generated the acknowledgment, fill, cancel, or rejectionRequired
109ClientIDStringThe Bakkt-provided party identifierRequired
151LeavesQtyFloatThe order quantity remainingRequired
14CumQtyFloatThe aggregate fill quantity on this orderRequired
6AvgPxFloatThis field is set to fill price (set to zero on New, Cancelled, and Rejected Messages)Required
12CommissionFloatThis field includes the trade fees charged on the execution; the minimum fee is charged on the first fill, and no more fees are charged until the minimum fee has been satisfiedOptional
13CommTypeCharThe commission type; ‘3’ – Absolute commission amountOptional
Standard TrailerRequired

Execution Confirm Example Report

The following two execution confirm example files will demonstrate transaction dynamics between two consecutive days:

Day 1 Example File: 2021-06-10_execution_confirms_xyyz
Day 2 Example File: 2021-06-11_execution_confirms_xyyz

In the "TPJ settled" column of the provided files, any execution marked as "not_settled" signals a failed attempt to transfer funds, impacting the account's available balance. As a result, your system must adjust the customer's buying power accordingly, reflecting the unprocessed TPJ amount, until a "settled" status confirms the completion of the transaction. This ensures accurate representation of buying power based on real-time fund availability within Bakkt's system.

  • For Buy Executions, the withdrawal has not been applied, so you will need to reduce the SOD amount available for this account.
  • For Sell Executions, the deposit has not been applied, so you will need to increase the SOD amount available for this account.

Your system will need to make these adjustments to these accounts until you get a record in the execution confirm file that says the TPJ has cleared. The Bakkt system will periodically try to clear TPJ’s that have failed on previous days (and been reported in that day’s execution confirm file). Note that your system will only get the notification of the failed TPJ in one Execution Confirm file on the day that the trade first executed and the TPJ failed. Your system should assume that it is still failed until you get a record in the Execution Confirm file that flags the execution as “settled” in the TPJ Settled column.

In order to facilitate your buying power management, Bakkt also has an Aged TPJ SOD file, that keeps track of all unsettled TPJs. This alleviates the need for your system to keep track of unsettled TPJs from day to day.

An execution that has failed on one day and then succeeded on a subsequent day will have a record with the following details:

  • Account ID, Execution ID and Trade Date will be the same as the original values from the Execution confirm created at the time the TPJ failed.
  • The Client Order ID column will be set to “MANUAL_ADJUSTMENT”
  • The Execution Time will be set to the timestamp where the TPJ succeeded.
  • The side will be set to “WITHDRAWAL” or “DEPOSIT” depending on the movement direction.
  • The Symbol will always be USD.
  • The Last Quantity, Notional and Total fields will all have the dollar amount of the TPJ that now has succeeded.
  • This Total field can be compared to the original Total amount for the failed TPJ amount for that Execution ID from the Execution confirm created at the time TPJ failed.
  • TPJ Status and TPJ Settled column will be set to “completed”.
  • TPJ ID will be the TPJ completed ID that Bakkt’s systems will know.

When you get this record, your system will know that this historical failed TPJ for the stated Execution ID has now cleared. That means you can use the account, side and Total amount to reconcile and your system can stop adjusting the brokerage account’s SOD Amount Available as described above.

Note that from time to time, Bakkt's operations team may need to perform manual adjustments to positions and/or cash. In the case of a cash adjustment most of the fields will be the same as above, but both the Client Order ID and the Execution ID will be set to “MANUAL_ADJUSTMENT" as seen in the Day 2 example. The amount in this Manual TPJ confirm will also be included in the SOD Amount Available. In the case of a coin adjustment, the record will not currently show up in the report. This is a feature request awaiting prioritization since it doesn’t happen that frequently.

The sample report lists transactions between two specific points in time. In Day 1 example, 'From' date of June 9, 2021, at 00:15 UTC, marks when the reporting period begins, and the 'To' date of June 10, 2021, at 00:15 UTC, indicates when it ends. This 24-hour window is the timeframe during which all listed activities and transactions were recorded and compiled into the report.

Day 1 Example File:

To: 2021-06-10T00:15:00Z

Account IDClient Order IDExecution IDTrade DateExecution TimeSideSymbolLast QuantityLast PriceNotionalFeesTotalTPJ StatusTPJ IDTPJ Settled

Day 2 Example File:

From: 2021-06-10T00:15:00Z
To: 2021-06-11T00:15:00Z

Account IDClient Order IDExecution IDTrade DateExecution TimeSideSymbolLast QuantityLast PriceNotionalFeesTotalTPJ StatusTPJ IDTPJ Settled