Net Settlement
Net Settlement reports apply exclusively to clients who are using their own fiat onramp solutions independently. For these clients, Bakkt provides two daily settlement reports to facilitate accurate reconciliation and settlement of transactions.
Daily Net Settlement Reports
Each day, Bakkt generates two critical files for the period from 9 AM CT of the previous day to 9 AM CT of the current day. At the top of both files, there will be a summary that indicates the beginning and ending times for the transactions included in the net settlement along with the net money that needs to be settled between Bakkt and the client who is using Bakkt execution services for daily settlements. Read about both reports below:
- Settlement Detail File: This file contains detailed transaction data for all crypto executions within the day's specified timeframe. It confirms that all listed coin executions have been cleared, with the assets now reflecting in the customer's holdings. This document is vital for cross-verifying transaction reconciliation between your system and Bakkt
- Settlement Summary Report: This file presents an aggregated view of executions by cryptocurrency type and outlines the net money required for settlement between the client and Bakkt. It serves as a concise overview for financial reconciliation and settlement processes.
Each day, your team will net settle funds using a wire transfer. The settlement summary file will be emailed to your finance team and the Bakkt Operations team to facilitate the daily net settlement process. We request you to provide an appropriate email distribution list to ensure the right team members are looped into these communications. Any discrepancies identified will be collaboratively resolved by our teams before finalizing the settlement.
Start-of-Day Settlement Report Data Layout
The two settlement files will be uploaded to the eod_settlement directory in your S3 bucket.
The file name convention is as follows:
- YYYY-MM-DDsettlement_summary
- YYYY-MM-DDsettlement_detail
| Settlement Summary Fields | Definitions |
|---|---|
| From | Beginning time stamp of the settlement window. |
| To | End time stamp of the settlement window |
| Net Settlement | USD value of what is owed after the 9 AM cutoff. Positive values mean the client owes Bakkt. Negative values mean Bakkt owes the client. |
| coin | Each coin traded is listed in this column. First row is an aggregated view of all trades denoted by “all”. |
| firm notional | USD value of all trades in a window. |
| firm qty | Token quantity traded in the window. |
| Settlement Detail Fields | Definitions |
|---|---|
| From | Beginning time stamp of the settlement window. |
| To | End time stamp of the settlement window. |
| Net Settlement | USD value of what is owed after the 9 AM cutoff. Positive values mean the client owes Bakkr. Negative values mean Bakkt owes the client. |
| Account ID | Client’s unique Account ID for the customer’s account. |
| Client Order ID | Order ID sent with crypto order. |
| Execution ID | Unique identifier sent in execution report. Execution IDs are often numbers, but can also be alpha-numeric. |
| Trade Date | Date part of the Execution Timestamp. |
| Execution Time | UTC time of execution/fill. |
| Side | Text string with Buy or Sell for trades and DEPOSIT and WITHDRAWAL for manual adjustments. |
| Symbol | Crypto symbol for trade (i.e. BTC). |
| Last Quantity | Quantity filled for corresponding Execution ID. |
| Last Price | Price where execution was filled. |
| Notional | Notional Value of the fill (i.e. Last Price * Last Quantity). |
| Fees | Trade fee in USD, where applicable. |
| Total | Total cost of the execution (Notional + Fees). |
Reconciliation of Crypto Trade executions
Like an equity trade reconciliation, you can use the settlement detail file to reconcile all the customer trade executions you have in your system vs. the executions that Bakkt knows have happened.
Net Settlement Example Reports
Settlement Detail Example
Period Covered: December 12, 2022, 14:00 UTC to December 13, 2022, 14:00 UTC
From: 2022-12-12T14:00:00Z
To: 2022-12-13T14:00:00Z
Net Settlement Amount: $19.00
| Account ID | Client Order ID | Execution ID | Trade Date | Execution Time | Side | Symbol | Last Quantity | Last Price | Notional | Fees | Total |
| xyz123jlp | 3821ad5a-2bf6-406b-aba4-a1d3c79dfd46 | e5a318e0627845df88465f7097aeab7a | 12/12/2022 | 2022-12-12T21:33:17Z | BUY | DOGE | 43.97507888 | 0.09096061 | 4 | 0 | 4 |
| xyz224jlp | 6107b579-d613-4b55-97ec-e2b9321a69bf | 2022346-APEX-1-573-11075 | 12/12/2022 | 2022-12-12T21:32:44Z | BUY | BTC | 0.00028797 | 17362.66666667 | 5 | 0 | 5 |
| xyz444klm | fce6b985-85d3-4ab6-8cdd-d762f840185b | peak6-wmtord-LJAHACDBNCGLABMEAGAAMBAA-LA | 12/12/2022 | 2022-12-12T21:29:50Z | BUY | ATOM | 0.51482266 | 9.71208222 | 5 | 0 | 5 |
| xyz444klm | f498b1de-c7a8-4c50-9b9a-63658ce49bff | 2022346-APEX-1-573-11035 | 12/12/2022 | 2022-12-12T21:29:08Z | BUY | BTC | 0.00028793 | 17365.4040404 | 5 | 0 |
Note: A positive net settlement figure indicates an outstanding balance owed to Bakkt by the client.
Settlement Summary Example
Period Covered: December 12, 2022, 14:00 UTC to December 13, 2022, 14:00 UTC
From: 2022-12-12T14:00:00Z
To: 2022-12-13T14:00:00Z
Net Settlement Amount: $19.00
| coin | firm notional | firm qty | allocation qty | diff qty |
|---|---|---|---|---|
| all | 19.00 | 44.49047744 | 0 | 44.49047744 |
| ATOM | 5.00 | 0.51482266 | 0 | 0.51482266 |
| BTC | 10.00 | 0.0005759 | 0 | 0.0005759 |
| DOGE | 4.00 | 43.97507888 | 0 | 43.97507888 |
Note: A positive net settlement figure indicates an outstanding balance owed to Bakkt by the client.
Updated 6 months ago